Wall Street slips on cliff caution, but homebuilders shine

NEW YORK (Reuters) - Stocks declined on Tuesday as wrangling continued in Washington over budget talks, while homebuilders' stocks outperformed the broader market after positive data.

Strengthening the case for a sustained rebound in housing, single-family home prices rose for an eighth straight month in September. The PHLX housing sector index <.hgx> advanced 0.5 percent, with all but one of its 19 components posting gains.

"As long as you have interest rates as low as they are right now, housing is definitely back," said Brian Amidei, managing director at HighTower Advisors in Palm Desert, California.

Despite strong housing data, an increase in planned business spending and a more than 4-year high in consumer sentiment, traders were cautious as politicians in Washington made little progress in dealing with the "fiscal cliff."

Markets have lately focused on whether Congress and the White House can agree on ways to avoid some $600 billion in automatic spending cuts and tax increases that are due to kick in early next year.

"If there's any reason why the (stock) market has stalled out, it's because large investors have decided to step back and see this play out, because I think they're very aware of how important this is," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

The Dow Jones industrial average <.dji> fell 74.53 points, or 0.57 percent, to 12,892.84. The S&P 500 Index <.spx> dropped 5.68 points, or 0.40 percent, to 1,400.61. The Nasdaq Composite Index <.ixic> shed 4.80 points, or 0.16 percent, to 2,971.98.

The S&P 500 was holding at 1,400, a key psychological level it reclaimed last week. Last week, the S&P 500 gained nearly 4 percent.

As budget talks linger, Las Vegas Sands and Supertex added their names to a growing list of companies announcing special dividends aimed at helping investors avoid a possibly higher tax burden next year.

Las Vegas Sands jumped 5.5 percent to $46.46. Supertex rose 3.4 percent to $17.41.

Food maker Ralcorp Holdings shares jumped 26.5 percent to $88.82 after long-time suitor ConAgra Foods sealed a deal to buy it for $5 billion. ConAgra shares gained 4.3 percent to $29.50.

Corning Inc shares rose 6.7 percent to $12.11 after the specialty glass maker said it expects full-year sales of its Gorilla glass, used in smartphones and tablets, to approach $1 billion.

McMoRan Exploration Co shares tumbled 11.8 percent to $8.51 a day after the oil and gas driller gave a disappointing update on a key gas prospect in a Gulf of Mexico well.

(Reporting by Rodrigo Campos; Editibg by Jan Paschal)

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Protesters Gather Again in Cairo Streets to Denounce Morsi

CAIRO — Thousands of people flowed into the streets of Cairo, the Egyptian capital, Tuesday afternoon for a day of protest against President Mohamed Morsi’s attempt to assert broad new powers for the duration of the country’s political transition, dismissing his efforts just the night before to reaffirm his deference to Egyptian law and courts.

By early Tuesday afternoon in Cairo, a dense crowd of hundreds had gathered outside the headquarters of a trade group for lawyers, and thousands more had filed in around a small tent city in Tahrir Square. In an echo of the chants against Hosni Mubarak, Egyptian’s ousted president, almost two years ago, they shouted, “Leave, leave!” and “Bring down the regime!” They also denounced the spiritual leader of the Muslim Brotherhood, the Islamist group allied with Mr. Morsi.

A few blocks away, in a square near the American Embassy and the Interior Ministry headquarters, groups of young men resumed a running battle that began nine days ago, throwing rocks and tear gas canisters at riot police officers. Although those clashes grew out of anger over the deaths of dozens of protesters in similar clashes one year ago, many of the combatants have happily adopted the banner of protest against Mr. Morsi as well.

Egyptian television had captured the growing polarization of the country on Monday in split-screen coverage of two simultaneous funerals, each for a teenage boy killed in clashes set off by disputes over the new president’s powers. Thousands of supporters of Mr. Morsi and his allies in the Muslim Brotherhood marched through the streets of the Nile Delta city of Damanhour to bury a 15-year-old killed outside a Brotherhood office during an attack by protesters. And in Tahrir Square here in Cairo, thousands gathered to bury a 16-year-old killed in clashes with riot police officers and to chant slogans blaming Mr. Morsi for his death. “Morsi killed him,” the boy’s father said in a video statement circulated over the Internet.

