Five accused in India rape case charged in court


NEW DELHI (Reuters) - Five men accused of raping and murdering an Indian student were read the charges in a near-empty courtroom on Monday after the judge cleared out lawyers for bickering over whether the men deserved a defense.


The 23-year-old physiotherapy student died two weeks after being gang-raped and beaten on a moving bus in New Delhi, then thrown bleeding onto the street. Protests followed, along with a fierce public debate over police failure to stem rampant violence against women.


With popular anger simmering against the five men and a teenager accused in the case, most lawyers in the district where the trial will be held refuse to represent them.


Before the men arrived for a pre-trial hearing on Monday, heckling broke out in a chamber packed with jostling lawyers, journalists and members of the public after two of the lawyers, Manohar Lal Sharma and V. K. Anand, offered to defend the men.


"We are living in a modern society," declared Lal Sharma, defending his decision. "We all are educated. Every accused, including those in brutal offences like this, has the legal right ... to defend themselves."


One woman lawyer prodded V. K. Anand in the chest, saying: "I'll see how you can represent the accused."


Unable to restore order, presiding magistrate Namrita Aggarwal ordered everyone to leave except the prosecution, and set police to guard the entrance.


She said the trial would now be held behind closed doors because of the sensitivity of the case.


FACES COVERED


Reuters video images showed the men stepping out of a blue police van that brought them from Tihar jail and walking, their faces covered, through a metal detector into the South Delhi court building.


The court was across the street from the cinema where the victim watched a film before she was attacked on her way home.


Aggarwal gave the men copies of the charges, which include murder, rape and abduction, a prosecutor in the case told Reuters.


Police have conducted extensive interrogations and say they have recorded confessions, even though the men have no lawyers.


If the men, most of them from a slum neighborhood, cannot arrange a defense, the court will offer them legal aid before the trial begins.


Two of them, Vinay Sharma and Pawan Gupta, have offered to give evidence against the others - Mukesh Kumar, Ram Singh and Akshay Thakura - possibly in return for a lighter sentence.


Mohan, describing what he called a heinous crime, said: "The five accused persons deserve not less than the death penalty."


The case has sharpened long-standing anger against the government and police for a perceived failure to protect women.


A male friend who was assaulted with the woman on December 16 said on Friday that passers-by left her unclothed and bleeding in the street for almost an hour and that, when police arrived, they spent a long time arguing about where to take them.


The woman lived for two weeks after her attack, dying in a Singapore hospital where she had been taken for treatment.


FAST-TRACK COURT


Aggarwal said the next hearing would be on January 10. The case is due to move later to another, fast-track court set up since the woman was attacked to help reduce a backlog of sex crime cases in Delhi.


Legal experts say the lack of representation for the five men may give grounds for appeal if they are found guilty. Convictions in similar cases have often been overturned years later.


Some legal experts have also warned that previous attempts to fast-track justice in India in some cases led to imperfect convictions that were later challenged.


The sixth member of the group alleged to have lured the student and a male friend into the private bus is under 18 and will be tried in a separate juvenile court.


The government is aiming to lower the age at which teenagers can be tried as adults, acknowledging public anger that the boy will face a maximum three-year sentence.


The victim was identified by a British newspaper at the weekend but Reuters has opted not to name her.


Indian law generally prohibits the identification of victims of sex crimes. The law is intended to protect victims' privacy and keep them out of the glare of media in a country where the social stigma associated with rape can be devastating.


The dead woman's father repeated on Monday that he wanted her identified and said he would be happy to release a photograph of her.


"We don't want to hide her identity. There is no reason for that. The only condition is it should not be misused," he told Reuters.


He said he was confident the trial would be quick and reiterated a call that the perpetrators be hanged.


(Writing by Frank Jack Daniel; Editing by Robert Birsel and Tom Pfeiffer)



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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Ray Lewis punches dance card for last time


BALTIMORE (AP) — Ray Lewis began his final playoff run with one last dance in the home of the Baltimore Ravens.


The 37-year-old Lewis will end his 17-year NFL career after the Ravens complete a postseason that began with Sunday's first-round game against the Indianapolis Colts.


