Wall Street rises but ends off highs as Citi sinks (Reuters)

NEW YORK (Reuters) ? Stocks advanced on Tuesday, pushing the S&P 500 to its highest since early August, but sharply pared gains late in the session as Citigroup's steep drop in profit gave investors a reason to unload bank shares.

The financial sector, which has outperformed the broader market so far this year, took a hit on investors' disappointment with Citigroup Inc's (C.N) earnings.

Citigroup's stock slid 8.1 percent to $28.25 after it reported weaker-than-expected earnings.The KBW Banks Index lost 1.4 percent. Through Friday, the KBW Banks Index was up about 10 percent for the year, while the S&P 500 was about 2 percent higher.

The banks' sell-off splashed cold water on a rally that drove the S&P 500 through 1,300 for the first time since August.

Stocks rallied about 1 percent across the board after data showed China's economic growth was better than expected, even though it expanded at the weakest pace in 2-1/2 years.

"The better numbers out of China this morning got the market off to a better start, but then there wasn't much follow-through, and you have had what looked to be from JPMorgan and Citigroup not very good-looking earnings," said Eric Kuby, chief investment officer of North Star Investment Management Corp., in Chicago.

Citigroup's results followed similarly disappointing earnings on Friday from JPMorgan Chase & Co (JPM.N).

The Dow Jones industrial average (.DJI) rose 60.01 points, or 0.48 percent, to 12,482.07 at the close. The Standard & Poor's 500 Index (.SPX) added 4.58 points, or 0.36 percent, to 1,293.67. The Nasdaq Composite Index (.IXIC) gained 17.41 points, or 0.64 percent, to 2,728.08.

After the bell, shares of Yahoo (YHOO.O) shot up 3.6 percent to $15.99 in extended-hours trading following news that Yahoo co-founder Jerry Yang resigned. [ID:nL1E8CHCYY] In regular trading, Yahoo's stock slipped 0.3 percent to close at $15.43.

Also after the close, shares of Cree (CREE.O), LED lighting maker, fell 5.5 percent to $22.05 in extended-hours trading after reporting a profit that fell short of analysts' estimates and giving a revenue forecast below expectations. Cree's stock had closed on Nasdaq at $23.33, up 1.9 percent.

Bank shares also suffered on Friday ahead of the widely expected announcement by Standard & Poor's that it was downgrading the credit ratings of nine euro-zone countries.

"It was expected that some of the big banks would continue struggling, especially those heavily involved in investment banking because that part of the financial system has clearly slowed down," said Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management, in Champaign, Illinois.

While Wells Fargo & Co (WFC.N) posted a 20 percent jump in quarterly profit, its stock, which earlier had risen more than 1 percent to a session high at $30.69, pulled back sharply from that peak and ended up just 0.7 percent at $29.81.

The Nasdaq outperformed the other major U.S. stock indexes, with shares of Applied Materials (AMAT.O) up 2.4 percent at $11.78. RBC upgraded the stock to "outperform." An index of semiconductor stocks (.SOX) advanced 0.5 percent.

The benchmark S&P 500 briefly moved above 1,300 on an intraday basis for the first time since August 1. Analysts said a substantial move past that resistance point could trigger more buying.

On the downside, Carnival Corp (CCL.N) shares slid 13.7 percent to $29.60 as its Italian unit, Costa Crociere, struggled to locate missing passengers after a cruise liner capsized. Fellow cruise operator Royal Caribbean Cruises Ltd (RCL.N) fell 6.2 percent to $26.97.

On the U.S. economic front, a gauge of manufacturing in New York State rose to its highest level in nine months, keeping in line with the trend of modest improvement in U.S. economic data.

Volume totaled 6.8 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, just above the daily average of 6.68 billion.

Advancing stocks outnumbered declining ones on the NYSE by about 3 to 2, while on the Nasdaq, advancers beat decliners by about 13 to 12.

