Wall Street to open lower after Tuesday rally, results eyed

NEW YORK (Reuters) - Stocks were poised to open lower Wednesday, indicating the S&P 500 may retreat as it faces resistance to further gains beyond five-year highs in the wake of a 1-percent rally on Tuesday.

A 6-percent advance this year so far has lifted the S&P 500 index to its highest since December 2007, while the Dow <.dji> briefly climbed above 14,000, making it a challenge for investors to continue pushing the equity market upward amid a dearth of fresh trading incentives.

Walt Disney Co beat estimates for quarterly adjusted earnings and said it expected the next few quarters to be better, with a stronger lineup of movies and rising attendance at its theme parks. Shares advanced 2.8 percent to $55.81 in premarket trading.

"You knew a correction was coming; the question was whether they were going to tease you and get it close and then start selling it off or get it up to 14,000 and then start to make a move to the sell side," said Gordon Charlop, managing director at Rosenblatt Securities in New York.

"We got a quick move and it's really just not healthy for markets to go one way, so the idea that a little bit of a correction is due isn't troublesome to me at all."

According to Thomson Reuters data through Tuesday morning, of 278 companies in the S&P 500 <.spx> that have reported earnings, 68.7 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 66 percent of companies have topped forecasts.

In another positive sign for profits, fourth-quarter earnings for S&P 500 companies are now expected to grow 4.5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

S&P 500 futures fell 6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 51 points, and Nasdaq 100 futures declined 9.75 points.

The benchmark S&P index rose 1.04 percent Tuesday, its biggest percentage gain since a 2.5-percent advance on January 2, when legislators sidestepped a "fiscal cliff" of spending cuts and tax hikes that could have hurt a fragile U.S. economic recovery.

Visa , the world's largest credit and debit card network, is expected to report earnings per share of $1.79 for its first quarter, up from $1.49 a year earlier. Smaller rival MasterCard recently reported better-than-expected results but said its revenue growth could slow in the first half of the year due to economic uncertainty.

Ralph Lauren Corp climbed 5.5 percent to $174 in premarket trading after the fashion company and retailer reported holiday quarter sales and profits that showed renewed momentum.

Time Warner Inc gained 3.1 percent to $51.49 before the bell after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in its film, TV entertainment and publishing units.

(Editing by Bernadette Baum)

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IHT Rendezvous: Turkey Hints at a Breakup With Europe

LONDON — A half century after taking the first steps toward becoming an integral part of Europe, Turkey may be ready to give up.

After heavy hints that Ankara is looking eastwards to a closer alliance with Asia, Recep Tayyip Erdogan, the prime minister, said this week that membership in the European Union was not a must for Turkey.

“It is not the Apocalypse if they do not let us in the E.U.,” Mr. Erdogan told reporters during a visit to Budapest on Wednesday, as he launched his latest broadside against the Union’s alleged delaying tactics to keep his country out.

His remarks followed a news conference earlier this week in Prague, where Mr. Erdogan described the delay in granting membership to Turkey as “unforgivable.”

These and similar expressions of frustration have come as Turkey approaches the 50th anniversary of an agreement with what was then the European Economic Community, which was to have led to eventual full membership in the bloc.

Mr. Erdogan set the tone in a television interview last month in which he accused the E.U. of dragging its feet because Turkey was an Islamic nation.

As my colleague Andrew Finkel wrote from Istanbul, the prime minister also “threw the diplomatic equivalent of a cream pie” into the debate by suggesting Turkey join the Shanghai Cooperation Organization instead.

Membership of the S.C.O., which groups Russia, China and central Asian states, is not widely viewed as a viable alternative to joining Europe. Andrew wrote that Mr. Erdogan’s proposal prompted Turkish columnists to ask whether he might be bluffing in an attempt to put pressure on the Europeans.

The same question was posed this week by Pravda.ru, a Russian news Web site: “The first thought about the purpose of such statements is the fact that Turkey is trying to express its disappointment with the stalled negotiations on accession to the E.U.”

But it did not rule out the possibility that Mr. Erdogan might be seeking power “wherever his country’s economic strength is consistent with its geopolitical needs as a global player,” in contrast to a weak Europe that was preoccupied with its internal problems.

