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Showing posts with label World. Show all posts

With record highs in sight, stocks face roadblocks

NEW YORK (Reuters) - If Wall Street needs to climb a wall of worry, it will have plenty of opportunity next week.


Major U.S. stock indexes will make another attempt at reaching all-time records, but the fitful pace that has dominated trading is likely to continue. Next Friday's unemployment report and the hefty spending cuts that look like they about to take effect will be at the forefront.


The importance of whether equities can reach and sustain those highs is more than Wall Street's usual fixation on numbers with psychological significance. Breaking through to uncharted territory is seen as a test of investors' faith in the rally.


"It's very significant," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


"The thinking is, there's just not enough there for an extended bull run," he said. "If we do break through (record highs), then maybe the charts and price action are telling us there's something better ahead."


Flare-ups in the euro zone's sovereign debt crisis and next Friday's report on the U.S. labor market could jostle the market, though U.S. job indicators have generally been trending in a positive direction.


Small- and mid-cap stocks hit lifetime highs in February. Now the Dow Jones industrial average <.dji> and the S&P 500 <.spx> are racing each other to the top. The Dow, made up of 30 stocks, is about 75 points - less than 1 percent - away from its record close of 14,164.53, which it hit on October 9, 2007. The broader S&P is still 3 percent away from its closing high of 1,565.15, also reached on October 9, 2007.


The advantage may be in the Dow's court. So far in 2013, it has gained 7.5 percent, beating the S&P 500 by about 1 percent.


THE RALLY AND THE REALITY CHECK


The Dow's relative strength owes much to its unique make-up and calculation, as well as to investors' recent preference for buying value stocks likely to generate steady reliable gains, rather than growth stocks.


But the more defensive stance illustrates how stock buyers are getting concerned about this year's rally. While investors don't want to miss out on gains, they're picking up companies that are less likely to decline as much as high-flying names - if a market correction comes.


The Russell Value Index <.rav> is up 7.6 percent for the year so far, outpacing the Russell Growth Index's <.rag> 5.7 percent rise. Within the realm of the S&P 500, the consumer staples sector led the market in February, gaining 3.1 percent.


There is some concern that growth-oriented names are being eclipsed by defensive bets, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.


"This isn't a be-all and end-all sell signal by any means, but we would feel much more comfortable if some of the more aggressive areas, like technology and small caps, would start to gain some leadership here," Detrick said.


Signs that investors are becoming concerned about the rally's pace is evident in the options market, where the ratio of put activity to call activity has recently shifted in favor of puts, which represent expectations for a stock to fall.


"We are seeing some put hedging in the financials, building up for the past month," said Henry Schwartz, president of options analytics firm Trade Alert in New York.


The put-to-call ratio representing an aggregate of about 562 financial stocks is 1:1, when normally, calls should be outnumbering puts.


Investors have no shortage of reasons to crave the relative safety of blue chips and defensive stocks. Although markets have mostly looked past uncertainty over Washington's plans to cut the deficit, fiscal policy negotiations still pose a risk to equities.


The $85 billion in spending cuts set to begin on Friday is expected to slow economic growth this year if policymakers do not reach a new deal. Markets so far have held firm despite the wrangling in Washington, but tangible economic effects could pinch stock prices going forward.


The International Monetary Fund warned that full implementation of the cuts would probably take at least 0.5 percentage point off U.S. growth this year.


EASY MONEY AND TEPID HIRING


Investors will also take in a round of economic data at a time when concerns are percolating that the market is being pushed up less by fundamentals and more by loose monetary policy around the world.


The main economic event will be Friday's non-farm payrolls report for February. The U.S. economy is expected to have added 160,000 jobs last month, only a tad higher than in January, in a sign the labor market is healing at a slow pace. The U.S. unemployment rate is forecast to hold steady at 7.9 percent.


While lackluster data has been a catalyst in the past for stock market gains as investors bet it would ensure continued stimulus from the Federal Reserve, that sentiment may be wearing thin.


Markets stumbled last week following worries that the Fed might wind down its quantitative easing program sooner than expected.


"It shows the underpinning of the market is being driven at this point by monetary policy," Hellwig said.


With investors questioning what is behind the rally, it will make a run to record highs even more significant, Hellwig added.


"There's smart people that are in the bull camp and the bear camp and the muddle-through camp," Hellwig said. "The fact that you can statistically, using historical evidence, make a case for going higher, lower, or staying the same makes this number very important this time around."


(Wall St Week Ahead runs every Friday. Comments or questions on this column can be emailed to: leah.schnurr(at)thomsonreuters.com)


(Reporting by Leah Schnurr; Additional reporting by Doris Frankel in Chicago; Editing by Jan Paschal)



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‘Star Trek’ Beams Into Oscar Night






Star Trek” fans got quite a treat last night during the Academy Awards last night (Feb. 24).


Actors who portray major characters from the film and television versions of the iconic science fiction series made cameo appearances during the three-hour-long ceremony celebrating the best movies of 2012.






William Shatner, the actor that played Starship Enterprise captain James T. Kirk in original series helped open the awards show with host, Seth McFarlane.


“I’ve come back in time from the 23rd century to stop you from destroying the Academy Awards,” joked Shatner to McFarlane.


