Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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Golden Globe Creator Eyes the Prize All Year Long

This Sunday (Jan. 13) Tina Fey and Amy Poehler will host the 70th annual Golden Globe Awards on NBC, and while millions of Americans will tune in to catch a glimpse of their favorite stars, those with a head for business may want to keep their eyes on the prize.

Each prize is a 24-karat-gold-plated statuette atop a marble pedestal, and since 2009, the production of this iconic trophy has been the business of Society Awards, a New York-based design and manufacturing company catering to the awards industry.

David Moritz, CEO of Society Awards, founded the company in 2007 and has since become something of a trophy tycoon, manufacturing prizes for the American Music Awards, MTV Movie and Video Music Awards, the Sundance Awards and the Academy of Country Music Awards, among many others. His company also makes the awards for some of reality television’s most famous competitions, such as “America’s Best Dance Crew,” and “Dancing With the Stars.”

Despite his busy pre-award-season schedule, Moritz took some time to talk with BusinessNewsDaily about his role in creating one of Hollywood’s most prestigious awards and how a one-time entertainment lawyer found his niche in an antiquated industry in need of an upgrade.

Gold-plated face lift

Before Society Awards took over production of the Golden Globe statues, how they were manufactured, stored, and delivered was less than ideal, Moritz recalled.

 “Prestigious awards would come in bubble wrap, arrive broken, late. It was a huge hassle for people and companies,” he said.

Moritz said it took some doing to persuade the Hollywood Foreign Press Association, the organization behind the awards show, to put its trust in his young company. But after many months of unrelenting salesmanship, the association agreed to give Society Awards a shot.

“I promised them that I would always personally take care of their every need and always think of new ways to make things better, and I work hard every year coming through on that promise for them,” Moritz said.

The first thing Moritz did was to provide the statuette with a much-needed face lift. The design of the globe, which features the earth encircled by a film strip atop a marble pedestal, didn’t change, but the process of making the statue underwent serious improvement. The award is now more lustrous and as durable as a car engine part.

Moritz, who is involved in every aspect of his company’s design and manufacturing process, explained the finer points of making a Golden Globe. The core of the globe is die-cast zinc. The zinc is injected under heat and pressure into a tool steel mold. The globe gets its gold sheen once a 24-karat electroplating is applied over the core. The globe is then hand-polished and lacquered and placed atop a base. The base, made of muted brown marble, comes from Eastern Europe. 

Moritz said that before Society Awards came along, no one in the industry would have gone to so much trouble to produce so few statues. But one of the secrets to Moritz’s success seems to be his willingness to go out of his way to make clients happy.

‘Luxury brand’ of trophies

Moritz has a grand vision for his company, and this is reflected in all of his business decisions, from the industrial production of every award to the immaculate interior of his offices.

Committed to excellent service, Moritz said he considers himself and his employees to be the awards’ “custodians,” responsible not only for manufacturing each award but for personalizing it and storing it until the ceremony.

Society Awards also works with its clients on marketing initiatives, collaborations with product designers, and ideas for new projects. While all these extra services clearly represent an effort to create the best possible relationship with clients, they also do a lot to further Society Awards’ image as a luxury brand.

“I aspire to be a luxury partner along with our clients so that they can be very proud of the products that they give to the celebrities,” Moritz said.

Nervous at the awards

Clients return his company’s many favors with some of their own. One of the perks of being the custodian of the Golden Globes is that the Hollywood Foreign Press Association extends an invitation to Moritz to attend the ceremony every year.

“When I first started going, I was a little bit nervous and really on my best behavior,” Moritz said. “In 2013 I’m going to let loose a lot more and be myself.”

Though Moritz isn’t the type to go around asking for autographs, he does mention that some of the celebrities who have won several of the awards do like to chat about their trophies.

“Winning the statue symbolizes admission into a select group, gaining recognition for being at the top of one’s craft, for world-class performance and achievement,” Moritz said.

Moritz, too, has reason to be proud. This efforts of this entertainment lawyer-turned-entrepreneur to provide the best products and services to his clients have not gone unnoticed.

Since Moritz landed the Golden Globe account in 2009, nearly every major awards organization in the U.S. has come to Society Awards looking for a more glamorous approach to manufacturing their prized trophies, he says.

