Egypt assembly seeks to wrap up constitution

CAIRO (Reuters) - The assembly writing Egypt's constitution said it could wrap up a final draft later on Wednesday, a move the Muslim Brotherhood sees as a way out of a crisis over a decree by President Mohamed Mursi that protesters say gives him dictatorial powers.


But as Mursi's opponents staged a sixth day of protests in Tahrir Square, critics said the Islamist-dominated assembly's bid to finish the constitution quickly could make matters worse.


Two people have been killed and hundreds injured in countrywide protest set off by Mursi's decree.


The Brotherhood hopes to end the crisis by replacing Mursi's controversial decree with an entirely new constitution that would need to be approved in a popular referendum, a Brotherhood official told Reuters.


It is a gamble based on the Islamists' belief that they can mobilize enough voters to win the referendum: they have won all elections held since Hosni Mubarak was toppled from power.


But the move seemed likely to deepen divisions that are being exposed in the street.


The Muslim Brotherhood and its Islamist allies called for protests on Saturday in Tahrir Square, setting the stage for more confrontation with their opponents, who staged a mass rally there on Tuesday.


The constitution is one of the main reasons Mursi is at loggerheads with non-Islamist opponents. They are boycotting the 100-member constitutional assembly, saying the Islamists have tried to impose their vision for Egypt's future.


The assembly's legal legitimacy has been called into question by a series of court cases demanding its dissolution. Its popular legitimacy has been hit by the withdrawal of members including church representatives and liberals.


"We will start now and finish today, God willing," Hossam el-Gheriyani, the assembly speaker, said at the start of its latest session in Cairo, saying Thursday would be "a great day".


"If you are upset by the decree, nothing will stop it except a new constitution issued immediately," he said. Three other members of the assembly told Reuters there were plans to put the document to a vote on Thursday.


ENTRENCHING AUTHORITARIANISM


Just down the road from the meeting convened at the Shura Council, protesters were again clashing with riot police in Tahrir Square. Members of the assembly watched on television as they waited to go into session.


"The constitution is in its last phases and will be put to a referendum soon and God willing it will solve a lot of the problems in the street," said Talaat Marzouk, an assembly member from the Salafi Nour Party, as he watched the images.


But Wael Ghonim, a prominent activist whose online blogging helped ignite the anti-Mubarak uprising, said a constitution passed in such circumstances would "entrench authoritarianism".


The constitution is supposed to be the cornerstone of a new, democratic Egypt following Mubarak's three decades of autocratic rule. The assembly has been at work for six months. Mursi had extended its December 12 deadline by two months - extra time that Gheriyani said was not needed.


The constitution will determine the powers of the president and parliament and define the roles of the judiciary and a military establishment that had been at the heart of power for decades until Mubarak was toppled. It will also set out the role of Islamic law, or sharia.


The effort to conclude the text quickly marked an escalation, said Nathan Brown, a professor of political science at George Washington University in the United States.


"It may be regarded with hostility by a lot of state actors too, including the judiciary," he said.


Leading opposition and former Arab League chief figure Amr Moussa slammed the move. He walked out of the assembly earlier this month. "This is nonsensical and one of the steps that shouldn't be taken, given the background of anger and resentment to the current constitutional assembly," he told Reuters.


Once drafted, the constitution will go to Mursi for approval, and he must then put it to a referendum within 15 days, which could mean the vote would be held by mid-December.


COURTS DECLARE STRIKE


Deepening the crisis further on Wednesday, Egypt's Cassation and Appeals courts said they would suspend their work until the constitutional court rules on the decree.


The judiciary, largely unreformed since the popular uprising that unseated Mubarak, was seen as a major target in the decree issued last Thursday, which extended his powers and put his decisions temporarily beyond legal challenge.


"The president wants to create a new dictatorship," said 38-year-old Mohamed Sayyed Ahmed, an unemployed man, in Tahrir.


Showing the depth of distrust of Mursi in parts of the judiciary, a spokesman for the Supreme Constitutional Court, which earlier this year declared void the Islamist-led parliament, said it felt under attack by the president.


In a speech on Friday, Mursi praised the judiciary as a whole but referred to corrupt elements he aimed to weed out.


