Wall Street to open firm after Thursday's gains, Wells Fargo results


NEW YORK (Reuters) - Stocks were set to firm at the open on Friday after the S&P 500 climbed to a five-year high a day earlier, as record profit from Wells Fargo failed to excite investors who awaited fresh trading incentives.


"The bigger news lies ahead of us in terms of earnings and also reports on Christmas sales, which seem to be poor so far," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.


Wells Fargo , the first major U.S. bank to post earnings this season, reported a higher fourth-quarter profit as it set aside less money to cover bad loans and made more fees from mortgages. While shares dropped 1.1 percent to $35 in premarket trading, the stock had climbed 2 percent Thursday ahead of the results, and is up 3.6 percent this month so far.


Best Buy shares were volatile in premarket trading after it reported flat holiday sales at established U.S. stores. Shares were last up 5.7 percent at $12.91.


Basic materials shares could be pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy.


Meckler said that in the absence of major news, the market will continue to absorb some of the money that comes in from institutional investors at the start of the year. This could give equities an upside bias.


S&P 500 futures were flat and were slightly above 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 added 3 points and Nasdaq 100 futures rose 2 points.


American Express said it would take a $600-million quarterly charge relating to 5,400 job cuts and payment of legal bills, a move likely to halve its net income. Its shares dipped 0.5 percent in premarket trading to $60.51.


Boeing's 787 Dreamliner jet was dogged by further incidents that tested confidence in the new plane. It suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday. The US Department of Transportation said the jet would be subject to a review of its critical systems by regulators. Boeing shares fell 1.5 percent to $75.90 in premarket trading.


Dendreon Corp shares jumped 14.9 percent to $5.86 after Sanford C. Bernstein upgraded the stock to "outperform" from "market-perform" and said the drugmaker could be one of the best performers in 2013.


U.S.-traded shares of India's No.2 software services provider Infosys Ltd jumped 15.2 percent premarket after the company raised its revenue forecast.


In a move that could support US equities and boost the global economic outlook, the Japanese government approved a massive $117 billion of spending to revive the world's third-largest economy in the biggest stimulus plan since the financial crisis.


(Editing by Bernadette Baum)



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Browns name Rob Chudzinski new coach


CLEVELAND (AP) — The Browns hauled their coaching search to Arizona and back. They talked to high-profile college coaches, NFL assistants and a fired pro coach who took a team to a Super Bowl.


None of them was hired.


Instead, Rob Chudzinski became their pick.


With no experience as a head coach at any level, Chudzinski was hired Thursday night by the Cleveland Browns, the team he cheered for as a kid. This is Chudzinski's third stint with the team, but this time around he's the guy in charge.


Chudzinski, who spent the past two seasons calling plays as Carolina's offensive coordinator, is the Browns' sixth full-time coach since 1999 and 14th in team history.


Just as it appeared the Browns might be going in another direction, the team selected the 44-year-old Chudzinski to revive a team that has made the playoffs just once in the past 14 years.


Chudzinski will be introduced Friday at an 11 a.m. news conference, where owner Jimmy Haslam and CEO Joe Banner likely will be asked how they selected Banner after speaking to at least seven other candidates and flirting with Chip Kelly before he returned to Oregon.


"Chud," as he's known to players and friends, Chudzinski worked as the Browns' tight ends coach in 2004 and was their offensive coordinator in 2007, when the team won 10 games — their most since an expansion rebirth in 1999.


A lifelong Browns fan who grew up in Toledo, Ohio, Chudzinski replaces Pat Shurmur, another first-time coach when he was hired, who was fired on Dec. 31 after a 5-11 season. For the past two years, Chudzinski has worked with talented Panthers quarterback Cam Newton and resuscitated Carolina's offense, which was one of the league's worst before he arrived.


When Haslam and Banner embarked on their coaching search as 2013 began, the pair vowed they would wait as long as necessary to find "the right coach" for Cleveland. They promised to give their new coach final say over the roster and planned to pair him with an executive to help pick players.


Chudzinski wasn't seen by many as an option.


And then he became the choice.