“Now blood has been spilled by political factions, so this is not going to go away,” said Rabab el-Mahdi, a professor at the American University in Cairo and a left-leaning activist, adding that these were the first deaths rival factions had blamed on each other and not on the security forces of the Mubarak government since the uprising began last year. Still larger crowds were expected in the evening, as marchers from around the city headed for the square. Many schools and other businesses had closed in anticipation of bedlam, and on Monday, the Brotherhood called off a rival demonstration in support of the president, saying it wanted to avoid violence.

Egypt’s Supreme Judicial Council met again on Tuesday to consider its response to the president, and the leader of Al Azhar, a center of Sunni Muslim learning that is regarded as the pre-eminent moral authority here, met with groups of political leaders in an effort to resolve the battle over the president’s decree and the deadlock in the constitutional assembly, which is trying to draw up a new constitution.

But even as Mr. Morsi met with top judges Monday night in an effort to resolve the crisis, a coalition of opposition leaders held a news conference to declare that preserving the role of the courts was only the first step in a broader campaign against what Abdel Haleem Qandeil, a liberal intellectual, called “the miserable failure of the rule of the Muslim Brothers.” Mr. Morsi “unilaterally broke the contract with the people,” he declared. “We have to be ready to stand up to this group, protest to protest, square to square, and to confront the bullying.”

Mr. Morsi’s effort to remove the last check on his power over the political transition had brought the country’s fractious opposition groups together for the first time in a united front against the Brotherhood. But the show of unity papered over deep divisions between groups and even within them, said Ms. Mahdi of the American University.

“This is not a united front, and I am inside it,” she said. “Every single political group in the country is now divided over this — is this decree revolutionary justice or building a new dictatorship? Should we align ourselves with folool” — the colloquial term for the remnants of the old political elite — “or should we be revolutionary purists? Is it a conflict between the Muslim Brotherhood and the pro-Mubarak judiciary, or is this the beginning of a fascist regime in the making?”

Mayy El Sheikh contributed reporting.

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Online sales jump 24 percent early on Cyber Monday: IBM

SAN FRANCISCO (Reuters) – Online sales jumped during the first hours of Cyber Monday suggesting strong growth from earlier in the holiday shopping season continues, according to data from International Business Machines Corp.

Online sales were up 24.1 percent as of 12:00pm EST on Cyber Monday, compared to the same period a year earlier, said IBM, which tracks transaction data from 500 U.S. retail websites. In 2011, the early Cyber Monday year-over-year growth was 15 percent, IBM noted.

Strong online sales growth on Thanksgiving Day and Black Friday sparked concern that shoppers may just be buying earlier, threatening revenue later in the season.

“So far that is not the case,” said Jay Henderson, Strategy Director, IBM Smarter Commerce. “Extending the shopping season has really just fueled additional online spending rather than cannibalizing days later in the season.”

(Reporting By Alistair Barr)

Internet News Headlines – Yahoo! News

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Angus T. Jones: 'Please Stop Watching Two and a Half Men'

TV Watch

11/26/2012 at 03:15 PM EST

Has Angus T. Jones pulled a Charlie Sheen?

The 19-year-old Two and a Half Men star has spoken out against the CBS sitcom in a manner that's sure to ruffle some network feathers.

"If you watch Two and Half Men, please stop watching Two and Half Men," Jones says in a video posted on YouTube by TheForerunner777 (watch it below) in which the actor discusses his Christian faith. "I'm on Two and Half Men and I don't want to be on it. Please stop watching it. Please stop filling your head with filth."

"People say it's just entertainment," he continues. "Do some research on the effects of television in your brain and I promise you, you'll have a decision to make when it comes to ... what you watch on television. It's bad news."

Jones, who in 2008 was paid roughly $1.2 million a season, then references "the enemy" and how someone like him cannot appear on a TV show. (Jones has played Jake Harper on Men since 2003.)

"A lot of people don't like to think about how deceptive the enemy is," says Jones. "There's no playing around when it comes to eternity ... People will see us and be like, 'I can be a Christian and be on a show like Two and a Half Men.' You can't. You cannot be a true God-fearing person and be on a television show like that. I know I can't."

On the subject of his series, Jones concludes, "I'm not okay with what I'm learning [about] what the Bible says and being on that television show. You go all or nothing."

A rep for CBS has not responded to PEOPLE's request for comment.

