Murray edges Federer, reaches Australian final


MELBOURNE, Australia (AP) — Andy Murray has finally beaten Roger Federer at a Grand Slam.


The U.S. Open champion beat 17-time major winner Federer 6-4, 6-7 (5), 6-3, 6-7 (2), 6-2 Friday at the Australian Open, calling it a massive confidence boost as he attempts to win his second consecutive major.


Murray, who missed his chance to serve out the match at 6-5 in the fourth set, will play defending champion and top-seeded Novak Djokovic in Sunday's final. Djokovic cruised past David Ferrer in straight sets in just under 90 minutes — 2 1/2 hours less than Murray's semifinal.


Advantage Djokovic.


There was some controversy in that 12th game of the fourth set when Federer appeared to glare and say something to Murray when the Scotsman stopped momentarily behind the baseline during the rally.


Murray ignored it after winning the point, but conceded serve in that game and lost the ensuing tiebreaker before regrouping in the fifth set.


"I mean, it wasn't a big deal," Federer said. "We just looked at each other one time. That's OK, I think. We were just checking each other out for bit. That wasn't a big deal for me — I hope not for him."


While Murray came into the match with a 10-9 career advantage, Murray had never beaten Federer in their three previous meetings at a major — the finals of the 2008 U.S. Open, 2010 Australian Open and last year at Wimbledon.


"It's always tough against him, when he plays in Slams is when he plays his best tennis," Murray said. "When his back was against the wall at 6-5 and I was serving, he came up with some unbelievable shots. I just had to keep fighting."


Federer outplayed Murray at stages of the match, but the 25-year-old Scotsman appeared to have the legs and stamina over the 31-year-old Federer in the fifth set, including a service break to clinch the tense match.


"It's big. I never beat Roger in a Slam before. It definitely will help with the confidence," Murray said. "Just knowing you can win against those guys in big matches definitely helps."


Federer said he was playing catch-up all night.


"Definitely it was more of a chase," Federer said. "I think I had my chances a little bit. Obviously, you're going to go through a five-setter with some regrets. But overall, I think Andy was a bit better than I was tonight."


With a capacity crowd of 15,000 at Rod Laver Arena watching, including the Australian legend Laver himself, Federer opened the match serving and was in trouble early, losing a 28-rally point to set up break point for Murray. But Federer held the game with a stunning cross-court forehand that just looped over the net from the baseline.


Murray, who had not lost a set through five rounds at Melbourne Park this year, had the first service break — on his fourth break point — to lead 2-1. It came in unusually cool summer conditions in Melbourne — breezy and temperatures of only 60 degrees during most of the match.


The crowd was initially evenly split between Federer and Murray supporters — and at times, they were competing to be heard. At one point in the second set, a group of Murray fans wearing white shirts with blue letters spelling his nickname "Muzza" stood to chant Murray's name, while a group of Federer supporters with Swiss flags on their cheeks and shirts chanted Federer's name.


Earlier Friday, top-seeded Sara Errani and Roberta Vinci of Italy won the first title of 2013 at Melbourne Park, beating the unseeded Australian pair of Ashleigh Barty and Casey Dellacqua 6-2, 3-6, 6-2 for the women's doubles championship.


The 16-year-old Barty was attempting to become the youngest Grand Slam champion since Martina Hingis won the Australian Open singles title in 1997.


On Saturday, defending champion Victoria Azarenka plays sixth-seeded Li Na of China for the women's singles title. Li lost the Australian Open final to Kim Clijsters in 2011 two months before winning her first and only Grand Slam at the French Open.


"Last time was more exciting, (more) nervous because it was my first time to be in a final," Li said. "But I think this time (I'm) more calmed down, more cool."


Azarenka leads 5-4 in career matches, including the last four times they've played.


"I'm really hungry to defend my title," said Azarenka, who needs to beat Li to retain her No. 1 ranking. "I've put myself in the position to give it the best shot."