"The really sad thing that has pained the members of this court is when the president of the republic joined, in a painful surprise, the campaign of continuous attack on the Constitutional Court," said the spokesman Maher Samy.


Senior judges have been negotiating with Mursi about how to restrict his new powers.


Mursi's administration insists that his actions were aimed at breaking a political logjam to push Egypt more swiftly towards democracy, an assertion his opponents dismiss.


The West worries about turbulence in a nation that has a peace treaty with Israel and is now ruled by Islamists they long kept at arms length.


Trying to ease tensions with judges, Mursi said elements of his decree giving his decisions immunity applied only to matters of "sovereign" importance, a compromise suggested by the judges.


A constitution must be in place before a new parliament can be elected, and until that time Mursi holds both executive and legislative powers. An election could take place in early 2013.


(Additional reporting by Tom Perry and Marwa Awad; Writing by Edmund Blair and Tom Perry; Editing by Will Waterman and Giles Elgood)


Read More..

The Wii U sells out in its first week: Evidence of a Nintendo comeback?












The latest console from the videogame pioneer is flying off the shelves. But are the kids really still into Mario and Zelda?


Earlier this year, Nintendo posted its first annual loss in three decades, a grim omen for the pathbreaking videogame maker that introduced the world to classic characters like Mario, Donkey Kong, and Link. The Japanese company has struggled amidst an industry-wide decline in the sales of consoles and games, a trend partly attributed to the ever-growing popularity of tablets and smartphones. Nintendo’s last breakout success was the Wii, released in 2006, and there have been serious doubts that its successor, the Wii U, could sell as many units. However, since the Wii U went on sale in North America on Nov. 18, Nintendo has completely sold out of all 400,000 consoles shipped to retailers. “As soon as the Wii U hits the shelf, it’s selling out,” said Reggie Fils-Aime, the head of Nintendo’s U.S. operations.












The Wii U’s early success is a surprising indication of “strong demand for the company’s next generation of videogame devices,” says Ian Sherr at The Wall Street Journal. And during the week of Nov. 18, Nintendo also sold 300,000 units of the original Wii, as well as more than 500,000 units of its portable DS and 3DS systems, which could reflect a rebound in consumer demand as the economy continues its long slog of a recovery from the Great Recession. Nintendo says it expects to sell 5.5 million Wii U systems by the end of March 2013, the end of its fiscal year.


However, it’s important to remember that “Nintendo has a very dedicated audience that craves almost anything new the company has to offer, not unlike Apple’s fans,” says Nick Wingfield at The New York Times. “The real test of the Wii U’s durability will come when the product is in better supply and more casual gamers, who don’t dream about Mario and Zelda in their sleep, can more easily buy it.” In addition, rivals Sony and Microsoft are expected to unveil their new consoles sometime in 2013, putting extra pressure on Nintendo. 


And perhaps most importantly, Nintendo has to sell games. The Wii U — which retails for $ 299.99, and $ 349.99 for a more powerful model — is being sold at a loss. Nintendo hopes that users will continue to buy games in the years to come, particularly those that aren’t sold on other systems, such as the latest installments in the “Super Mario Bros.” and “Legend of Zelda” franchises. That’s among the keys to Nintendo’s future profitability.


Sources: The Los Angeles Times, The New York Times, USA Today, The Wall Street Journal


View this article on TheWeek.com Get 4 Free Issues of The Week


Other stories from this section:


Like on Facebook - Follow on Twitter - Sign-up for Daily Newsletter
Gaming News Headlines – Yahoo! News


Read More..

The Voice Contestants Explain Their Song Choices






The Voice










11/27/2012 at 07:00 PM EST







From left: Cassadee Pope, Terry McDermott, Dez Duron, host Carson Daly, Cody Belew, Nicholas David, Trevin Hunte, Melanie Martinez and Amanda Brown


Tyler Golden/NBC


Contestants on The Voice already have the talent, but to make it to the top, they need the perfect song. On Monday night's show, Coach Cee Lo Green anticipated that at this point in the competition, song choice would be the ultimate factor in determining the next star. Now, hear from the competitors themselves:

Team Blake

Terry McDermott sang Blake Shelton's "Over"
"Me and Blake went back and forth and I'd said I wanted to do something different," he said of the song choice. "He suggested his song – and the second I heard it I was like, "That's it!" It worked out tremendously. It was really fun."