Lewis returned to his middle linebacker position after a 10-week absence. Minutes before the opening kickoff, Lewis thrilled the sellout crowd during introductions by coming out of the tunnel and gyrating to the tune "Hot in Herre."


Hundreds of fans had their cellphones raised to either take a picture or videotape the moment.


Lewis does the dance only before home games, and this was Baltimore's last this season at M&T Bank Stadium.


If the Ravens don't win Sunday, it will be Lewis' final game. If they beat the Colts, the Ravens will next play on Saturday in Denver.


Lewis concluded pre-game warmups by addressing the entire team on the 5-yard line. After his short speech, Lewis hugged a few teammates, mingled with a few people in the crowd and jogged to the sideline, where he engaged in a lengthy embrace with NFL Commissioner Roger Goodell.


Thousands of fans were wearing No. 52 jerseys. Lewis has been a fan favorite in Baltimore since he was selected in the first round of the Ravens' initial draft in 1996.


Ken Malik, 61, wore a purple Lewis jersey and a broad smile.


"It's the end of an era for the Baltimore Ravens," he said. "He's been a great player. He's stood for what the Baltimore Ravens are and what they have been since they (came) to Baltimore."


There is no age limitation for fans of Lewis, who made his NFL debut when Kylie O'Neill-Mullin was 4. She was wearing a long black tunic with Lewis' number on the front and back.


"This is a big deal. It's the last time he'll come out of the tunnel," she said. "It's the last time he'll play on this field. I'm excited to be here."


One fan had a sign with a purple heart and the No. 52 in the middle. Earlier, a helicopter flew overhead with the No. 52 painted on its undercarriage.


Lewis was sidelined since Oct. 14 with a torn right triceps. He worked diligently to return in time for the playoffs, and his hard work paid off.


Lewis was elected to 13 Pro Bowls and is a two-time NFL Defensive Player of the Year. He told his teammates on Wednesday, "This will be my last ride."


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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EPA fracking study may dodge some tough questions






PITTSBURGH (AP) — An ongoing U.S. Environmental Protection Agency study on natural gas drilling and its potential for groundwater contamination has gotten tentative praise so far from both industry and environmental groups.


Glenn Paulson, the EPA‘s science adviser, describes the project as “one of the most aggressive public outreach programs in EPA history.”






The final report won’t come out until late 2014. But a 275-page progress report was released in December and, for all its details, shows that the EPA doesn’t plan to address one contentious issue — how often drinking water contamination might occur.


Congress ordered the EPA to study the potential effects of hydraulic fracturing, or fracking, which entails blasting a mixture of water, sand and hazardous chemicals at underground shale to release the gas or oil captured in the rock.


As a gas rush surged in parts of the Marcellus Shale region that underlies Pennsylvania, New York, Ohio and West Virginia concerns arose for the watershed that provides drinking water for 17 million people from Philadelphia to New York City.


For the study, the EPA is talking to experts from the industry, the environmental community, and universities. It’s conducting its own research and using federal supercomputers to analyze the possibility of contamination.


In the report, the EPA describes what it is and isn’t studying. The agency also indicates its final report won’t provide a measurement of the likelihood of contamination — for example, once every 100,000 wells or once every 1,000.


The industry and many federal and state officials say fracking is safe when done properly, but environmental groups and some scientists contend the risk of contamination is too great.


Earthworks, an environmental group based in Washington, said it welcomes the EPA study but has concerns with plans not to include some probability of groundwater contamination in the final report.


The EPA had planned to do both computer simulations of water contamination and actual field tests at drilling sites. But the agency hasn’t found a drilling company to partner with to test groundwater around a drilling site. That leaves the computer simulations. But the EPA said those won’t be able to address the likelihood of contamination “occurring during actual field operations.”


“In its inability to find a single company willing to test water quality before and after drilling and fracking, the EPA is being thwarted in perhaps the most important part of its study of fracking’s impacts,” Earthworks said in a statement.


“Computer simulations are not enough,” Alan Septoff, a spokesman for Earthworks, said.


He said the EPA study and any future studies should consider the likelihood of water contamination.


The EPA did not immediately respond to requests for comment.


