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Mar 7, 2013

At Dow's Peak, 2 Long-Time Bulls Pull in Their Horns, Howard Gold: Money Show Investors Daily Alert March 7, 2013.

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The War On Entitlements by Thomas B. Edsall: NYT | Opinion Today March 7, 2013.

The New York Times

March 7, 2013

Opinion Today

The War On Entitlements
Opinionator

The War On Entitlements

By THOMAS B. EDSALL
Why aren't we talking about what the public wants when it comes to Social Security and Medicare?
Op-Ed Contributor

Newly Discovered, Nearly Extinct

By JOHN W. FITZPATRICK
The Gunnison sage grouse, only recently known to science, is going extinct, right before our eyes.
'A Big New Power'
Opinionator

'A Big New Power'

By LINDA GREENHOUSE
The Supreme Court appears ready to eviscerate the Voting Rights Act - and seriously harm itself in the process.
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Op-Ed Contributor

Latin America After Chávez

By LUIZ INÁCIO LULA da SILVA
No matter his flaws, Hugo Chávez's passion for lifting up the poor is a lasting legacy.
What Young Republicans Want
Room for Debate

What Young Republicans Want

Why are fewer young people -- the millennial generation -- identifying themselves as conservatives?
Is Poetry Good For Pigs?
Opinionator | The Stone

Is Poetry Good For Pigs?

By A.C. LEE
In this week's briefs: the lives of other animals, the real roots of republicanism, and more.
School Socket Syndrome
Latitude

School Socket Syndrome

By MICHELA WRONG
Kenya's election was supposed to be the most modern in Africa. But almost everything that could go wrong did.
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Editorial

From One Budget Fight to the Next

At a time when Republicans are divided on many social issues, the budget wars are one of the few things that unite them.
Editorial

Death in the Forests

China's voracious appetite for ivory continues to devastate Africa's elephants.
Editorial

Hugo Chávez

His policies improved conditions for poor Venezuelans, but he left a stained legacy, and his main theme seemed to be taunting the United States.
Editorial

How to Start a Good School Day

New York City schools are among the least effective in the country in providing free breakfast to low-income children.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Taking Note

The Terror Loophole

By FRANCIS X. CLINES
Why are people on the F.B.I.'s terrorist watch list legally entitled to buy guns?
The Republican Party's
Evaluations

The Republican Party's "Donorism" Problem

By ROSS DOUTHAT
Why elite self-interest may be a bigger obstacle to Republican reform than grassroots ideology.
The Gun Report: March 7, 2013
Joe Nocera's Blog

The Gun Report: March 7, 2013

A day in the life of armed America.
An Analysis of Bill McKibben's Path on Climate
Dot Earth Blog

An Analysis of Bill McKibben's Path on Climate

By ANDREW C. REVKIN
A long, deep look at the strategy and tactics of Bill McKibben, the ultramarathoner of climate campaigners.
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Wall Street at Close Report March 7, 2012.: U.S. stocks climb as jobless claims dip by Kate Gibson, MarketWatch

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks rose Thursday, with the Dow Jones Industrial Average closing at another record high, as jobless claims fell to a six-week low, casting a positive spin on the labor front a day before the monthly employment report. 

“The four-week moving average has come down significantly, from 335,000 to 348,000. And it correlates with the ADP number, which is usually a pretty good sign of where we are headed, so another piece of good news that could keep the train rolling,” said Art Hogan, market strategist at Lazard Capital Markets. 

After finishing at a record high on Wednesday for a second day straight, the Dow industrials DJIA +0.23% on Thursday rose 33.25 points, or 0.2%, to 14,329.49, with the blue-chip index extending gains into a fifth session. See: Stock bulls versus bears: a 12-chart battleground.
 
Equities have been on a roll on improving housing-market data and growth in corporate earnings, along with support from the Federal Reserve’s continuing policy of monetary easing. The Dow is up 9.4% so far in 2013, and the S&P 500 is ahead 8.3% for the year.

Dell among stocks to watch
Michael Casey outlines three stocks to watch on Thursday, including Dell. Carl Icahn is pushing for a huge special dividend instead of a leveraged buyout by founder Michael Dell. 


