Google’s Schmidt to sell roughly 42 percent of stake

SAN FRANCISCO (Reuters) – Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $ 2.51 billion windfall.

Schmidt, 57, will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission on Friday.

The plan, which Google said would give Schmidt “individual asset diversification and liquidity,” allows Schmidt to spread trades out over a period of one year to reduce the market impact.

Shares of Google were down $ 4.11 at $ 781.26 in after-hours trading on Friday.

A Google spokeswoman would not comment on why Schmidt is selling the shares at this time.

Wedbush Securities analyst James Dix said Schmidt’s stock sales did not worry him or signal a loss of confidence in the company by Schmidt.

“I’d be more worried if the current CEO or CFO sold a lot of their stake,” said Dix.

Schmidt, who served as Google’s chief executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google’s outstanding stock and roughly 8.2 percent of the voting power of Google’s stock.

The fact that Schmidt will still own a significant amount of shares after the sales means he’ll have a good deal of “skin in the Google game,” said Needham & Co analyst Kerry Rice. But he said it could hint at Schmidt playing a less central role within the company going forward.

“My speculation is that Eric’s relationship with Google is evolving,” said Rice. “I would assume that as he decides he wants to diversify away from Google – both his career and financially – he’s got ideas of what he would like to do with some of his funds.”

Schmidt, who helped turn Google into the world’s No.1 search engine during his decade as CEO, handed the reins to Google co-founder Larry Page in April 2011.

As executive chairman, Schmidt has been particularly involved in government relations, taking a leading role in the company’s discussions with antitrust regulators in the United States and the European Union. The U.S. Federal Trade Commission ended its investigation into Google last month without any action. Google has offered to change some of its business practices to appease European competition regulators.

“As Google moves to maybe more tactical battles, as opposed to the strategic battles it’s been waging with the government, once those are concluded, maybe his role can be lessened,” said Needham & Co’s Rice.

Schmidt has also made headlines apart from Google. In January, Schmidt traveled to North Korea with former New Mexico Governor Bill Richardson for a “personal” trip. The trip was criticized by the U.S. State Department as ill-timed – coming weeks after North Korea conducted a rocket launch in violation of U.N. Security Council sanctions.

Shares of Google are trading at all-time highs, finishing Friday’s regular session at a record closing price of $ 785.37. At that price, Schmidt’s share sales would be worth $ 2.51 billion.

Google said that Schmidt entered into the stock trading plan in November.

Schmidt was ranked 138 on the Forbes list of global billionaires with a net worth of $ 6.9 billion in March 2012.

Given Schmidt’s changed role at the company and the amount of his wealth tied up in Google’s stock, it was not unreasonable for him to diversify his holdings, said Wedbush Securities analyst Dix.

“As good as Google stock is, it isn’t as good as cash if you actually want to buy something,” he said.

(Reporting by Alexei Oreskovic; Editing by Tim Dobbyn and Lisa Shumaker)

Tech News Headlines – Yahoo! News

Title Post: Google’s Schmidt to sell roughly 42 percent of stake
Url Post: http://www.news.fluser.com/googles-schmidt-to-sell-roughly-42-percent-of-stake/
Link To Post : Google’s Schmidt to sell roughly 42 percent of stake
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Minka Kelly: 'I'm Not Worthy' of Acting with Oprah

By Jennifer Cress

02/08/2013 at 07:40 PM EST

Minka Kelly as Jacqueline Kennedy Onassis

Pacific Coast News

It's intimidating enough to play Jackie O, but Minka Kelly felt even more pressure to perform when she found out who was joining the cast of her latest film, The Butler.

"I'm not worthy. I feel so lucky and grateful. I was like, 'What am I doing here?!' " Kelly tells PEOPLE of starring alongside Robin Williams, Forest Whitaker, John Cusack, Vanessa Redgrave, Jane Fonda and more in the upcoming film, which tells the story of a butler who served eight presidents.

The movie also features another major star: the one and only Oprah Winfrey. "I didn't get to meet Oprah because our shooting schedules were different, but she's a pretty loved lady," Kelly says. "I have yet to hear a bad thing about her!"