If Li win, Serena Williams will regain the No. 1 ranking.


Also on Saturday, American brothers Bob and Mike Bryan will play their fifth consecutive Australian Open doubles final and attempt to win their record 13th Grand Slam doubles championship. They'll play the Dutch pair of Robin Haase and Igor Sijsling.


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Neanderthal cloning? Pure fantasy




A display of a reconstruction of a Neanderthal man and boy at the Museum for Prehistory in Eyzies-de-Tayac, France.




STORY HIGHLIGHTS


  • Arthur Caplan: It would be unethical to try and clone a Neanderthal baby

  • Caplan: Downsides include a good chance of producing a baby that is seriously deformed

  • He says the future belongs to what we can do to genetically engineer and control microbes

  • Caplan: Microbes can make clean fuel, suck up carbon dioxide, clean fat out of arteries




Editor's note: Arthur Caplan is the Drs. William F and Virginia Connolly Mitty professor and director of the Division of Bioethics at New York University Langone Medical Center.


(CNN) -- So now we know -- there won't be a Neanderthal moving into your neighborhood.


Despite a lot of frenzied attention to the intentionally provocative suggestion by a renowned Harvard scientist that new genetic technology makes it possible to splice together a complete set of Neanderthal genes, find an adventurous surrogate mother and use cloning to gin up a Neanderthal baby -- it ain't gonna happen anytime soon.


Nor should it. But there are plenty of other things in the works involving genetic engineering that do merit serious ethical discussion at the national and international levels.



Arthur Caplan

Arthur Caplan



Some thought that the Harvard scientist, George Church, was getting ready to put out an ad seeking volunteer surrogate moms to bear a 35,000-year-old, long-extinct Neanderthal baby. Church had to walk his comments back and note that he was just speculating, not incubating.



Still cloning carries so much mystery and Hollywood glamour thanks to movies such as "Jurassic Park," "The Boys From Brazil" and "Never Let Me Go" that a two-day eruption of the pros and cons of making Neanderthals ensued. That was not necessary. It would be unethical to try and clone a Neanderthal baby.




Why? Because there is no obvious reason to do so. There is no pressing need or remarkable benefit to undertaking such a project. At best it might shed some light on the biology and behavior of a distant ancestor. At worst it would be nothing more than the ultimate reality television show exploitation: An "Octomom"-like surrogate raises a caveman child -- tune in next week to see what her new boyfriend thinks when she tells him that there is a tiny addition in her life and he carries a small club and a tiny piece of flint to sleep with him.


The downsides of trying to clone a Neanderthal include a good chance of killing it, producing a baby that is seriously deformed, producing a baby that lacks immunity to infectious diseases and foods that we have gotten used to, an inability to know what environment to create to permit the child to flourish and a complete lack of understanding of what sort of behavior is "normal" or "appropriate" for such a long-extinct cousin hominid of ours.


When weighed against the risks and the harm that most likely would be done, it would take a mighty big guarantee of benefit to justify this cloning experiment. I am willing to venture that the possible benefit will never, ever reach the point where this list of horrible likely downsides could be overcome.


Even justifying trying to resurrect a woolly mammoth, or a mastodon, or the dodo bird or any other extinct animal gets ethically thorny. How many failures would be acceptable to get one viable mastodon? Where would the animal live? What would we feed it? Who would protect it from poachers, gawkers and treasure hunters? It is not so simple to take a long dead species, make enough of them so they don't die of isolation and lack of social stimulation and then find an environment that is close enough and safe enough compared with that which they once roamed.


In any event the most interesting aspects of genetic engineering do not involve making humans or Neanderthals or mammoths. They involve ginning up microbes to do things that we really need doing such as making clean fuel, sucking up carbon dioxide, cleaning fat out of our arteries, giving us a lot more immunity to nasty bacteria and viruses and helping us make plastics and chemicals more efficiently and cheaply.