The progress report says the EPA is studying the possible impact on drinking water at several stages of the fracking process: when water is drawn from reservoirs or underground sources and used for fracking; when a chemical mix is injected into the ground to break up rock; when wastewater from fracking is disposed of; how the drilling wells and wastewater-storage wells are constructed; and the potential for toxic fluids to migrate from deep underground to near-surface drinking water supplies.


The American Petroleum Institute, an industry lobby based in Washington, said in a statement that the progress report “is just the first step in a multi-year research study.”


“More collaboration, continued transparency and stakeholder involvement are essential elements for any scientifically sound study, and we hope that the rest of this process remains open and any data released has the necessary context,” API policy adviser Stephanie Meadows said.


Despite its concerns, Earthworks described the EPA study as a positive step.


“It represents a step towards EPA’s first real scientific inquiry into the safety of fracking,” the group said.


___


Online:


http://www.epa.gov/hfstudy/


Energy News Headlines – Yahoo! News





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Storm over Depardieu's 'pathetic' move






STORY HIGHLIGHTS


  • Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu

  • For Depardieu, a public war of words erupted, with many in France disgusted by his move

  • Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier

  • Majority of French people disapprove of his action but can't help loving him, she adds




Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.


Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.


Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.


Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.



Agnes Poirier

Agnes Poirier



For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.


The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.


In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.



In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles



For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.


Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.


If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.


The opinions expressed in this commentary are solely those of Agnes Poirier.






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Man killed in I-94 shooting




















There is one person dead and another injured after a fatal shooting on the Dan Ryan.




















































An early morning shooting on Interstate 94 near Canalport Avenue left a 22-year-old man dead and another man injured, authorities said.


Both men were traveling northbound in a Nissan Sentra when shots rang out about 2:35 a.m., Trooper Ivan Bukaczyk of the Illinois State Police said.


Following the shooting, the damaged car pulled up to Rush University Medical Center, with two of its occupants bleeding from gunshot wounds.








The driver was not hurt in the shooting, according to a police spokeswoman. A fourth person, who was sitting next to the driver at the time of the shooting, fled from the vehicle at some point, according to the spokeswoman.


Police said they believe the shots came from another vehicle but they have been unable to come up with a description of the other vehicle.


The two men who had been shot were rear-seat passengers. The deceased man was sitting directly behind the driver as bullets hit the body and shattered the windows of the vehicle, the spokeswoman said.


Lavonshay Cooper, of the 4200 block of West Cortez Street. was pronounced dead at 3:05 a.m., according to the Cook County medical examiner's office.


The other man who was shot was transferred to John H. Stroger, Jr. Hospital of Cook County, where he was treated and later released, police said. Reports had earlier listed him in critical condition, the spokeswoman said.


State Police officers located the scene of the shooting and were able to collect evidence, Bukaczyk said.


chicagobreaking@tribune.com


Twitter: @ChicagoBreaking






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Assad "peace plan" greeted with scorn by foes


BEIRUT (Reuters) - Syrian President Bashar al-Assad rejected peace talks with his enemies on Sunday in a defiant speech that his opponents described as a renewed declaration of war.


Although the speech was billed as the unveiling of a new peace plan, Assad offered no concessions and even appeared to harden many of his positions. He rallied Syrians for "a war to defend the nation" and disparaged the prospect of negotiations.


"We do not reject political dialogue ... but with whom should we hold a dialogue? With extremists who don't believe in any language but killing and terrorism?" Assad asked supporters who packed Damascus Opera House for his first speech since June.


"Should we speak to gangs recruited abroad that follow the orders of foreigners? Should we have official dialogue with a puppet made by the West, which has scripted its lines?"


It was his first public speech to an audience in six months. Since the last, rebels have reached the capital's outskirts.


George Sabra, vice president of the opposition National Coalition, told Reuters the peace plan Assad put at the heart of his speech did "not even deserve to be called an initiative":


"We should see it rather as a declaration that he will continue his war against the Syrian people," he said.


"The appropriate response is to continue to resist this unacceptable regime and for the Free Syrian Army to continue its work in liberating Syria until every inch of land is free."


The speech was seen by many as a response to U.N. mediator Lakhdar Brahimi, who has been meeting U.S. and Russian officials to try to narrow differences between Washington and Moscow over a peace plan. Brahimi also met Assad in Syria late last month.