Kelly found that the most difficult part of playing Jackie Kennedy was nailing the former first lady's distinct accent. "I think she spoke in a way she thought she should speak, so getting that down was hard. There's a musicality and rhythm to the way she speaks," Kelly explains. "I went to sleep listening to her."

Another tough task? Slipping into the retro costumes. "My body is so different from her because I have curves, so fitting into those vintage clothes was actually really hard," she shares. "Also it was hot – and there was a lot of wool!"

Jennifer Graylock / Getty

But Kelly had no issue slipping into the stunning Oscar de la Renta gown (left) she strutted down the runway in at the Red Dress Collection fashion show in N.Y.C. on Wednesday night. The actress walked for the second year in a row in honor of The Heart Truth campaign, which encourages women to monitor their heart health.

For the month of February, Diet Coke will donate $1 for every person who uploads a heart-inspired photo to Twitter or Instagram using the hashtag #showyourheart. Visit to dietcoke.com/showyourheart for more information.

Read More..

After early start, worst of flu season may be over

NEW YORK (AP) — The worst of the flu season appears to be over.

The number of states reporting intense or widespread illnesses dropped again last week, and in a few states there was very little flu going around, U.S. health officials said Friday.

The season started earlier than normal, first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths also dropped the last two weeks, the Centers for Disease Control and Prevention reported.

"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said.

But flu is hard to predict, he and others stressed, and there have been spikes late in the season in the past.

For now, states like Georgia and New York — where doctor's offices were jammed a few weeks ago — are reporting low flu activity. The hot spots are now the West Coast and the Southwest.

Among the places that have seen a drop: Lehigh Valley Hospital-Cedar Crest in Allentown, Pa., which put up a tent outside its emergency room last month to help deal with the steady stream of patients. There were about 100 patients each day back then. Now it's down to 25 and the hospital may pack up its tent next week, said Terry Burger, director of infection control and prevention for the hospital.

"There's no question that we're seeing a decline," she said.

In early December, CDC officials announced flu season had arrived, a month earlier than usual. They were worried, saying it had been nine years since a winter flu season started like this one. That was 2003-04 — one of the deadliest seasons in the past 35 years, with more than 48,000 deaths.

Like this year, the major flu strain was one that tends to make people sicker, especially the elderly, who are most vulnerable to flu and its complications

But back then, that year's flu vaccine wasn't made to protect against that bug, and fewer people got flu shots. The vaccine is reformulated almost every year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed it is about 60 percent effective, which is close to the average.

So far, the season has been labeled moderately severe.

Like others, Lehigh Valley's Burger was cautious about making predictions. "I'm not certain we're completely out of the woods," with more wintry weather ahead and people likely to be packed indoors where flu can spread around, she said.

The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 deaths in children. The most — nine — were in Texas, where flu activity was still high last week. Roughly 100 children die in an average flu season, the CDC says

On average, about 24,000 Americans die each flu season, according to the CDC.

According to the CDC report, the number of states with intense activity is down to 19, from 24 the previous week, and flu is widespread in 38 states, down from 42.

Flu is now minimal in Florida, Kentucky, Maine, Montana, New Hampshire and South Carolina.

___

Online:

CDC: http://www.cdc.gov/flu/

Read More..

Stocks end higher for sixth straight week, tech leads

NEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.

The S&P 500 also posted a sixth straight week of gains for the first time since August.

The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp and AOL Inc after they reported quarterly results helped the sector.

Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.

AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.

Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.

"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.

Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.

The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.

"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.

The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.

For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.

Shares of Dell closed at $13.63, up 0.7 percent, after briefly trading above a buyout offering price of $13.65 during the session.

Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.

Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.

Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.

Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.

Molina Healthcare Inc surged 10.4 percent to $31.88 as the biggest boost to the index after posting fourth-quarter earnings.

The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.

"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."

Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.

(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)

Read More..

In Nigeria, Polio Vaccine Workers Are Killed by Gunmen

At least nine polio immunization workers were shot to death in northern Nigeria on Friday by gunmen who attacked two clinics, officials said.

The killings, with eerie echoes of attacks that killed nine female polio workers in Pakistan in December, represented another serious setback for the global effort to eradicate polio.