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Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

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Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

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

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Wall Street slips after recent rally, retailers off

NEW YORK (Reuters) - Stocks slipped on Monday after Wall Street posted its best week in over five months as investors reacted to a lack of visible progress in budget deficit discussions in Washington.

The S&P 500 was holding above the 1,400 level it retook last week, and volume continued to be weak as traders awaited any advance in talks over a series of spending cuts and tax hikes scheduled to begin next year, which threaten to drag the economy into recession.

Retailer shares fell, with the S&P 500 retail index <.spxrt> off 0.7 percent after the start of the holiday shopping season over the four-day Thanksgiving weekend.

"The concern is big retailers are discounting so much, sales look better, but at what cost?" said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.

Bucking the trend, shares of eBay hit their highest in almost eight years with a 4.6 percent jump to $51.27 on strong sales data for Monday. Amazon gained 1.1 percent to $242.45. Black Friday sales online topped $1 billion for the first time.

Meanwhile, U.S. lawmakers have made little progress toward a compromise to avoid the "fiscal cliff," according to a top Senate Democrat who was interviewed over the weekend.

Indications of progress in talks, or just political willingness to negotiate, were part of the reason why the market rallied last week.

In the other major worry for the market, euro zone finance ministers and the International Monetary Fund made their third attempt in as many weeks to agree on releasing emergency aid for Greece, with policymakers saying a write-down of Greek debt is off the table for now.

"We had a good week last week and absent any news we were going to give something back today," Mata said. "There's no catalyst to continue the rally we saw last week, though Greece would have been important if we weren't dealing with the fiscal cliff."

The Dow Jones industrial average <.dji> fell 77.92 points, or 0.60 percent, to 12,931.76. The S&P 500 Index <.spx> dropped 6.99 points, or 0.50 percent, to 1,402.16. The Nasdaq Composite Index <.ixic> shed less than a point at 2,966.75.

Major indexes ended last week with gains of 3 to 4 percent, with the Dow above 13,000 and the S&P above 1,400 for the first time since November 6.

Shares of Knight Capital Group Inc jumped 17.7 percent to $2.93 following reports that rivals might be preparing to bid for part or all of the electronic trading firm.

Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics , including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. Apple shares were up 2.8 percent at $587.37.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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Egypt’s President Said to Limit Scope of Judicial Decree

CAIRO — President Mohamed Morsi agreed Monday to scale back a sweeping decree he had issued last week that raised his edicts above any judicial review, according to a report by a television network allied with his party. The agreement, reached with top judicial authorities, would leave most of Mr. Morsi’s actions subject to review by the courts, but preserve a crucial power: protecting the constitutional council from being dissolved by the courts before it finishes its work.

Ahmed Jadallah/Reuters

Protesters ran for cover during clashes with riot police at Tahrir square in Cairo on Monday.

Tara Todras-Whitehill for The New York Times

Egyptians mourned Mohammed Gaber Salah, an activist who died Sunday from injuries sustained during protests, before his funeral on Monday in Cairo.

The Muslim Brotherhood, the Islamist group that sponsored Mr. Morsi and his party, announced that it was canceling a major demonstration in support of the president that had been planned for Tuesday.

Cracks appeared in Mr. Morsi’s government on Sunday over the decree after the justice minister, Ahmed Mekki, began arguing publicly for a retreat, and at least three other senior advisers resigned over the measure. The move had also prompted widening street protests and cries from opponents that Mr. Morsi, who already governs without a legislature, was moving toward a new autocracy in Egypt, less than two years after the ouster of the strongman Hosni Mubarak.

With a threatened strike by the nation’s judges, a plunge in the country’s stock market and more street protests looming, Mr. Morsi’s administration initially sent mixed messages on Sunday over whether it was willing to consider a compromise: a spokesman for the president’s party insisted that there would be no change in his edict, but a statement from the party indicated for the first time a willingness to give political opponents “guarantees against monopolizing the fateful decisions of the homeland in the absence of the Parliament.”

Mr. Mekki, the influential leader of a judicial independent movement under Mr. Mubarak and one of Mr. Morsi’s closest aides, actively tried to broker a deal with top jurists to resolve the crisis.

The reaction to the decree had presented the most acute test to date of the ability and willingness of Mr. Morsi, Egypt’s first freely elected president and a former leader of the Muslim Brotherhood, to engage in the kind of give and take that democratic government requires. But he also must contend with real doubts about the willingness of his anti-Islamist opponents to join him in compromise. Each side is mired in deep suspicion of the other, a legacy of the decades when the Brotherhood survived here only as an insular secret society, demonized as dangerous radicals by most of the Egyptian elite.

