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Jan 11, 2013

MarketWatch | Wall Street Market at Close Report (January 11, 2013).: U.S. stocks post weekly gains; Wells Fargo drops

By Polya Lesova

NEW YORK (MarketWatch) -- U.S. stocks ended little changed on Friday, with Wells Fargo & Co. WFC -0.85% weighing on the financial sector after the bank reported a decline in its net interest margin. The Dow Jones Industrial Average DJIA +0.13% rose 17.21 points, or 0.1%, to end at 13,488.43; for the week, it gained 0.4%. The S&P 500 index SPX -0.0048% finished virtually unchanged at 1,472.05 compared to 1,472.12 in the previous session, which had marked a five-year closing high. For the week, the index rose 0.4%. The Nasdaq Composite index COMP +0.12% climbed 3.88 points, or 0.1%, to end at 3,125.63, posting a weekly rise of 0.8%. In the financial sector, shares of Wells Fargo dropped 0.9% after the bank reported quarterly results.
 

NYT | Global Update (January 11, 2013).: U.S. Can Speed Afghan Exit, Obama Says

The New York Times International Herald Tribune
January 11, 2013
Compiled 21:45 GMT

Global Update

TOP NEWS

U.S. Can Speed Afghan Exit, Obama Says

By MARK LANDLER
After meeting with President Hamid Karzai, President Obama said gains made by Afghan forces would allow the United States to accelerate the withdrawal of troops in coming months.

A Trail of Bullet Casings Leads From Africa's Wars to Iran

By C. J. CHIVERS
Independent arms-trafficking researchers worked for six years to pin down the source of rifle and machine-gun ammunition in regions of protracted conflict.

France Sends Troops into Combat in Mali to Counter Islamist Advance

By ADAM NOSSITER and ERIC SCHMITT
France answered an urgent plea from the government of its former colony to help blunt an advance into the center of the country by Islamist extremist militants.
Travel

The 46 Places to Go in 2013

From art in Rio to wine in China to food in Washington, D.C., here are dozens of reasons to escape and explore this year.
Opinion

Op-Ed Contributor

Shanghaied Autos

By MICHAEL J. DUNNE
Dongfeng Motors entices you to take its touring sedan for long weekend drives by calling it an Oting.
WORLD

Syrian Rebels Say They Seized Key Base in North

By ANNE BARNARD and NICK CUMMING-BRUCE
The rebel claims came as the international envoy on the Syria crisis met with Russian and American officials in hopes of finding a political solution to the conflict.

British Report on Savile Scandal Details 214 Cases of Sexual Abuse

By ALAN COWELL and JOHN F. BURNS
The report drew a horrific picture of almost six decades of sexual abuse of children as young as 8 by the BBC television host Jimmy Savile.

Syria Denounces U.N. Envoy as 'Biased'

By ANNE BARNARD and RICK GLADSTONE
The criticism appeared to be a response to remarks made by the envoy, Lakhdar Brahimi, on Wednesday suggesting that the Syrian president must relinquish power.
BUSINESS

Smartphones Can Now Run Consumers' Lives

By BRIAN X. CHEN
At the Consumer Electronics Show, many app-powered accessories are on display that allow consumers to turn off lights, unlock doors or monitor their blood pressure.
DealBook

Wells Fargo Profit Jumps 24% in Quarter, Driven by Mortgage Gains

By JESSICA SILVER-GREENBERG
Wells Fargo reported $5.1 billion in profit for the fourth quarter on Friday, a 24 percent rise. For the past 12 quarters, profit at the bank has increased.

F.A.A. to Begin a Review of Boeing 787s

By JAD MOUAWAD
Federal authorities said they would order a review of electrical systems in Boeing's new 787 Dreamliner following a spate of incidents, including a battery fire earlier this week in Boston.
TECHNOLOGY
Off the Charts

Information Technology Dividends Outpace All Others

By FLOYD NORRIS
Led by Apple, tech companies took over from consumer staples as the largest payer of dividends to investors.

Errors Mount at High-Speed Exchanges in New Year

By NATHANIEL POPPER
The United States' 13 public stock exchanges have been competing to offer the fastest and most sophisticated trading software, creating more opportunities for technology errors.