Chudzinski interviewed with the team on Wednesday, when the club also visited with Cincinnati defensive coordinator Mike Zimmer. Chudzinski appeared to be a long shot for the job, not because he wasn't qualified, but because it was thought Haslam wanted to make a big splash with his first coaching hire.


However, Chudzinski wowed Haslam and Banner during his meeting and the team decided it was time to end its search in its second week.


It's not yet known whom Chudzinski will bring in as coordinators. There are reports he may hire former San Diego coach Norv Turner to run his offense. Chudzinski worked for Turner with the Chargers.


In his first season in Carolina, Chudzinski turned Newton, the No. 1 overall draft pick, loose and the Panthers set club records for total yards (6,237) and first downs (345). Carolina also scored 48 touchdowns after getting just 17 in the season before Chudzinski arrived. The Panthers jumped from last in the league in total yardage to seventh, the biggest improvement since 1999.


Following the season, Chudzinski interviewed for head coaching jobs with St. Louis, Jacksonville and Tampa Bay before returning to Carolina.


In getting the Browns' job, Chudzinski was picked over Zimmer, Montreal Alouettes coach Marc Trestman, fired Arizona coach Ken Whisenhunt and Cardinals defensive coordinator Ray Horton. Whisenhunt was in Cleveland for a second interview on Thursday, and appeared to be the front-runner. The Browns also were expected to interview Indianapolis offensive coordinator Bruce Arians.


Newton continued to develop in his second season with Chudzinski, and the QB's development may have helped his case since the Browns are hoping Brandon Weeden will improve this year after his uneven rookie season.


After his first stint on Cleveland's staff, Chudzinski spent two seasons as San Diego's tight ends coach, working with perennial Pro Bowl standout Antonio Gates.


Taking over the Browns' offense in 2007, Chudzinski helped the Browns go 10-6. They barely missed the playoffs, but four players, including quarterback Derek Anderson, made the Pro Bowl. However, in 2008, the Browns struggled on offense and a six-game losing streak led to a 4-12 finish and Romeo Crennel's firing.


Chudzinski's hiring may not be popular with Cleveland fans, many of whom at fantasies about Nick Saban or Jon Gruden or Kelly brining his supersonic offense to the NFL.


But his selection is in keeping with at least one of Banner's past moves. When he was in Philadelphia's front office, Banner went outside the box and hired Green Bay assistant Andy Reid, a relative unknown who spent 14 seasons with the Eagles.


Now that they've got their coach, the Browns can focus on finding a GM to replace Tom Heckert, fired after three seasons.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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TNT Orders Dick Wolf Series “Cold Justice”






LOS ANGELES (TheWrap.com) – TNT has ordered eight episodes of a new procedural from “Law & Order” boss Dick Wolf, the network said Wednesday.


The series bears the working title “Cold Justice” and is billed as an “unscripted procedural drama.” It will follow Texas prosecutor Kelly Siegler and Yolanda McClary, a crime-scene investigator for the Las Vegas Police Department, as they help local law-enforcement agencies in small towns across the country solve violent crimes that have sat cold because of lack of funding and proper forensic technology.






In each episode, Siegler and McClary will take on a different case, re-examining the evidence and questioning suspects and witnesses in an effort to finally solve the dormant cases.


The show is tentatively slated to premiere on TNT in late summer 2013.


Wolf will executive-produce the series, along with Dan Cutforth and Jane Lipsitz (“Top Chef,” “Fashion Star”) and Tom Thayer (“Hitchcock”). The project comes to TNT from Wolf Films and Cutfort and Lipsitz’s Magical Elves production company.


“Cold Justice” will join other unscripted projects on TNT this year, including the Donnie Walhberg-produced “Boston’s Finest,” a Boston law-enforcement series, which premieres in February; and “The Hero,” a competition series starring Dwayne “The Rock” Johnson, which premieres in the summer. Also premiering in the summer: “72 Hours,” a race-against-the-clock competition set in the wild.


TV News Headlines – Yahoo! News





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Draghi urges eurozone governments to fix economies






FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi says the struggling eurozone should leave recession later this year — provided European leaders keep working on economic reforms.


Draghi said Thursday at a news conference that some indicators “have broadly stabilized” although at low levels. He said that later this year “economic activity should gradually recover.”