And Moritz is far from finished in building an empire. In addition to Society Awards, he is the owner of two other companies, Mode Design Group and Ambition Beverages, which offer an array of luxury goods and services. Moritz says that he’s also working on opening several other design-based companies in the health food and home decor industries in the near future.

This story was provided by BusinessNewsDaily, a sister site to LiveScience.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Armstrong to admit doping in Oprah interview

AUSTIN, Texas (AP) — Lance Armstrong will make a limited confession to doping during his televised interview with Oprah Winfrey next week, according to a person with knowledge of the situation.

Armstrong, who has long denied doping, will also offer an apology during the interview scheduled to be taped Monday at his home in Austin, according to the person who spoke on condition of anonymity because there was no authorization to speak publicly on the matter.

While not directly saying he would confess or apologize, Armstrong sent a text message to The Associated Press early Saturday that said: "I told her (Winfrey) to go wherever she wants and I'll answer the questions directly, honestly and candidly. That's all I can say."

The 41-year-old Armstrong, who vehemently denied doping for years, has not spoken publicly about the U.S. Anti-Doping Agency report last year that cast him as the leader of a sophisticated and brazen doping program on his U.S. Postal Service teams that included use of steroids, blood boosters and illegal blood transfusions.

The USADA report led to Armstrong being stripped of his seven Tour de France titles and given a lifetime ban from the sport.

Several outlets had reported that Armstrong was considering a confession. The interview will be broadcast Thursday on the Oprah Winfrey Network and oprah.com.

A confession would come at a time when Armstrong is still facing some legal troubles.

Armstrong faces a federal whistle-blower lawsuit filed by former teammate Floyd Landis accusing him of defrauding the U.S. Postal Service, but the U.S. Department of Justice has yet to announce if it will join the case. The British newspaper The Sunday Times is suing Armstrong to recover about $500,000 it paid him to settle a libel lawsuit.

A Dallas-based promotions company has threatened to sue Armstrong to recover more than $7.5 million it paid him as a bonus for winning the Tour de France.

But potential perjury charges stemming from his sworn testimony denying doping in a 2005 arbitration fight over the bonus payments have passed the statute of limitations.

Armstrong lost most of his personal sponsorship — worth tens of millions of dollars — after USADA issued its report and he left the board of the Livestrong cancer-fighting charity he founded in 1997. He is still said to be worth an estimated $100 million.

Livestrong might be one reason to issue an apology or make a confession. The charity supports cancer patients and still faces an image problem because of its association with its famous founder.

Armstrong could also be hoping a confession would allow him to return to competition in elite triathlon or running events, but World Anti-Doping Code rules state his lifetime ban cannot be reduced to less than eight years. WADA and U.S. Anti-Doping officials could agree to reduce the ban further depending on what new information Armstrong provides and his level of cooperation.

Armstrong met with USADA officials recently to explore a "pathway to redemption," according to a report by "60 Minutes Sports" aired Wednesday on Showtime.

___

AP Sports Columnist Jim Litke contributed to this report.

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Abandoning Afghanistan a bad idea

U.S. Marines from the 3rd Battalion 8th Marines Regiment start their patrol in Helmand Province on June 27.

STORY HIGHLIGHTS

• White House aide suggested all U.S. troops could be withdrawn from Afghanistan


• Peter Bergen said the idea would be dangerous and send the wrong message


• He says U.S. has abandoned Afghanistan before and saw the rise of the Taliban


• Bergen: U.S. is seeking agreement that military will have immunity from prosecution

Editor's note: Peter Bergen is CNN's national security analyst and the author of "Manhunt: The Ten-Year Search for bin Laden, from 9/11 to Abbottabad."

(CNN) -- Afghan President Hamid Karzai will meet with President Barack Obama on Friday to discuss the post-2014 American presence in Afghanistan.

The U.S. military has already given Obama options under which as few as 6,000 or as many as 20,000 soldiers would remain in Afghanistan after 2014. Those forces would work as advisers to the Afghan army and mount special operations raids against the Taliban and al Qaeda.