Washington has suggested that Turkish membership in the S.C.O., a security organization viewed as an anti-American bulwark in Central Asia, might be problematic in view of the Turkish role in N.A.T.O.

“Obviously it would be interesting, given the fact that Turkey is also a N.A.T.O. member,” Victoria Nuland, the State Department spokeswoman, said last week.

Hugh Pope, the International Crisis Group’s project director in Turkey, suggested that Mr. Erdogan was courting popularity by bashing the Union.

Turks are frustrated not only by delays in the membership process, he told Rendezvous, but also by the draconian visa regulations they face when traveling to Europe. Potshots aimed at Turkey by European critics were also deeply offensive to Turks, he said.

“But joining the E.U. is not rocket science,” he added, emphasizing that Turkey had to meet the requirements of the club if it wanted to join. This would include making domestic reforms and changing its policy on Cyprus, an E.U. state that it refuses to recognize.

Mr. Erdogan’s recent remarks on Europe might not indicate that Turkey is quite ready to break off the world’s longest engagement.

Murat Yetkin, of the Turkish daily newspaper Hurriyet, commented on Wednesday: “It is…clear that Turkey-E.U. relations cannot go on like this any longer; another chapter this year, a pointless agreement the next.”

However, he wrote, “it seems that neither Turkey nor the E.U. wants to be the first to declare divorce. Perhaps because both sides know that it would be a strategically wrong move.”

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Zynga 4Q loss narrows as game maker cuts costs

NEW YORK (AP) — Online games company Zynga said its loss narrowed in the latest quarter even though revenue was largely unchanged as the company cut expenses by laying off workers, closing offices and shutting down poorly performing games.

The results exceeded Wall Street’s muted expectations, and Zynga Inc.‘s battered shares increased nearly 7 percent in after-hours trading after the release of the results. After a difficult 2012 in which Zynga saw its stock price decline by 75 percent, CEO Mark Pincus called 2013 a “pivotal transition year” for the company as it seeks to cut costs further and broaden revenue sources, especially from mobile games.

Zynga went public in December 2011 with a lot of promise. Games such as “FarmVille” and “CityVille” were popular on Facebook, as the social media company was itself preparing for a highly anticipated initial public offering of stock.

But Facebook’s stock stumbled, and Zynga’s tumbled with it. Demand for Zynga’s games weakened, and investors were worried both about Zynga’s overreliance on Facebook for its revenue and signs that the two were growing apart. Zynga’s stock ended 2012 at $ 2.36, well below the IPO price of $ 10.

Zynga responded by announcing in October that it was cutting about 5 percent of its full-time workforce of roughly 3,200 employees. The San Francisco company also killed 13 older games and closed development studios in Boston and elsewhere.

Those cuts helped.

Zynga said Tuesday that it lost $ 48.6 million, or 6 cents per share, in the October-December period. That compares with a loss of $ 435 million, or $ 1.22 per share, in the same period a year earlier. Zynga began trading publicly on Dec. 16, 2011, and was privately held for most of the 2011 quarter.

Zynga’s revenue was largely unchanged at about $ 311 million. But it was well above analysts’ average estimate of $ 250 million, as polled by FactSet.

Zynga cut fourth-quarter expenses by two-thirds, to $ 274 million from $ 798 million.

Though its fortunes have faded, Zynga is still the most popular maker of games on Facebook. As of the end of the year, it had five of the top 10 games played on the world’s largest social networking site. “FarmVille 2,” which launched in September, performed well — the company said it was its most successful game launch in two years.

Zynga said it had 298 million active users each month on average in the fourth quarter, up 24 percent from 240 million a year earlier. But that’s down 4 percent from 311 million in the third quarter of 2012.

Like Facebook, Zynga is trying to position itself as a mobile company as people spend more time on smartphones and tablet computers. The company said it had 72 million monthly players on mobile devices.

“Mobile, however, remains a more fragmented experience. Despite the incredible growth in mobile gaming, it’s still hard for any of us to find people to actually play with,” Pincus said in a conference call with analysts. “We’re amazed that the number one way our ‘Words With Friends’ players find new opponents in their games is through the ‘random’ button. We know we can offer them something more compelling than that.”

Zynga’s chief operating officer, David Ko, said in an interview that growing the company’s paying mobile user base is “part of a long-term strategy for us”

“Two years ago, about 20 people were focusing on mobile,” he said. “Today we have almost the entire company focused on (the) mobile opportunity.”