In trying to make these kinds of microbes, you can kill all you want without fear of ethical condemnation. And if the new bug does not like the environment in which it has to exist to live well, that will be just too darn bad.


The ethical challenge of this kind of synthetic biology is that it can be used by bad guys for bad purposes. Biological weapons can be ginned up and microbes created that only infect people with certain genes that commonly associate with racial or ethnic groups.


Rather than worry about what will happen to real estate values should a new crop of "Flintstones" move in down the street, our public officials, religious groups and ethicists need to get serious about how much regulation the genetic engineering of microbes needs, how can we detect what terrorists might try to use, what sort of controls do we need to prevent accidents and who is going to pay if a bug turns out to cause more harm than good.


We love to think that the key to tomorrow lies in what humanity can be designed or empowered to do. Thus, the fascination with human cloning. In reality, at least for a long time to come, the future belongs to what we can do to design and control microbes. That is admittedly duller, but it is far better to follow a story that is true than one such as Neanderthal cloning that is pure, speculative fantasy.


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The opinions expressed in this commentary are solely those of Arthur Caplan.






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Country singer Gary Allan’s new album gets label’s early push






NASHVILLE, Tennessee (Reuters) – The release of country music singer Gary Allan’s new album “Set You Free,” this week, his first since undergoing vocal surgery in 2010, was not meant to happen so soon.


But when his record label, MCA Nashville, saw his new song “Every Storm (Runs out of Rain),” race up the charts in September, the label pushed the album’s release up two months from March.






“I’ve been doing this forever and it usually goes the other way,” Allan told Reuters. “It’s super exciting for me.”


Now in its 20th week on Billboard’s country chart, “Every Storm (Runs out of Rain),” peaked last week at No. 4 and has been downloaded some 685,000 times, according to Nielsen SoundScan.


Allan, 45, who has scored three country chart toppers in his 17-year career, said his latest hit was the right song at the right time for a country politically divided and seemingly down on its luck.


“It’s a song about hope,” he said. “Sometimes a song really resonates with people and the public because of the timing of its release. This is a time when our country needs hope and I think that’s why it’s doing so well.”


Allan’s voice is stronger on the album and he credits surgery he underwent in 2010 to remove a polyp from his vocal cords, which made it difficult for him to sing high notes.


“I don’t think I realized it really, but there were a few years where I couldn’t hit the falsetto notes on songs like ‘Smoke Rings in the Dark.’ After the surgery, it was like I was 18 again,” he said.


Allan, a California native who often plays down-home American rodeos and state fairs, is best known as a brooding troubadour who likes to pack an emotional punch.


TEAM OF RIVALS


“I don’t want to hear songs about how sunshiny things are,” he said. “I don’t like songs that feel like radio candy … I like the ones that make you think, laugh or cry – they pull some kind of emotion out of you.”


Allan for the first time played a part in writing every song on “Set You Free” to achieve that sentiment. He also used a team of rivals to freshen up his sound on his ninth studio album.


“I think you need to do something new to keep reinventing yourself,” he said. “I used three different producers and we were all a little competitive with each other to see who could get the best songs,” he said.


“The result was we got better quality in the songs and the recording. It’s my favorite album I’ve ever done.”


Among his favorite songs on the album is “One More Time,” a song about the death of his father in 2008, written with Hillary Lindsey and Matt Warren – co-writers on “Every Storm.”


“We just wanted to write an introspective song,” Allan said. “We kept thinking ‘What would you say when you got to the pearly gates?’, and what I would say is ‘I want one more time, I’m not ready to be there.’”


Another song, “Pieces,” describes Allan’s life philosophy.


“No matter who you meet in life, you take something from them, positive or negative,” Allan said. “That’s what the song is about, pieces of what I’ve been through and of the people I’ve met.”


MCA Nashville is part of Universal Music Group, a subsidiary of France’s Vivendi SA.


