Stocks end day mixed; S&P slightly below record

JeeYeon Park , CNBC ? ? ? 8 hrs.

Stocks recovered most of their earlier losses to close narrowly mixed Wednesday, with the S&P 500 finishing slightly below its closing high, as ongoing economic and political concerns over Europe kept a lid on gains.

(Read More: It's Back! Dark Clouds From Europe Stall US Bull Run)

The Dow Jones Industrial Average shaved most of its early losses. JPMorgan led the blue-chip laggards, while Intel gained. The Dow was down as much as 120 points earlier before recovering.

The S&P 500 and the Nasdaq erased most of their losses to close narrowly mixed. The S&P has zigzagged between gains and losses for the last seven sessions.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near.

Major averages ended near their best ever levels on Tuesday, with the Dow posting a new high and S&P 500 finishing less than 2 points from its closing peak.

(Read More:Bulls Revved Up to Take Out Next Stocks Milestone)

Among key S&P sectors, telecoms were lower, while health care rose.

On the economic front, pending home sales slid 0.4 percent in February, according to the National Association of Realtors. Economists polled by Reuters expected a 0.2 percent decline, compared with a 4.5 percent rise in the prior month.

(Read More: Housing Headwinds Still Exist: Shiller)

In Europe, political deadlock continued in Italy as the country's main leadership candidate Pier Luigi's Bersani reportedly said that only an "insane person" would want to govern the nation now, adding that Italy is "in a mess and faces a difficult year ahead."

Bersani made the remark after the anti-establishment "Five Star Movement" party headed by comedian Beppe Grillo again refused to form a coalition government with Bersani, thwarting his latest attempts to form a governing alliance.

(Read More: Hey Euro Zone, You Overrate Yourself: Moody's)

A political stalemate since its inconclusive elections in late February has spiked concerns over how the country will handle its growing debt problems. Italy paid more to borrow over five years than it has since October at its latest auction, indicating worries over its financial situation.

The euro extended its losses below $1.28 against the U.S. greenback, its lowest level since late November.

Elsewhere in Europe, Cyprus is finalizing financial control measures to prevent a run on its banks, which have been shut for a week since the country agreed to a conditional 10 billion euro ($12.8 billion) bailout from international lenders. Cypriots have been lining up to withdraw cash from ATMs, with limits at 100 euros a day for some banks.

"Banks will open on Thursday ... We will look at the best way to limit the possibility of large sums of money leaving, and not imposing punitive conditions on the economy, businesses and individuals," Cypriot Finance Minister Michael Sarris said in an interview on Cypriot television.

"Cyprus is a reason to remind investors that Europe is a source of risk, but I'm not sure Cyprus itself is going to be enough [for a market pullback from the recent run-up]," said Thomas Lee, chief U.S. equity strategist at JPMorgan. "The big picture still points to a major secular bull market being underway, with at least another four years left, led by durable goods."

Trading is likely to be thin ahead of the three-day Easter weekend. U.S. markets will be closed Friday for Good Friday.

Comcast edged higher after the Supreme Court ruled in favor of the cable company in an antitrust case over how much the company charged subscribers. (Comcast is the parent company of NBCUniversal.)

Wal-Mart declined after the world's largest retailer said that probes into alleged foreign bribery at its stores are likely to result in a financial loss. Separately, the company said it would start using stores to get Internet orders to shoppers faster, amid growing competition from online rivals such as Amazon.com.

Boeing edged lower as its 787 Dreamliners face a temporary ban on some of the transocean flights, which would be a costly new challenge for the company.

Cliffs Natural Resources plunged to lead the S&P 500 laggards after Morgan Stanley downgraded the iron ore and metallurgical coal producer to "underweight" from "equal-weight." Rivals Alpha Natural Resources and Peabody Energy also traded lower.

