Wall Street ends slightly higher, helped by acquisitions

NEW YORK (Reuters) - The S&P 500 eked out a small gain for a third straight session on Thursday, helped by a flurry of merger activity, though investors see no catalysts to lift the market further with major averages near multi-year highs.

The market's slowed advance took the S&P 500 to its highest intraday level since November 2007 on Wednesday. While the index notched its third straight day of gains, none was more than 0.2 percent.

Shares of H.J. Heinz Co jumped 20 percent to $72.50 after it said Warren Buffett's Berkshire Hathaway and 3G Capital will buy the food company for $72.50 a share, or $28 billion including debt. Berkshire's class B shares rose 1.3 percent to $99.21.

Also supporting the market was data showing the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week. The CBOE Volatility index <.vix> fell 2.4 percent, dropping to 12.67.

"While I'm not bearish, I don't see many upside motivations at these levels," said Donald Selkin, chief market strategist at National Securities in New York, who cited the low level of the VIX as a sign the market was overbought.

Equities have struggled to break above current levels where they have been hovering for almost two weeks. The S&P 500 is up more than 6 percent so far this year.

"We need to digest some of our gains to go higher, but people are so eager to buy on the dips that we're not even seeing dips anymore. People are just chasing the market higher," said Selkin, who helps oversee about $3 billion in assets.

Stocks fell earlier after a report the euro zone's gross domestic product contracted by the steepest amount since the first quarter of 2009. In addition, Japan's GDP shrank 0.1 percent in the fourth quarter, crushing expectations of a modest return to growth.

The Dow Jones industrial average <.dji> was down 9.52 points, or 0.07 percent, at 13,973.39. The Standard & Poor's 500 Index <.spx> was up 1.05 points, or 0.07 percent, at 1,521.38. The Nasdaq Composite Index <.ixic> was up 1.78 points, or 0.06 percent, at 3,198.66.

Constellation Brands soared 37 percent to $43.75 after AB InBev's deal to take over Mexican brewer Grupo Modelo was revised to grant Constellation perpetual rights to distribute Corona and other Modelo brands in the United States. U.S. shares of AB InBev gained 5.1 percent to $92.77.

American Airlines and US Airways Group said they plan to merge in a deal that will form the world's biggest air carrier, with an equity valuation of about $11 billion. US Airways shares fell 4.6 percent to $13.99.

Weakness in Europe contributed to a 5 percent drop in revenue from the region for Cisco Systems , which nonetheless beat estimates as it reported its results late Wednesday. The company's shares dipped 0.7 percent to $20.99.

General Motors Co reported a weaker-than-expected fourth-quarter profit, also citing bigger losses in Europe alongside lower prices in its core North American market. The stock was off 3.3 percent to $27.73.

Only five more stocks rose than fell on the New York Stock Exchange, while 51 percent of Nasdaq-listed shares closed higher.

Volume was light, with about 6.36 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.48 billion shares.

(Editing by Nick Zieminski and Kenneth Barry)

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Israel Museum’s Herod Show Draws Anger Over Use of West Bank Objects

Jim Hollander/European Pressphoto Agency

The exhibition “Herod the Great: The King’s Final Journey” includes a reconstruction of his tomb, with his sarcophagus, center.

JERUSALEM — In one room sits a sarcophagus of reddish-pink limestone believed to have held the body of King Herod, painstakingly reconstructed after having been smashed to bits centuries ago. In another, there are frescoes from Herod’s elaborate underground palace, pieced together like a jigsaw puzzle. Throughout, elaborate animated videos show the king’s audacious construction — atop the desert fortress Masada; at his burial place, Herodium; and his most famous work, the Second Temple of Jerusalem.

The Israel Museum on Tuesday opened its most ambitious archaeological exhibition and the world’s first devoted to Herod, the lionized and demonized Rome-appointed king of Judea, who reigned from 37 to 4 B.C.E. and is among the most seminal and contentious figures in Jewish history. But the exhibition, which the museum director described as a “massive enterprise” that involved sifting through 30 tons of material from Herodium and reconstructing 250 artifacts, has also brought its own bit of controversy.