(Reporting by Vernell Hackett, editing by Eric Kelsey, desking by G Crosse)


Music News Headlines – Yahoo! News





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World Bank approves $500 million loan for Tunisia






Tunis (Reuters) – The World Bank has approved a $ 500 million loan to Tunisia to support its 2013 budget and help its economy after the first Arab Spring uprising that toppled its former ruler, a minister said on Thursday.


Two years after the revolution that ousted President Zine al-Abidine Ben Ali, increasing numbers of Tunisians are staging street protests to demand jobs and economic development.






The new loan follows another of the same amount last November to support economic recovery by providing funds to improve the business and financial sectors and reform social services.


The World Bank approved a loan of $ 500 million to support Tunisia‘s budget in 2013,” Riadh Bettaib, minister of investment and international cooperation, said.


Tunisia, whose uprising sparked political changes across North Africa, said in November it is seeking a $ 2.5 billion loan from the IMF, and Fund officials said last Friday discussions were under way to establish what was needed.


Tunisia‘s Islamist-led government has sought to revive the economy hit by a decline in trade with Europe and by policy disputes between secularists and hardline Salafi Islamists.


Jim Yong Kim, the president of the World Bank, said on Wednesday in Tunis he was optimistic about the future of Tunisia though it needed painful reforms to revive its economy.


Economy News Headlines – Yahoo! News





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In the Garden: The Garden in Winter






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Wall Street opens lower after Apple results


NEW YORK (Reuters) - Stocks opened lower on Thursday, a day after Apple Inc reported revenue that missed expectations, tanking the stock and weighing on technology shares.


As the most valuable U.S. company and a heavy weight in both the S&P 500 and Nasdaq 100 <.ndx>, a decline in Apple shares has an outsized impact on the broader market. Apple dropped 10.5 percent to $459.84 in early trading.


The Dow Jones industrial average <.dji> was up 21.73 points, or 0.16 percent, at 13,801.06. The Standard & Poor's 500 Index <.spx> was down 2.16 points, or 0.14 percent, at 1,492.65. The Nasdaq Composite Index <.ixic> was down 24.98 points, or 0.79 percent, at 3,128.69.


(Reporting by Ryan Vlastelica; Editing by Bernadette Baum)



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No. 1 Duke routed by No. 25 Miami 90-63


CORAL GABLES, Fla. (AP) — With a steady din coming from the sea of orange behind the visitors' basket, No. 1 Duke had a tough time making a shot.


The Blue Devils went more than 8 minutes without a field goal in the first half Wednesday night, and a sellout became a blowout for No. 25 Miami, which delighted a boisterous crowd with a 90-63 victory.


The defeat was the third-worst ever for a No. 1 team. The last time Duke lost a regular-season game by a bigger margin was in January 1984.


"It wasn't demoralizing; they played better," Blue Devils guard Rasheed Sulaimon said. "I believe we have them on the schedule again."


"We expected them to be terrific, and we have to match terrific, and then you have a terrific game," Duke coach Mike Krzyzewski said. "What you had was a terrific win for them, but not a terrific game. We didn't hold our end of the bargain."


Miami (14-3, 5-0 Atlantic Coast Conference) beat a No. 1 team for the first time, taking control with a stunning 25-1 run midway through the opening half. The Blue Devils missed 13 consecutive shots despite numerous good looks, while four Hurricanes hit 3-pointers during the run that transformed a 14-13 deficit into a 38-15 lead.


Duke (16-2, 3-2) fell to 0-2 when playing on an opponent's court. The Blue Devils' other loss came at North Carolina State, a defeat that cost them the No. 1 ranking.


They regained the top spot this week but seemed rattled by the capacity crowd, only the 10th in 10 years at Miami's on-campus arena. Students began lining up for seats outside the arena almost 24 hours before tipoff, a rarity for the attendance-challenged Hurricanes.


"I don't know how you can sit outside for a basketball game for that long," Miami guard Durand Scott said. "That made me want to win for them even more."