Most of the victims were women and were shot in the back of the head, local reports said.

A four-day vaccination drive had just ended in Kano State, where the killings took place, and the vaccinators were in a “mop-up” phase, looking for children who had been missed, said Sarah Crowe, a spokeswoman for the United Nations Children’s Fund, one of the agencies running the eradication campaign.

Dr. Mohammad Ali Pate, Nigeria’s minister of state for health, said in a telephone interview that it was not entirely clear whether the gunmen were specifically targeting polio workers or just attacking the health centers where vaccinators happened to be gathering early in the morning. “Health workers are soft targets,” he said.

No one immediately took responsibility, but suspicion fell on Boko Haram, a militant Islamist group that has attacked police stations, government offices and even a religious leader’s convoy.

Polio, which once paralyzed millions of children, is now down to fewer than 1,000 known cases around the world, and is endemic in only three countries: Nigeria, Pakistan and Afghanistan.

Since September — when a new polio operations center was opened in the capital and Nigeria’s president, Goodluck Jonathan, appointed a special adviser for polio — the country had been improving, said Dr. Bruce Aylward, chief of polio eradication for the World Health Organization. There have been no new cases since Dec. 3.

While vaccinators have not previously been killed in the country, there is a long history of Nigerian Muslims shunning the vaccine.

Ten years ago, immunization was suspended for 11 months as local governors waited for local scientists to investigate rumors that it caused AIDS or was a Western plot to sterilize Muslim girls. That hiatus let cases spread across Africa. The Nigerian strain of the virus even reached Saudi Arabia when a Nigerian child living in hills outside Mecca was paralyzed.

Heidi Larson, an anthropologist at the London School of Hygiene and Tropical Medicine who tracks vaccine issues, said the newest killings “are kind of mimicking what’s going on in Pakistan, and I feel it’s very much prompted by that.”

In a roundabout way, the C.I.A. has been blamed for the Pakistan killings. In its effort to track Osama bin Laden, the agency paid a Pakistani doctor to seek entry to Bin Laden’s compound on the pretext of vaccinating the children — presumably to get DNA samples as evidence that it was the right family. That enraged some Taliban factions in Pakistan, which outlawed vaccination in their areas and threatened vaccinators.

Nigerian police officials said the first shootings were of eight workers early in the morning at a clinic in the Tarauni neighborhood of Kano, the state capital; two or three died. A survivor said the two gunmen then set fire to a curtain, locked the doors and left.

“We summoned our courage and broke the door because we realized they wanted to burn us alive,” the survivor said from her bed at Aminu Kano Teaching Hospital.

About an hour later, six men on three-wheeled motorcycles stormed a clinic in the Haye neighborhood, a few miles away. They killed seven women waiting to collect vaccine.

Ten years ago, Dr. Larson said, she joined a door-to-door vaccination drive in northern Nigeria as a Unicef communications officer, “and even then we were trying to calm rumors that the C.I.A. was involved,” she said. The Iraq and Afghanistan wars had convinced poor Muslims in many countries that Americans hated them, and some believed the American-made vaccine was a plot by Western drug companies and intelligence agencies.

Since the vaccine ruse in Pakistan, she said, “Frankly, now, I can’t go to them and say, ‘The C.I.A. isn’t involved.’ ”

Dr. Pate said the attack would not stop the newly reinvigorated eradication drive, adding, “This isn’t going to deter us from getting everyone vaccinated to save the lives of our children.”

Aminu Abubakar contributed reported from Kano, Nigeria.

Read More..

Google must extend payments across Europe for use of content

LISBON (Reuters) – Google Inc must extend its offer made last week to pay French publishers for use of their content to all media companies across Europe, the head of the European Publishers Council said on Thursday.

Last week, the internet search giant agreed to pay 60 million euros ($ 80 million) into a special fund to help French media develop their presence on the Internet. It will not pay them for posting links to their content.

French publishers had demanded licensing fees for headlines and snippets of articles in its search engine results.

Google settled a similar case with Belgian publishers in December by helping them boost online revenue, but still faces a dispute with publishers in Germany.