For the current quarter, Zynga said it expects an adjusted loss of 5 cents to 4 cents per share and revenue of $ 255 million to $ 265 million. Analysts were predicting a loss of 1 cent per share and revenue of $ 268 million.

Shares climbed 19 cents, or 6.9 percent, to $ 2.93 in after-hours trading after gaining 18 cents to close at $ 2.74 during the regular session. Zynga’s stock has traded from $ 2.09 to $ 15.91 in the past 52 weeks.

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Little House on the Prairie's Mary Ingalls Did Not Have Scarlet Fever, Researchers Say

By Maggie Coughlan

02/05/2013 at 09:45 AM EST

Little House on the Prairie

Think you know everything about Laura Ingalls Wilder's Little House on the Prairie series?

Think again.

Readers of the beloved series will remember how Wilder's older sister Mary went blind as a result of scarlet fever. But a new study published in Pediatrics, the Official Journal of the American Academy of Pediatrics, has revealed the cause of Mary's blindness was actually meningoencephalitis – a disease similar to meningitis.

Over the course of 10 years, Dr. Beth Tarini and a team of researchers studied papers and letters written by Wilder, newspaper articles about Mary's illness and data on blindness and infectious disease in the late 19th century, CNN reports.

Tarini discovered that in Pioneer Girl, Wilder's unpublished memoir, there is no reference to Mary contracting scarlet fever before going blind. "She never says scarlet fever. She never says rash," Tarini told CNN.

Then Tarini unveiled what would lead her to discover a different diagnosis. In a letter Wilder wrote to her daughter, Rose, she referenced Mary suffering from "some sort of spinal sickness." The letter goes on to mention that Mary was told by specialist in Chicago that the "nerves of her eyes were paralyzed and there was no hope."

But why would Wilder write that her sister suffered from scarlet fever? Researchers think perhaps Wilder and her editors felt the illness would be more relatable to her readers.

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Bullying study: It does get better for gay teens

CHICAGO (AP) — It really does get better for gay and bisexual teens when it comes to being bullied, although young gay men have it worse than their lesbian peers, according to the first long-term scientific evidence on how the problem changes over time.

The seven-year study involved more than 4,000 teens in England who were questioned yearly through 2010, until they were 19 and 20 years old. At the start, just over half of the 187 gay, lesbian and bisexual teens said they had been bullied; by 2010 that dropped to 9 percent of gay and bisexual boys and 6 percent of lesbian and bisexual girls.

The researchers said the same results likely would be found in the United States.

In both countries, a "sea change" in cultural acceptance of gays and growing intolerance for bullying occurred during the study years, which partly explains the results, said study co-author Ian Rivers, a psychologist and professor of human development at Brunel University in London.

That includes a government mandate in England that schools work to prevent bullying, and changes in the United States permitting same-sex marriage in several states.

In 2010, syndicated columnist Dan Savage launched the "It Gets Better" video project to encourage bullied gay teens. It was prompted by widely publicized suicides of young gays, and includes videos from politicians and celebrities.

"Bullying tends to decline with age regardless of sexual orientation and gender," and the study confirms that, said co-author Joseph Robinson, a researcher and assistant professor of educational psychology at the University of Illinois in Urbana-Champaign. "In absolute terms, this would suggest that yes, it gets better."

The study appears online Monday in the journal Pediatrics.

Eliza Byard, executive director of the Gay, Lesbian & Straight Education Network, said the results mirror surveys by her anti-bullying advocacy group that show bullying is more common in U.S. middle schools than in high schools.

But the researchers said their results show the situation is more nuanced for young gay men.

In the first years of the study, gay boys and girls were almost twice as likely to be bullied as their straight peers. By the last year, bullying dropped overall and was at about the same level for lesbians and straight girls. But the difference between men got worse by ages 19 and 20, with gay young men almost four times more likely than their straight peers to be bullied.

The mixed results for young gay men may reflect the fact that masculine tendencies in girls and women are more culturally acceptable than femininity in boys and men, Robinson said.

Savage, who was not involved in the study, agreed.

"A lot of the disgust that people feel when you bring up homosexuality ... centers around gay male sexuality," Savage said. "There's more of a comfort level" around gay women, he said.