The Hurricanes, who are alone atop the league standings, won their sixth consecutive game. They beat Duke for the second straight time — but only the fourth time in the 19-game series.


Miami had been 0-6 against No. 1 teams. Coach Jim Larranaga also beat a No. 1 team for the first time.


"This is a great memory," Larranaga said.


Scott scored a season-high 25 points for the Hurricanes, and Kenny Kadji added a season-high 22. Shane Larkin had 18 points, 10 rebounds and five assists, and Durham, N.C. native Julian Gamble had 10 rebounds and four blocked shots.


Miami senior center Reggie Johnson came off the bench in his first action since being sidelined with a broken left thumb Dec. 18. He had two points and five rebounds in 16 minutes.


The Hurricanes, ranked this week for the first time in three years, improved to 8-0 at home.


Seth Curry, Tyler Thornton and Quinn Cook went a combined 1 for 29 for the Blue Devils, who shot a season-low 30 percent. Sulaimon led them with 16 points.


Duke went 4 for 23 from 3-point range, while Miami went 9 for 19 and shot 57 percent overall.


"Especially in the first couple of minutes, we got a lot of great shots," Blue Devils forward Mason Plumlee said. "You're going to miss some, but you have to keep shooting. The biggest mistake you can make is questioning your shot because you're missing open shots."


Kadji made two 3s during the Hurricanes' first-half spurt, then capped it with a three-point play. Duke shot 22 percent in the first half, including two for 11 on 3-pointers, and trailed 42-19 at halftime.


There was no letup by the Hurricanes to start the second half. They scored the first seven points for a shocking 49-19 lead, and punctuated the drubbing with five dunks in the final 10 minutes.


"Some teams come out in the second half flat and think they have the game won," Larkin said, "but we stayed with it with the same energy in the second half. We played great the whole game."


A Duke mistake — one in a long series — early in the second half had Krzyzewski red-faced and on the court, screaming at his team. But he couldn't inspire a turnaround.


"Over-rated," fans chanted with 3 minutes left. When the game ended, they poured onto the court and mobbed their team.


"The crowd I'm sure helped them some," Krzyzewski said. "But they didn't need much help."


Back in North Carolina, fans of the Tar Heels savored the loss by their rivals. When the final score of the Duke game was posted on the video board at the North Carolina-Georgia Tech game, students chanted, "Go to hell, Duke!"


___


AP Sports Writer Joedy McCreary in Chapel Hill, N.C., contributed to this report.


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2013 could be 'climate game-changer'




An ice sculpture entitled 'Minimum Monument' by Brazilian artist Nele Azevedo outside Berlin's Concert Hall, September 2, 2009.




STORY HIGHLIGHTS


  • The "neglected" risk of climate change seems to be rising to the top of leaders' agendas

  • Extreme weather events are costing the global economy billions of dollars each year

  • Gas can be an important bridge to a lower carbon future but it's not the answer

  • More investment in renewable energy is needed, with fewer risks




Editor's note: Andrew Steer is President and CEO of the World Resources Institute, a think tank that works with governments, businesses and civil society to find sustainable solutions to environmental and development challenges.


(CNN) -- As leaders gather for the World Economic Forum in Davos, signs of economic hope are upon us. The global economy is on the mend. Worldwide, the middle class is expanding by an estimated 100 million per year. And the quality of life for millions in Asia and Africa is growing at an unprecedented pace.


Threats abound, of course. One neglected risk -- climate change -- appears to at last be rising to the top of agendas in business and political circles. When the World Economic Forum recently asked 1,000 leaders from industry, government, academia, and civil society to rank risks over the coming decade for the Global Risks 2013 report, climate change was in the top three. And in his second inaugural address, President Obama identified climate change as a major priority for his Administration.