“Search engines get more than 90 percent of revenues from online advertising and a substantial part of these come directly or indirectly from the free access to professional news or entertainment content produced by the media,” Francisco Pinto Balsemao told Reuters.

“The situation is very bad for media groups (in Europe). This use is carried out without the authorization from copyright holders or without any payment in return. So, all aggregators, like Google, should pay.

“Google’s openness to negotiate and talk looks like a good step that must now be followed in other (European) countries.”

The EPC represents 26 of the main media groups operating in Europe, including Thomson Reuters, Prisa, News International, Axel Springer and Impresa.

Advertising revenues in Portugal fell by 90 million euros last year to 526 million euros, its lowest since 1997.

Balsemao is also Chief Executive Officer of Portuguese media group Impresa, which owns Portugal’s best-selling weekly Expresso and television channel SIC.

($ 1=0.7469 euros)

(Reporting by Filipe Alves; Writing by Daniel Alvarenga, editing by Axel Bugge and Mike Nesbit)

Tech News Headlines – Yahoo! News

Title Post: Google must extend payments across Europe for use of content
Url Post: http://www.news.fluser.com/google-must-extend-payments-across-europe-for-use-of-content/
Link To Post : Google must extend payments across Europe for use of content
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Kris Humphries: Why He Won't Divorce Kim Kardashian

02/07/2013 at 07:00 PM EST

Despite Kim Kardashian's pressing for a divorce, Kris Humphries deeply believes their 72-day marriage should be annulled and he won't give up the fight, a source tells PEOPLE.

"Kris only wants an annulment," says the source close to Humphries. "He never wanted to be married more than once and he feels like she cheated him out of the chance to have a real, loving marriage."

The Brooklyn Nets forward is also not sympathetic to Kardashian's pleas to end the battle for the sake of the baby she's having with boyfriend Kanye West, adds the source.

"He feels that even if she's pregnant, she still has to deal with the mess she made," the source says. "He thinks their entire marriage was a fraud, and he's not going to just give up because of the situation."

Kardashian, who says she's due to deliver in early July, is asking a judge to start a divorce trial as soon as possible or at the very least to have their marriage legally dissolved while they litigate other issues.

"There was no fraud on my part," she says in papers filed last month in L.A. Superior Court. "I wish this issue to be tried immediately so that this false claim can be put to rest and I can move on with my life."

Read More..

Southern diet, fried foods, may raise stroke risk

Deep-fried foods may be causing trouble in the Deep South. People whose diets are heavy on them and sugary drinks like sweet tea and soda were more likely to suffer a stroke, a new study finds.

It's the first big look at diet and strokes, and researchers say it might help explain why blacks in the Southeast — the nation's "stroke belt" — suffer more of them.

Blacks were five times more likely than whites to have the Southern dietary pattern linked with the highest stroke risk. And blacks and whites who live in the South were more likely to eat this way than people in other parts of the country were. Diet might explain as much as two-thirds of the excess stroke risk seen in blacks versus whites, researchers concluded.

"We're talking about fried foods, french fries, hamburgers, processed meats, hot dogs," bacon, ham, liver, gizzards and sugary drinks, said the study's leader, Suzanne Judd of the University of Alabama in Birmingham.

People who ate about six meals a week featuring these sorts of foods had a 41 percent higher stroke risk than people who ate that way about once a month, researchers found.

In contrast, people whose diets were high in fruits, vegetables, whole grains and fish had a 29 percent lower stroke risk.

"It's a very big difference," Judd said. "The message for people in the middle is there's a graded risk" — the likelihood of suffering a stroke rises in proportion to each Southern meal in a week.

Results were reported Thursday at an American Stroke Association conference in Honolulu.

The federally funded study was launched in 2002 to explore regional variations in stroke risks and reasons for them. More than 20,000 people 45 or older — half of them black — from all 48 mainland states filled out food surveys and were sorted into one of five diet styles:

—Southern: Fried foods, processed meats (lunchmeat, jerky), red meat, eggs, sweet drinks and whole milk.

—Convenience: Mexican and Chinese food, pizza, pasta.

—Plant-based: Fruits, vegetables, juice, cereal, fish, poultry, yogurt, nuts and whole-grain bread.