Read more: U.S. may remove all troops from Afghanistan after 2014

Peter Bergen

But on Tuesday, Ben Rhodes, the White House's deputy national security adviser, told reporters that the Obama administration is mulling the idea of removing all U.S. troops from Afghanistan after the NATO combat mission finishes at the end of 2014.

This may be a negotiating ploy by the Obama administration as it gets down to some hard bargaining with Karzai, who has long criticized many aspects of the U.S. military presence and who is likely to be reluctant to accede to a key American demand: That any U.S. soldiers who remain in Afghanistan after 2014 retain immunity from prosecution in the dysfunctional Afghan court system. It was this issue that led the U.S. to pull all its troops out of Iraq in December, 2011 after failing to negotiate an agreement with the Nuri al-Maliki government.

Read more: Defense officials to press Karzai on what he needs

Or this may represent the real views of those in the Obama administration who have long called for a much-reduced U.S. presence in Afghanistan, and it is also in keeping with the emerging Obama doctrine of attacking al Qaeda and its allies with drones but no American boots on the ground. And it certainly aligns with the view of most Americans, only around a quarter of whom now support the war in Afghanistan, according to a poll taken in September.

Security Clearance: Afghanistan options emerge

In any case, zeroing out U.S. troop levels in the post-2014 Afghanistan is a bad idea on its face -- and even raising this concept publicly is maladroit strategic messaging to Afghanistan and the region writ large.

Why so? Afghans well remember something that most Americans have forgotten.

After the Soviet Union withdrew from Afghanistan, something that was accomplished at the cost of more than a million Afghan lives and billions of dollars of U.S. aid, the United States closed its embassy in Afghanistan in 1989 during the George H. W. Bush administration and then zeroed out aid to one of the poorest countries in the world under the Clinton administration. It essentially turned its back on Afghans once they had served their purpose of dealing a deathblow to the Soviets.

As a result, the United States had virtually no understanding of the subsequent vacuum in Afghanistan into which eventually stepped the Taliban, who rose to power in the mid-1990s. The Taliban granted shelter to Osama bin Laden and his al Qaeda organization from 1996 onward.

Read more: Court considers demand that U.S. release photos of bin Laden's body

After the overthrow of the Taliban, a form of this mistake was made again by the George W. Bush administration, which had an ideological disdain for nation building and was distracted by the Iraq War, so that in the first years after the fall of the Taliban, only a few thousand U.S. soldiers were stationed in Afghanistan.

The relatively small number of American boots on the ground in Afghanistan helped to create a vacuum of security in the country, which the Taliban would deftly exploit, so that by 2007, they once again posed a significant military threat in Afghanistan.

In 2009, Obama ordered a surge of 30,000 troops into Afghanistan to blunt the Taliban's gathering momentum, which it has certainly accomplished.

Read more: Inside the Taliban

But when Obama announced the new troops of the Afghan surge, most media accounts of the speech seized on the fact that the president also said that some of those troops would be coming home in July 2011.

This had the unintended effect of signaling to the Taliban that the U.S. was pulling out of Afghanistan reasonably soon and fit into the longstanding narrative that many Afghans have that the U.S. will abandon them again.

Similarly, the current public discussion of zero U.S. troop presence in Afghanistan after 2014 will encourage those hardliner elements of the Taliban who have no interest in a negotiated settlement and believe they can simply wait the Americans out.

It also discourages the many millions of Afghans who see a longtime U.S. presence as the best guarantor that the Taliban won't come back in any meaningful way and also an important element in dissuading powerful neighbors such as Pakistan from interference in Afghanistan's internal affairs.

Read related: Afghanistan vet finds a new way to serve

Instead of publicly discussing the zero option on troops in Afghanistan after 2014, a much smarter American messaging strategy for the country and the region would be to emphasize that the Strategic Partnership Agreement that the United States has already negotiated with Afghanistan last year guarantees that the U.S. will have some form of partnership with the Afghans until 2024.

In this messaging strategy, the point should be made that the exact size of the American troop presence after 2014 is less important than the fact that U.S. soldiers will stay in the country for many years, with Afghan consent, as a guarantor of Afghanistan's stability.

The United States continues to station thousands of troops in South Korea more than five decades after the end of the Korean War. Under this American security umbrella, South Korea has gone from being one of the poorest countries in the world to one of the richest.