Andrew Steer

Andrew Steer



For good reason: last year was the hottest year on record for the continental United States, and records for extreme weather events were broken around the world. We are seeing more droughts, wildfires, and rising seas. The current U.S. drought will wipe out approximately 1% of the U.S. GDP and is on course to be the costliest natural disaster in U.S. history. Damage from Hurricane Sandy will cost another 0.5% of GDP. And a recent study found that the cost of climate change is about $1.2 trillion per year globally, or 1.6% of global GDP.


Shifting to low-carbon energy sources is critical to mitigating climate change's impacts. Today's global energy mix is changing rapidly, but is it heading in the right direction?


Coal is the greatest driver of carbon dioxide emissions from energy, accounting for more than 40% of the total worldwide. Although coal demand is falling in the United States -- with 55 coal-powered plants closed in the past year -- it's growing globally. The World Resources Institute (WRI) recently identified 1,200 proposed new coal plants around the world. And last year, the United States hit a record-high level of coal exports—arguably transferring U.S. emissions abroad.










Meanwhile, shale gas is booming. Production in the United States has increased nearly tenfold since 2005, and China, India, Argentina, and many others have huge potential reserves. This development can be an economic blessing in many regions, and, because carbon emissions of shale gas are roughly half those of coal, it can help us get onto a lower carbon growth path.


However, while gas is an important bridge to a low carbon future—and can be a component of such a future—it can't get us fully to where we need to be. Greenhouse gas emissions in industrial countries need to fall by 80-90% by 2050 to prevent climate change's most disastrous impacts. And there is evidence that gas is crowding out renewables.


Renewable energy -- especially solar and wind power -- are clear winners when it comes to reducing emissions. Unfortunately, despite falling prices, the financial markets remain largely risk-averse. Many investors are less willing to finance renewable power. As a result of this mindset, along with policy uncertainty and the proliferation of low-cost gas, renewable energy investment dropped 11%, to $268 billion, last year.


What do we need to get on track?



Incentivizing renewable energy investment


Currently, more than 100 countries have renewable energy targets, more than 40 developing nations have introduced feed-in tariffs, and countries from Saudi Arabia to South Africa are making big bets on renewables as a growth market. Many countries are also exploring carbon-trading markets, including the EU, South Korea, and Australia. This year, China launched pilot trading projects in five cities and two provinces, with a goal of a national program by 2015.


Removing market barriers


Despite growing demand for renewable energy from many companies, this demand often remains unmet due to numerous regulatory, financial, and psychological barriers in the marketplace.


In an effort to address these, WRI just launched the Green Power Market Development Group in India, bringing together industry, government, and NGOs to build critical support for renewable energy markets. A dozen major companies from a variety of sectors—like Infosys, ACC, Cognizant, IBM, WIPRO, and others— have joined the initiative. This type of government-industry-utility partnership, built upon highly successful models elsewhere, can spur expanded clean energy development. It will be highlighted in Davos this week at meetings of the Green Growth Action Alliance (G2A2).


De-risking investments


For technical, policy, and financial reasons, risks are often higher for renewables than fossil-based energy. Addressing these risks is the big remaining task to bring about the needed energy transformation. Some new funding mechanisms are emerging that can help reduce risk and thus leverage large sums of financing. For example, the Green Climate Fund could, if well-designed, be an important venue to raise funds and drive additional investments from capital markets. Likewise, multi-lateral development banks' recent $175 billion commitment to sustainable transport could help leverage more funds from the private and public sectors.


Some forward-looking companies are seeking to create internal incentives for green investments. For example, companies like Unilever, Johnson & Johnson, and UPS have been taking actions to reduce internal hurdle rates and shift strategic thinking to the longer-term horizons that many green strategies need.


Davos is exactly the type of venue for finding solutions to such issues, which requires leadership and coalition-building from the private and public sectors. For example, the the G2A2, an alliance of CEOs committed to addressing climate and environmental risks, will launch the Green Investment Report with precisely the goal of "unlocking finance for green growth".