The Palestinian Authority says the exhibition is a violation of international law because much of its material was taken from near Bethlehem and Jericho, both in the Israeli-occupied West Bank. An Israeli group of archaeologists and activists complains that the museum, however unwittingly, is helping the Jewish settlement movement advance its contention that the West Bank should be part of Israel and not a Palestinian state.

“What the Israel Museum is doing is like coming and saying, ‘Listen, the heritage of the West Bank is part of our heritage first of all,’ ” said Yonathan Mizrachi, an archaeologist who helped found the Israeli group, Emek Shaveh, in 2009. “It’s part of the idea to create the narrative that those sites, no matter what the political solution,” are “part of the Israeli identity.”

James S. Snyder, the director of the museum, dismissed such criticism as propaganda and political opportunism. The Oslo Accords signed by the Israelis and Palestinians in the 1990s provide for Israeli involvement in archaeology in the territories until the resolution of the overall conflict, and Mr. Snyder said that at the end of the exhibition, the museum plans to return the artifacts to the West Bank, to Israel’s civil administration, which he said would arrange for their return to the sites from which they were taken or to store the material until “the site can be prepared for its care and/or display.” He noted that the museum had spent a “huge” sum — he would not specify how much — to restore and make available for public consumption artifacts that might otherwise have been lost, like many of the antiquities in Iraq and Egypt.

“We’re not about geopolitics, we’re not about minefields, we’re about trying to do the best and the right thing for the long term for material cultural heritage,” Mr. Snyder said. “Our goal was to invest in the preservation of this material and return it to the sites. We are but custodians, and we are always ready for it to be where it belongs.”

But Hamdan Taha, director of the Palestinian Authority’s department of antiquities and cultural heritage, said that while Oslo provides for Israel’s excavation in the West Bank, exhibiting the material was another story. He complained that the Palestinians were never consulted about the project, which he called “an aggression against Palestinian cultural rights in their own land,” and said it would “not help to reconstruct peace between the Palestinians and Israel.”

The exhibition is dedicated to the memory of Ehud Netzer, a Hebrew University archaeologist who spent 40 years searching for Herod’s burial place before discovering it in 2007 at Herodium. He died after being injured in a fall at the site in 2010. The tholos, a circular set of columns that topped the tomb, is partly rebuilt in the exhibition, along with the sarcophagus said to be that of Herod and two others.

The many rooms are filled with pottery, coins, busts and frescoes that illustrate the legend of Herod. The king has been admired by historians for his remarkable buildings, but condemned for the murder of his wife and children, among many others. His Judaism was questioned, and he was often denounced as a puppet of Rome, an image the exhibition does little to defy as it explores his relationships with Antony and Cleopatra, Augustus and Marcus Agrippa.

Shmuel Browns, a tour guide and expert on Herodium who helped Netzer excavate the site as a volunteer, said he was awed by the meticulous reconstruction, particularly of a large basin adorned with several heads that was found in pieces in two disparate places at the site, now an Israeli national park.

“They’ve built things from what was found that you could never imagine from what you saw at the site,” Mr. Browns said. “The message is very, very strong about who Herod is and what he did. He wasn’t intimidated by topography, he wasn’t intimidated by material, he wasn’t intimidated by lack of water.

“He’s a fascinating character,” Mr. Browns added. “He just got very, very bad press.”

This article has been revised to reflect the following correction:

Correction: February 15, 2013

An article on Thursday about the Israel Museum’s new archeological exhibition devoted to King Herod and the controversy generated because many artifacts were taken from West Bank territories occupied by Israel since 1967 referred incompletely to plans for returning the items. The Oslo Accords signed by the Israelis and Palestinians in the 1990s provide for Israeli involvement in archaeology in the territories until the resolution of the overall conflict, and the museum director, James S. Snyder, said that at the end of the exhibition, it plans to return the artifacts to the West Bank, to Israel’s civil administration, which he said would arrange for their return to the sites from which they were taken or store the material until “the site can be prepared for its care and/or display.” There are no plans to hand the items over to the Palestinians at the end of the exhibition.