He warned that “downside risk” to the economy of the 17 European Union countries that use the euro came from “slow implementation of structural reforms in the euro area.”


The bank is urging indebted governments to take steps to overhaul labor regulations and improve growth.


The bank left its key interest rate unchanged at 0.75 percent, a record low.


Economy News Headlines – Yahoo! News





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Zale holiday sales metric up 2.3 pct, backs view






DALLAS (AP) — Zale Corp. said Thursday that a key sales measure rose 2.3 percent during the critical holiday shopping season, and the jewelry chain still expects to post a profit this year.


Zale hasn’t posted an annual profit since 2008. Its fiscal year ends in July.






Its revenue at stores open at least a year rose 2.3 percent during the holiday shopping season. November and December are important for retailers because they often make up a substantial chunk of the year’s revenue. The sales metric, meanwhile, is a key measure of a retailer’s health, because it excludes sales at stores that recently opened and closed.


Total revenue was almost unchanged at $ 567 million in November and December, however, because the company has fewer stores than it did a year ago.


Zale said that revenue at its namesake brand jewelry and outlet stores open at least a year rose 3.1 percent during the holiday shopping season, while its U.S. fine jewelry brands posted a 2.2 percent increase. The same metric rose 2.7 percent at its Canadian fine jewelry brands. At Piercing Pagoda, the company’s kiosk jewelry business, it rose 1.7 percent..


Yahoo! Finance – Personal Finance





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Wall Street climbs at open on China data


NEW YORK (Reuters) - Stocks advanced at the open on Thursday as stronger-than-expected exports in China, the world's second-biggest economy, raised hopes for a more robust recovery in the global economy this year.


The Dow Jones industrial average <.dji> gained 51.22 points, or 0.38 percent, to 13,441.73. The Standard & Poor's 500 Index <.spx> climbed 8.01 points, or 0.55 percent, to 1,469.03. The Nasdaq Composite Index <.ixic> rose 21.80 points, or 0.70 percent, to 3,127.61.


(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)



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NFL player Junior Seau had brain disease CTE


Junior Seau, one of the NFL's best and fiercest players for nearly two decades, had a degenerative brain disease when he committed suicide last May, the National Institutes of Health told The Associated Press on Thursday.


Results of an NIH study of Seau's brain revealed abnormalities consistent with chronic traumatic encephalopathy (CTE).


"The brain was independently evaluated by multiple experts, in a blind fashion," said Dr. Russell Lonser, who oversaw the study. "We had the opportunity to get multiple experts involved in a way they wouldn't be able to directly identify his tissue even if they knew he was one of the individuals studied."


The NIH, based in Bethesda, Md., conducted a study of three unidentified brains, one of which was Seau's. It said the findings on Seau were similar to autopsies of people "with exposure to repetitive head injuries."


Seau's family requested the analysis of his brain.


Seau was a star linebacker for 20 NFL seasons with San Diego, Miami and New England before retiring in 2009. He died of a self-inflicted shotgun wound.


He joins a list of several dozen football players who had CTE. Boston University's center for study of the disease reported last month that 34 former pro players and nine who played only college football suffered from CTE.


"I was not surprised after learning a little about CTE that he had it," Seau's 23-year-old son Tyler said. "He did play so many years at that level. I was more just kind of angry I didn't do something more and have the awareness to help him more, and now it is too late.


"I don't think any of us were aware of the side effects that could be going on with head trauma until he passed away. We didn't know his behavior was from head trauma."


That behavior, according to Tyler Seau and Junior's ex-wife Gina, included wild mood swings, irrationality, forgetfulness, insomnia and depression.


"He emotionally detached himself and would kind of 'go away' for a little bit," Tyler Seau said. "And then the depression and things like that. It started to progressively get worse."


He hid it well in public, they said. But not when he was with family or close friends.


The NFL faces lawsuits by thousands of former players who say the league withheld information on the harmful effects concussions can have on their health.


"We appreciate the Seau family's cooperation with the National Institutes of Health," the league said in an email statement to the AP. "The finding underscores the recognized need for additional research to accelerate a fuller understanding of CTE.


