Wall Street little changed after data, Fed minutes on tap

NEW YORK (Reuters) - Stocks were little changed on Wednesday after housing and inflation data pointed to a continuation of modest economic improvement and ahead of the minutes from the Federal Open Market Committee's January meeting later in the session.

Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.

The data should enable the Fed to maintain its easy monetary policy in its efforts to stimulate the economy.

Later in the session, investors will look to the minutes from the Fed's January meeting for any indication as to how long the current monetary policy will remain in effect.

"It's hard in any given data point to take a strong conclusion that we are moving dramatically forward, but over time, clearly things are getting better," said Robert Lutts, chief investment officer at Cabot Money Management in Salem, Massachusetts.

Lutts described an economy that was addicted to stimulus.

"The bottom line is the economy is on heroin today and we will at one time move to a diluted form of heroin, but it's very important for people to remember we are still on an unbelievably aggressive, never-seen-before accommodative policy and this economy is going to improve."

The S&P 500 <.spx> is up more than 7 percent for the year, fueled by legislators' ability to sidestep an automatic implementation of spending cuts on tax hikes on January 1, better-than-expected corporate earnings and modestly improving economic data that has been tepid enough for the Fed to maintain its stimulus policy.

The Dow Jones industrial average <.dji> dropped 5.99 points, or 0.04 percent, to 14,029.68. The Standard & Poor's 500 Index <.spx> lost 2.60 points, or 0.17 percent, to 1,528.34. The Nasdaq Composite Index <.ixic> shed 3.12 points, or 0.10 percent, to 3,210.48.

U.S. oil and gas producer Devon Energy Corp reported a fourth-quarter loss as it wrote down the value of its assets by $896 million due to weak gas prices. Shares dipped 1.6 percent to $59.60.

OfficeMax Inc and Office Depot Inc shares were halted as the companies announced a merger agreement. An earlier online statement of the deal was pulled down as an agreement had not yet been struck.

Toll Brothers Inc lost 4 percent to $35.43 after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.

SodaStream dropped 3.2 percent to $50.79 after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.

According to Thomson Reuters data through Tuesday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)

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The Lede: North Korean Video Shows Obama in Flames

North Korea has released a new propaganda video that shows President Obama and United States troops in flames and credits Washington with leading the impoverished country to become a proud nuclear power.

Songs, operas and novels that stoke hatred against the United States and belittle South Korea are daily fare for North Koreans living under a leadership that uses propaganda as a critical tool of governing. In the last several years, the country has taken its campaign to the Internet, posting thousands of videos onto YouTube that provide outsiders with rare glimpses into the world of North Korean propaganda.

More recently, the country’s propagandists have been busy trumpeting the successful launch of a satellite in December and a Feb. 12 nuclear test, telling North Koreans that their country was becoming a high-tech nuclear power under its young leader, Kim Jong-un.

“Thanks to the Americans,” the latest work by the propagandists, is a 90-second video that was uploaded on YouTube by the North’s official Uriminzokkiri Web site on Sunday.

“It is not incorrect to say that the United States’ gangster-like policy of hostility prompted us to become a most strong military power,” says the text that scrolls across the screen. “Thus it can be said that it was ‘thanks to’ the Americans that we conducted a nuclear test.”

In the video, flames are superimposed on footage of Mr. Obama in Congress, American troops and screen shots of a South Korean television station reporting the North’s nuclear test. It ends with an animated simulation of a nuclear device exploding in an underground test site.

The scorching of the United States in “nuclear flames” or a “nuclear holocaust” is a recurring theme in North Korean statements. A ubiquitous propaganda poster in North Korean towns calls for a “score-settling war” against the Americans.

While North Korea has faced chronic food shortages and growing trade sanctions, its propaganda strives to inspire nationalistic pride among its people, portraying their country as a small nation prospering despite the constant bullying of the “imperialist” Americans.

Part of another video, posted on YouTube by the country’s Korean Central Television on Feb. 12, showed a boy wearing a red scarf singing a song against the backdrop of rockets flying into space and satellites circling the Earth.