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Interest in BlackBerry 10 surges while iPhone loyalty slips

The latest YouGov report on smartphone brand perception and purchase intent is out, and this one is a keeper. According to the data, the proportion of BlackBerry owners planning to purchase a new BlackBerry (BBRY) within six months has rocketed from 18% to 43% since the spring of 2012. Over the same time period, the same number for iPhone owners has slipped from 92% to 85% while the number for Samsung (005930) Galaxy owners has ticked up from 46% to 53%. The interesting part here is how close the BlackBerry purchasing intent level is now to Galaxy’s level. One could argue that the iPhone slippage was unavoidable in the period after the iPhone 5 launch and before the rumor mill on the new models kicks into high gear.

[More from BGR: Every 10 years, a cataclysm kills off most phone brands – the next one is almost here]

If the YouGov report is accurate, it implies that consumer attitudes towards smartphone brands are remarkably fluid. Even the past two years of relentlessly negative BlackBerry media coverage may not have done damage that couldn’t be reversed by a hot model or two. It is interesting how easily BlackBerry has nearly closed the gap to the Galaxy brand, which has floated on mostly positive media coverage cloud for two years now. It will be fascinating to see how the YouGov numbers move as the major United States carriers launch BlackBerry devices and kick off their marketing campaigns. It is just possible that the consumer familiarity with the iPhone and Galaxy models has bred enough ennui to give BB a shot at jump starting its U.S. franchise.

This article was originally published on BGR.com

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Lady Gaga Cancels Born This Way Ball Tour Due to Severe Injury

02/13/2013 at 08:50 PM EST

It's a somber week for Lady Gaga – and her Little Monsters.

Following Tuesday's Facebook announcement that she was "devastated and sad" because she couldn't walk and had to postpone several Born This Way Ball concerts, the pop star, 26, has officially canceled the remaining dates of her world tour.

"After additional tests this morning to review the severity of the issue, it has been determined that Lady Gaga has a labral tear of the right hip," the singer's rep told PEOPLE Wednesday in a statement. "She will need surgery to repair the problem, followed by strict down time to recover. This unfortunately, will force her to cancel the tour, so she can heal."

Refunds for the cancelled performances will be available at point of purchase starting on Thursday.

"I hope you can forgive me, as it is nearly impossible for me to forgive myself," she wrote the previous day of postponing the dates. "I hate this. I hate this so much. I love you and I'm sorry."

Get well, Gaga!

•Reporting by CHUCK ARNOLD

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Clues to why most survived China melamine scandal

WASHINGTON (AP) — Scientists wondering why some children and not others survived one of China's worst food safety scandals have uncovered a suspect: germs that live in the gut.

In 2008, at least six babies died and 300,000 became sick after being fed infant formula that had been deliberately and illegally tainted with the industrial chemical melamine. There were some lingering puzzles: How did it cause kidney failure, and why wasn't everyone equally at risk?

A team of researchers from the U.S. and China re-examined those questions in a series of studies in rats. In findings released Wednesday, they reported that certain intestinal bacteria play a crucial role in how the body handles melamine.

The intestines of all mammals teem with different species of bacteria that perform different jobs. To see if one of those activities involves processing melamine, researchers from the University of North Carolina at Greensboro and Shanghai Jiao Tong University gave lab rats antibiotics to kill off some of the germs — and then fed them melamine.

The antibiotic-treated rats excreted twice as much of the melamine as rats that didn't get antibiotics, and they experienced fewer kidney stones and other damage.

A closer look identified why: A particular intestinal germ — named Klebsiella terrigena — was metabolizing melamine to create a more toxic byproduct, the team reported in the journal Science Translational Medicine.