In 2nd Look, Few Savings From Digital Health Records

By REED ABELSON and JULIE CRESWELL
The conversion to electronic records has failed so far to reduce health care costs, according to a new study by the RAND Corporation, which issued a rosier report in 2005.
SPORTS

'Big Four' Still Missing a Vital Element: Nadal

By CHRISTOPHER CLAREY
The question at the Australian Open is whether Rafael Nadal's absence makes it any easier for an outsider to win, with defending champion Novak Djokovic, Roger Federer and Andy Murray still in the mix.

Federer Chases Another One for the Books

By CHRISTOPHER CLAREY
A serial record breaker, Roger Federer already has many of the marks that define tennis greatness, and now he is on track to break the record for consecutive Grand Slam tournaments.

A Moment of Truth for Heineken Cup Champions

By HUW RICHARDS
Leinster, winner of the Heineken Cup for the past two seasons, stands on the verge of elimination without reaching the playoff stage.
U.S. NEWS

As Nurse Lay Dying, Offering Herself as Instruction in Caring

By ABBY GOODNOUGH
A nurse terminally ill with cancer volunteered to be a subject of research for students from her alma mater.

Flu Deaths at Epidemic Level, but May Have Peaked

By DONALD G. McNEIL Jr.
Deaths in the current flu season crossed into "epidemic" territory Friday, federal health officials said, adding that, there were also early signs that the caseloads could be peaking.

Gun Control Group Urges Expanded Background Checks

By MICHAEL D. SHEAR
The Brady Campaign to Prevent Gun Violence wants the push to reduce gun violence to be broader than a possible ban of assault weapons.
OPINION
Op-Ed Contributor

The Kurdish Challenge

By SINAN ULGEN
Three murders in Paris underscore the obstacles in the way of a Turkish-Kurdish settlement.
Op-Ed Columnist

Coins Against Crazies

By PAUL KRUGMAN
About that $1 trillion coin. Hey, desperate times call for creative answers.
Op-Ed Columnist

Beware Stubby Glasses

By DAVID BROOKS
A weighty new book is an acknowledgement of the need for public policy to pay more attention to behavioral research. Just waiting on the politicians.

NYT | Politics (January 11, 2013).

The New York Times

January 11, 2013

Politics

Gun Control Group Urges Expanded Background Checks

The Brady Campaign to Prevent Gun Violence wants the push to reduce gun violence to be broader than a possible ban of assault weapons.

Obama Urged to Take 'Any Lawful Steps' to Avoid Default

Senate Democrats wrote to the president asking him to take any steps available in the face of Republican opposition to avoid a default on the national debt.

More Politics

In Transition, Hagel Gets Up to Speed on Iran

Chuck Hagel, the defense secretary-designate, has been characterized as soft on Iran, but he has been sounding more hawkish since meetings at the Pentagon, officials say.
Senator John D. Rockefeller IV spoke on Capitol Hill in Washington in December.
The Caucus

Senator Rockefeller Is Retiring After Five Terms

Senator John D. Rockefeller IV of West Virginia, the scion of the Rockefeller family who established himself as a liberal voice in Congress, said he would retire in 2014 at the completion of his fifth term in the Senate.
President Obama with President Hamid Karzai of Afghanistan during a press conference at the White House on Friday.

U.S. Can Speed Afghan Exit, Obama Says

After meeting with President Hamid Karzai, President Obama said gains made by Afghan forces would allow the United States to accelerate the withdrawal of troops in coming months.

The Caucus

State of the Union Date Is Set

President Obama will deliver the first State of the Union address of his second term on February 12.

Republican Says Akin Was 'Partially Right' About Rape

A veteran House Republican from Georgia told a group in suburban Atlanta that the former Republican senatorial candidate Todd Akin of Missouri was "partially right" when he said that women do not become pregnant when raped.
ADVERTISEMENT

The Debt Reckoning

This feature follows the talks between President Obama and Congressional leaders over the so-called fiscal cliff.
The Lede Blog

Updates on the Gun Violence Debate

The Lede is following the debate on gun violence in the wake of the shootings in Newtown, Conn., with reports from our correspondents and from around the Web.

Multimedia

Hagel on Key Issues
Chuck Hagel, a Republican from Nebraska, was elected to the Senate in 1996 and retired in 2008. Following are some of his recent statements on issues he is likely to confront if he is confirmed as secretary of defense.
Lew on Key Issues
Jacob (Jack) Lew, the current White House chief of staff, has experience working in both the White House and on Capitol Hill. Here are some of his recent statements on issues he is very likely to confront if he is confirmed as secretary of the treasury.