"The NFL, both directly and in partnership with the NIH, Centers for Disease Control and other leading organizations, is committed to supporting a wide range of independent medical and scientific research that will both address CTE and promote the long-term health and safety of athletes at all levels."


NFL teams have given a $30 million research grant to the NIH.


Seau is not the first former NFL player who killed himself, then was found to have CTE. Dave Duerson and Ray Easterling are others.


Duerson, a former Chicago Bears defensive back, left a note asking for his brain to be studied for signs of trauma before shooting himself. His family filed a wrongful death suit against the NFL, claiming the league didn't do enough to prevent or treat the concussions that severely damaged his brain.


Easterling played safety for the Falcons in the 1970s. After his career, he suffered from dementia, depression and insomnia, according to his wife, Mary Ann. He committed suicide last April.


Mary Ann Easterling is among the plaintiffs who have sued the NFL.


"It was important to us to get to the bottom of this, the truth," Gina Seau said, "and now that it has been conclusively determined from every expert that he had obviously had it, CTE, we just hope it is taken more seriously.


"You can't deny it exists, and it is hard to deny there is a link between head trauma and CTE. There's such strong evidence correlating head trauma and collisions and CTE."


Tyler Seau played football through high school and for two years in college. He says he has no symptoms of any brain trauma.


Gina Seau's son Jake, now a high school junior, played football for two seasons, but has switched to lacrosse and has been recruited to play at Duke.


"Lacrosse is really his sport and what he is passionate about," she said. "He is a good football player and probably could continue. But especially now watching what his dad went through, he says, 'Why would I risk lacrosse for football?'


"I didn't have to have a discussion with him after we saw what Junior went through."


Her 12-year-old son, Hunter, has shown no interest in playing football.


"That's fine with me," she said.


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Karzai's U.S. visit a time for tough talk




The last time Presidents Obama and Karzai met was in May in Kabul, when they signed a pact regarding U.S. troop withdrawal.




STORY HIGHLIGHTS


  • Afghan President Karzai meeting with President Obama in Washington this week

  • Felbab-Brown: Afghan politics are corrupt; army not ready for 2014 troop pullout

  • She says Taliban, insurgents, splintered army, corrupt officials are all jockeying for power

  • U.S. needs to commit to helping Afghan security, she says, and insist corruption be wiped out




Editor's note: Vanda Felbab-Brown is a senior fellow in foreign policy at the Brookings Institution. Her latest book is "Aspiration and Ambivalence: Strategies and Realities of Counterinsurgency and State-Building in Afghanistan."


(CNN) -- Afghan President Hamid Karzai is meeting this week with President Obama in Washington amid increasing ambivalence in the United States about what to do about the war in Afghanistan.


Americans are tired of the war. Too much blood and treasure has been spent. The White House is grappling with troop numbers for 2013 and with the nature and scope of any U.S. mission after 2014. With the persisting corruption and poor governance of the Afghan government and Karzai's fear that the United States is preparing to abandon him, the relationship between Kabul and Washington has steadily deteriorated.


As the United States radically reduces its mission in Afghanistan, it will leave behind a stalled and perilous security situation and a likely severe economic downturn. Many Afghans expect a collapse into civil war, and few see their political system as legitimate.


Karzai and Obama face thorny issues such as the stalled negotiations with the Taliban. Recently, Kabul has persuaded Pakistan to release some Taliban prisoners to jump-start the negotiations, relegating the United States to the back seat. Much to the displeasure of the International Security Assistance Force, the Afghan government also plans to release several hundred Taliban-linked prisoners, although any real momentum in the negotiations is yet to take place.



Vanda Felbab-Brown

Vanda Felbab-Brown



Washington needs to be careful that negotiations are structured in a way that enhances Afghanistan's stability and is not merely a fig leaf for U.S. and NATO troop departure. Countering terrorism will be an important U.S. interest after 2014. The Taliban may have soured on al Qaeda, but fully breaking with the terror group is not in the Taliban's best interest. If negotiations give the insurgents de facto control of parts of the country, the Taliban will at best play it both ways: with the jihadists and with the United States.