Previous studies have estimated that fewer than 1 percent of healthy people harbor that bacteria species. A similar fraction of melamine-exposed children in China got sick, the researchers wrote. But proving that link would require studying stool samples preserved from affected children, they cautioned.

Still, the research is pretty strong, said microbiologist Jack Gilbert of the University of Chicago and Argonne National Laboratory, who wasn't involved in the new study.

More importantly, "this paper adds to a growing body of evidence which suggests that microbes in the body play a significant role in our response to toxicity and in our health in general," Gilbert said.

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Wall Street pauses after rally to five-year high

NEW YORK (Reuters) - Stocks drifted in light volume on Wednesday, ending little changed, as investors remained cautious after the S&P 500 index briefly hit its highest intraday level since November 2007.

The S&P 500 was buoyed by General Electric after cable company Comcast Corp said it will buy from GE the the part of NBCUniversal it didn't already own for $16.7 billion.

Comcast's stock hit the highest since 1999 before closing up 3 percent at $40.13 and GE gained 3.6 percent to $23.39.

The S&P 500 is up 6.6 percent so far this year, partly due to stronger-than-expected corporate earnings and a better economic outlook. The Dow industrials is about 1 percent away from an all-time intraday high, reached in October 2007.

Volume has been weak in recent days with the S&P moving sideways around 1,520. The index is about 3 percent away from closing at a record high.

A scarcity of sellers after a consistent string of gains is a positive sign and shows the uptrend is intact, King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco, said.

"Last year we had double-digit returns in the first quarter. It's fairly possible we can move higher from here," he said.

The Dow Jones industrial average <.dji> fell 35.79 points or 0.26 percent, to 13,982.91, the S&P 500 <.spx> gained 0.9 point or 0.06 percent, to 1,520.33 and the Nasdaq Composite <.ixic> added 10.38 points or 0.33 percent, to 3,196.88.

The S&P gained 12 percent in the first three months of 2012.

Deere & Co , the world's largest farm equipment maker, forecast a modest increase in sales this year despite the prospect of the biggest corn crop in U.S. history. The forecast fell short of analysts' expectations, sending shares of Deere down 3.5 percent to $90.68.

In extended trading, shares of technology bellwether Cisco Systems fell 2 percent after it posted results.

Dr Pepper Snapple fell 5.8 percent to $42.69 after it forecast profit for the current year below analysts' estimates.

Cliffs Natural Resources lost a fifth of its market value a day after the miner reported a quarterly loss and slashed its dividend by 76 percent. Its shares fell 20 percent to 429.29.

According to the latest Thomson Reuters data, of the 364 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

About 5.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average in February last year of 6.94 billion.

On the NYSE, roughly seven issues rose for every five that fell and on Nasdaq more than six rose for every five decliners.

(Editing by Kenneth Barry and Bernadette Baum)

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Israel Museum’s Herod Show Draws Anger Over Use of West Bank Objects

Jim Hollander/European Pressphoto Agency

The exhibition “Herod the Great: The King’s Final Journey” includes a reconstruction of his tomb, with his sarcophagus, center.

JERUSALEM — In one room sits a sarcophagus of reddish-pink limestone believed to have held the body of King Herod, painstakingly reconstructed after having been smashed to bits centuries ago. In another, there are frescoes from Herod’s elaborate underground palace, pieced together like a jigsaw puzzle. Throughout, elaborate animated videos show the king’s audacious construction — atop the desert fortress Masada; at his burial place, Herodium; and his most famous work, the Second Temple of Jerusalem.

The Israel Museum on Tuesday opened its most ambitious archaeological exhibition and the world’s first devoted to Herod, the lionized and demonized Rome-appointed king of Judea, who reigned from 37 to 4 B.C.E. and is among the most seminal and contentious figures in Jewish history. But the exhibition, which the museum director described as a “massive enterprise” that involved sifting through 30 tons of material from Herodium and reconstructing 250 artifacts, has also brought its own bit of controversy.