Cassadee Pope sang Michelle Branch's "Are You Happy Now?"
"It was a big deal," she told PEOPLE of closing the show with that number. "There was pressure to close out with a bang and also top the last week. I tried to push it all aside and go out and have fun because I love Michelle Branch and that song. She is one of my songwriting idols."

Team Christina

Dez Duron sang Justin Bieber's "U Smile"
"That song was totally my groove," he said of the performance. "Christina came up with the Justin Bieber idea. I wanted to do it my way. I love the song. It's a huge song, but I know Justin has a lot of avid fans. I knew we had to make it me. It ended up being a great risk."

Team Cee Lo

Trevin Hunte sang Whitney Houston's "Greatest Love of All"
"It's definitely kind of scary because I feel like America will want something different," he says of the fact that the past two Voice winners have been soul singers. "I just want to leave a mark."

Nicholas David sang Marvin Gaye's "What's Going On"
"I loved being able to switch it up and play a little piano and add a sax," he said of the performance. "I get nervous when I stand there waiting for the judges to talk because I have so much energy right after playing. But I'm just excited."

Cody Belew sang Queen's "Somebody to Love"
"I never felt like I would out sing Freddie Mercury because you can't, but I wanted to put my own spin on things and embody his lyrics," he explained of performing with a choir behind him. "It was a big moment for me."

Team Adam

Melanie Martinez sang Alex Clare's "Too Close"
"It's always going to be hard when you're singing about your personal experiences," she says of the recent breakup that informed her performance. "I never expected to do it on TV. I hope that now on I can let my personal experiences be fuel for the fire."

Amanda Brown sang Adele's "Someone Like You"
"I feel like it was intense ... and I hope people were moved by it, by the rock soul," she said. "Hopefully that was enough."

• Reporting by JESSICA HERNDON

Read More..

CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

___

Online:

CDC report: http://www.cdc.gov/vitalsigns

Read More..

Wall Street falls, hit by Reid's "fiscal cliff" comments

NEW YORK (Reuters) - Stocks slid on Tuesday in a choppy session, losing ground in the last hour before the close after Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the "fiscal cliff."


The market was flat for most of the session but fell sharply after Reid's comments, a signal that investors remain skittish about the wrangling in Washington. The CBOE Volatility Index, or VIX, rose on Reid's words.


"It may be that the market feels the goodwill before (last week's) Thanksgiving is evolving into more political intransigence," said Quincy Krosby, market strategist at Prudential Financial in Newark.


"The clock is ticking on Wall Street, regarding a framework for (political) consensus," she said.


Markets are focused on whether Congress and the White House can agree on ways to avoid some $600 billion in automatic spending cuts and tax increases that are due to kick in early next year.


As budget talks linger, Las Vegas Sands and Supertex added their names to a growing list of companies announcing special dividends aimed at helping investors avoid a possibly higher tax burden next year.


Higher dividend and capital gains taxes are part of the negotiations in Washington and may rise even if a deal is crafted.


Las Vegas Sands jumped 5.3 percent to $46.36. Supertex rose 6.9 percent to $18.


The S&P 500's modest losses on Tuesday marked its worst day in eight sessions - indicating traders are unwilling to sell aggressively as a deal probably would trigger a rally. The benchmark S&P 500 once again closed below 1,400, a key psychological level that it had reclaimed last week as it rose nearly 4 percent.


The VIX <.vix> shot up 2.7 percent to 15.92 at the close. Between 2 p.m. and 3 p.m. in New York, the VIX was up 3.9 percent.


The Dow Jones industrial average <.dji> fell 89.24 points, or 0.69 percent, to 12,878.13 at the close. The S&P 500 <.spx> dropped 7.35 points, or 0.52 percent, to finish at 1,398.94. The Nasdaq Composite <.ixic> lost 8.99 points, or 0.30 percent, to end at 2,967.79.


Dealings in Washington obscured strong economic figures, including an increase in planned business spending and consumer confidence hitting its highest level in more than four years.