DealBook P.M. Edition (January 11, 2013).: Week in Review: When Hedge Fund Managers Clash




Friday, January 11, 2013
 
TOP STORY
Week in Review: When Hedge Fund Managers Clash DealBook analyzed new loan rules and examined cuts at Morgan Stanley. Andrew Ross Sorkin said the easing of rules for banks acknowledges reality. A.I.G. weighs whether to sue the U.S. but decides against it; two hedge fund managers clashed; an ex-SAC analyst cooperated on an insider case; Bank of America made a deal to extend a retreat from mortgages; and banks agreed to pay $8.5 billion to speed up foreclosure relief.
 
 A look back on our reporting of the past week's highs and lows in finance. 
 
Mergers & Acquisitions
Chinese Bank Threatens HSBC's Sale of a $9.4 Billion Ping An Stake The British bank HSBC's bid to sell its stake in the Ping An Group is in jeopardy after the China Development Bank decided not to finance a large part of the transaction, David Barboza and Keith Bradsher reported.
In Diagnostics Push, Illumina to Buy Maker of Down Syndrome Test Amid a report that Roche is no longer interested in a takeover, Illumina makes a deal of its own, in a sign that DNA sequencing is now moving toward being used for medical diagnosis, Andrew Pollack reported.
Investment Banking
Wells Fargo is the first major bank to report fourth-quarter earnings.
Wells Fargo Profit Jumps 24% in Quarter, Driven by Mortgage Gains The bank reported $5.1 billion in profit for the fourth quarter. For the past 12 quarters, profit has increased, Jessica Silver-Greenberg reported.
Morgan Stanley is shrinking its once-powerful trading business, leaving more of the sector to its bigger banking rivals.
A Slimming Wall Street Giant Morgan Stanley has been shrinking its business of trading bonds, commodities and other investments, leaving that to be dominated by its Wall Street rivals, Susanne Craig reported.
James E. Staley, a longtime lieutenant to Jamie Dimon, the chief executive of JPMorgan Chase, is joining a hedge fund.
A Top Official at JPMorgan Is Departing After Big Loss James E. Staley, a longtime JPMorgan Chase executive who served as the firm's head of investment banking until a management shake-up last year, is leaving the bank to join the hedge fund BlueMountain Capital Management as a managing partner, Michael J. de la Merced reported.
Private Equity
For Some Dead Brands, a Tortuous Path to Resurrection Buying the rights to a name and restarting operations of a beloved brand requires years of dedication, say the owners of Chris-Craft, once the largest pleasure boat manufacturer in the United States, Adriana Gardella reported.
Hedge Funds
Client Redemptions Loom for SAC Capital Investors have until Feb. 15 to decide whether to pull out money from SAC, the $14 billion fund owned by the billionaire investor Steven A. Cohen, Peter Lattman reported.
Herbalife Defends Marketing Techniques Against Attack by Hedge Fund Manager The nutritional supplements company sought to knock down William A. Ackman's accusations that it was a fraud, but it appeared that investors were still trying to make up their minds, William Alden reported.
Just Business: 2 Rivals Clash, Billion in Play Daniel Loeb, the Third Point chief, and William A. Ackman are locked in a battle over, of all things, a nutritional supplements company that makes protein bars and energy shakes, Mr. de la Merced and Andrew Ross Sorkin reported.
Dartmouth Controversy Reflects Quandry for Endowments The connections of trustees can prove profitable for a university, but they can also create the appearance that the college may have nonfinancial motives for picking investments, Randall Smith reported.
Edward S. Lampert combined Kmart and Sears in 2005, to great expectations.
Chairman of Sears to Take On Chief's Role When Edward S. Lampert brought Sears and Kmart under one roof in 2005, he vowed to shake up the retail world, but the company's financial performance has been weak, Stephanie Clifford reported.
I.P.O./Offerings
After I.P.O. Drought, Brazil Becomes More Hospitable to Investors Tough economic conditions hung over the Brazilian markets last year, but the government and the private sector are taking steps to encourage companies to raise financing through the public markets, Dan Horch reported.
Legal/Regulatory
Regulators Propose Overhaul of Benchmark Interest Rate European regulators called for a major overhaul of Euribor, a benchmark interest rate, but stopped short of demanding direct regulatory oversight in the wake of the rate-rigging scandal, Mark Scott reported.