—Sweets: Added fats, breads, chocolate, desserts, sweet breakfast foods.

—Alcohol: Beer, wine, liquor, green leafy vegetables, salad dressings, nuts and seeds, coffee.

"They're not mutually exclusive" — for example, hamburgers fall into both convenience and Southern diets, Judd said. Each person got a score for each diet, depending on how many meals leaned that way.

Over more than five years of follow-up, nearly 500 strokes occurred. Researchers saw clear patterns with the Southern and plant-based diets; the other three didn't seem to affect stroke risk.

There were 138 strokes among the 4,977 who ate the most Southern food, compared to 109 strokes among the 5,156 people eating the least of it.

There were 122 strokes among the 5,076 who ate the most plant-based meals, compared to 135 strokes among the 5,056 people who seldom ate that way.

The trends held up after researchers took into account other factors such as age, income, smoking, education, exercise and total calories consumed.

Fried foods tend to be eaten with lots of salt, which raises blood pressure — a known stroke risk factor, Judd said. And sweet drinks can contribute to diabetes, the disease that celebrity chef Paula Deen — the queen of Southern cuisine — revealed she had a year ago.

The National Institute of Neurological Disorders and Stroke, drugmaker Amgen Inc. and General Mills Inc. funded the study.

"This study does strongly suggest that food does have an influence and people should be trying to avoid these kinds of fatty foods and high sugar content," said an independent expert, Dr. Brian Silver, a Brown University neurologist and stroke center director at Rhode Island Hospital.

"I don't mean to sound like an ogre. I know when I'm in New Orleans I certainly enjoy the food there. But you don't have to make a regular habit of eating all this stuff."

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

Read More..

Wall Street ends lower on renewed euro zone fears

NEW YORK (Reuters) - Stocks declined on Thursday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe's outlook.

The euro currency dropped against the safe-haven dollar and yen, spurring a retreat from risky assets such as stocks, after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability. Investors took that as a sign the bank is concerned about the euro's advance and its effect on the region's economy.

Growth sectors were among the weakest performers on the S&P 500: the S&P 500 materials index <.splrcma> was down 0.6 percent while the S&P energy index <.spny> was down 0.5 percent. Housing stocks also declined, with a housing sector index <.hgx> off 1.4 percent.

Despite the day's decline and weakness earlier this week, the stock market has been in an almost uninterrupted up trend for most of the year, with the S&P 500 up 5.8 percent so far for 2013.

Many analysts say some weakness at this point is no surprise.

"Given the amount the market moved in January, having a little bit of a pullback and some consolidation where the market goes sideways for a little while, we think would be a healthy sign," said Eric Marshall, director of research at Hodges Capital Management in Dallas.

Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.

The Dow Jones industrial average <.dji> was down 42.47 points, or 0.30 percent, at 13,944.05. The Standard & Poor's 500 Index <.spx> was down 2.73 points, or 0.18 percent, at 1,509.39. The Nasdaq Composite Index <.ixic> was down 3.34 points, or 0.11 percent, at 3,165.13.

Shares of Apple helped to limit losses on the Nasdaq, the stock ending up 3 percent at $468.22. Fund manager David Einhorn's Greenlight Capital said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders.

Though the earnings season is winding down, results continue to boost growth estimates for the fourth quarter. According to Thomson Reuters data through Thursday morning, of 317 companies in the S&P 500 that have reported earnings, 69 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies rose 5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Akamai Technologies Inc lost 15.2 percent to $35.26 as the worst percentage performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts' expectations.

Among retailers, Macy's Inc rose 2 percent to $40.27 after reporting January same store sales rose 11.7 percent.

But Ann Inc dropped 8 percent to $30.20 after forecasting fourth-quarter sales below analysts' expectations.

Economic data was mixed. Initial jobless claims dipped last week, with the four-week moving average falling to its lowest level since March 2008, signaling the economy continues to recover slowly.

A separate report said fourth-quarter productivity registered its biggest drop in nearly two years, while unit labor costs jumped 4.5 percent, more than economists expected.