"Lakhdar Brahimi must feel foolish after that Assad speech, where his diplomacy is dismissed as intolerable intervention," said Rana Kabbani, a Syrian analyst who supports the opposition.


The United States, European Union, Turkey and most Arab states have called on Assad to quit. Russia, which sells arms to and leases a naval base from Syria, says it backs a transition of power but that Assad's departure should not be a precondition for any talks.


REPETITIONS


Assad's foreign foes were scornful and dismissive of the speech: "His remarks are just repetitions of what he's said all along," said Turkish Foreign Minister Ahmet Davutoglu.


"It seems he's locked himself up in a room and only reads the intelligence reports presented to him."


British Foreign Secretary William Hague said "empty promises of reform fool no one". In a Twitter message, he added: "Death, violence and oppression engulfing Syria are of his own making."


EU foreign affairs chief Catherine Ashton said Brussels would "look carefully if there is anything new in the speech, but we maintain our position that Assad has to step aside and allow for a political transition".


The 47-year-old Assad, tall and mustachioed, in a business suit and tie, spoke confidently for about an hour before a crowd of cheering loyalists, who occasionally interrupted him to shout and applaud, at one point raising their fists and chanting: "With blood and soul we sacrifice for you, oh Bashar!"


At the end of the speech, supporters rushed to the stage, mobbing him and shouting: "God, Syria and Bashar is enough!" as a smiling president waved and was escorted from the hall past a backdrop showing a Syrian flag made of pictures of people whom state television described as "martyrs" of the conflict so far.


"We are now in a state of war in every sense of the word," Assad said in the speech, broadcast on Syrian state television. "This war targets Syria using a handful of Syrians and many foreigners. Thus, this is a war to defend the nation."


Independent media are largely barred from Damascus.


Giving the speech in the opera house, in a part of central Damascus that has been hit by rebel attacks, could be intended as a show of strength by a leader whose public appearances have grown rarer as the rebellion has gathered force.


Critics saw irony in the venue: "Assad speech appropriately made in Opera House!" tweeted Rami Khouri, a commentator for Lebanon's Daily Star newspaper. "It was operatic in its other-worldly fantasy, unrelated to realities outside the building."


DEATHS


The United Nations says 60,000 people have been killed in the civil war, the longest and bloodiest of the conflicts to emerge in two years of revolts in Arab states.


Rebels now control much of the north and east of the country, a crescent of suburbs on the outskirts of the capital and the main border crossings with Turkey in the north.


But Assad's forces are still firmly in control of most of the densely populated southwest, the main north-south highway and the Mediterranean coast. The army also holds military bases throughout the country from which its helicopters and jets can strike rebel-held areas with impunity, making it impossible for the insurgents to consolidate their grip on territory they hold.


Assad, an eye doctor, has ruled since 2000, succeeding his late father Hafez, who had seized power in a 1970 coup.


The rebels are drawn mainly from Syria's Sunni Muslim majority, while Assad, a member of the Alawite sect related to Shi'ite Islam, is supported by some members of religious minorities who fear retribution if he falls.


The conflict has heightened confrontation in the Middle East between Shi'ite Iran and Sunni Arab rulers, particularly those in the Gulf who are allied with the West against Tehran.


The plan unveiled in Sunday's speech could hardly have been better designed to ensure its rejection by the opposition. Among its proposals: rebels would first be expected to halt operations before the army would cease fire, a certain non-starter.


Assad also repeatedly emphasized rebel links to al Qaeda and other Sunni Islamist radicals. Washington has also labeled one of the main rebel groups a terrorist organization and says it is linked to the network founded by Osama bin Laden.


Diplomacy has been largely irrelevant so far in the conflict, with Moscow vetoing U.N. resolutions against Assad.


U.N. mediator Brahimi has been trying to bridge the gap, meeting senior U.S. and Russian officials to discuss his own peace proposal, which does not explicitly mention Assad's fate.


National Coalition spokesman Walid Bunni said Assad's speech appeared timed to prevent a breakthrough in those talks, by taking a position that could not be reconciled with diplomacy.


"The talk by Brahimi and others that there could be a type of political solution being worked out has prompted him to come out and tell the others 'I won't accept a solution'," Bunni said, adding that Assad feared any deal would mean his downfall.