It is this kind of model that most Afghans want and the U.S. needs to provide so Afghanistan doesn't revert to the kind of chaos that beset it in the mid-1990s and from which the Taliban first emerged.

Read more: What's at stake for Afghan women?

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Aaron Swartz, Internet activist and programmer, dead at 26

Internet activist and computer prodigy Aaron Swartz, who helped create an early version of the Web feed system RSS and later played a key role in stopping an online piracy bill in Congress, has committed suicide at age 26, authorities said on Saturday.

Police found Swartz's body hanging in his Brooklyn apartment on Friday, according to the New York City Office of Chief Medical Examiner, which ruled the death a suicide.

Swartz, a native of north suburban Highland Park, is widely credited with being a co-author of the specifications for the Web feed format RSS 1.0, which he worked on at age 14, according to a blog post on Saturday from his friend Cory Doctorow.

RSS is a format for delivering to users content from sites that change constantly, such as news pages and blogs.

Online tributes to Swartz have been posted at a number of top websites in the technology world.

"Aaron had an unbeatable combination of political insight, technical skill and intelligence about people and issues," Doctorow wrote on his blog at Boing Boing.

Swartz also played a role in building the news sharing website Reddit, but left the company after it was acquired by Wired magazine owner Conde Nast.

In 2011, he was indicted on computer fraud and other charges related to the unauthorized download of academic journal articles at the Massachusetts Institute of Technology. He pleaded not guilty. His trial was due to start in April.

Doctorow wrote that Swartz had "problems with depression for many years."

Swartz himself described his struggles with dark feelings.

In an online account of his life and work, Swartz said he became "miserable" after going to work at the San Francisco offices of Wired after Reddit was acquired by Conde Nast.

"I took a long Christmas vacation," he wrote. "I got sick. I thought of suicide. I ran from the police. And when I got back on Monday morning, I was asked to resign."

Swartz later founded the group Demand Progress and led a successful campaign to block a bill introduced in 2011 in the U.S. House of Representatives called the Stop Online Piracy Act, which generated fierce opposition in the technological community.

The bill, which was withdrawn amid public pressure, would have allowed court orders to curb access to certain websites deemed to be engaging in illegal sharing of intellectual property.

Swartz and other activists objected on the grounds it would give the government too many broad powers to censor and squelch legitimate Web communication.

Swartz also had been a fellow at a Harvard University research lab on institutional corruption, according to his website.

Tim Berners-Lee, who is credited as the most important figure in the creation of the World Wide Web, commemorated Swartz in a Twitter post on Saturday.

"Aaron dead," he wrote. "World wanderers, we have lost a wise elder. Hackers for right, we are one down. Parents all, we have lost a child. Let us weep."

(Reporting by Alex Dobuzinskis in Los Angeles and P.J. Huffstutter in Chicago; Editing by Colleen Jenkins and Doina Chiacu)

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Russia rejects Assad exit as precondition for Syria deal

MOSCOW/BEIRUT (Reuters) - Russia voiced support on Saturday for international peace envoy Lakhdar Brahimi but insisted Syrian President Bashar al-Assad's exit cannot be a precondition for a deal to end the country's conflict.

Some 60,000 Syrians have been killed during the 21-month-old revolt and world powers are divided over how to stop the escalating bloodshed. Government aircraft bombed outer districts of Damascus on Saturday after being grounded for a week by stormy weather, opposition activists in the capital said.

A Russian Foreign Ministry statement following talks on Friday in Geneva with the United States and Brahimi reiterated calls for an end to violence in Syria, but there was no sign of a breakthrough.

Brahimi said the issue of Assad, who the United States, European powers and Gulf-led Arab states insist must step down to end the civil war, appeared to be a sticking point.

Russia's Foreign Ministry said: "As before, we firmly uphold the thesis that questions about Syria's future must be decided by the Syrians themselves, without interference from outside or the imposition of prepared recipes for development."

Russia has been Assad's most powerful international backer, joining with China to block three Western- and Arab-backed U.N. Security Council resolutions aimed to pressure him or push him from power. Assad can also rely on regional powerhouse Iran.