“We will fill the space with satellites,” the boy sang. “We will grow to be conquerors of the space.”

Another video posted early this month showed a North Korean man dreaming about circling Earth on a homemade spacecraft and looking down to see the Korean Peninsula unified and Manhattan being attacked by missiles and going up in smoke.

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Judge says Apple likely violated SEC rules

Major Apple (AAPL) shareholder Greenlight Capital, headed by billionaire hedge-fund manager David Einhorn, recently sued the consumer electronics giant in an effort to limit the company’s ability to offer preferred stock. At the heart of its claims, Greenlight is arguing that combining three separate items into one proposition — one of which would change the way Apple’s board issues preferred stock — is a violation of SEC rules against “bundling.” On Tuesday evening, the judge presiding over the case said that he is inclined to agree.

[More from BGR: Do or die: Hands on with the HTC One]

“Candidly I do think the likelihood of success is in favor for Greenlight on the merits,” U.S. District Judge Richard Sullivan said during a hearing on Tuesday evening, Fortune reported.

[More from BGR: Google working with Visa, Mastercard, PayPal to cut off funding for alleged piracy sites]

The judge said a decision in the case will likely be made before Apple’s upcoming shareholders meeting on February 27th.

This article was originally published on BGR.com

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Michael Jackson's Son Prince Michael Works as TV Reporter

Only on People.com

By Jennifer Garcia

02/19/2013 at 09:35 AM EST

From left: James Franco, Zach Braff and Prince Michael Jackson

Courtesy ET

Michael Jackson's son, Prince Michael, stepped into a world his late father knew well, becoming a special correspondent for Entertainment Tonight.

Mentored by the show's Brooke Anderson, the 16-year-old interviewed actors James Franco, Zach Braff and director Sam Raimi for their new film Oz the Great and Powerful for shows airing this week.

"We have a mutual connection, and I have been working to do something with him for a while," Anderson tells PEOPLE. "I thought interviewing the cast of Oz the Great and Powerful would be the perfect opportunity, because he's a fan of The Wizard of Oz, his dad was in The Wiz and he wants to get into directing, producing and acting one day."

So how were his reporting chops?

"He showed me up big time," Anderson says. "Ultimately, he didn't really need too much guidance. I gave him pointers, but he was a natural."

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Hip implants a bit more likely to fail in women

CHICAGO (AP) — Hip replacements are slightly more likely to fail in women than in men, according to one of the largest studies of its kind in U.S. patients. The risk of the implants failing is low, but women were 29 percent more likely than men to need a repeat surgery within the first three years.

The message for women considering hip replacement surgery remains unclear. It's not known which models of hip implants perform best in women, even though women make up the majority of the more than 400,000 Americans who have full or partial hip replacements each year to ease the pain and loss of mobility caused by arthritis or injuries.

"This is the first step in what has to be a much longer-term research strategy to figure out why women have worse experiences," said Diana Zuckerman, president of the nonprofit National Research Center for Women & Families. "Research in this area could save billions of dollars" and prevent patients from experiencing the pain and inconvenience of surgeries to fix hip implants that go wrong.

Researchers looked at more than 35,000 surgeries at 46 hospitals in the Kaiser Permanente health system. The research, published Monday in JAMA Internal Medicine, was funded by the U.S. Food and Drug Administration.

After an average of three years, 2.3 percent of the women and 1.9 percent of the men had undergone revision surgery to fix a problem with the original hip replacement. Problems included instability, infection, broken bones and loosening.

"There is an increased risk of failure in women compared to men," said lead author Maria Inacio, an epidemiologist at Southern California Permanente Medical Group in San Diego. "This is still a very small number of failures."

Women tend to have smaller joints and bones than men, and so they tend to need smaller artificial hips. Devices with smaller femoral heads — the ball-shaped part of the ball-and-socket joint in an artificial hip — are more likely to dislocate and require a surgical repair.