Depending on what happens at Davos—and other forums and meetings like it throughout the year—2013 could just be a game-changer.


Follow us on Twitter@CNNOpinion.


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The opinions expressed in this commentary are solely those of Andrew Steer.






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“Cyborg Foundation” wins $100K Focus Forward prize






LOS ANGELES (TheWrap.com) – Spanish director Rafel Duran Torrent has won the $ 100,000 cash prize in the Focus Forward Filmmaker Competition at the Sundance Film Festival. The awards, the most lucrative ever given to short documentaries, went to five different shorts, with the top one being Duran Torrent’s “Cyborg Foundation.”


The director will also be invited to a Sundance Institute ShortsLab program of his choice this year.






Runners-up were Jared P. Scott and Kelly Nyks for “The Artificial Leaf,” Paul Lazarus for “Slingshot,” Kim Munsamy for “Bones Don’t Lie and Don’t Forget” and Callum Cooper for “Mine Kafon.”


The program was launched at last year’s Sundance by Morgan Spurlock and Karol Martesko-Fenster. Focus Forward was run by Spurlock’s and Martesko-Fenster’s company, cinelan, and sponsored by GE.


The top films were chosen by a jury consisting of Sundance senior programmer Caroline Libresco, actress Daryl Hannah and directors Barbara Kopple, Jose Padilha, Joe Berlinger, Floyd Webb and Peter Wintonick.


The winning films and the 15 other finalists can be viewed on the Focus Forward website.


Movies News Headlines – Yahoo! News





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Stock futures flat, but techs rally in premarket






NEW YORK (Reuters) – Stock index futures were flat on Wednesday, with investors reluctant to make big bets following a five-day rally that took major averages to levels not seen since December 2007.


Tech shares will be in focus with earnings due from tech heavyweight Apple and following strong results from both IBM and Google, which rallied in premarket trading and continued the string of major companies outperforming following results.






Investors were also cautious as they awaited another onslaught of earnings reports, including from Dow component McDonald’s Corp . Apple Inc reports after the market’s close and investors will scour that report for signs the company can continue to grow at an accelerated pace.


“The market has an upward bias because earnings have generally been better than most expected, but whether we take another leg up from here depends on Apple,” said Oliver Purshe, president of Gary Goldberg Financial Services in Suffern, New York. “That is such a heavily watched stock that if it doesn’t come out with strong numbers we could take a pause.”


Google Inc rose 5.1 percent to $ 738.61 in light premarket trading a day after the search giant’s core Internet business outpaced expectations. Revenue was also higher than expected.


International Business Machines Corp late Tuesday forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations. The results helped to allay concerns about the tech sector that arose when Intel Corp gave a weak outlook last week. IBM, which is a Dow component, rose 3.9 percent to $ 203.81 before the bell.


Dow component United Technologies Corp reported earnings that fell from the prior year, hurt by large restructuring charges.


Coach Inc slumped 12 percent to $ 53.20 before the bell after reporting sales that missed expectations.


According to the latest Thomson Reuters data, of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.


Overall, S&P 500 fourth-quarter earnings rose 2.6 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.


S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 3 points and Nasdaq 100 futures rose 4 points.


Both the S&P 500 and Dow Jones industrial average hit five-year closing highs on Tuesday, and recent gains have largely been fueled by a strong start to the earning season. The S&P has jumped 6.4 percent over the past four weeks.


Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.


The debt limit issue has been viewed as a market overhang for the past few weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.


“We’re raising our year-end target from 1,535 to about 1,575, in part because of the strong fourth-quarter earnings, but also because with the debt ceiling off the table that’s a headwind removed from the market,” Purshe said.


(Editing by W Simon and Kenneth Barry)


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Title Post: Stock futures flat, but techs rally in premarket
Url Post: http://www.news.fluser.com/stock-futures-flat-but-techs-rally-in-premarket/
Link To Post : Stock futures flat, but techs rally in premarket
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