Russia called for "a political transition process" based on an agreement by foreign powers last June.

Brahimi, who is trying to build on that agreement, has met three times with senior Russian and U.S. diplomats since early December and met Assad in Damascus.

Russia and the United States disagreed over what the June agreement meant for Assad, with Washington saying it sent a clear signal he must go and Russia contending it did not.

Qatar on Saturday made a fresh call for an Arab force to end bloodshed in Syria if Brahimi's efforts fail, according to the Doha-based al Jazeera television.

"It is not a question of intervention in Syria in favor of one party against the other, but rather a force to preserve security," Qatar's Prime Minister and Foreign Minister, Sheikh Hamad bin Jassim al-Thani, said in an al Jazeera broadcast.

CONFLICT INTENSIFIES

Moscow has been reluctant to endorse the "Arab Spring" popular revolts of the last two years, saying they have increased instability in the Middle East and created a risk of radical Islamists seizing power.

Although Russia sells arms to Syria and rents one of its naval bases, the economic benefit of its support for Assad is minimal. Analysts say President Vladimir Putin wants to prevent the United States from using military force or support from the U.N. Security Council to bring down governments it opposes.

However, as rebels gain ground in the war, Russia has given indications it is preparing for Assad's possible exit, while continuing to insist he must not be forced out by foreign powers.

Opposition activists say a military escalation and the hardship of winter have accelerated the death toll.

Rebel forces have acquired more powerful anti-tank and anti-aircraft weapons during attacks on Assad's military bases.

Assad's forces have employed increasing amounts of military hardware including Scud-type ballistic missiles in the past two months. New York-based Human Rights Watch said they had also used incendiary cluster bombs that are banned by most nations.

STALEMATE IN CITIES

The weeklong respite from aerial strikes has been marred by snow and thunderstorms that affected millions displaced by the conflict, which has now reached every region of Syria.

On Saturday, the skies were clear and jets and helicopters fired missiles and dropped bombs on a line of towns to the east of Damascus, where rebels have pushed out Assad's ground forces, the Syrian Observatory for Human Rights said.

The British-based group, which is linked to the opposition, said it had no immediate information on casualties from the strikes on districts including Maleiha and farmland areas.

Rebels control large swathes of rural land around Syria but are stuck in a stalemate with Assad's forces in cities, where the army has reinforced positions.

State TV said government forces had repelled an attack by terrorists - a term it uses for the armed opposition - on Aleppo's international airport, now used as a helicopter base.

Reuters cannot independently confirm reports due to severe reporting restrictions imposed by the Syrian authorities and security constraints.

On Friday, rebels seized control of one of Syria's largest helicopter bases, Taftanaz in Idlib province, their first capture of a military airfield.

Eight-six people were killed on Friday, including 30 civilians, the Syrian Observatory said.

(Writing by Oliver Holmes; Editing by Tom Pfeiffer and Doina Chiacu)

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Wall Street ends flat as rally slows, earnings eyed

NEW YORK (Reuters) - Stocks ended little changed on Friday as investors took a step back from buying ahead of next week's busy corporate earnings calendar.

Overall earnings are expected to grow by just 1.9 percent in this season, according to Thomson Reuters data. Analysts say that, with the bar low, there's room for companies to beat expectations, and that may have contributed to the rise in stocks so far in 2013.

That rally has slowed in the last few days.

"It's a market that is waiting for more of a catalyst from earnings," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

The S&P 500 index has gained 5 percent over the last two weeks to take the benchmark to five-year highs.

Wells Fargo & Co set a weak tone Friday after it reported results. It showed lower fourth-quarter net interest margin - a key measure of how much money banks make from loans - even as profit jumped.

The bank, which was the first major financial institution to report results this earnings season, also made fewer mortgage loans than in the third quarter.

Wells Fargo ended down 0.8 percent at $35.10, off its lows for the day, while bank shares weighed on the broader market. The S&P 500 financial sector index <.gspf> fell 0.3 percent after rallying more than 1 percent on Thursday.

Bank of America Corp , JPMorgan Chase & Co and Citigroup Inc are due to report results next week, as are other major companies including General Electric and Intel .