Actors Chris Pine and Zoe Saldana also had a part to play in the festivities. Pine, who plays Kirk in 2009′s “Star Trek” and its sequel “Star Trek Into Darkness “ being released later this year, and Saldana, who plays the Enterprise’s communications officer Uhura, recapped an earlier event they co-hosted on Feb. 10 called the “Sci-Tech Oscars.”


The smaller ceremony is designed to showcase the technical achievements of designers and technicians on movie sets.


The newest movie in the Star Trek franchise, “Star Trek Into Darkness,” is set to be released on May 17.


Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock futures begin March lower as sequester looms

NEW YORK (Reuters) - Stock index futures were lower on Friday, indicating a weak start to the month of March, as investors looked ahead to U.S. government budget cuts that were widely expected to take effect at the end of the day.


Equities have been on a tear lately, rising for four straight months to approach five-year highs while the Dow climbed to within striking distance of an all-time high. Any declines have been shallow or short-lived, with investors jumping in to buy on any dip.


The gains have come on the back of strong corporate earnings and an accommodative Federal Reserve. In that environment, many investors have shrugged off the potential impact of the sequester, $85 billion in spending cuts across federal government agencies that economists expect will shave half a percentage point off U.S. economic growth.


"Conditions are ripe for anxiety and fear to return to the market, especially given how high we've risen, and the sequester that could be a catalyst that reignites fear in the market," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.


Dailey said that if the market drops below lows hit earlier this week, "that could be the start of a pullback that takes us down as much as 10 percent."


The spending cuts will take effect just before midnight Friday unless there is a last-minute deal, which is considered unlikely.


The International Monetary Fund said that if the cuts take effect, it would have to reevaluate its growth forecasts for the U.S. and the global economy.


Cyclical companies like banks and materials stocks, which are closely tied to the pace of economic growth, are likely to be among the hardest hit in the short term. Bank of America fell 1.2 percent to $11.10 in premarket trading while Chevron Corp slid 0.6 percent to $116.43.


S&P 500 futures fell 7.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slid 58 points and Nasdaq 100 futures lost 12.75 points.


For the week, the Dow is up 0.4 percent while both the S&P and Nasdaq are down less than 0.1 percent. Both the Dow and S&P climbed more than 1 percent in February, slimmer gains than in January as equities grappled with uncertainties in Europe and Federal Reserve policy.


Economic data on tap for Friday includes the final Thomson Reuters/University of Michigan sentiment index, which is seen holding steady at 76.3. Personal income and spending data will also be released, along with January construction spending, which is seen rising 0.4 percent. The Institute for Supply Management's February manufacturing index is expected to dip to 52.5 from 53.1 in the previous month.


Overseas, China's factory growth cooled to multi-month lows in February as domestic demand dipped, and euro zone manufacturing activity appeared no closer to recovery last month, as a dire performance in France offset a return to growth in Germany.


"The weakness in overseas data is increasingly drawing people's attention, and as that gets worse the market will continue to struggle," Dailey said.


Groupon Inc gained 4.2 percent to $4.72 in premarket trading a day after the online coupon company fired its chief executive officer in the wake of weak quarterly results.


Gap Inc reported fourth-quarter earnings that beat expectations and boosted its dividend by 20 percent, while Salesforce.com Inc posted sales that beat consensus forecasts, sending shares up 4.6 percent to $177 before the bell.


U.S. stocks ended flat on Thursday, giving up modest gains late in the session. The Dow Jones Transportation Average <.djt>, seen as a bet on future growth, hit a record intraday high earlier in the session.


(Editing by Bernadette Baum)



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‘Star Trek’ Beams Into Oscar Night






Star Trek” fans got quite a treat last night during the Academy Awards last night (Feb. 24).


Actors who portray major characters from the film and television versions of the iconic science fiction series made cameo appearances during the three-hour-long ceremony celebrating the best movies of 2012.






William Shatner, the actor that played Starship Enterprise captain James T. Kirk in original series helped open the awards show with host, Seth McFarlane.


“I’ve come back in time from the 23rd century to stop you from destroying the Academy Awards,” joked Shatner to McFarlane.


Actors Chris Pine and Zoe Saldana also had a part to play in the festivities. Pine, who plays Kirk in 2009′s “Star Trek” and its sequel “Star Trek Into Darkness “ being released later this year, and Saldana, who plays the Enterprise’s communications officer Uhura, recapped an earlier event they co-hosted on Feb. 10 called the “Sci-Tech Oscars.”


The smaller ceremony is designed to showcase the technical achievements of designers and technicians on movie sets.


The newest movie in the Star Trek franchise, “Star Trek Into Darkness,” is set to be released on May 17.


Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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‘Star Trek’ Beams Into Oscar Night






Star Trek” fans got quite a treat last night during the Academy Awards last night (Feb. 24).


Actors who portray major characters from the film and television versions of the iconic science fiction series made cameo appearances during the three-hour-long ceremony celebrating the best movies of 2012.






William Shatner, the actor that played Starship Enterprise captain James T. Kirk in original series helped open the awards show with host, Seth McFarlane.


“I’ve come back in time from the 23rd century to stop you from destroying the Academy Awards,” joked Shatner to McFarlane.