Negotiations of a status-of-forces agreement after 2014 will also be on the table between Karzai and Obama. Immunity of U.S. soldiers from Afghan prosecution and control over detainees previously have been major sticking points, and any Afghan release of Taliban-linked prisoners will complicate that discussion.










Karzai has seemed determined to secure commitments from Washington to deliver military enablers until Afghan support forces have built up. The Afghan National Security Forces have improved but cannot function without international enablers -- in areas such as air support, medevac, intelligence and logistical assets and maintenance -- for several years to come. But Washington has signaled that it is contemplating very small troop levels after 2014, as low as 3,000. CNN reports that withdrawing all troops might even be considered.


Everyone is hedging their bets in light of the transition uncertainties and the real possibility of a major security meltdown after 2014. Afghan army commanders are leaking intelligence and weapons to insurgents; Afghan families are sending one son to join the army, one to the Taliban and one to the local warlord's militia.


Patronage networks pervade the Afghan forces, and a crucial question is whether they can avoid splintering along ethnic and patronage lines after 2014. If security forces do fall apart, the chances of Taliban control of large portions of the country and a civil war are much greater. Obama can use the summit to announce concrete measures -- such as providing enablers -- to demonstrate U.S. commitment to heading off a security meltdown. The United States and international security forces also need to strongly focus on countering the rifts within the Afghan army.


Assisting the Afghan army after 2014 is important. But even with better security, it is doubtful that Afghanistan can be stable without improvements in its government.


Afghanistan's political system is preoccupied with the 2014 elections. Corruption, serious crime, land theft and other usurpation of resources, nepotism, a lack of rule of law and exclusionary patronage networks afflict governance. Afghans crave accountability and justice and resent the current mafia-like rule. Whether the 2014 elections will usher in better leaders or trigger violent conflict is another huge question mark.


Emphasizing good governance, not sacrificing it to short-term military expediencies by embracing thuggish government officials, is as important as leaving Afghanistan in a measured and unrushed way -- one that doesn't jeopardize the fledgling institutional and security capacity that the country has managed to build up.


Karzai has been deaf and blind to the reality that reducing corruption, improving governance and allowing for a more pluralistic political system are essential for Afghanistan's stability. His visit provides an opportunity to deliver the message again -- and strongly.


Follow us on Twitter @CNNOpinion


Join us on Facebook/CNNOpinion


The opinions in this commentary are solely those of Vanda Felbab-Brown.






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“Lincoln” leads BAFTA film nominations with 10






LONDON (Reuters) – “Lincoln”, the story of U.S. President Abraham Lincoln’s battle to end slavery starring Daniel Day-Lewis in the title role, won 10 BAFTA nominations on Wednesday, putting it ahead of the pack at Britain’s top film honors.


The biopic was shortlisted in categories including best film, actor, supporting actor (Tommy Lee Jones) and supporting actress (Sally Field), but director Steven Spielberg was not nominated.






Added to its domination of the Golden Globe contenders going into Sunday night’s awards ceremony, British critics said the film appeared to be in pole position to sweep Oscar nominations which are announced on Thursday.


“Les Miserables”, the movie version of the global hit stage musical, and shipwreck saga “Life of Pi” followed with nine BAFTA nominations each, while the latest installment of James Bond, “Skyfall”, garnered eight.


Iranian hostage thriller “Argo” won seven nominations and “Anna Karenina”, an adaptation of the Russian novel, earned six.


Quentin Tarantino’s quirky slavery-era Western “Django Unchained” and “Zero Dark Thirty”, about the hunt for Osama bin Laden, were just behind with five nominations apiece.


“Amour”, Austrian director Michael Haneke’s moving portrayal of death, bagged four nominations, an unusually high number for a film in a foreign language.


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Eric Fellner of Working Title Films, the company behind Les Miserables and Anna Karenina, said he was pleased that two potentially risky projects had been recognized.


Les Miserables, by Oscar-winning director of “The King’s Speech” Tom Hooper, was sung live on set, while Joe Wright’s Anna Karenina, starring Keira Knightley and Jude Law, was set against the backdrop of elaborate stage sets.


“We knew that it was a much-loved musical and there was a large part of the world’s population who were also aware of the book,” Fellner said of Les Miserables after the BAFTA nominations were announced.