An agreement reached in Washington at the start of the year over the "fiscal cliff" saw investors in U.S.-based funds add $7.53 billion to stock mutual funds in the week ended Jan 9, the most since 2001, data from Thomson Reuters' Lipper service showed.

"The money poured into the market at the beginning of the year and you're going to need new money to bring this market higher," said Krosby. She said that in the short-term the market has a bias toward moving higher, even though it is overbought.

The Dow Jones industrial average <.dji> gained 17.21 points, or 0.13 percent, to 13,488.43. The Standard & Poor's 500 Index <.spx> dipped 0.07 points to 1,472.05. The Nasdaq Composite Index <.ixic> added 3.88 points, or 0.12 percent, to 3,125.64.

For the week, the S&P and Dow both gained 0.4 percent and the Nasdaq rose 0.8 percent.

Boeing weighed on the Dow after a cracked cockpit window and an oil leak on separate flights in Japan added to problems with some of its Dreamliner 787 jets, compounding safety concerns about the new aircraft.

The U.S. Department of Transportation said the jet would be subject to a review of its critical systems by regulators. Boeing was the biggest loser on the Dow, falling 2.5 percent to $75.16.

Best Buy rallied after its results showed a small turnaround in U.S. stores, though same-store sales were flat during the key holiday season. Its shares jumped 16.4 percent to $14.21, making it the best performer on the S&P 500.

Dendreon Corp surged 21 percent to $6.17 after Sanford C. Bernstein upgraded the drugmaker's stock to "outperform" from "market-perform" and said it could be one of the best performers in 2013.

Volume was below the 2012 average of 6.42 billion shares traded a day, with roughly 5.93 billion shares changing hands on the New York Stock Exchange, the Nasdaq and the NYSE MKT.

Advancers outpaced decliners on the New York Stock Exchange by 1,578 to 1,393, while advancers narrowly outnumbered decliners on the Nasdaq by 1,228 to 1,223.

(Editing by Nick Zieminski)

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Flu Activity Still High: How Long Will it Last?

Most of the country is seeing elevated levels of flu, a trend that may continue for several weeks, according to a new report released today by the Centers for Disease Control and Prevention (CDC).

As of Jan. 5, 47 states were reporting widespread flu activity, meaning more than 50 percent of regions in those states are experiencing flu, the CDC said. That’s up from 41 states the week before. [What You Can Do About the Raging Flu.]

However, flu activity did appear to be declining in some parts of the country, such as the South and Southwest.

Only time will tell whether flu activity in these areas of the country has reached a peak, and will start to decline, or whether visits to the doctor for flu-related symptoms will spike again in the coming weeks. The latest numbers from the CDC are from the last week of December, a time when doctors’ visits might have decreased due to the holiday season, said Dr. Tom Frieden, director of the CDC.

Nationally, the percentage of people visiting the doctor for flulike illness was 4.3 percent, down from 5.6 percent the week before, but above the level of flu activity typically seen during the summer months.

Twenty-four states are reporting high levels of flu activity — down from 29 states the previous week —  and 16 states are reporting moderate levels.

Flu season is unpredictable, so it’s not clear how much longer it will last, but typically, flu activity remains high for 12 weeks before peaking. So far this season, flu activity has remained elevated for five consecutive weeks.

This year’s flu vaccine is moderately effective at protecting against the flu, the CDC said. People who have been vaccinated are 62 percent less likely to visit the doctor for the flu than those who have not been vaccinated, Frieden said. This level of effectiveness is what researchers would expect in a year when the flu strains in the vaccine are closely matched to the strains in circulation.

While the flu vaccine is not perfect, it is the best tool we have to protect against the flu, Frieden said.

Vaccine shortages have been reported in some areas, and people who want to get vaccinated now may have to call or visit several places to find out where the vaccine is available, Frieden said.

Flu vaccination is recommended for everyone ages 6 months and older.

Follow Rachael Rettner on Twitter @RachaelRettner, or MyHealthNewsDaily @MyHealth_MHND. We’re also on Facebook & Google+.