Actors Chris Pine and Zoe Saldana also had a part to play in the festivities. Pine, who plays Kirk in 2009′s “Star Trek” and its sequel “Star Trek Into Darkness “ being released later this year, and Saldana, who plays the Enterprise’s communications officer Uhura, recapped an earlier event they co-hosted on Feb. 10 called the “Sci-Tech Oscars.”


The smaller ceremony is designed to showcase the technical achievements of designers and technicians on movie sets.


The newest movie in the Star Trek franchise, “Star Trek Into Darkness,” is set to be released on May 17.


Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock futures tick up after sell-off, Italy woes remain

NEW YORK (Reuters) - Stock index futures edged higher on Tuesday, indicating equities would partially rebound from the previous session's steep drop, though concerns persisted over the state of Italy's economy and government makeup.


In Italy's election, groups opposed to economic reforms posted a strong showing, resulting in a political deadlock with a comedian's protest party leading the poll and no group securing a clear majority in parliament.


Major indexes plunged more than 1 percent on Monday, with the S&P 500 having its biggest daily drop since November as investors fretted that if Italy does not undertake reforms, that could once again destabilize the euro zone. The CBOE Volatility Index <.vix> surged 34 percent in its biggest jump since August 18, 2011.


The rise in futures indicates that a recent trend of investors buying on dips will continue. Last week, concerns over whether the Federal Reserve might roll back its stimulus policy earlier than expected prompted a sharp two-day decline, though equities recovered most of ther lost ground by the end of the week. Weakness continued in Europe on Tuesday, with shares <.fteu3> down 1.2 percent.


Financial shares may be among the most volatile on Tuesday, as the group is closely tied to the pace of global economic growth. Morgan Stanley was one of the top percentage losers on the S&P on Monday, dropping more than 6 percent on concerns about the company's exposure to European debt.


Dow component Home Depot Inc will also be in focus after the home improvement retailer reported adjusted earnings and sales that beat expectations. Home Depot was up 1.3 percent to $64.75 in premarket trading.


S&P 500 futures rose 2.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 49 points and Nasdaq 100 futures rose 3.25 points.


In the S&P, the 1,500 will be watched as a key level after the index closed below it on Monday for the first time since February 4, with selling accelerating after falling below the level that had acted as support. An inability to break back above it could portend a weaker technical backdrop. The index remains 4.3 percent higher on the year.


Gains this year have largely been driven by strong corporate earnings. With 83 percent of the S&P 500 having reported so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data. Fourth-quarter S&P earnings are seen having risen 6 percent, above a 1.9 percent forecast at the start of the earnings season.


Companies scheduled to report results on Tuesday include Macy's Inc , Priceline.com and Tenet Healthcare . MetroPCS reported revenue that was slightly ahead of expectations earlier Tuesday.


Cyclical shares, including financials and materials, have been among the strongest performers in 2013, lifted by signs of improved economic growth. That could leave the sectors vulnerable to a pullback as events in Italy progress. Goldman Sachs on Tuesday cut its 2013 gold price forecast to $1,600 an ounce from $1,810, citing an increase in U.S. real interest rates.


While the political uncertainty from Italy may be the primary driver for markets, domestic government concerns will also be in focus. U.S. equities will face a test with the looming debate over so-called sequestration - U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.


(Editing by Chizu Nomiyama)



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‘Star Trek’ Beams Into Oscar Night






Star Trek” fans got quite a treat last night during the Academy Awards last night (Feb. 24).


Actors who portray major characters from the film and television versions of the iconic science fiction series made cameo appearances during the three-hour-long ceremony celebrating the best movies of 2012.






William Shatner, the actor that played Starship Enterprise captain James T. Kirk in original series helped open the awards show with host, Seth McFarlane.


“I’ve come back in time from the 23rd century to stop you from destroying the Academy Awards,” joked Shatner to McFarlane.


Actors Chris Pine and Zoe Saldana also had a part to play in the festivities. Pine, who plays Kirk in 2009′s “Star Trek” and its sequel “Star Trek Into Darkness “ being released later this year, and Saldana, who plays the Enterprise’s communications officer Uhura, recapped an earlier event they co-hosted on Feb. 10 called the “Sci-Tech Oscars.”


The smaller ceremony is designed to showcase the technical achievements of designers and technicians on movie sets.


The newest movie in the Star Trek franchise, “Star Trek Into Darkness,” is set to be released on May 17.


Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock futures advance, Barnes & Noble up early

NEW YORK (Reuters) - Stock index futures rose on Monday, suggesting the recent rally for equities remains intact in spite of concerns that the U.S. Federal Reserve could curtail its stimulus sooner than many expected.


* Stocks have been strong performers so far this year, with the S&P 500 jumping 6.2 percent in 2013. Pullbacks have generally been slight, with investors using any dip as a buying opportunity. While the S&P fell last week, the decline was a slight 0.3 percent and it was the first weekly drop after a seven-week streak of gains.


* The gains have come on strong corporate earnings, as well as a backdrop of stimulus from the Federal Reserve. Last week's decline came when some Fed officials seemed to suggest the stimulus may be curtailed faster than many expected, though subsequent comments seemed to allay those concerns.