“But it didn’t stack up as a mainstream movie because over the past decades very few (musicals) have worked. It was a big risk,” he told Reuters, adding that awards recognition could provide a big lift for a picture just hitting theatres now.


Of Anna Karenina, he added: “The minute you do anything different it becomes harder to get it made. But we really believe in our film makers.”


Skyfall’s Judi Dench was nominated for best supporting actress as Bond’s spymaster M and Spanish actor Javier Bardem was nominated for best supporting actor as the villain Silva.


There is likely to be disappointment, however, that the movie which has become the most successful in British box office history, with critical acclaim to match, was not included on the most coveted shortlist – best film.


That award will be contested by Argo, Lincoln, Life of Pi, Les Miserables and Zero Dark Thirty.


Up for best actor alongside Day-Lewis is Ben Affleck (Argo), Bradley Cooper (Silver Linings Playbook), Hugh Jackman (Les Miserables) and Joaquin Phoenix in Scientology tale The Master.


The best actress award is between 85-year-old Emmanuelle Riva (Amour), Helen Mirren (Hitchcock), Jennifer Lawrence (Silver Linings Playbook), Jessica Chastain (Zero Dark Thirty) and Marion Cotillard (Rust and Bone).


As well as Haneke and Affleck, Ang Lee is in the running for best director (Life of Pi) as is Tarantino and Kathryn Bigelow (Zero Dark Thirty).


The BAFTAs have a patchy record in predicting which films go on to scoop the biggest movie honors, the Oscars, although last year the main winner in London, “The Artist”, also swept to success at the Academy Awards.


The awards ceremony for the BAFTAs, formally called the EE British Academy Film Awards, takes place in London on February 10.


(Reporting by Mike Collett-White, editing by Paul Casciato)


Movies News Headlines – Yahoo! News





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Stock futures rise after Alcoa starts earnings season






NEW YORK (Reuters) – Stock index futures rose modestly on Wednesday as Alcoa got the earnings season under way with better-than-expected revenue.


Alcoa Inc also gave a positive outlook for 2013, but kept a cautious tone as worries lingered over a looming U.S. budget confrontation. Shares of Alcoa, the largest aluminum producer in the United States, rose 2.5 percent to $ 9.33 in premarket trade.






Even with the encouraging Alcoa report, investors were wary about the outcome of the fourth-quarter earnings season. Profits were expected to beat the previous quarter’s lackluster results, but analyst estimates were down sharply from October. Quarterly earnings were expected to grow by 2.7 percent, according to Thomson Reuters data.


Equities have pulled back over the last two sessions after last week’s rally, which was spurred by the “fiscal cliff” deal in Washington.


“With the euphoria of the fiscal cliff deal wearing off, the market is looking for the next positive theme and the hope is that earning season can fill that need,” said Andre Bakhos, director of market analytics at Lek Securities in New York.


“With expectations muted, any semblance of decent numbers could provide a robust upside potential.”


S&P 500 futures rose 1.2 points and were above 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 added 15 points, and Nasdaq 100 futures gained 0.50 point.


Dish Network Corp late Tuesday announced a bid for Clearwire Corp that trumped Sprint Nextel Corp’s $ 2.2 billion offer, setting the stage for a battle over the wireless service provider.


Clearwire was up 8.9 percent at $ 3.18 in premarket trading, while Sprint lost 3.5 percent to $ 5.76.


Apple Inc is working on a lower-end iPhone, the Wall Street Journal reported, citing sources. The report comes as Apple’s chief executive meets with partners and government officials in China.


Goldman Sachs Group Inc and Morgan Stanley are among a group of banks expected to agree as soon as this week to a $ 1.5 billion settlement with U.S. regulators over botched foreclosure claims, sources told Reuters on Tuesday.


Hard drive maker Seagate Technology rose 3.4 percent to $ 32.45 after it raised its second-quarter revenue forecast.


The biggest U.S. for-profit college company, Apollo Group Inc , reported lower student sign-ups for the third straight quarter and cut its operating profit forecast for 2013. Apollo’s shares dropped 7.2 percent to $ 19.44.


(Editing by Kenneth Barry)


Business News Headlines – Yahoo! News





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