Copyright 2013 MyHealthNewsDaily, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Alabama's Lacy, Milliner, Fluker enter NFL draft

TUSCALOOSA, Ala. (AP) — Alabama tailback Eddie Lacy, cornerback Dee Milliner and right tackle D.J. Fluker are entering the NFL draft after helping lead the Crimson Tide to a second straight national title.

Lacy and Milliner announced their plans to skip their senior seasons Friday at a news conference. Fluker couldn't be there for the announcement because he was traveling.

It's another exodus of talented underclassmen for a team that has won three of the past four national championships. Most of the four first-round picks in each of the past two drafts that left Alabama were underclassmen.

"I appreciate what they've done for the University of Alabama but we also acknowledge the fact that from a business standpoint, these guys are making good decisions about their future and what they can do," coach Nick Saban said.

Unlike recent groups of departing juniors from Alabama, only Milliner is pegged as a sure first-round pick.

He was a Jim Thorpe Award finalist and unanimous All-American after recording two interceptions and 22 pass deflections. He and guard Chance Warmack, who was a senior, are projected as the Tide's top current prospects.

"I think while I was here, I met all the goals and team affirmations that I set for myself as a freshman by winning a championship, becoming an All-American, just being part of a team that always loved to win," Milliner said. "I think I fulfilled all my goals and am ready and prepared to go to the next level."

Lacy was MVP of the national championship game against Notre Dame after rushing for 140 yards and scoring two touchdowns. He said he wasn't 100 percent healthy all season until the title game Monday night, but Lacy still ran for 1,322 yards and 17 touchdowns while averaging 6.5 yards per carry.

"We don't have a lot of years to play this position, so you have to go while you can," Lacy said. "I would love to come back. This is a great place. We have the best fans, but I really didn't want to risk coming back and not having such a good year or maybe even risking injury. I've had my share of injuries this year. I feel like you've got to get out while you can."

Lacy thinks he "made a pretty solid statement" in the title game, when he made a spin move into the end zone on a TD catch and on another run pushed 248-pound linebacker Danny Spond away with one hand.

Lacy was recruited in the same class as Trent Richardson, last year's No. 3 pick by Cleveland, but redshirted and then spent two seasons as a backup. He's not widely projected to follow Richardson and 2009 Heisman Trophy winner Mark Ingram into the first round. Lacy said he was projected as a second- or third-round pick in feedback from the NFL, but was impressive in the finale. Ordinarily, Saban only recommends projected first-round picks leave early.

"I'm fully supportive of what Eddie's doing," Saban said. "It's a little bit of a different situation than we've had in the past, but it's a little bit unique as well. Every one of these situations is unique to that particular individual and what his situation is. "

The 6-foot-6, 335-pound Fluker started 35 games for the Tide and was a second-team Associated Press All-American.

He was one of the Tide's top-rated signees in 2009 but came in overweight at about 395 pounds and was redshirted.

"I certainly feel like this year has been his best year as a player, and I feel that he's made a good decision about what he wants to do," said Saban, adding that Fluker has improved as much as any player on the team.

The mammoth Fluker, who wears a size-22 shoe, said in a statement that leaving early "is never an easy decision when you are playing at a place like Alabama."

"''These four years in Tuscaloosa have been the best four years of my life and I appreciate everyone who helped me along the way," he said.

Quarterback AJ McCarron, All-America linebacker C.J. Moseley and guard Anthony Steen have already said they're returning for their senior seasons. Saban didn't rule out other juniors possibly declaring for the draft before Tuesday's deadline.

The Tide does have promising players who have logged plenty of playing time behind Lacy and Milliner, especially. Two freshmen — tailback T.J. Yeldon (1,108 yards, 12 touchdowns) — and cornerback Geno Smith saw significant action.

"You've got people that are going to go to the NFL each year and you've got people behind them that are going to do the same things when their time comes," Milliner said.

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Saudi execution: Brutal and illegal?

STORY HIGHLIGHTS

• Saudi authorities beheaded Rizana Nafeek, a Sri Lankan woman


• She was convicted of killing a baby of the family employing her as a housemaid


• This was despite Nafeek's claims that the baby died in a choking accident


• Becker says her fate "should spotlight the precarious existence of domestic workers"

Jo Becker is the Children's Rights Advocacy Director for Human Rights Watch and author of 'Campaigning for Justice: Human Rights Advocacy in Practice.' Follow Jo Becker on Twitter.