* Another test for equities will come with the looming debate over massive U.S. government budget cuts that will take effect if lawmakers fail to reach an agreement over spending and taxes. On Sunday, the White House issued more dire warnings about the harm the cuts are expected to do to the economy if enacted.


* More government-related uncertainty came from Italy, where a close election left questions about how the country would handle its three-year debt crisis. Last year, inconclusive Greek elections sparked a protracted selloff and a period of uncertainty in U.S. equity markets as well.


* Still, European shares <.fteu3> were higher on Monday, rising 0.6 percent after a smooth Italian debt auction.


* S&P 500 futures rose 6.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 39 points and Nasdaq 100 futures rose 17.25 points.


* In company news, the Wall Street Journal reported that Barnes & Noble Inc Chairman Leonard Riggio is considering a bid for the company's bookstore business. The stock jumped 18 percent to $16 in premarket trading.


* Lowe's Cos Inc reported earnings that beat expectations, helped by rebuilding efforts after Hurricane Sandy in the United States.


* Other companies scheduled to report quarterly results include Autodesk Inc and FirstEnergy .


* Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to Thomson Reuters data, above a 1.9 percent forecast at the start of the earnings season.


* U.S. stocks closed higher on Friday, boosted by strong results from Hewlett-Packard Co , as well as allayed concerns over Fed policy.


(Editing by Chizu Nomiyama)



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Asteroid-Smashing Mission Picks Space Rock Target






A mission that aims to slam a spacecraft into a near-Earth asteroid now officially has a target — a space rock called Didymos.


The joint European/U.S. Asteroid Impact and Deflection Assessment mission, or AIDA, will work to intercept Didymos in 2022, when the space rock is about 6.8 million miles (11 million kilometers) from Earth, European Space Agency officials announced Friday (Feb. 22).






Didymos is actually a binary system, in which a 2,625-foot-wide (800 meters) asteroid and a 490-foot (150 m) space rock orbit each other. Didymos poses no threat to Earth in the foreseeable future.


The proposed asteroid-smashing AIDA mission will send one small probe crashing into the smaller asteroid at about 14,000 mph (22,530 kph) while another spacecraft records the dramatic encounter. Meanwhile, Earth-based instruments will record so-called  ”ground-truthing” observations.


The goal is to learn more about how humanity could ward off a potentially dangerous space rock. The necessity of developing a viable deflection strategy was underlined in many people’s minds by the events of last Friday (Feb. 15), when the 130-foot (40 m) asteroid 2012 DA14 gave Earth a historically close shave just hours after a 55-foot (17 m) object exploded above the Russian city of Chelyabinsk, injuring 1,200 people and damaging thousands of buildings.


The AIDA impact will unleash about as much energy as that released when a big piece of space junk hits a satellite, researchers said, so the mission could also help improve models of space-debris collisions.


“The project has value in many areas, from applied science and exploration to asteroid resource utilization,” Andy Cheng, AIDA lead at Johns Hopkins University’s Applied Physics Laboratory, said in a statement.


The European Space Agency (ESA) has asked scientists around the world to propose experiments that AIDA could carry in space or that could increase its scientific return from the ground. Researchers have until March 15 to pitch their ideas.


Johns Hopkins’ Applied Physics Laboratory is providing AIDA’s impactor, which is called DART (short for Double Asteroid Redirection Test). The observing spacecraft is known as AIM (Asteroid Impact Monitor) and will come from ESA.


Follow SPACE.com senior writer Mike Wall on Twitter @michaeldwall or SPACE.com @Spacedotcom. We’re also on Facebook and Google+


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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.


Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.


Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.


"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.


Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.


But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.


National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.


"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.


OPTIONS BULLS TARGET GAINS


The spending cuts, if they go ahead, could hit the defense industry particularly hard.


Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.


Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.


"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.


The stock ended up 0.6 percent at $88.12 on Friday.


If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.


General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.


EYES ON GDP DATA, APPLE


The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.


U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.


Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.


Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.


On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


(Additional reporting by Doris Frankel; Editing by Kenneth Barry)



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New England storm could pack less punch than feared






BOSTON (Reuters) – A weather system threatening New England with a third straight weekend of winter storms appeared to be weakening on Saturday night, promising less snowfall than expected.


Another storm was rolling out of the Rocky Mountains in the Western United States and could create blizzard conditions in Colorado over the weekend, according to a National Weather Service advisory.






Forecasters were also predicting blizzard conditions from Oklahoma through Missouri early next week when another snowstorm hits an area of the Northern United States from the Plains to the Great Lakes.


But by Saturday evening, the East Coast storm was moving more east and offshore than anticipated – potentially leaving areas like Boston with much less snowfall than originally expected, said Eleanor Vallier-Talbot of the National Weather Service in Taunton, Massachusetts.


“The further south you go, the less snow. Boston proper might not even see an inch of snow,” she said. “The forecast models have been slowly but surely backing off this thing.”


Much of the Midwest is already blanketed with snow, with more than a foot reported in Kansas on Thursday, forcing airports to cancel hundreds of flights and leaving motorists stranded on highways.