Mattress Firm soared more than 10 percent after the mattress maker provided solid guidance for fiscal 2013. In addition, Raymond James upgraded the company to "outperform" from "market perform." Other mattress companies bounced higher, including Tempur-Pedic and Select Comfort.

Weekly mortgage applications rebounded last week as interest rates pulled back for the first time in three weeks, according to the Mortgage Bankers Association.

Paychex and Red Hat are among notable companies scheduled to report earnings after the closing bell.

Earlier, Boston Fed President Eric Rosengren supported the central bank's asset purchase program, saying it is having the desired impact of speeding up the pace of the recovery and should be continued through the end of the year. Meanwhile, Cleveland Fed President Sandra Pianalto said the Federal Reserve should consider tapering off the pace of its bond-buying stimulus plan if the U.S. economy continues to show signs of improvement.

And Minneapolis Fed President Narayana Kocherlakota said the Fed should ease monetary policy further to bring the unemployment rate down at a faster rate. Kocherlakota expects the jobless rate to be close to 7 percent by the end of 2014, and forecasts growth around 2.5 percent this year and 3 percent next year.

Treasury prices held their gains after the government auctioned $35 billion in 5-year notes at a high yield of 0.760 percent. The bid-to-cover ratio, an indicator of demand, was 2.73.

(Read More: Global 'Triple-A Ratings Club' Shrinks 60 Percent)

?By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

? 2013 CNBC LLC. All Rights Reserved

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Citigroup looks to cut cash holdings to boost earnings

By David Henry

NEW YORK (Reuters) - Citigroup Inc is considering cutting its cash on hand by about $35 billion, which should help the bank buy higher yielding assets or redeem expensive debt to boost earnings.

Making the change will signal that the management of the third-largest U.S. bank by assets, which had to be rescued three times by the U.S. government in the financial crisis, is increasingly confident that its worst troubles are well behind it.

The move could give a 2 percent boost to Citigroup's bottom line this year and keep the bank's lending margins relatively strong even as competitors suffer from low interest rates.

The bank has enough liquid assets to cover an estimated 37 days of the cash drain expected in a scenario of acute stress under pending new regulations, based on Citi's financial reports through December. Treasurer Eric Aboaf and other executives would like to reduce that to about 33 days of coverage, or 10 percent more than is to be required under the new international rules known as the Basel III liquidity coverage ratio.

"In the framework of managing a company efficiently, that would be a good thing to do" over the next year or so, Aboaf told Reuters in an interview.

While the move would reduce the bank's pool of cash and liquid assets by about 10 percent, Citigroup would still have 10 percent more liquidity than regulators say they will demand. JPMorgan Chase & Co, which analysts and investors often see as a stronger bank than Citigroup, is below the pending regulatory minimum.

Citigroup may feel more confident, but the bank is also leaving itself a little more vulnerable to big swings in markets and economies around the world. Cash on hand is critical for staving off runs on the bank during bad times.

The Federal Reserve has not commented publicly on Citigroup's liquidity, but earlier in March it approved the company's capital plan as strong enough to withstand a stress test. The U.S. regulator is part of the international body that has drafted the new liquidity requirement that Citigroup exceeds.

"At the moment it is appropriate for Citi to take down their cash, but if we end up with very volatile capital markets and Citi is caught in that, then people will start to question them," said Charles Peabody of Portales Partners, a research firm for institutional investors.

Given Citi's huge problems in recent years it might seem surprising that it has so much leeway to reduce cash. By contrast JPMorgan, which maneuvered through the financial crisis less scathed than most major U.S. banks, has estimated it is 17 percent short of the expected Basel III levels, which are to be phased in by 2019.

Citigroup has had to be more conservative than JPMorgan because investors and regulators were less confident in it, but Citi's fortunes have turned, thanks in part to the U.S. housing market stabilizing.

During the financial crisis, while Citigroup struggled to survive, the U.S. authorities turned to JPMorgan to help them salvage failed financial institutions.