Strengthening the case for a sustained rebound in housing, single-family home prices rose for an eighth straight month in September. Shares of M/I Homes gained 2.1 percent to $22.36. KB Home added 1.1 percent to $14.61.


"As long as you have interest rates as low as they are right now, housing is definitely back," said Brian Amidei, managing director at HighTower Advisors in Palm Desert, California.


In another good sign for consumer demand, Corning Inc shares rose 6.9 percent to $12.13 after the specialty glass maker said it expects full-year sales of its Gorilla glass, used in smartphones and tablets, to approach $1 billion.


Food maker Ralcorp Holdings shares jumped 26.4 percent to $88.80 after long-time suitor ConAgra Foods sealed a deal to buy it for $5 billion. ConAgra shares gained 4.7 percent to $29.63.


McMoRan Exploration Co shares tumbled 15.2 percent to $8.18 a day after the oil and gas driller gave a disappointing update on a key gas prospect in a Gulf of Mexico well.


About 5.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.5 billion shares.


On the NYSE, roughly five issues fell for every four that rose. On Nasdaq, six stocks fell for every five that rose.


(Reporting by Rodrigo Campos; Additional reporting by Caroline Valetkevitch; Editing by Jan Paschal)


Read More..

Egyptians challenge Mursi in nationwide protests

CAIRO (Reuters) - Tens of thousands of Egyptians rallied on Tuesday against President Mohamed Mursi in one of the biggest outpourings of protest since Hosni Mubarak's overthrow, accusing the Islamist leader of seeking to impose a new era of autocracy.


Police fired tear gas at stone-throwing youths in streets near the main protest in Cairo's Tahrir Square, heart of the uprising that toppled Mubarak last year. Clashes between Mursi's opponents and supporters erupted in a city north of Cairo.


But violence could not overshadow the show of strength by the normally divided opponents of Islamists in power, posing Mursi with the biggest challenge in his five months in office.


"The people want to bring down the regime," protesters in Tahrir chanted, echoing slogans used in the 2011 revolt.


Protesters also turned out in Alexandria, Suez, Minya and other Nile Delta cities.


Tuesday's unrest by leftists, liberals and other groups deepened the worst crisis since the Muslim Brotherhood politician was elected in June, and exposed the deep divide between the newly empowered Islamists and their opponents.


A 52-year-old protester died after inhaling tear gas in Cairo, the second death since Mursi last week issued a decree that expanded his powers and barred court challenges to his decisions.


Mursi's administration has defended the decree as an effort to speed up reforms and complete a democratic transformation in the Arab world's most populous country.


"Calls for civil disobedience and strikes will be dealt with strictly by law and there is no retreat from the decree," Refa'a Al-Tahtawy, Mursi's presidential chief of staff, told the Al-Hayat private satellite channel.


But opponents say Mursi is behaving like a modern-day pharaoh, a jibe once leveled at Mubarak. The United States, a benefactor to Egypt's military, has expressed concern about more turbulence in a country that has a peace treaty with Israel.


"We don't want a dictatorship again. The Mubarak regime was a dictatorship. We had a revolution to have justice and freedom," 32-year-old Ahmed Husseini said in Cairo.


The fractious ranks of Egypt's non-Islamist opposition have been united on the street by crisis, although they have yet to build an electoral machine to challenge the well-organized Islamists, who have beaten their more secular-minded rivals at the ballot box in two elections held since Mubarak was ousted.


MISCALCULATION


"There are signs that over the last couple of days that Mursi and the Brotherhood realized their mistake," said Elijah Zarwan, a fellow with The European Council on Foreign Relations. He said the protests were "a very clear illustration of how much of a political miscalculation this was".


Mursi's move provoked a rebellion by judges and has battered confidence in an economy struggling after two years of turmoil. The president still must implement unpopular measures to rein in Egypt's crushing budget deficit - action needed to finalize a deal for a $4.8 billion International Monetary Fund loan.


Some protesters have been camped out since Friday in Tahrir and violence has flared around the country, including in a town north of Cairo where a Muslim Brotherhood youth was killed in clashes on Sunday. Hundreds have been injured.


Supporters and opponents of Mursi threw stones at each other and some hurled petrol bombs in the Delta city of el-Mahalla el-Kubra. Medical sources said almost 200 people were injured.