On Colorado’s high plains, up to a foot of snow was possible overnight and throughout Sunday, with winds gusting up to 45 miles an hour, said Frank Cooper, a meteorologist with the National Weather Service in Boulder.


A spokeswoman for the Denver International Airport said passengers could expect delays on Sunday as crews de-iced aircraft and cleared runways, and a Southwest Airlines spokeswoman, Olga Romero, said 46 flights in and out of Denver had been canceled until 11 a.m. on Sunday.


STATES OF EMERGENCY


The New England coast – from northern Connecticut to southern Maine – was expecting an extended mix of snow and rain, according to a National Weather Service advisory. Residents were taking it in stride.


“Look, it’s winter, it’s New England, it snows. Happens every time!” said Steve Scardino, a software sales executive and lifelong New Englander from Hopkinton, Massachusetts.


Farther north, near Portland, Maine, the heaviest snow was not expected until Sunday, with accumulations up to 8 inches farther inland.


The weather service said the storm may bring sleet and freezing rain to the Appalachians and mid-Atlantic states as well, with thunderstorms expected in the Southeast. It likely will dump rain from New York City to Philadelphia, it said. The storm barreled eastward after pummeling the Midwest during the week. In Kansas City, Missouri, Mayor Sly James said about 60 buses were stuck on snowbound streets on Friday, and even tow trucks were immobilized.


After a storm last week dumped some 14 inches of snow on Wichita, Kansas, and 11 inches on Kansas City, residents from Texas to Nebraska were bracing for another one early next week, according to AccuWeather.com.


Forecasters predicted heavy snow developing on Sunday night and increasing to a rate of 2 inches an hour from northern Oklahoma through central Kansas.


Missouri Governor Jay Nixon and Kansas Governor Sam Brownback declared states of emergency because of possible power outages and generally hazardous travel.


Drought-stricken farmers in the Great Plains, one of the world’s largest wheat-growing areas, welcomed the moisture, although experts said even more rain or snow would be needed to ensure healthy crops.


(Additional reporting by Kevin Murphy, Ian Simpson, Kevin Gray, Kewith Coffman, Steve Gorman and Chris Francescani; Editing by Peter Cooney and Jackie Frank)


Weather News Headlines – Yahoo! News





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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.


Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.


Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.


"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.


Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.


But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.


National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.


"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.


OPTIONS BULLS TARGET GAINS


The spending cuts, if they go ahead, could hit the defense industry particularly hard.


Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.


Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.


"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.


The stock ended up 0.6 percent at $88.12 on Friday.


If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.


General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.


EYES ON GDP DATA, APPLE


The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.


U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.


Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.


Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.


On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


(Additional reporting by Doris Frankel; Editing by Kenneth Barry)



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New Privately Built Rocket Passes Key Engine Test






A new commercial rocket designed to launch unmanned cargo missions to the International Space Station passed a key engine test Friday night (Feb. 22), setting the stage for the booster’s debut flight in the months ahead, NASA officials say.


The Virginia-based company Orbital Sciences Corp. test-fired the first stage engines of its new Antares rocket at the Mid-Atlantic Regional Spaceport on Wallops Island, Va. — the home of NASA’s Wallops Flight Facility. The so-called “hot fire” test ignited the Antares rocket‘s engines for 29 seconds without ever leaving the launch pad.






Friday’s engine test was aimed at verifying the fueling systems at the spaceport’s launch Pad-0A and Antares rocket first stage would perform as expected during an actual mission, Orbital officials said.


“Initial review of the test data indicate the primary objectives of the test were accomplished,” Orbital officials wrote in a status update. “The pad and fueling systems will undergo post-test inspections and any necessary reconditioning work will be performed.”


Orbital Sciences is one of two private spaceflight companies with billion-dollar NASA contracts to provide unmanned cargo delivery missions to the International Space Station. Under its $ 1.9 billion Commercial Resupply Services contract, Orbital will make at least eight delivery flights to the space station using its Antares rocket and robotic Cygnus spacecraft. The first Antares rocket test flight is expected later this year. [Antares Rocket and Cygnus Explained (Infographic)]


The Hawthorne, Calif.-based Space Exploration Technologies (SpaceX) is the other company with a NASA contract for unmanned space station deliveries. SpaceX has a $ 1.6 billion contract to fly at least 12 missions to the space station using its Dragon space capsules and Falcon 9 rocket. The company launched both a test flight and a bona fide delivery mission to the space station in 2012. The second delivery flight under the contract is slated to launch on March 1.


“This pad test is an important reminder of how strong and diverse the commercial space industry is in our nation,” Phil McAlister, director of Commercial Spaceflight Development at NASA Headquarters in Washington, said in a statement. “A little more than one year after the retirement of the space shuttle, we had a U.S company resupplying the International Space Station. Now, another is taking the next critical steps to launch from America’s newest gateway to low-Earth orbit.”


With the retirement of NASA’s space shuttle fleet in 2011, the space agency is relying on new private rockets and spacecraft to ferry cargo — and eventually astronauts — to and from low-Earth orbit. NASA is currently dependent on Russia, Europe and Japan for cargo deliveries to the space station. Russia’s Soyuz spacecraft are the only vehicles currently available to ferry astronauts to and from the station.  