Even as recently as a year ago, Moody's Investors Service cut Citigroup's ratings as part of a broader financial services review globally. In March of last year, the Federal Reserve publicly rejected Citigroup's capital plan. It was a blow to confidence in the bank, as well as a sign of Citigroup's strained relationships with regulators. Executives at Citigroup had other reasons to be cautious too, including the European debt crisis, and the bank's portfolio of troubled mortgage assets left from the financial crisis.

But in recent months, the tide has turned. The bank has changed its leadership, pushing out Vikram Pandit and bringing in Michael Corbat, who has been assiduously building bridges with regulators. With the U.S. housing market starting to recover, the bank's losses on its portfolio of bad assets are abating, and the bank passed the Fed's stress test this year. In fact, that test suggested that Citigroup is safer than JPMorgan now. The regulator approved a plan for Citigroup to return $1.2 billion of additional capital to shareholders.

The bank's liquidity pool has reflected this shift. At the end of March 2012, Citigroup had $421 billion of cash on deposit at central banks and other unencumbered liquid assets, enough to cover about 43 days of acute stress and equal to about 22 percent of the bank's total assets, more than twice the percentage at the end of 2007 when the financial crisis had just taken hold.

In the middle of last year, as things started looking up for the bank, it quietly began to tap its liquidity, a move that accelerated in the fourth quarter as the company reduced its long-term debt by $32 billion and cut interest expense.

The draw left Citigroup's pool of liquid assets at $354 billion at year-end, $67 billion less than in March last year, but still at a level that CreditSights senior analyst David Hendler calls "robust."

"You really don't need that much liquidity," said a bond investor at a large money management firm who buys Citi debt and who declined to be named. He called the pile "excessive."

Citigroup had $1.86 trillion of assets at the end of December.

TURNING TIDE

With Citigroup lowering its cash holdings in the fourth quarter, the bank managed to lift its interest profit margin, known as its net interest margin, even as JPMorgan's margin fell.

Much the same could happen in coming quarters. While Citigroup has not committed to exactly when it will bring its liquidity down and by how much, the company, in contrast to JPMorgan, has guided analysts to expect steady interest profit margins, in the face of industry-wide low rates.

Those stable margins will help the bottom line. Drawing down the $35 billion of excess liquidity could easily save $350 million of interest expense, or about two percent of 2013 earnings, said Moshe Orenbuch, a bank analyst at Credit Suisse. The gains could be greater if the company were able to use the cash to make loans with attractive yields, he said.

In contrast, JPMorgan, which has not been under pressure to hold so much cash, is now increasing its holdings. Its Chief Financial Officer Marianne Lake told analysts in February that the company can quickly reach the liquidity requirements by steps including cashing out longer-term securities and taking in more deposits. JPMorgan intends to reach the minimum by year-end, the company said in a filing. But a measure of the bank's lending profitability, known as net interest margin, will suffer as a result, Lake said.

JPMorgan has accelerated plans to meet other upcoming Basel III requirements since losing $6.2 billion in its "London Whale" derivatives trades last year.

A JPMorgan spokesman declined to comment for this story.

Morgan Stanley has said its liquidity exceeds 100 percent of the new Basel III requirement, while Bank of America Corp and Goldman Sachs Group Inc have yet to disclose their liquidity scores under the new requirements.

How good the regulators' new liquidity requirements are at showing which banks are safe won't be known for sure until they are tested in a crisis, analysts said.

The new requirements were drafted after the 2008 bankruptcy of Lehman Brothers, which happened as executives of the investment bank insisted they had more than enough liquidity.

But the sums Lehman said were available included securities that were pledged as collateral on derivatives trades, as well as instruments that could not be quickly turned into cash to pay creditors, according to a report by an examiner appointed by the bankruptcy court in the case.