"The main demand is to withdraw the constitutional declaration (decree). This is the point," said Amr Moussa, a former Arab League chief and presidential candidate who has joined the new opposition coalition, the National Salvation Front. The group includes several top liberal politicians.


Some scholars from the prestigious al-Azhar mosque and university joined Tuesday's protest, showing that Mursi and his Brotherhood have alienated some more moderate Muslims. Members of Egypt's large Christian minority also joined in.


Mursi formally quit the Brotherhood on taking office, saying he would be a president for all Egyptians, but he is still a member of its Freedom and Justice Party.


The decree issued on Thursday expanded his powers and protected his decisions from judicial review until the election of a new parliament, expected in the first half of 2013.


In Washington, White House spokesman Jay Carney urged demonstrators to behave peacefully.


"The current constitutional impasse is an internal Egyptian situation that can only be resolved by the Egyptian people, through peaceful democratic dialogue," he told reporters.


New York-based Human Rights Watch said the decree gives Mursi more power than the interim military junta from which he took over.


U.N. Secretary-General Ban Ki-moon told an Austrian paper he would encourage Mursi to resolve the issue by dialogue.


DECREE'S SCOPE DEBATABLE


Trying to ease tensions with judges, Mursi assured Egypt's highest judicial authority that elements of his decree giving his decisions immunity applied only to matters of "sovereign" importance. That should limit it to issues such as declaring war, but experts said there was room for interpretation.


In another step to avoid more confrontation, the Muslim Brotherhood cancelled plans for a rival mass rally in Cairo on Tuesday to support the decree. Violence has flared in Cairo in the past when both sides have taken to the streets.


But there has been no retreat on other elements of the decree, including a stipulation that the Islamist-dominated body writing a new constitution be protected from legal challenge.


"The decree must be cancelled and the constituent assembly should be reformed. All intellectuals have left it and now it is controlled by Islamists," said 50-year-old Noha Abol Fotouh.


With its popular legitimacy undermined by the withdrawal of most of its non-Islamist members, the assembly faces a series of court cases from plaintiffs who say it was formed illegally.


Mursi issued the decree on November 22, a day after he won U.S. and international praise for brokering an end to eight days of violence between Israel and Hamas around the Gaza Strip.


Mursi's decree was seen as targeting in part a legal establishment still largely unreformed from Mubarak's era, when the Brotherhood was outlawed.


Though both Islamists and their opponents broadly agree that the judiciary needs reform, Mursi's rivals oppose his methods.


Rulings from an array of courts this year have dealt a series of blows to the Brotherhood, leading to the dissolution of the first constitutional assembly and the lower house of parliament elected a year ago. The Brotherhood dominated both.


The judiciary blocked an attempt by Mursi to reconvene the Brotherhood-led parliament after his election victory. It also stood in the way of his attempt to sack the prosecutor general, another Mubarak holdover, in October.


In his decree, Mursi gave himself the power to sack that prosecutor and appoint a new one. In open defiance of Mursi, some judges are refusing to acknowledge that step.


(Additional reporting by Tom Perry, Seham Eloraby, Marwa Awad and Yasmine Saleh in Cairo and Michael Shields in Vienna; Writing by Edmund Blair and Tom Perry; Editing by Giles Elgood/Mark Heinrich)


Read More..

HP hit with civil securities lawsuit over Autonomy deal












SAN FRANCISCO (Reuters) – Hewlett-Packard Co was sued on Monday by an investor who claimed the company knew statements about its Autonomy acquisition were misleading and led the stock to fall, according to lawyers representing the plaintiff.


The proposed class action lawsuit was filed in a San Francisco federal court.












HP dropped a bombshell last Tuesday with an $ 8.8 billion write-down on its acquisition of British software firm Autonomy, saying the company inflated sales with improper accounting. Autonomy co-founder Mike Lynch has denied any wrongdoing.


HP bought Autonomy for a hefty $ 11.1 billion last year. HP has said it alerted regulators on both sides of the Atlantic.


The lawsuit, one of the first to be filed by investors on the Autonomy mess, said HP hid the fact it gained control of Autonomy based on financial statements that could not be relied upon. It also said that HP had not revealed to investors that it tried to undo the Autonomy agreement before it closed because of the accounting issues.