Orbital’s engine Friday test marked the company’s second attempt to check the Antares rocket’s dual AJ26 rocket engines, which are designed to provide 680,000 pounds of thrust. A first attempt on Feb. 13 was aborted before engine ignition due to a “low pressurization” detection during a nitrogen purge in the rocket’s aft engine compartment, Orbital officials said in an update.


Orbital officials are now working toward test flights of the Antares rocket and its Cygnus spacecraft. The first demonstration flight falls under a separate contract for NASA’s Commercial Orbital Transportation Services program, and is expected to launch later this year.


This story was updated Saturday at 6 a.m. ET to include information on the success of Friday’s Antares rocket engine test and comments from NASA and Orbital Sciences.


You can follow SPACE.com Managing Editor Tariq Malik on Twitter @tariqjmalik. Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock futures rise after HP earnings, German data

NEW YORK (Reuters) - Stock index futures rose on Friday, indicating the S&P 500 may halt a two-day losing skid, boosted by positive economic data from Europe and better-than-expected earnings from Hewlett-Packard.


The S&P 500 <.spx> has dropped 1.9 percent over the past two sessions, its worst two-day drop since early November, putting the index on pace for its first weekly decline of the year. The retreat was triggered by minutes from the Federal Reserve's January meeting released earlier in the week which suggested stimulus measures may end earlier than thought.


Still, the index is up more than 5 percent for the year and has held the 1,500 support level.


Hewlett-Packard Co climbed 4.7 percent to $17.90 in premarket trading after the No. 1 personal computer maker's quarterly revenue and forecasts beat Wall Street expectations as it continued to cut costs under CEO Meg Whitman's turnaround plan.


The German Ifo business climate indicator for February rose to 107.4, its best one-month rise in more than two years, boosting optimism after Thursday's disappointing PMI data stoked concerns over the euro zone economy.


S&P 500 futures rose 6.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 28 points, and Nasdaq 100 futures added 10.5 points.


Insurer American International Group Inc reported fourth-quarter results that beat analysts' expectations, although Chief Executive Robert Benmosche said some employee bonuses will be smaller this year because the company did not meet all of its performance targets. Shares advanced 3.8 percent to $38.68 in premarket trading.


Marvell Technology Group Ltd rose 4.5 percent to $9.90 in premarket trade after the chipmaker forecast results this quarter that were largely above analysts' expectations as it gained market share in the hard-disk drive and flash-storage businesses.


Fellow chipmaker Texas Instruments Inc raised its quarterly dividend by a third and said it would buy back an additional $5 billion in stock.


According to Thomson Reuters data through Thursday morning, of 427 companies in the S&P 500 that have reported results, 69.3 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.9 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


European shares advanced after the better-than-expected German survey, with the pan-European FTSEurofirst 300 index <.fteu3> up 1.1 percent. <.eu/>


Asian shares recouped some of the previous session's steep falls as investors reassessed concerns that the Federal Reserve may end its ultra-soft monetary policy earlier than expected, but weak U.S. and European data capped Friday's recovery.


(Editing by Bernadette Baum)



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Who Is Ernest Moniz, Obama’s Likely Pick for Energy Secretary?









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Stock futures decline ahead of CPI, initial claims data

NEW YORK (Reuters) - U.S. stock index futures fell on Thursday, indicating the S&P 500 would extend declines after its biggest percentage drop in three months a day earlier, ahead of data on the labor and housing markets.


A flurry of economic data is due, which investors will peruse for signs of economic progress, including weekly initial jobless claims at 8:30 a.m. ET (1330 GMT). Economists in a Reuters survey forecast a total of 355,000 new filings compared with 341,000 in the prior week.


The January consumer price index is also due at 8:30 a.m., with estimates calling for a 0.1 percent increase compared with an unchanged reading in December. Excluding volatile food and energy items, CPI is expected to have risen 0.2 percent compared with a 0.1 percent increase in the previous month.


The benchmark S&P index <.spx> dropped 1.2 percent on Wednesday, its biggest decline since November 14, after minutes from the U.S. Federal Reserve's most recent meeting suggested the central bank may slow or stop buying bonds sooner than expected.


The Fed has used quantitative easing, or QE, since 2008 in a bid to stimulate the economy. The policy, which involves expanding the Fed's balance sheet to buy bonds, has been credited with pushing money into the stock market, and its withdrawal would remove a ballast for the markets.


"The fundamentals, while they are not terrible and they are not degrading, they haven't exactly been worth paying up for these stocks - just the promise of QE drove them. And it's going to work the other way, the promise of QE stopping might do the inverse," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.


"What the Fed is really trying to do is to make sure the data we are looking for today - real economic data - can take the place of the manufactured economic data, which is the Fed buying."


At 8:58 a.m. (1358 GMT), information services company Markit releases U.S. flash Markit Manufacturing PMI for February. Economists in a Reuters survey forecast a reading of 55.5 compared with 55.8 in the final January release.


Wal-Mart Stores Inc edged up 0.4 percent to $69.50 in premarket trading after the world's largest retailer reported a larger-than-expected rise in quarterly profit and raised its dividend payout.


S&P 500 futures fell 4.3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 34 points, and Nasdaq 100 futures dropped 12.5 points.