Kendall Johnson, 21, a junior theater major at the University of Illinois, said he was bullied for being gay in high school, mostly when he brought boyfriends to school dances or football games.

"One year at prom, I had a guy tell us that we were disgusting and he didn't want to see us dancing anymore," Johnson said. A football player and the president of the drama club intervened on his behalf, he recalled.

Johnson hasn't been bullied in college, but he said that's partly because he hangs out with the theater crowd and avoids the fraternity scene. Still, he agreed, that it generally gets better for gays as they mature.

"As you grow older, you become more accepting of yourself," Johnson said.

___

Online:

Pediatrics: http://www.pediatrics.org

It Gets Better: http://www.itgetsbetter.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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Wall Street rebounds from steep decline

NEW YORK (Reuters) - U.S. stocks rose on Tuesday, rebounding from their worst daily loss since November in the prior session.

The Dow Jones industrial average <.dji> was up 84.21 points, or 0.61 percent, at 13,964.29. The Standard & Poor's 500 Index <.spx> was up 9.12 points, or 0.61 percent, at 1,504.83. The Nasdaq Composite Index <.ixic> was up 10.31 points, or 0.33 percent, at 3,141.48.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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IHT Rendezvous: IHT Quick Read: Feb. 5

NEWS Gen. Moisés García Ochoa was blocked from becoming defense minister of Mexico after American officials expressed their concern that he had ties to drug traffickers. Ginger Thompson reports from New York, Randal C. Archibold from Mexico City, and Eric Schmitt from Washington.

On Monday, confirming what many historians and archaeologists had suspected, a team of experts at the University of Leicester concluded on the basis of DNA and other evidence that the skeletal remains were those of King Richard III, for centuries the most reviled of English monarchs. John F. Burns reports from Leicester, England.

In a major victory for feminists and the rule of law, a Beijing court has granted a woman a divorce on grounds of abuse and made history by issuing a three-month protection order against her ex-husband — a first in the nation’s capital, Beijing, according to lawyers and the Chinese media. Didi Kirsten Tatlow reports from Beijing.

The Thai government faces the quandary of what to do with all the creatures it has saved — a sort of Noah’s ark of endangered species. Thomas Fuller reports from Khao Pratubchang, Thailand.

A strike by garbage collectors in Seville, Spain, is entering its second week and threatening to turn into a health and safety issue in one of Spain’s most touristic cities. Raphael Minder reports from Seville, Spain.

Days ahead of a summit meeting where leaders of the European Union’s 27 member states are to wrestle again with a proposed seven-year budget, a spokesman for the bloc’s executive body was forced to defend the salaries of some officials. James Kanter reports from Brussels.

It was only a few years ago that some economists were arguing that Europe was “decoupling” from its long dependence on trade with the United States, but German carmakers proved otherwise. Jack Ewing reports.

FASHION This month Natalie Massenet, the founder of Net-a-Porter and Internet guru to the fashion world, will throw her might behind London Fashion Week. Suzy Menkes reports from London.

ARTS Song Dong gathered multitudes in Hong Kong and asked them to help complete his autobiographical “36 Calendars” project. Joyce Lau reports from Hong Kong.

SPORTS A 19-month investigation found that criminal groups had infiltrated European and international soccer with hundreds of people involved in match-fixing, global law enforcement officials said. Sam Borden reports.

It would be naïve to believe that soccer is beyond corrupting, or to doubt that the allegations by police investigators in the Netherlands on Monday are anything but the smallest ripples on an enormous global pond. Rob Hughes reports from London.

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iPad mini supply finally catching up with demand

Like other new mobile products Apple (AAPL) has launched in recent years, the company’s iPad mini has been in short supply ever since it was released this past November. The sleek device added a new, lower price point to Apple’s tablet portfolio and some analysts believe it will soon be more popular than Apple’s full-size iPad. While demand remained strong through the holidays, Apple managed to improve iPad mini supply and get shipping times for new orders placed in Apple’s online store ahead of the holidays down to 1 week. Now, shipping quotes are down to 1-3 business days, marking the best turnaround time Apple has seen since launching the new device. BGR reviewed the iPad mini last November and called it Apple’s best tablet yet.