(Reporting By Dan Levine and Poornima Gupta; Editing by Gerald E. McCormick and Andre Grenon)


Tech News Headlines – Yahoo! News


Read More..

Larry Hagman Memorials Set for Dallas and Los Angeles






Update








UPDATED
11/26/2012 at 05:50 PM EST

Originally published 11/26/2012 at 06:50 PM EST







Larry Hagman as J.R. Ewing


TNT


Larry Hagman will be remembered in two memorials this weekend – one in Dallas and one in Los Angeles – while his family decides what to do with his ashes.

"Right now we are going to be keeping his ashes within the family and we going to wait for my mother to pass on so they can be together," says his son Preston.

Hagman's wife of 58 years, Maj Hagman, is "in the later stages of Alzheimer's," says Preston, "so she’s not the person that she was, but she’s very well taken care of."

"My father spoke to her and saw her every day," Preston says. "He was the most kind and caring man to my mother right up until the end."

Hagman, who also starred in TV's I Dream of Jeannie, died Nov. 23 at age 81 of complications from cancer. He was surrounded by family and friends.

A previous announcement that the actor's ashes would be spread "around the world" was premature, says Preston.

The two-state, invitation-only "Celebration for Larry" memorials will both take place this weekend.

Read More..

Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

___

Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

Read More..

Wall Street edges down after recent rally; retailers weigh

NEW YORK (Reuters) - Wall Street slipped on Monday, pulling back from last week's gains, as retailers fell on concerns about heavy discounts at the start of the U.S. holiday shopping season and the overhang of the "fiscal cliff" kept investors wary of making big bets.


The Nasdaq outperformed to close higher, led by gains in eBay and as Apple continued its bounce back.


The Standard & Poor's 500 cut most of its losses during the session and managed to stay above the psychologically important 1,400 level. It also remained above the 200-day moving average, maintaining its long-term uptrend.


The S&P 500 consumer discretionary index <.gspd> fell 0.5 percent after the start of the holiday shopping season over the four-day Thanksgiving weekend. Target , one of the largest retailers by market value, fell 2.6 percent.


"The concern is big retailers are discounting so much, sales look better, but at what cost?" said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.


Bucking the retail trend, shares of eBay closed at their highest in almost eight years, rising 4.9 percent to $51.40, as the online marketplace notched strong sales on "Cyber Monday." Amazon gained 1.6 percent to $243.62.


The White House threw cold water on a proposal of avoiding the looming "fiscal cliff" of spending cuts and tax highs by limiting tax deductions and loopholes, instead of allowing tax rates to rise for the richest Americans.


Investors are hoping for advances in talks over the $600 billion in spending cuts and tax hikes scheduled to begin next year, which threaten to drag the U.S. economy back into recession.


Indications of progress in talks, or just political willingness to negotiate, contributed to the market's recent rally. Major indexes last week gained 3 to 4 percent, with the Dow above 13,000 and the S&P above 1,400 for the first time since November 6.


Those gains represented a turnaround from recent losses founded on worries about Washington's ability to solve budgetary problems.


The Dow Jones industrial average <.dji> fell 42.31 points, or 0.33 percent, to 12,967.37. The S&P 500 <.spx> dropped 2.86 points, or 0.20 percent, to 1,406.29. The Nasdaq Composite <.ixic> gained 9.93 points, or 0.33 percent, to 2,976.78.


About 5.2 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.49 billion shares.


On the NYSE, roughly 13 issues fell for every 10 that rose, and on Nasdaq nearly six rose for every five that fell.


In the other major worry for the market, euro zone finance ministers and the International Monetary Fund made their third attempt in as many weeks to agree on releasing emergency aid for Greece, with policymakers saying a write-down of Greek debt is off the table for now.


"There's no catalyst to continue the rally we saw last week, though Greece would have been important if we weren't dealing with the fiscal cliff," Stifel Nicolaus' Mata said.


Shares of Knight Capital Group Inc jumped 13.3 percent to $2.82 following reports that rivals might be preparing to bid for part or all of the trading firm.


Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics , including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. Apple shares were up 3.2 percent at $589.53.


(Reporting by Rodrigo Campos; Editing by Leslie Adler)


Read More..