VeriFone Systems Inc tumbled 36.8 percent to $20.16 in premarket trading after the credit card swipe-machine maker forecast first and second-quarter profit that were well below analysts' expectations.


Berry Petroleum Co jumped 14 percent to $44 in premarket trading after oil and gas producer Linn Energy LLC said it would buy the company in an all-stock deal valued at $4.3 billion including debt.


Later in the session at 10:00 a.m. (1500 GMT), the National Association of Realtors releases existing home sales for January. Estimates forecast a 4.90 million annualized unit total in January versus 4.94 million annualized units in December.


Also at 10:00 a.m., the Conference Board releases its report on January leading economic indicators. Economists in a Reuters survey forecast a 0.3 percent rise compared with a 0.5 percent increase in December.


According to Thomson Reuters data through Wednesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)



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Drones Large and Small Coming to US






Most of the drones that have begun to appear in the skies above the U.S. homeland don’t resemble the Predators or Reapers flown by the U.S. military and CIA above Afghanistan and Pakistan. Instead, these smaller versions of flying, unmanned vehicles almost rival the animal kingdom in their diversity.


Government agencies such as NASA and U.S. Customs and Border Protection operate aircraft-size military drones that take off from runways like airplanes. Labs in the United States have even built tiny drones that look like hummingbirds. But most drones resemble the radio-controlled aircraft and toy helicopters flown by hobbyists for decades, capable of taking off horizontally, vertically or by being thrown into the air like a trained falcon or hawk.






“To say they’re all the same is not accurate at all,” said Kevin Lauscher, an industrial sales representative for Draganfly Innovations Inc.


The U.S. Federal Aviation Administration does not plan to permit drones armed with weapons in U.S. civilian airspace, according to an official quoted by the Washington Times. But state agencies, sheriff’s offices and universities have already found more widespread use for drones that carry cameras for taking photos or video from above.


“If you look at the capabilities, there are small, quad helicopters and rotor helicopters that can be fitted with a camera and fit in the palm of your hand,” Lauscher told TechNewsDaily. “They go all the way up [in size] to a Global Hawk,” which is a relatively large military drone.


Draganfly Innovations builds small drones weighing less than 5 pounds that fly under the control of a human operator using two joysticks. The Canadian company has sold some drones to law enforcement for taking pictures or video of traffic accidents or crime scenes, as well as aiding SWAT teams preparing to storm a building or housing compound. [7 Next Generation UAVs]


But law enforcement represents a relatively small part of Draganfly’s business. Many more clients use drones to cheaply inspect the exterior of huge factories, manufacturing facilities or construction sites. Drones could even help check on tall structures such as wind turbines, Lauscher said.


FAA drone license applications tracked by the Electronic Frontier Foundation, a nonprofit digital rights organization, suggest many other possible uses. Some U.S. states have begun considering drones for checking on highway traffic conditions, inspecting bridges and fighting wildfires. U.S. corporations, such as FedEx, have already begun planning for the day when drones could deliver packages.


Unlike free-flying birds, practically every unmanned aerial vehicle known as a drone flies under some form of human remote control. But university labs have already shown how pre-programmed drones can carry out intricate flight patterns, and military-grade drones have emergency backup routines in case they lose the signal connection to their human operators.


Bird watchers accustomed to spotting a gaggle of geese or a murder of crows may someday spot similar groupings of drones. Such drone swarms will likely use advanced forms of today’s artificial intelligence programs to coordinate their missions without precise human control, a future with possibilities both delightful and daunting.


“Can drone technology be abused? Absolutely,” Lauscher said. “Can they be beneficial and save lives? Absolutely.”


This story was provided by TechNewsDaily, a sister site to LiveScience. You can follow TechNewsDaily Senior Writer Jeremy Hsu on Twitter @jeremyhsu. Follow TechNewsDaily on Twitter @TechNewsDaily, or on Facebook.


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock futures edge lower ahead of data, Fed minutes

NEW YORK (Reuters) - U.S. stock index futures edged lower on Wednesday, ahead of data on the housing market and inflation, as well as minutes from the Federal Open Market Committee's January meeting.


Housing starts and permits for January along with the January producer price index are due at 8:30 a.m. (1330 GMT).


Economists in a Reuters survey forecast the housing starts data to show a 925,000-unit annualized rate in January versus 954,000 in December, and a total of 915,000 permits in January compared with 909,000 in the prior month.


PPI is expected to show a 0.4 percent rise after a 0.3 percent drop in December. Excluding volatile food and energy items, PPI is expected to rise 0.2 percent versus a 0.1 percent increase in December.


Later in the session, investors will look to the minutes from the Fed's January meeting for any clues on how long the current monetary policy will remain in effect.


"We have several economic pieces of news today and of course the one that is eyed the most is going to be the FOMC minutes," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.


"Housing starts is in play and the earlier data probably will set the stage for the market to perhaps continue yesterday's rally but the key will be the FOMC minutes."


U.S. stocks moved closer to all-time highs on Tuesday, as the ongoing flurry of merger activity to start the year has helped buoy equities from a pullback.