(Additional reporting by Suleiman al-Khalidi in Amman, Gulsen Solaker in Ankara and Tim Castle in London; Writing by Peter Graff; Editing by Alastair Macdonald)



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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Saban: Alabama players must put aside 'clutter'


MIAMI (AP) — Two days after team leaders held a players-only meeting, Alabama coach Nick Saban says the Crimson Tide's performance in Monday's BCS championship against Notre Dame will show a lot about whether his players have put aside the "clutter" that comes with their success.


"You fight against human nature a little bit," Saban said Saturday at media day for the title game.


In the past, Saban has taken issue with the phrase "defending champions." He delivered a message of moving on to his players two days after winning last season's BCS title.


He said the gist was: "You guys are not the national champions."


"Other than making you a target," he said, "it doesn't do anything for you."


Alabama is still the target.


Tide players held the meeting because they wanted their teammates to get more focused in practice. Two freshmen linebackers — who aren't part of the playing rotation — were sent home Friday for curfew violations.


No. 2 Alabama is favored by more than a touchdown, which is OK with Fighting Irish coach Brian Kelly.


"Somebody's got to be an underdog," Kelly said during his turn at the podium. "Alabama's got the belt; they deserve to have the belt, and we've got to try to take it from them."


The Tide is seeking its third national title in four years. No. 1 Notre Dame has its own impressive collection but none since 1988.


Kelly hopes to reach that same level Saban has achieved, ensuring that this isn't a one-time opportunity.


"Your program is defined in consistency, and Alabama is that model," he said. "I concede to that. It's where we want to be. We want to be back here next year.


"There's been some commentators that talk about, 'Is Notre Dame for real?' Well, for me, we're for real because we're here. We've won all our games."


Kelly said he gets the vibe that his team is ready for Monday night. He says he doesn't want the "outside, perceived pressure to weigh heavily" on players.


Alabama players have been here and done this, including the hype and sometimes off-the-wall questions of what amounts to a downsized version of the Super Bowl media day.


"I mean, I think it's the media that makes the game so much bigger," Tide quarterback AJ McCarron said "Me personally, I think it's just another game.


"Yeah, you're playing for a national championship, but it's another football game. You know, the field is still 53 yards wide, 100 yards long. Still got to put the ball in the end zone to win the game. I don't really pay too much attention to the title of the game, I guess."


In other words, the label "BCS championship" is just more clutter.


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Laser Folds Tiny Origami for US Army






Lasers could help fire weapons or set off explosive warheads for the U.S. Army in the near future. That possibility comes from a lab demonstration of how a simple, handheld laser can fold tiny metallic structures in a style that mimics Japanese origami.


The demonstration suggests that similar systems could produce tiny grippers and switches that would act as mechanical components in small devices. The components could be used to detonate explosive or propellant material, attach identification transponder tags to clothing, or even enable a new generation of extremely tiny robots or electronic devices.






“We are enabling true microsystems, where all of the energy and functions are self-contained in a millimeter- or smaller-sized package,” said Christopher Morris, a researcher focused on micro-materials and devices at the U.S. Army Research Laboratory.


Army researchers became interested in the concept after seeing work that Johns Hopkins University had done in making micro devices for performing surgery. But the Army took the method a step farther by creating millimeter-sized structures that could be triggered by low-power lasers or even LED lighting.


The tiny structures act as mechanical hinges capable of folding along certain “stress” lines built into the layered metal. When a laser shines onto the structure, its energy softens a polymer “trigger” that normally prevents the hinges from folding.


A handheld laser operating on “eye-safe” levels could trigger the folding action from up to 3 feet away during testing detailed in the journal Applied Physics Letters and highlighted in the journal Nature Photonics.


Folding time ranged from 67 milliseconds to 21 seconds, depending on the wavelength and intensity of laser light, but larger structures required several minutes. The Army Research Laboratory takes about 20 hours to make a sheet of the millimeter-sized folding structures.


“Our hope is that new uses will spur from this basic scientific exploration of novel fabrication and self- assembly of materials, and will help future soldiers in ways they may not even see,” Morris said.


This story was provided by TechNewsDaily, sister site to LiveScience. 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.
Science News Headlines – Yahoo! News





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