(Reporting By Caroline Valetkevitch,; Editing by Jan Paschal)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120117/bs_nm/us_markets_stocks

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Hello Kitty pays a visit to CES 2012: If you want it, we got it in pink

An electronics show wouldn't be an electronics show without celebrity endorsements. But there was one icon who had more product tie-ins than anyone else. Yep, Kitty-chan was in attendance and she had plenty of pink paraphernalia to hawk to unsuspecting fans of all things kawaii. We've collated together all the gear spotted at CES and fortunately, there was more than just a few phone cases and laptop bags. Merchandise spotted includes Kitty-themed karaoke machines, alarm clocks with mounted laser cannons projectors, cordless phones and more. A brief video tour of some of our favorite surprises is coming soon, but until then, enjoy all that the super-deformed cat had to offer in our gallery below.

Gallery: Hello Kitty at CES 2012

Hello Kitty pays a visit to CES 2012: If you want it, we got it in pink originally appeared on Engadget on Mon, 16 Jan 2012 19:11:00 EDT. Please see our terms for use of feeds.

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China says government to be more open (AP)

BEIJING ? China will be more open about the often secretive workings of the government and ruling Communist Party in the coming year, although strict controls over the Internet would remain in place, a senior propaganda official said Wednesday.

Officials will expand the use of government spokespeople, boost the overseas reach of state media, and further promote the use of microblogs to interact with the public, Wang Chen told reporters.

"In this new year, we will adopt an even more open attitude and even more forceful policies," Wang said.

Chinese government departments have traditionally been tightlipped, a result of authoritarian one-party rule in which officials had little accountability to the public and policies were drafted in high-level meetings without input from ordinary citizens.

However, amid rising incomes and increased demand for transparency and efficiency, departments over the past decade have appointed spokesmen to deal with media and the general public, and released an increasing flow of information.

Wang said news and information about government's day-to-day activities as well as emergency responses would be expanded and systematized. Spokesmen would receive intensified training with an emphasis on obtaining first-hand information rather than simply passing on information from other departments, he said.

Much of that public interaction has been driven by the Internet, and government departments at all levels now have not only websites but also Twitter-like microblogs on which to post breaking news. China has more people online than any other country ? 513 million ? nearly 360 million of whom primarily access the web over their cell phones and almost half of whom use microblogs.

The explosive growth of such services has underscored government efforts to rigorously police the Internet for content promoting fraud, gambling, pornography or content considered politically sensitive information.

China also blocks major social networking sites such as Facebook and Twitter out of fear they could be used to spread subversive content, or to organize public demonstrations such as those that spread last spring across the Arab world.

Webmasters, pro-democracy activists, and journalists who have posted sensitive information on the Internet have been harassed, detained, and in some cases imprisoned.

Wang said the government would compel those opening new microblog accounts in Beijing and other major cities to use their real names and other information. The requirement would later be expanded to cover those with existing accounts, he said.

Free speech advocates have called that an attempt to further curtail online discussions. Wang said it was necessary to prevent fraud, identity theft and the spread of rumors or other "harmful information."

"Our only purpose is to ensure the rapid, healthy expansion of the Chinese Internet," he said.

Source: http://us.rd.yahoo.com/dailynews/rss/china/*http%3A//news.yahoo.com/s/ap/20120118/ap_on_re_as/as_china_openness

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Video: U.S. Coast Guard monitors cruise ship safety

>> describe that scene of sheer chaos and a crew unable to handle an orderly evacuation, it is raising questions about the safety of cruise ships , especially if you're one of the 17 million people planning to take a cruise this year. we get more now from nbc's mark potter .

>> reporter: at the port of miami today, passengers boarded cruise ships headed for the caribbean and beyond. and they didn't seem at all worried for their safety.

>> not for a moment, i didn't consider canceling the trip.

>> reporter: the cruise ship industry is regulated under international maritime agreements and monitored domestically by the u.s. coast guard .

>> passengers should understand the ships are well regulated, they are safe. we evaluate the ships. we evaluate the proficiency of the crew and how they would respond to emergencies.