Aboaf of Citigroup, which held some of Lehman's collateral, said none of the assets his bank counts as liquid are encumbered. (Reporting by David Henry in New York; Editing by Claudia Parsons)

Source: http://news.yahoo.com/citigroup-looks-cut-cash-holdings-boost-earnings-065958504--sector.html

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American Idol Results: Who's Out? Who's in the Top 8?

Source: http://www.thehollywoodgossip.com/2013/03/american-idol-results-whos-out-whos-in-the-top-8/

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Want To See Pictures Of Twitter's Office Visitors? Meet @Twisitor

There are Twitter accounts for almost everything these days. Some people I know have accounts set up for their pets, then there are toasters, beds, drones and so on. The company itself has a fun account called @Twisitor, which was a project built during one of Twitter’s quarterly hackweeks. There’s a camera in the lobby of Twitter’s new San Francisco office and it will snap a photo of anyone who stands in front of it. Once it does that, guess what’s next? You guessed it, a tweet goes out from the Twisitor account. It’s a great representation of the culture at Twitter, where its employees eat its own dogfood, or in this case…birdfood. Its first tweet was from January 11th, so it’s still relatively new. I’ve been to quite a few tech startup offices and each has its own bit of style and flair. When you go to Facebook, there’s always a video of someone on the team talking about the company, at Google there’s usually some comfy couches to sit on with free WiFi to use but Twitter takes the cake with Twisitor. Here are a few sample tweets from those who have visited the flock: There’s even an account that follows Twisitor, called TwisitorCameo, which points out all of the people that were unnamed in the background of photos. It’s interesting to see internal culture showcased publicly on the service that these employees work really hard on building. The hacked project was built by Mo Kudeki, an International Engineer at Twitter, along with @nick, @wyz, @marcelduran and a few other folks. The neat part about hackweek, I’m told, is that teams are comprised of employees all over the company. I’ve been hot on Twisitor’s tracks for some time, but this tweet from her filled in some color as to where the camera is in the lobby, nestled inside of a birdhouse, where people stand to get their picture taken: If you’d like to see tweets from other parts of Twitter’s office, you can follow Twoffice and Lawrence T. Bird.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/a4-0XoVuKVY/

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The Democrats? Job-Destroying, Wealth-Destroying Budget (Powerlineblog)

Share With Friends: | | Politics - Top Stories News, RSS and RSS Feed via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/293498879?client_source=feed&format=rss

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China's glamorous new first lady an instant internet hit

By Ben Blanchard

BEIJING (Reuters) - With a smile on her face, dressed in a simple black peacoat and carrying an elegant unbranded bag, China's new first lady, Peng Liyuan, stepped into the international limelight on Friday and became an instant internet sensation back home.

Stepping off the aircraft in Moscow - the first stop of President Xi Jinping's maiden foreign trip since assuming office - Peng's glamorous appearance and obvious affection for her portly husband caused Chinese microbloggers to swoon.

"So beautiful, Peng Liyuan, so beautiful! How composed, how magnanimous," wrote one user on China's popular Twitter-like service Sina Weibo.

"Who could not love such a lady as this and be insanely happy with her?" wrote another.

Taobao, an online shopping site similar to eBay and Amazon, quickly began offering for sale coats in the same style of Peng's, advertising it as "the same style as the first lady's".

Others wondered what brand her bag and shoes were.

"Her shoes are really classic, and who designed her bag?" wrote a third Weibo user.

Peng is best known in China as a singer, and for many years was arguably better known and certainly more popular than her husband.

People who have met her and know her say that Peng is vivacious and fun to be around, though she was ordered to take a back seat after Xi became vice president in 2008 as he was being groomed for state power.

But she is expected to be given high-profile events of her own to attend on Xi's sweep through Russia, Tanzania, South Africa and the Republic of Congo on a week-long trip, as the government tries to soften the image of China abroad.

Peng has won praise for her advocacy for pet causes, most notably for children living with HIV/AIDS, and may visit charities related to this while abroad.