The Palestinian Authority says the exhibition is a violation of international law because much of its material was taken from near Bethlehem and Jericho, both in the Israeli-occupied West Bank. An Israeli group of archaeologists and activists complains that the museum, however unwittingly, is helping the Jewish settlement movement advance its contention that the West Bank should be part of Israel and not a Palestinian state.

“What the Israel Museum is doing is like coming and saying, ‘Listen, the heritage of the West Bank is part of our heritage first of all,’ ” said Yonathan Mizrachi, an archaeologist who helped found the Israeli group, Emek Shaveh, in 2009. “It’s part of the idea to create the narrative that those sites, no matter what the political solution,” are “part of the Israeli identity.”

James S. Snyder, the director of the museum, dismissed such criticism as propaganda and political opportunism, saying the Oslo Accords signed by the Israelis and Palestinians in the 1990s give Israel responsibility for antiquities in the West Bank until a final-status arrangement is in place. The accords call for the two sides to work together to protect archaeological sites and allow for excavation, with a gradual transfer of control to the Palestinians.

Mr. Snyder said all the material taken from Palestinian territory would be returned if the conflict could be resolved and an appropriate place to keep it was created. He noted that the museum had spent a “huge” sum — he would not specify how much — to restore and make available for public consumption artifacts that might otherwise have been lost, like many of the antiquities in Iraq and Egypt.

“We’re not about geopolitics, we’re not about minefields, we’re about trying to do the best and the right thing for the long term for material cultural heritage,” Mr. Snyder said. “Our goal was to invest in the preservation of this material and return it to the sites. We are but custodians, and we are always ready for it to be where it belongs.”

But Hamdan Taha, director of the Palestinian Authority’s department of antiquities and cultural heritage, said that while Oslo provides for Israel’s excavation in the West Bank, exhibiting the material was another story. He complained that the Palestinians were never consulted about the project, which he called “an aggression against Palestinian cultural rights in their own land,” and said it would “not help to reconstruct peace between the Palestinians and Israel.”

The exhibition is dedicated to the memory of Ehud Netzer, a Hebrew University archaeologist who spent 40 years searching for Herod’s burial place before discovering it in 2007 at Herodium. He died after being injured in a fall at the site in 2010. The tholos, a circular set of columns that topped the tomb, is partly rebuilt in the exhibition, along with the sarcophagus said to be that of Herod and two others.

The many rooms are filled with pottery, coins, busts and frescoes that illustrate the legend of Herod. The king has been admired by historians for his remarkable buildings, but condemned for the murder of his wife and children, among many others. His Judaism was questioned, and he was often denounced as a puppet of Rome, an image the exhibition does little to defy as it explores his relationships with Antony and Cleopatra, Augustus and Marcus Agrippa.

Shmuel Browns, a tour guide and expert on Herodium who helped Netzer excavate the site as a volunteer, said he was awed by the meticulous reconstruction, particularly of a large basin adorned with several heads that was found in pieces in two disparate places at the site, now an Israeli national park.

“They’ve built things from what was found that you could never imagine from what you saw at the site,” Mr. Browns said. “The message is very, very strong about who Herod is and what he did. He wasn’t intimidated by topography, he wasn’t intimidated by material, he wasn’t intimidated by lack of water.

“He’s a fascinating character,” Mr. Browns added. “He just got very, very bad press.”

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Google Now widget could soon grace Android smartphone home screens

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Lady Gaga: I Can't Walk Due to Injury

02/12/2013 at 06:45 PM EST

Lady Gaga is feeling like a little monster for postponing concerts because of an injury.

"I barely know what to say," she writes on her Facebook page, Tuesday. "I've been hiding a show injury and chronic pain for some time now, [and] over the past month it has worsened. I've been praying it would heal. I hid it from my staff. I didn't want to disappoint my amazing fans. However, after last night's performance I could not walk and still can't."