>> reporter: but there have been a number of serious accidents, including the 1991 sinking of a greek ship off the south african coast. the capsizing of the sea diamond in 2007 after it ran aground near a greek island , and a 2010 incident in which three huge waves struck the louie majesty in the mediterranean, killing two. under safety standards begun in 1914 , after the it the it the "titanic" sinking, there must be ships. they have to give safety briefings within 24 hours of setting sail. in the u.s., they're often given before the ships leave port. but on the costa concordia , some of the passengers said they were confus terrified after the ship struck a rock and began to list.

>> it was just complete chaos and no leadership, there is no one -- no protocol.

>> it was like where do we go? no direction. you know, we didn't have life vests on at that point.

>> reporter: when asked if that confusion could occur on u.s.-based cruises, a coast guard official said it was unlikely because of all of the safety reviews in this country. mark potter , nbc news, miami.

Source: http://video.msnbc.msn.com/nightly-news/46007249/

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Headphones linked to pedestrian deaths, injuries

ScienceDaily (Jan. 16, 2012) ? Listen up, pedestrians wearing headphones. Can you hear the trains or cars around you? Many probably can't, especially young adult males. Serious injuries to pedestrians listening to headphones have more than tripled in six years, according to new research from the University of Maryland School of Medicine and the University of Maryland Medical Center in Baltimore. In many cases, the cars or trains are sounding horns that the pedestrians cannot hear, leading to fatalities in nearly three-quarters of cases.

"Everybody is aware of the risk of cell phones and texting in automobiles, but I see more and more teens distracted with the latest devices and headphones in their ears," says lead author Richard Lichenstein, M.D., associate professor of pediatrics at the University of Maryland School of Medicine and director of pediatric emergency medicine at the University of Maryland Medical Center. "Unfortunately as we make more and more enticing devices, the risk of injury from distraction and blocking out other sounds increases."

Dr. Lichenstein and his colleagues studied retrospective case reports from the National Electronic Injury Surveillance System, the U.S. Consumer Product Safety Commission, Google News Archives, and Westlaw Campus Research databases for reports published between 2004 and 2011 of pedestrian injuries or fatalities from crashes involving trains or motor vehicles. Cases involving headphone use were extracted and summarized. The research was recently published online in the journal Injury Prevention.

Researchers reviewed 116 accident cases from 2004 to 2011 in which injured pedestrians were documented to be using headphones. Seventy percent of the 116 accidents resulted in death to the pedestrian. More than two-thirds of victims were male (68 percent) and under the age of 30 (67 percent). More than half of the moving vehicles involved in the accidents were trains (55 percent), and nearly a third (29 percent) of the vehicles reported sounding some type of warning horn prior to the crash. The increased incidence of accidents over the years closely corresponds to documented rising popularity of auditory technologies with headphones.

"This research is a wonderful example of taking what our physicians see every day in the hospital and applying a broader scientific view to uncover a troubling societal problem that needs greater awareness," says E. Albert Reece, M.D., Ph.D., M.B.A., vice president for medical affairs at the University of Maryland and John Z. and Akiko K. Bowers Distinguished Professor and dean of the University of Maryland School of Medicine. "I hope that these results will help to significantly reduce incidence of injuries and lead us to a better understanding of how such injuries occur and how we can prevent them."

Dr. Lichenstein and his colleagues noted two likely phenomena associated with these injuries and deaths: distraction and sensory deprivation. The distraction caused by the use of electronic devices has been coined "inattentional blindness," in which multiple stimuli divide the brain's mental resource allocation. In cases of headphone-wearing pedestrian collisions with vehicles, the distraction is intensified by sensory deprivation, in which the pedestrian's ability to hear a train or car warning signal is masked by the sounds produced by the portable electronic device and headphones.