[More from BGR: iOS 6.1 untethered jailbreak now available for download, compatible with iPhone 5 and iPad mini]

This article was originally published on BGR.com

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Jenny McCarthy Gets a New Tattoo During Super Bowl Blackout

By Andrea Billups

02/04/2013 at 09:50 AM EST

Jenny McCarthy (inset) and new new tattoo

Courtesy Jenny McCarthy

At least someone was productive while the Super Bowl experienced a power outage Sunday night.

Jenny McCarthy Tweeted an early Monday morning photo of a fresh tattoo that now covers the top of her left foot.

"Got a new tattoo during half time black out. So excited 2 b wearing heels on The Today Show this morning. Ouch," McCarthy, 40, posted with a photo, noting it was still painful. The tattoo features a rose with leaves and intricate vines.

McCarthy, a veteran Playboy centerfold and comedian, hosted a Super Bowl kickoff party, Leather & Laces, on Friday in New Orleans. But it was back to business this week as she continues to make press rounds, promoting her return to TV on the new The Jenny McCarthy Show, which premieres Friday on VH1.

Apparently her foot wasn't the only thing hurting as McCarthy headed over for an appearance with Kathy Lee Gifford and Hoda Kotb Monday morning. She Tweeted: "Cramps on press tour. Doing Kathy lee and Hoda next. Hoping they have a heating pad and Whisky. Wait... Of course they will have Whisky."

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Bullying study: It does get better for gay teens

CHICAGO (AP) — It really does get better for gay and bisexual teens when it comes to being bullied, although young gay men have it worse than their lesbian peers, according to the first long-term scientific evidence on how the problem changes over time.

The seven-year study involved more than 4,000 teens in England who were questioned yearly through 2010, until they were 19 and 20 years old. At the start, just over half of the 187 gay, lesbian and bisexual teens said they had been bullied; by 2010 that dropped to 9 percent of gay and bisexual boys and 6 percent of lesbian and bisexual girls.

The researchers said the same results likely would be found in the United States.

In both countries, a "sea change" in cultural acceptance of gays and growing intolerance for bullying occurred during the study years, which partly explains the results, said study co-author Ian Rivers, a psychologist and professor of human development at Brunel University in London.

That includes a government mandate in England that schools work to prevent bullying, and changes in the United States permitting same-sex marriage in several states.

In 2010, syndicated columnist Dan Savage launched the "It Gets Better" video project to encourage bullied gay teens. It was prompted by widely publicized suicides of young gays, and includes videos from politicians and celebrities.

"Bullying tends to decline with age regardless of sexual orientation and gender," and the study confirms that, said co-author Joseph Robinson, a researcher and assistant professor of educational psychology at the University of Illinois in Urbana-Champaign. "In absolute terms, this would suggest that yes, it gets better."

The study appears online Monday in the journal Pediatrics.

Eliza Byard, executive director of the Gay, Lesbian & Straight Education Network, said the results mirror surveys by her anti-bullying advocacy group that show bullying is more common in U.S. middle schools than in high schools.

But the researchers said their results show the situation is more nuanced for young gay men.

In the first years of the study, gay boys and girls were almost twice as likely to be bullied as their straight peers. By the last year, bullying dropped overall and was at about the same level for lesbians and straight girls. But the difference between men got worse by ages 19 and 20, with gay young men almost four times more likely than their straight peers to be bullied.

The mixed results for young gay men may reflect the fact that masculine tendencies in girls and women are more culturally acceptable than femininity in boys and men, Robinson said.

Savage, who was not involved in the study, agreed.

"A lot of the disgust that people feel when you bring up homosexuality ... centers around gay male sexuality," Savage said. "There's more of a comfort level" around gay women, he said.

Kendall Johnson, 21, a junior theater major at the University of Illinois, said he was bullied for being gay in high school, mostly when he brought boyfriends to school dances or football games.

"One year at prom, I had a guy tell us that we were disgusting and he didn't want to see us dancing anymore," Johnson said. A football player and the president of the drama club intervened on his behalf, he recalled.

Johnson hasn't been bullied in college, but he said that's partly because he hangs out with the theater crowd and avoids the fraternity scene. Still, he agreed, that it generally gets better for gays as they mature.

"As you grow older, you become more accepting of yourself," Johnson said.

___

Online:

Pediatrics: http://www.pediatrics.org

It Gets Better: http://www.itgetsbetter.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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