The pop star, 26 – whose Twitter page explains that she has a case of synovitis, which is severe inflammation of the joints – was forced to postpone two concerts in Chicago, one in Detroit and one in Hamilton, Ontario.

"I hope you can forgive me, as it is nearly impossible for me to forgive myself," the rest of her Facebook post says. "I'm devastated & sad. It will hopefully heal as soon as possible. I hate this. I hate this so much. I love you and I'm sorry."

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Study questions kidney cancer treatment in elderly

In a stunning example of when treatment might be worse than the disease, a large review of Medicare records finds that older people with small kidney tumors were much less likely to die over the next five years if doctors monitored them instead of operating right away.

Even though nearly all of these tumors turned out to be cancer, they rarely proved fatal. And surgery roughly doubled patients' risk of developing heart problems or dying of other causes, doctors found.

After five years, 24 percent of those who had surgery had died, compared to only 13 percent of those who chose monitoring. Just 3 percent of people in each group died of kidney cancer.

The study only involved people 66 and older, but half of all kidney cancers occur in this age group. Younger people with longer life expectancies should still be offered surgery, doctors stressed.

The study also was observational — not an experiment where some people were given surgery and others were monitored, so it cannot prove which approach is best. Yet it offers a real-world look at how more than 7,000 Medicare patients with kidney tumors fared. Surgery is the standard treatment now.

"I think it should change care" and that older patients should be told "that they don't necessarily need to have the kidney tumor removed," said Dr. William Huang of New York University Langone Medical Center. "If the treatment doesn't improve cancer outcomes, then we should consider leaving them alone."

He led the study and will give results at a medical meeting in Orlando, Fla., later this week. The research was discussed Tuesday in a telephone news conference sponsored by the American Society of Clinical Oncology and two other cancer groups.

In the United States, about 65,000 new cases of kidney cancer and 13,700 deaths from the disease are expected this year. Two-thirds of cases are diagnosed at the local stage, when five-year survival is more than 90 percent.

However, most kidney tumors these days are found not because they cause symptoms, but are spotted by accident when people are having an X-ray or other imaging test for something else, like back trouble or chest pain.

Cancer experts increasingly question the need to treat certain slow-growing cancers that are not causing symptoms — prostate cancer in particular. Researchers wanted to know how life-threatening small kidney tumors were, especially in older people most likely to suffer complications from surgery.

They used federal cancer registries and Medicare records from 2000 to 2007 to find 8,317 people 66 and older with kidney tumors less than 1.5 inches wide.

Cancer was confirmed in 7,148 of them. About three-quarters of them had surgery and the rest chose to be monitored with periodic imaging tests.

After five years, 1,536 had died, including 191 of kidney cancer. For every 100 patients who chose monitoring, 11 more were alive at the five-year mark compared to the surgery group. Only 6 percent of those who chose monitoring eventually had surgery.

Furthermore, 27 percent of the surgery group but only 13 percent of the monitoring group developed a cardiovascular problem such as a heart attack, heart disease or stroke. These problems were more likely if doctors removed the entire kidney instead of just a part of it.

The results may help doctors persuade more patients to give monitoring a chance, said a cancer specialist with no role in the research, Dr. Bruce Roth of Washington University in St. Louis.

Some patients with any abnormality "can't sleep at night until something's done about it," he said. Doctors need to say, "We're not sticking our head in the sand, we're going to follow this" and can operate if it gets worse.

One of Huang's patients — 81-year-old Rhona Landorf, who lives in New York City — needed little persuasion.

"I was very happy not to have to be operated on," she said. "He said it's very slow growing and that having an operation would be worse for me than the cancer."

Landorf said her father had been a doctor, and she trusts her doctors' advice. Does she think about her tumor? "Not at all," she said.

___

Online:

Kidney cancer info: http://www.cancer.net/cancer-types/kidney-cancer

and http://www.cancer.gov/cancertopics/types/kidney

Study: http://gucasym.org

___

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

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