An expected deal that helped lift the market on Tuesday was confirmed on Wednesday when Office Depot Inc said it had reached a definitive deal to buy smaller rival OfficeMax Inc in a bid to get more clout with suppliers and better compete against rival Staples Inc .


Office Depot shares jumped 14.5 percent to $5.75 before the opening bell while OfficeMax surged 15.4 percent to $15. Staples shares gained 2.7 percent to $15.05.


The S&P 500 <.spx> is up 7.4 percent for the year, fueled by legislators' ability to sidestep an automatic implementation of spending cuts on tax hikes on January 1, better-than-expected corporate earnings and modestly improving economic data that has been tepid enough for the Fed to maintain its stimulus policy.


S&P 500 futures slipped 1.4 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 1 point, and Nasdaq 100 futures shed 3.75 points.


As earnings season winds down, S&P 500 companies set to report include Devon Energy Corp and Fluor Corp .


Toll Brothers Inc lost 4.6 percent to $35.20 in premarket trade after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.


SodaStream dropped 5 percent to $49.82 in premarket after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.


According to Thomson Reuters data through Tuesday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


European shares dipped on Wednesday, consolidating after a steep rally in the previous session as investors were confronted with news of weak earnings, though some expected further near-term gains. <.eu/>


Asian shares scaled their highest levels since August 2011 after an improving global economic outlook whetted investor appetite for risk, while the yen firmed amid doubts over Japan's commitment to drastic reflation.


(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)



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Singer Morrissey requests meat-free venue for Los Angeles concert






LOS ANGELES (Reuters) – British singer Morrissey has convinced a Los Angeles concert venue to not sell meat at concessions during his performance next month.


The longtime animal rights activist and former singer for 1980s rock group The Smiths urged the Staples Center arena to shutter the concession stands of fast food chain McDonald’s and to halt the sale of meat by other outlets at the venue for his March 1 performance.






“I don’t look upon it as a victory for me, but a victory for the animals,” the “Irish Blood, English Heart” singer said in a statement released on Monday.


Staples Center operator Anschutz Entertainment Group and its promoter subsidiary Goldenvoice will donate a portion of ticket sales from the show to animal rights group PETA, Morrissey said.


Morrissey, 53, who co-wrote The Smiths’ 1985 song “Meat Is Murder,” postponed a series of concerts on his North America tour last month after being hospitalized for a bleeding ulcer.


He is expected to relaunch the tour with a performance on U.S. late-night talk show “Jimmy Kimmel Live!” next week.


(Reporting by Eric Kelsey; Editing by Jill Serjeant and Stacey Joyce)


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Stock futures rise on deals, extend seven-week rally

NEW YORK (Reuters) - Stock index futures advanced on Tuesday, indicating the S&P 500 will build on its seven-week winning streak on optimism about M&A activity and before data on the housing market.


The S&P 500 <.spx> has risen for seven straight weeks, its longest streak since January 2011, and is up 6.6 percent for the year.


The strong start to the year was fueled by legislators in Washington temporarily averting a series of automatic spending cuts and tax hikes as well as better-than-expected earnings and economic data. The Federal Reserve's stimulus policy has also been a major factor.


But further gains for the benchmark S&P index have been a struggle as investors look for new catalysts to lift the index, which hovers near five-year highs.


The compromise by lawmakers on across-the-board spending cuts, known as sequestration, only postponed until March 1 a resolution to the congressional budget fight.


The uptick in merger and acquisition activity, a sign of optimism about the outlook on Wall Street, has resulted in more than $158 billion in deals announced so far in 2013.


"The firm market tone continues, fueled by a lack of negative surprises as well as an increase in M&A activity, adding confidence to market valuations," said Andre Bakhos, director of market analytics at Lek Securities in New York.


"The market has been able to shrug off minor negatives as it looks ahead to a potential bigger hurdle in the sequestration -until then, the situation looks stable."


Office Depot Inc surged 26.1 percent to $5.79 in premarket trading after a person familiar with the matter said the No. 2 U.S. office supply retailer is in advanced talks to merge with smaller rival OfficeMax Inc and a deal could come as early as this week. OfficeMax shares jumped 13.7 percent to $12.22 before the opening bell.


Economic data on tap includes the National Association of Home Builders/Wells Fargo index on housing sales for February at 10 a.m. (1500 GMT). Economists in a Reuters survey expect a reading of 48 compared with 47 in January.


Improving housing data has been cited by analysts as one of the key factors in the stock market rally.


S&P 500 futures rose 3.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 22 points and Nasdaq 100 futures added 5.75 points.


Computer maker Dell reports fourth-quarter results, expected to show earnings per share fall to $0.39 from $0.51 one year earlier. Analysts will have their first chance to question management on a buyout deal struck earlier this month by Chief Executive Michael Dell, private equity firm Silver Lake and Microsoft .


According to the Thomson Reuters data through Friday, of the 388 companies in the S&P 500 that have reported results, 69.8 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


European shares rose on Tuesday, lifted by gains at food group Danone and fresh signs of a German economic recovery, although broader market sentiment remained cautious ahead of Italian elections this weekend. <.eu/>


Philippine and Australian shares scaled new heights, but other Asian shares were mixed, with worries about an inconclusive outcome in Italy's election and U.S. budget talks.


(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Kenneth Barry)



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