Dr. Lichenstein says the study was initiated after reviewing a tragic pediatric death where a local teen died crossing railroad tracks. The teen was noted to be wearing headphones and did not avoid the oncoming train despite auditory alarms. Further review revealed other cases not only in Maryland but in other states too. "As a pediatric emergency physician and someone interested in safety and prevention I saw this as an opportunity to -- at minimum -- alert parents of teens and young adults of the potential risk of wearing headphones where moving vehicles are present," he says.

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The above story is reprinted from materials provided by University of Maryland Medical Center, via Newswise.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.

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Journal Reference:

1. Lichenstein R, Smith D, Ambrose J, Moody L. Headphone use and pedestrian injury and death in the United States: 2004-2011. Injury Prevention, 2012 DOI: 10.1136/injuryprev-2011-040161

Note: If no author is given, the source is cited instead.

Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://www.sciencedaily.com/releases/2012/01/120116200559.htm

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Rick Perry Defends Marines For Urinating on Taliban Corpses, Rips Obama Administration

It's amazing to think that when Rick Perry entered the GOP presidential race last summer, he did so as the frontrunner, only to sink like a stone in the ensuing months.

On second thought, maybe it's not that amazing.

The Texas Governor defended the Marines urinating on dead bodies in Afghanistan, while accusing Barack Obama's administration of "disdain for the military."

"Obviously, 18 and 19-year-old kids make stupid mistakes all too often. And that's what's occurred here," the Republican candidate told CNN's State of the Union.

Saying the Marines should be reprimanded but not prosecuted, Perry railed against the "over-the-top rhetoric from this administration and their disdain for the military."

Marines Urinating on Dead Bodies

A military criminal investigation is ongoing after the video, which purportedly shows four Marines urinating on corpses of slain Taliban soldiers, went viral last week.

Perry's comments put him at odds with ... well, pretty much every other political leader, including those in his own party such as Sen. John McCain, who said:

"The Marine Corps prides itself that we don't lower ourselves to the level of the enemy. So it makes me sad more than anything else, because ... I can't tell you how wonderful these people (Marines) are. And it hurts their reputation and their image."

"We're trying to win the hearts and minds" of the Afghan population, McCain added. "And when something like that comes up, it obviously harms that ability."

No one has been charged in the case, but U.S. and foreign officials have called for swift punishment of the four Marines for their actions in the video (above).

Source: http://www.thehollywoodgossip.com/2012/01/rick-perry-defends-marines-for-urinating-on-taliban-corpses-rips/

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Joe Paterno Speaks on Penn State Scandal: First Interview

For the first time since his firing and the subsequent charges of child sex abuse against ex-defensive coordinator Jerry Sandusky, Joe Paterno has spoken out.

Telling Sally Jenkins of The Washington Post that he's "shocked and saddened" by what has become of his former football program, the iconic coach admitted he "didn't know which way to go" after he was informed Sandusky had been caught engaging in appropriate behavior with a child in the shower.

Asked what coach Mike McQueary told him about the 2002 incident - in which the assistant swore to the grand jury that he heard "slapping" sounds emanating from the shower and then witnessed Sandusky seeming to anal raping a young boy - told him 10 years ago, Paterno said:

"He didn't want to get specific. And to be frank with you I don't know that it would have done any good, because I never heard of, of, rape and a man. So I just did what I thought was best. I talked to people that I thought would be, if there was a problem, that would be following up on it."

After six decadees of coaching the football team, Paterno was fired by the Board of Trustees over the phone, an action wife Sue still finds inappropriate.

"After 61 years he deserved better," Sue Paterno said. "He deserved better."

Paterno is now 85 and has been diagnosed with a treatable form of lung cancer. He isn't sure what to do with his life, but concludes:

You know, I'm not as concerned about me. What's happened to me has been great. I got five great kids. Seventeen great grandchildren. I've had a wonderful experience here at Penn State. I don't want to walk away from this thing bitter. I want to be helpful."

Source: http://www.thehollywoodgossip.com/2012/01/joe-paterno-speaks-on-penn-state-scandal-first-interview/

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