Financials led sector gains and utilities fared most poorly among the 10 major sectors on the S&P 500 index SPX +0.18% , up 2.80 points, or 0.2%, to 1,544.26, leaving it 21 points from its record closing high set in October 2007. 

“Typically, the stock market moves up about 2% to 3% following a breakout to a new all-time high, then begins a modest correction,” Fred Dickson, chief investment strategist at Davidson Cos., wrote in emailed commentary. 

The Nasdaq Composite Index COMP +0.30% advanced 9.72 points, or 0.3%, to 3,232.08.
For every two stocks falling three gained on the New York Stock Exchange, where 708 million shares traded. 

Composite volume approached 3.6 billion.

Moving issues

Ciena Corp. CIEN +17.34% gained 17% after the fiber-optic networking-equipment maker posted quarterly earnings that beat estimates; PetSmart Inc. PETM -6.57% fell 6.6% after projecting earnings and sales growth below estimates, and Colgate-Palmolive Co. CL +0.05% rose 0.1% after the seller of soap and household cleaners hiked its dividend and approving a 2-for-1 stock split. 

On the New York Mercantile Exchange, crude-oil futures for April delivery CLJ3 +1.08% climbed $1.13, or 1.3%, to end at $91.56 a barrel and gold futures for April delivery GCJ3 +0.17% added 20 cents to $1,575.10 an ounce. 

The euro EURUSD -0.01% gained against other major currencies, including the U.S. dollar, after the European Central Bank held its benchmark rate at a record low and ECB President Mario Draghi said economic reports point to a stabilizing economy. 


Ralph Orlowski/Getty Images Enlarge Image
Mario Draghi, president of the European Central Bank.
The Bank of England stuck with its target for quantitative easing, while the Bank of Japan dismissed calls that it begin asset purchases. See: ECB policy unchanged; Draghi faces Italy questions.
 
The Labor Department said initial applications for unemployment benefits unexpected declined by 7,000 to 340,000 last week, with the six-week average falling to its lowest level since March 2008. See: U.S. jobless claims fall to 340,000,
 
The better-than-expected illustration of an improving labor market comes a day ahead of the government’s monthly jobs report, with the unemployment rate at 7.9% in January.

Another Labor Department report on Thursday had the productivity of American workers dropping in the fourth quarter as companies hired more and increased hours. See: U.S. fourth-quarter productivity falls 1.9%.
 
And Commerce Department data had the trade deficit widening in January on increased demand for imported crude. See: U.S. trade gap widens in January.
 
Kate Gibson is a reporter for MarketWatch, based in New York.

DealBook P.M. Edition March 7, 2013.: Deal Professor: For Icahn, a Game of Chicken With Dell's Board


NYTimes.com Home |Business Day| Video The New York Times


Thursday, March 7, 2013
TOP STORY
Deal Professor: For Icahn, a Game of Chicken With Dell's Board Steven M. Davidoff says that with his two alternatives to the proposed buyout of Dell, Carl C. Icahn is hoping to make the computer maker's board blink first.
Carl Icahn has suggested a  so-called leveraged recapitalization of Dell.
In Letter, Icahn Pledges to Fight Dell Over Sale A special committee of Dell's board said it had received a letter from Carl C. Icahn hinting at "years of litigation" if the company went ahead with a $24.4 billion sale to its founder.
For the latest updates, go to dealbook.nytimes.com »
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DEALBOOK HIGHLIGHTS
Goldman Hires a Top Executive in Asia Goldman Sachs has lured away Kate Richdale, Morgan Stanley's chief of investment banking in Asia, to be Goldman's head of investment banking services for Asia, excluding Japan.
Sycamore Partners to Buy Hot Topic for $600 Million Hot Topic, the clothing retailer that's a mainstay of teenage mall shoppers, agreed to sell itself to Sycamore Partners, the owner of Talbots, for $600 million.
Buzz Tracker
To Place Graduates, Law Schools Are Opening Firms Law schools are creating their own law firms to try to address the glut of heavily indebted graduates with no clients while serving Americans unable to afford a lawyer, Ethan Bronner reports in The New York Times.
For the latest updates, go to dealbook.nytimes.com »

Quotation of the Day
"We anticipate years of litigation will follow challenging the transaction and the actions of those directors that participated in it."
Carl Icahn, in a letter to Dell pledging to fight a plan to sell the company to its founder.