“There is a deep mistrust,” said Emad Shahin, a political scientist at the American University in Cairo who studies the Brotherhood. “It is an ugly round of partisan politics,” he said, “a bone-crushing phase.”

The scale of the backlash against the decree appeared to catch Mr. Morsi’s government by surprise. “In his head, the president thought that this would push us forward, but then it was met with all this inflammation,” Mr. Mekki said. He faulted the president for failing to consult with his opponents before issuing it, but he also faulted the opponents for their own unwillingness to come to the table: “I blame all of Egypt, because they do not know how to talk to each other.”

Government and party officials maintained that Mr. Morsi was forced to claim the expansive new powers to protect the process of writing the country’s new constitution, and that the decree would be in effect only until the charter was in place. A court of judges appointed under the Mubarak government was widely rumored to be about to dissolve the elected constitutional assembly, dominated by Mr. Morsi’s Islamist allies — just as the same court had previously cast out the newly elected Islamist-led Parliament — and the decree issued by Mr. Morsi on Thursday gave him the power to stop it.

“I see with all of you, clearly, that the court verdict is announced two or three weeks before the court session,” Mr. Morsi told his supporters on Friday, referring to the pervasive rumors about the court’s impending action in a fiery speech defending his decree. “We will dissolve the entire homeland, as it seems! How is that? How? Those waywards must be held accountable."

He said that corrupt Mubarak loyalists were “hiding under the cover of the judiciary” and declared, “I will uncover them!”

But instead of rallying the public to his side and speeding the country’s political transition, as Mr. Morsi evidently hoped, his decree has unleashed new instability across the country. On Sunday, the first day of business here since the decree was issued, the Egyptian stock market fell by about 9.5 percent, erasing more than $4 billion of value.

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Saudi telco regulator suspends Mobily prepaid sim sales

(Reuters) – Saudi Arabia‘s No.2 telecom operator Etihad Etisalat Co (Mobily) has been suspended from selling pre-paid sim cards by the industry regulator, the firm said in a statement to the kingdom’s bourse on Sunday.

Mobily’s sales of pre-paid, or pay-as-you-go, sim cards will remain halted until the company “fully meets the prepaid service provisioning requirements,” the telco said in the statement.

These requirements include a September order from regulator, Communication and Information Technology Commission (CITC). This states all pre-paid sim users must enter a personal identification number when recharging their accounts and that this number must be the same as the one registered with their mobile operator when the sim card was bought, according to a statement on the CITC website.

This measure is designed to ensure customer account details are kept up to date, the CITC said.

Mobily said the financial impact of the CITC’s decision would be “insignificant”, claiming data, corporate and postpaid revenues would meet its main growth drivers.

The firm, which competes with Saudi Telecom Co (STC) and Zain Saudi, reported a 23 percent rise in third-quarter profit in October, beating forecasts.

Prepaid mobile subscriptions are typically more popular among middle and lower income groups, with telecom operators pushing customers to shift to monthly contracts that include a data allowance.

Customers on monthly, or postpaid, contracts are also less likely to switch provider, but the bulk of customers remain on pre-paid accounts.

Mobily shares were trading down 1.4 percent at 0820 GMT on the Saudi bourse.

(Reporting by Matt Smith; Editing by Dinesh Nair)

Tech News Headlines – Yahoo! News

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Tom Cruise Films Helicopter Scene in Empty Trafalgar Square

11/25/2012 at 03:15 PM EST

Tom Cruise in Trafalgar Square

FameFlynet

Back to work!

After spending Thanksgiving with daughter Suri, 6, Tom Cruise filmed scenes for the sci-fi action film All You Need Is Kill in London on Sunday.

The actor, who plays alien fighter Lt. Col. Bill Cage, landed in a helicopter in the middle of the usually bustling Trafalgar Square, which was shut down for the scene, in the heart of London.

Based on Hiroshi Sakurazaka's novel, the movie follows Cage as he battles the Mimics, a violent race of alien invaders, while stuck in a time loop.

Emily Blunt also stars in the film as Special Forces fighter Rita Vrataski, who according to Deadline.com, has destroyed more Mimics than anyone else on earth.

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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