That explained some, but not all, of the difference between women and men in the study. It's not clear what else may have contributed to the gap. Co-author Dr. Monti Khatod, an orthopedic surgeon in Los Angeles, speculated that one factor may be a greater loss of bone density in women.

The failure of metal-on-metal hips was almost twice as high for women than in men. The once-popular models were promoted by manufacturers as being more durable than standard plastic or ceramic joints, but several high-profile recalls have led to a decrease in their use in recent years.

"Don't be fooled by hype about a new hip product," said Zuckerman, who wrote an accompanying commentary in the medical journal. "I would not choose the latest, greatest hip implant if I were a woman patient. ... At least if it's been for sale for a few years, there's more evidence for how well it's working."

___

Online:

Journal: http://www.jamainternalmed.com

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Wall Street opens higher on M&A activity

(Reuters) - A Texas mother had a one-in-70-million kind of Valentine's Day this year when she gave birth to two sets of identical twin boys, a Houston hospital announced on Monday. The four brothers were delivered at 31 weeks to Tressa Montalvo, 36, via Cesarean section at The Woman's Hospital of Texas in Houston, according to a news release from the hospital. Tressa and Manuel Montalvo Jr. were not using any fertility drugs and had just hoped for a little brother or sister for their 2-year-old son, Memphis, according to the release. ...

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IHT Rendezvous: As Europe Moves to Cap Bonuses, Britain Hesitates

LONDON — It is hard to imagine any European politician losing votes these days by promising to curb bankers’ pay, which may explain why members of the European Parliament are enthusiastically pushing for the toughest restrictions on bank bonuses since the 2008 financial crisis.

Representatives of the Parliament and of the 27 European Union governments were meeting on Tuesday to finalize a deal on banking law that would include pegging bankers’ bonuses at no more than their annual salaries.

The Parliament’s demands for a bonus cap reflect public outrage at continued revelations of huge payouts to bankers. But a side effect has been to hold up enactment of global banking regulations designed to strengthen the capacity of banks to withstand a future crisis.

A majority of member states have come around to supporting the bonus cap. Germany, a late convert to the idea, is prepared to compromise on the issue in order to ensure the wider banking changes are adopted by the elected European Parliament.

The debate has left the British government out on a limb, as it fights a possibly doomed rearguard action to protect the interests of the City of London, Europe’s biggest financial center.

The Conservative-led government believes the bonus cap could have the perverse effect of increasing bankers’ fixed pay, while allowing less opportunity to claw back variable bonuses in the event of poor performance.

Boris Johnson, the outspoken Conservative mayor of London, was quoted on Tuesday as saying, “we don’t need Europe butting in on bonuses,” as he attacked the European proposals as a threat to the City’s international competitiveness.

In the light of popular anti-banker sentiment, however, the British government has been relying on quiet diplomacy to argue its case with European partners in order to avoid the perception that it pushing the agenda of “fat cat” bankers.

It has been left largely to the business media to press the case against a bonus cap. Allister Heath, writing at the City A.M. Web site on Tuesday, suggested that a cap would be a “disaster for London.”

In an editorial this week, which said adoption of the bonus cap would be a defeat for common sense, the Financial Times wrote: “The parliamentarians’ pet idea is a result of populism mixed with ignorance of how banking works.”

“A cap on the ratio of variable to fixed pay will do little to lower total compensation (which is what outrages voters sick of bailing out failed banks),” according to the Financial Times. “It will just encourage higher fixed salaries to compensate for the lack of bonuses that tend to be far larger.”

Mr. Heath, in his City A.M. column, suggested that George Osborne, the British finance minister, was “seemingly too frightened by anti-City sentiment” to block the Brussels proposals.

“The cap will lead to further boosts to base pay, increasing fixed costs and risk,” Mr. Heath wrote. “When business volumes drop, the only answer will be to sack people, rather than cutting bonuses.”

“The fact is U.K. regulators have already created a bonus framework that is tough but fair,” according to Nick Goodway, writing in the London Evening Standard. “Europe is trying to bring in one that could have dire consequences for London’s status as one of the world’s top three financial centers.”