(CNN) -- Rizana Nafeek was a child herself -- 17 years old, according to her birth certificate -- when a four-month-old baby died in her care in Saudi Arabia. She had migrated from Sri Lanka only weeks earlier to be a domestic worker for a Saudi family.

Although Rizana said the baby died in a choking accident, Saudi courts convicted her of murder and sentenced her to death. On Wednesday, the Saudi government carried out the sentence in a gruesome fashion, by beheading Rizana.

Jo Becker

Read more: Outrage over beheading of Sri Lankan woman by Saudi Arabia

Rizana's case was rife with problems from the beginning. A recruitment agency in Sri Lanka knew she was legally too young to migrate, but she had falsified papers to say she was 23. After the baby died, Rizana gave a confession that she said was made under duress -- she later retracted it. She had no lawyer to defend her until after she was sentenced to death and no competent interpreter during her trial. Her sentence violated international law, which prohibits the death penalty for crimes committed before age 18.

Rizana's fate should arouse international outrage. But it should also spotlight the precarious existence of other domestic workers. At least 1.5 million work in Saudi Arabia alone and more than 50 million -- mainly women and girls -- are employed worldwide according to the International Labour Organization (ILO).

Read more: Indonesian maid escapes execution in Saudi Arabia

Again according to the ILO, the number of domestic workers worldwide has grown by more than 50% since the mid-1990s. Many, like Rizana, seek employment in foreign countries where they may be unfamiliar with the language and legal system and have few rights.

When Rizana traveled to Saudi Arabia, for example, she may not have known that many Saudi employers confiscate domestic workers' passports and confine them inside their home, cutting them off from the outside world and sources of help.

It is unlikely that anyone ever told her about Saudi Arabia's flawed criminal justice system or that while many domestic workers find kind employers who treat them well, others are forced to work for months or even years without pay and subjected to physical or sexual abuse.

Passport photo of Rizana Nafeek

Read more: Saudi woman beheaded for 'witchcraft and sorcery'

Conditions for migrant domestic workers in Saudi Arabia are among some of the worst, but domestic workers in other countries rarely enjoy the same rights as other workers. In a new report this week, the International Labour Organization says that nearly 30% of the world's domestic workers are completely excluded from national labor laws. They typically earn only 40% of the average wage of other workers. Forty-five percent aren't even entitled by law to a weekly day off.

Last year, I interviewed young girls in Morocco who worked 12 hours a day, 7 days a week for a fraction of the minimum wage. One girl began working at age 12 and told me: "I don't mind working, but to be beaten and not to have enough food, this is the hardest part."

Many governments have finally begun to recognize the risks and exploitation domestic workers face. During 2012, dozens of countries took action to strengthen protections for domestic workers. Thailand, and Singapore approved measures to give domestic workers a weekly day off, while Venezuela and the Philippines adopted broad laws for domestic workers ensuring a minimum wage, paid holidays, and limits to their working hours. Brazil is amending its constitution to state that domestic workers have all the same rights as other workers. Bahrain codified access to mediation of labor disputes.

Read more: Convicted killer beheaded, put on display in Saudi Arabia

Perhaps most significantly, eight countries acted in 2012 to ratify -- and therefore be legally bound by -- the Domestic Workers Convention, with more poised to follow suit this year. The convention is a groundbreaking treaty adopted in 2011 to guarantee domestic workers the same protections available to other workers, including weekly days off, effective complaints procedures and protection from violence.

The Convention also has specific protections for domestic workers under the age of 18 and provisions for regulating and monitoring recruitment agencies. All governments should ratify the convention.

Many reforms are needed to prevent another tragic case like that of Rizana Nafeek. The obvious one is for Saudi Arabia to stop its use of the death penalty and end its outlier status as one of only three countries worldwide to execute people for crimes committed while a child.

Labor reforms are also critically important. They may have prevented the recruitment of a 17 year old for migration abroad in the first place. And they can protect millions of other domestic workers who labor with precariously few guarantees for their safety and rights.

Read more: Malala, others on front lines in fight for women

The opinions expressed in this commentary are solely those of Jo Becker.

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