Unlike the baby-kissing politicians of the West, China's Communist Party works hard to keep its top leaders from appearing too human - to the point that for many, even their official birthdates and the names of their children are regarded as a state secret.

Xi and Peng are different. Their romance has been the subject of dozens of glowing reports and pictorials in state media.

"When he comes home, I've never thought of it as though there's some leader in the house. In my eyes, he's just my husband," Peng gushed in an interview with a state-run magazine in 2007, describing Xi as frugal, hardworking and down-to-earth.

Peng is Xi's second wife, and the two have a daughter studying at Harvard under an assumed name. Xi divorced his first wife, the daughter of a diplomat.

Chinese first wives have traditionally kept a low profile over the past few decades, because of the experience of Jiang Qing, the widow of the founder of Communist China, Mao Zedong.

Jiang was the leader of the "Gang of Four" that wielded supreme power during the 1966-76 Cultural Revolution. She was given a suspended death sentence in 1981 for the deaths of tens of thousands during that period of chaos.

(This story corrects the year Xi became vice president to 2008)

(Additional reporting by Megha Rajagopalan and Beijing newsroom, and Anita Li in SHANGHAI; Editing by Nick Macfie)

Source: http://news.yahoo.com/chinas-glamorous-first-lady-instant-internet-hit-121341338.html

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Pain reliever shows anti-viral activity against flu

Mar. 21, 2013 ? The over-the-counter anti-inflammatory drug naproxen may also exhibit antiviral activity against influenza A virus, according to a team of French scientists. The finding, the result of a structure-based investigation, is published online ahead of print in the journal Antimicrobial Agents and Chemotherapy.

New influenza vaccines must be developed annually, because the surface proteins they target mutate rapidly, the way cars used to get a whole new look every year. The researchers, led by Anny Slama-Schwok of the Institut National de la Recherche Agronomique, Jouy en Josas, France, found a much more stable, reliable target for anti-influenza activity. The so-called ribonucleoprotein complexes are necessary for replication, and the researchers realized they could target the nucleoprotein, preventing assembly of the complexes. Because of its vital function, the nucleoprotein is highly conserved, making it a good potential target for antiviral drugs.

The nucleoprotein's three dimensional structure, solved in 2006, provided the basis for searching for new drugs that could interfere with its action. The researchers did a virtual screening within the Sigma-Aldrich online catalog of biochemicals. That screening identified Naproxen, better known as the over-the-counter pain reliever Aleve, and as expected, it bound to the nucleoprotein, and impeded RNA binding, says Slama-Schwok. In further testing, it reduced the viral load in cells infected with H1N1 and H3N2 influenza A virus, and in mice it demonstrated a therapeutic index against influenza A that was superior to that of any other anti-inflammatory drug.

Specifically, naproxen blocks the RNA binding groove of the nucleoprotein, preventing formation of the ribonucleoprotein complex, thus taking the vital nucleoproteins out of circulation. The researchers write that naproxen is a lead compound for drug development that could be improved by tweaking the molecule to boost its ability to bind to nucleoprotein.

As an already approved drug, naproxen could become a treatment against influenza relatively quickly, the researchers write. Its status as a non-steroidal anti-inflammatory drug (NSAID), which inhibits the COX-2 pathway, as well as an antiviral would boost its efficacy.

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Story Source:

The above story is reprinted from materials provided by American Society for Microbiology, via EurekAlert!, a service of AAAS.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.

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Journal Reference:

1. N. Lejal, B. Tarus, E. Bouguyon, S. Chenavas, N. Bertho, B. Delmas, R. W. Ruigrok, C. Di Primo, A. Slama-Schwok. Structure-based discovery of the novel antiviral properties of naproxen against the nucleoprotein of Influenza A virus. Antimicrobial Agents and Chemotherapy, 2013; DOI: 10.1128/AAC.02335-12

Note: If no author is given, the source is cited instead.

Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_science/~3/BESpgti4aGs/130321151926.htm

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