Does this all amount to special pleading on behalf of overpaid bankers? Or do the opponents of the bonus cap have a point? Is the European Parliament guilty of populism, or simply displaying good sense with its proposals to outlaw excessive bonuses?

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British author attacks “plastic” princess Kate

LONDON (Reuters) – One of Britain‘s most celebrated authors has launched a withering attack on the Duchess of Cambridge, the pregnant wife of Prince William, branding her a “shop-window mannequin” with a plastic smile whose only role in life is to breed.

Prime Minister David Cameron described award-winning writer Hilary Mantel as “misguided” after she likened the former Kate Middleton to a “machine made” doll, devoid of personality.

Her comments about the 31-year-old wife of William, second-in-line to the British throne, divided public opinion, with newspapers condemning Mantel as “venomous”, “cruel” and “staggeringly rude”.

Supporters said her words had been taken out of context from a long analysis of society’s centuries-old obsession with the appearance and fertility of royal wives that ended with a plea to “back off and not be brutes” to them.

“I saw Kate becoming a jointed doll on which certain rags are hung,” Mantel said in a lecture at the British Museum in London earlier this month in which she spoke about her changing view of the princess.

“She was a shop-window mannequin, with no personality of her own, entirely defined by what she wore. These days she is a mother-to-be, and draped in another set of threadbare attributions.”

Speaking during a visit to India, Cameron said Mantel was wrong and that people should do more to encourage a young royal who is a “fantastic ambassador for Britain”.

“She writes great books, but I think what she’s said about Kate Middleton is completely misguided and completely wrong,” Cameron told Sky News.

Mantel, who last year became the first Briton to twice win the Man Booker prize for fiction, referred to the princess’s severe morning sickness during the early stage of her pregnancy and said her role was to provide an heir.

“Once she gets over being sick, the press will find that she is radiant. They will find that this young woman’s life until now was nothing, her only point and purpose being to give birth,” Mantel said in the lecture organized by the London Review of Books on February 4. The literary magazine reprinted the lecture on its website this week.

‘UNCALLED FOR’

A smiling Duchess of Cambridge showed no sign of being affected by the row when she visited an addiction charity in London. Wearing a grey wrap dress, she crossed her hands over her small baby bump as she chatted to charity workers.

Well-wishers who waited in the late winter sunshine for a glimpse of her expressed sympathy.

“It’s totally uncalled for,” said Morag Hamilton, 36, from London. “It’s a shame – that’s what her life is going to become now.”.

Mantel, 60, is best known for her historical novel “Wolf Hall”, about the rise of blacksmith’s son Thomas Cromwell to the pinnacle of power in King Henry VIII’s court. Her follow-up “Bring Up the Bodies” recounted Anne Boleyn’s fall from grace after failing to give Henry a male heir.

In her lecture, Mantel said the Duchess of Cambridge was “selected for her role … because she was irreproachable”, contrasting her with the “emotional incontinence” of William’s late mother, Princess Diana.

“As painfully thin as anyone could wish, without quirks, without oddities, without the risk of the emergence of character. She appears precision-made, machine-made, so different from Diana,” Mantel said. The author’s agent and a royal spokeswoman declined to comment.

Reaction on Twitter suggested Mantel had split public opinion. Royal commentator Robert Jobson said the “venomous attack” was “unfair and publicity-seeking”. Others agreed with Mantel, saying she had elegantly articulated what many people had long thought about the royals.

The lecture looked at the public fascination with the “regal body”, examining the lives of royal women and the importance of providing an heir. Mantel compared their fate to caged pandas in captivity.

“Our current royal family doesn’t have the difficulties in breeding that pandas do, but pandas and royal persons alike are expensive to conserve and ill-adapted to any modern environment,” Mantel said. “But aren’t they interesting? Aren’t they nice to look at?”

(Additional reporting by Andrew Osborn in New Delhi; Editing by Guy Faulconbridge and Paul Casciato)

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Kate, Back from Babymoon, Resumes Royal Duties

By Simon Perry

02/18/2013 at 09:20 AM EST

Five months into her pregnancy and just back from a Caribbean "babymoon" in Mustique, the Duchess of Cambridge is stepping up her work as she returns to her royal duties.