News Analysis: In Tighter Loan Rules, Wiggle Room for Banks Federal regulators, apparently concerned about doing anything to disrupt a recovering housing market, allowed mortgage lenders big concessions in a new slate of regulations, Peter Eavis wrote.
British Panel Castigates Ex-UBS Officials at Hearing A parliamentary panel denounced the former UBS bankers for expressing ignorance of the Libor manipulation during the financial crisis, Mr. Scott reported.
A.I.G. Says It Will Not Sue the U.S. The board has declined to join a lawsuit against the federal government over its $182 billion taxpayer-financed bailout, the company said, Mr. de la Merced and Ben Protess reported.
Rescued by Bailout, A.I.G. May Follow a 'Thank You' With a Suit A lawsuit claims that the rescue by the government deprived A.I.G.'s shareholders of tens of billions of dollars and took private property for public use without appropriate compensation, Mr. Protess and Mr. de la Merced reported.
S.E.C.'s Enforcement Chief Is Stepping Down Robert Khuzami, a former terrorism prosecutor who revamped the Securities and Exchange Commission's enforcement unit after the financial crisis, is stepping down from the agency, ending a four-tenure that included significant actions against some of Wall Street's largest firms, Mr. Protess reported.
Probation for Ex-SAC Analyst Who Cooperated in Insider Trading Inquiries Wesley Wang's information helped convict 10 people, prosecutors said in praising his assistance, Peter Lattman reported.
Ex-Analyst Cooperates in Insider Trade Case A former analyst at SAC Capital Advisors, the hedge fund owned by the billionaire investor Steven A. Cohen, has given federal agents the names of about 20 people he said had engaged in insider trading, according to a court filing.
The Trade: In the Finger Pointing Over the Housing Bubble, a New Target Emerges Jesse Eisinger of ProPublica says that the same critics that assailed the government's role in the boom and bust in the housing market are attacking the Federal Housing Administration for its lending standards.
Bank of America bought Countrywide in 2008.
In Deal, Big Bank Extends Retreat From Mortgages The problems at Bank of America have cut down its mortgage ambitions; it accounts for 4 percent of the nation's mortgage market, a slide from just over 20 percent in 2009, ceding market dominance to Wells Fargo and JPMorgan Chase, Ms. Silver-Greenberg and Mr. Eavis reported.
Banks to Pay $8.5 Billion to Speed Up Housing Relief Years of wrangling over flawed mortgages and foreclosures will come to an end for the 10 banks who settled with the federal government, Ms. Silver-Greenberg reported.
DealBook Column: Easing of Rules for Banks Acknowledges Reality Mr. Sorkin says that less stringent capital and liquidity requirements for banks for the world's banks will help bolster the global economic recovery, which is needed most right now.
Madoff Aside, Financial Fraud Defies Policing For more than two years, Philip Horn, a financial adviser at Wells Fargo, systematically executed and canceled trades in clients' portfolios, pocketing the profits, Ms. Silver-Greenberg and Ms. Craig reported.
  • DEALBOOK »
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  • DEALBOOK HIGHLIGHTS
    Wells Fargo Awash In Mortgage Gains The Federal Reserve's extraordinary efforts to stimulate the housing market and the wider economy continues to benefit banks' bottom lines, as evidenced by Wells Fargo's record profits on Friday.
    Uncertainty Hangs Over Wall Street in 2013 Big banks worked through more of their postcrisis hangovers and investors gathered more confidence in them, the author writes, but there's little sign of a noticeably brighter future.
    Thai Buyer Contends Ping An Sale Is on Track The Charoen Pokphand Group of Thailand said on Friday that it had the resources to complete its planned $9.4 billion acquisition of shares in Ping An Insurance of China, disputing reports that its deal with the British bank HSBC was in jeopardy.
    Buzz Tracker
    Gleacher Looks to Sell Manhattan Town House A six-story Upper East Side town house that for several years has been home to the well-known dealmaker Eric J. Gleacher is about to come on the market for $29.99 million, The New York Times reports. Last year, Gleacher & Company, Mr. Gleacher's firm, said it was considering selling itself.
    DealBook Video
    Week in Verse The dispute between William Ackman and Daniel S. Loeb over Herbalife could take years to resolve. Or, we could decide it all on the dance floor.