Roughly 6.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Decliners outpaced advancers on the NYSE by nearly 4 to 3 and on the Nasdaq by about 5 to 3.

(Additional reporting by Angela Moon; Editing by Kenneth Barry and Nick Zieminski)

Read More..

Senators Press Brennan About C.I.A.’s Drone Strikes

Stephen Crowley/The New York Times

Protesters briefly disrupted the confirmation hearing for John O. Brennan, President Obama’s nominee to be C.I.A. director, on Capitol Hill on Thursday.

WASHINGTON — Engaging a high-ranking Obama administration official for the first time in an extensive public discussion of the use of drones for targeted killing, members of the Senate Intelligence Committee on Thursday pressed John O. Brennan, President Obama’s nominee for director of the Central Intelligence Agency, about the secrecy of the strikes, their legal basis and the reported backlash they have produced in Pakistan and Yemen.

Adding a new element to the roiling debate, the committee’s chairwoman, Senator Dianne Feinstein, Democrat of California, said she would review proposals to create a court to oversee targeted killings. She gave no details but said such a court would be analogous to the Foreign Intelligence Surveillance Court, which oversees eavesdropping on American soil.

Mr. Brennan was noncommittal, noting that lethal operations are generally the sole responsibility of the executive branch. But he said the administration had “wrestled with” the concept of such a court and called the idea “certainly worthy of discussion.”

On the same day two other administration officials, Defense Secretary Leon E. Panetta, and Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, acknowledged in testimony before the Senate Armed Services Committee that a plan they had supported to arm Syrian rebels had been rejected by the White House, the notably aggressive questioning Mr. Brennan received seemed to underscore the increased scrutiny Mr. Obama’s national security policies are facing as he begins his second term.

Mr. Brennan, 57, a 25-year C.I.A. veteran who has spent the last four years as the administration’s senior counterterrorism official, also faced intense questioning about whether he was responsible for leaks of classified information, and whether he had been candid about his involvement in the agency’s interrogation program under President George W. Bush.

But the senators repeatedly returned to the targeted killings Mr. Brennan has helped direct over the last four years.

The hearing came three days after the leak of a Justice Department document explaining the legal rationale for the killing of American citizens who join Al Qaeda. On the eve of Mr. Brennan’s hearing, the White House gave in to pressure from lawmakers and said the Senate and House Intelligence Committees could see the full classified legal memorandum justifying the killing of Anwar al-Awlaki, an American-born cleric who joined Al Qaeda in Yemen and was killed in Yemen in a C.I.A. drone strike in September 2011.

Ms. Feinstein expressed frustration at the committee’s difficulty in getting information about the targeted killing program. She said that while senators were allowed to view two legal memos, they were still seeking eight others, and committee staff members were still prohibited from reading the classified documents.

In his opening statement, Mr. Brennan acknowledged “widespread debate” about the administration’s counterterrorism operations but strongly defended them, saying the United States remained “at war with Al Qaeda.”

He said later that when C.I.A. drone strikes accidentally kill civilians, those mistakes should be admitted. “We need to acknowledge it publicly,” he said. “In the interests of transparency, I believe the United States government should acknowledge it.”

But senators repeatedly complained that there was too little transparency about the targeted killing program, sometimes producing misleading information in the news media.

“I think that this has gone about as far as it can go as a covert activity,” Ms. Feinstein told reporters after the hearing.

But she defended the agency’s record on the strikes, saying the number of civilians killed each year has been “in the single digits.” A reporter pointed out that she has accused the agency of lying for years about its interrogation program and asked how she could have such confidence in its claims on casualties in the drone program. “I am confident of those figures until I am not confident of them,” she said.

The hearing made clear that even members of the Intelligence Committee, created in the 1970s to be the public’s eyes on secret government programs, are in the dark about many of their details.

Senator Ron Wyden, Democrat of Oregon, told Mr. Brennan that the committee had never been given the full list of countries in which the C.I.A. has carried out lethal operations. Senator Angus King, independent of Maine, urged Mr. Brennan — if he is confirmed, as appeared likely Thursday night — to be more candid with the panel than his predecessors. “There’s no one else watching,” he said.

Charlie Savage contributed reporting.

Read More..