Kate, 31, is set for a visit to the port of Grimsby, about 180 miles from London in north eastern England, where she will be shown the local work of one of her father-in-law Prince Charles's best known charities, the Prince's Trust.

On the March 5 "away day," she will also see a local school and take in a history lesson on the local fishing industry when she tours the town's museum.

With the fashion-conscious princess also thinking about her maternity wear, she's reportedly turned to friends Natasha Rufus Isaacs and Lavinia Brennan at Beulah London for some frocks, it was reported Monday – though the company did not wish to comment.

On Tuesday of this week, Kate will return to public work by visiting a treatment center run by one of her charities, Action on Addiction, a women's-only project in Clapham, London.

"These women would have chosen to have some time out of the company of men and they need to focus on themselves," charity chief executive Nick Barton tells PEOPLE. "This is more about the longer term, helping people sustain their recovery and think about the things that makes them vulnerable to relapse."

Royal aides tell PEOPLE that Kate is set to pick some new patronages in the coming weeks, to add to the several she adopted in January 2012.

As it is, the non-profit group 100 Women in Hedge Funds – already associated with Prince William – has announced it will partner with Action on Addiction for Kate's first year of her patronage.

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Study: Better TV might improve kids' behavior

SEATTLE (AP) — Teaching parents to switch channels from violent shows to educational TV can improve preschoolers' behavior, even without getting them to watch less, a study found.

The results were modest and faded over time, but may hold promise for finding ways to help young children avoid aggressive, violent behavior, the study authors and other doctors said.

"It's not just about turning off the television. It's about changing the channel. What children watch is as important as how much they watch," said lead author Dr. Dimitri Christakis, a pediatrician and researcher at Seattle Children's Research Institute.

The research was to be published online Monday by the journal Pediatrics.

The study involved 565 Seattle parents, who periodically filled out TV-watching diaries and questionnaires measuring their child's behavior.

Half were coached for six months on getting their 3-to-5-year-old kids to watch shows like "Sesame Street" and "Dora the Explorer" rather than more violent programs like "Power Rangers." The results were compared with kids whose parents who got advice on healthy eating instead.

At six months, children in both groups showed improved behavior, but there was a little bit more improvement in the group that was coached on their TV watching.

By one year, there was no meaningful difference between the two groups overall. Low-income boys appeared to get the most short-term benefit.

"That's important because they are at the greatest risk, both for being perpetrators of aggression in real life, but also being victims of aggression," Christakis said.

The study has some flaws. The parents weren't told the purpose of the study, but the authors concede they probably figured it out and that might have affected the results.

Before the study, the children averaged about 1½ hours of TV, video and computer game watching a day, with violent content making up about a quarter of that time. By the end of the study, that increased by up to 10 minutes. Those in the TV coaching group increased their time with positive shows; the healthy eating group watched more violent TV.

Nancy Jensen, who took part with her now 6-year-old daughter, said the study was a wake-up call.

"I didn't realize how much Elizabeth was watching and how much she was watching on her own," she said.

Jensen said her daughter's behavior improved after making changes, and she continues to control what Elizabeth and her 2-year-old brother, Joe, watch. She also decided to replace most of Elizabeth's TV time with games, art and outdoor fun.

During a recent visit to their Seattle home, the children seemed more interested in playing with blocks and running around outside than watching TV.

Another researcher who was not involved in this study but also focuses his work on kids and television commended Christakis for taking a look at the influence of positive TV programs, instead of focusing on the impact of violent TV.

"I think it's fabulous that people are looking on the positive side. Because no one's going to stop watching TV, we have to have viable alternatives for kids," said Dr. Michael Rich, director of the Center on Media and Child Health at Children's Hospital Boston.

____

Online:

Pediatrics: http://www.pediatrics.org

___

Contact AP Writer Donna Blankinship through Twitter (at)dgblankinship

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