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Wall Street Week Ahead: Earnings, money flows to push stocks higher

Label: World

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

Djokovic plays another Australian Open marathon

Label: Technology

MELBOURNE, Australia (AP) — The opponent was different, the match three rounds earlier. Still, the result gave Novak Djokovic a familiar feeling, and another chance to rip off his shirt in celebration.

Djokovic needed just over 5 hours to beat Stanislas Wawrinka 1-6, 7-5, 6-4, 6-7 (5), 12-10 in a fourth-round match Sunday night at the Australian Open, on the same court where he needed 5:53 to beat Rafael Nadal in last year's final.

"I just had flashback of 2012," Djokovic said. "It was maybe 45 minutes less this match than the one 12 months ago, but still it was still as exciting. I tried to enjoy the moment and couldn't ask for more. What a match point ... unbelievable."

He wasn't exaggerating about the match point. On his third attempt to end it, his backhand cross-court shot zipped past the valiant Wawrinka, who, Djokovic conceded, had outplayed him for most of the night.

"He came up with great tactics today," Djokovic said. "He didn't give me a lot of the same rhythm that I could get into the match. He was the one being in charge. I was passive. "

The win was Djokovic's 18th in a row at Melbourne Park after winning the last two Australian titles and advanced the Serbian star to the quarterfinals of his 15th consecutive major tournament.

Wawrinka, who had been receiving treatment to his upper leg muscles from late in the fourth set, said he would take more positives than negatives out of the match. He led 5-2 in the second set after outplaying Djokovic in the first.

"For sure, I think the best match I have ever played," Wawrinka said. "I fought like a dog like always. At 4-4 in the final set, I thought I might have won the match, but he was just better."

Djokovic will next play No. 5 Tomas Berdych, who needed five match points in the tiebreaker before beating South Africa's Kevin Anderson 6-3, 6-2, 7-6 (13).

Fourth-seeded David Ferrer won 6-2, 6-1, 6-4 over No. 16 Kei Nishikori of Japan to set up a quarterfinal against fellow Spaniard Nicolas Almagro, who was leading 6-2, 5-1 when No. 8 Janko Tipsaveric retired from their fourth-round match.

The Djokovic-Wawrinka match overshadowed Maria Sharapova's accomplishment earlier in the day.

Sharapova advanced to the quarterfinals with a 6-1, 6-0 win over Kirsten Flipkens in another impressive display — last year's French Open champion has lost just five games through four rounds, breaking the Australian Open mark of eight held previously by eventual champions Steffi Graf and Monica Seles.

"A couple that I've won, I felt like I was playing great from the beginning and I was able to carry that through the whole tournament," said Sharapova, who won titles in 2004 at Wimbledon, 2006 at the U.S. Open and 2008 in Australia before completing her career Grand Slam with a victory at last year's French Open.

She can't remember ever winning so few games through four rounds of a tournament, but realizes this means nothing if she doesn't make it to the latter stages.

"Well, I'm certainly happy to be playing this well but ... it only gets tougher from here," said Sharapova, who is playing her first tournament of 2013 after withdrawing from a warm-up event at Brisbane because of an injured right collarbone.

She next plays fellow Russian Ekaterina Makarova, who beat fifth-seeded Angelique Kerber 7-5, 6-4. Sharapova defeated Makarova in the quarterfinals here last year on her way to the final, which she lost in straight sets to Victoria Azarenka.

Li Na, who reached the final here in 2011 and won the French Open later that year, saved a set point in the tiebreaker before beating Julia Goerges 7-6 (6), 6-1. She'll play No. 4 Agnieszka Radwanska, who beat No. 13 Ana Ivanovic 6-2, 6-4 for her 13th consecutive win. Radwanska won the Auckland and Sydney titles before coming to Melbourne.

On Monday, Roger Federer plays Milos Raonic, and U.S. Open champion Andy Murray faces Gilles Simon. Azarenka, Serena Williams and fellow American Sloane Stephens also have their fourth-round matches.

Thy will have a tough time matching the spectacle of Sunday's late-night encounter.

Djokovic had beaten Wawrinka — the perennial No. 2 among Swiss tennis players to 17-time major winner Roger Federer — in their 10 previous matches. He hadn't lost a head-to-head since 2006 and had won 11 straight sets between them.

Wawrinka stunned the top-ranked Djokovic with three service breaks in the first set and had that 5-2 lead in the second before the 25-year-old Serb rallied by winning six consecutive games. But just as Djokovic seemed to be taking control, Wawrinka launched his own comeback to win a long tiebreaker and force a fifth set.

Djokovic got to serve first in the fifth, giving him a psychological edge as long as he held his serve.

Wawrinka had game point in the 22nd game but let Djokovic get on a roll. He saved his first match point with a service winner, then saved another two minutes later.

At 1:40 a.m. local time, Wawrinka was whacking his head with the racket and biting the ball after giving Djokovic another match point.

Moments later, he was slumped on the court, exhausted. Djokovic raised both arms, walked to the net and embraced his beaten rival, then pulled of his shirt and flexed.

"Give him credit, he made me run all over the court," Djokovic said. "He never gave me the same ball. He was aggressive from both sides. I didn't know what was coming next."

Astronomy Teacher Finds Hubble Telescope’s Hidden Treasure

Label: World

A Connecticut astronomy teacher has uncovered a dazzling view of a satellite galaxy to the Milky Way while exploring the “hidden treasures” of the Hubble Space Telescope.

The new Hubble photo, released Thursday (Jan. 17), shows an intriguing star nursery dotted with dark dust lanes in the Large Magellanic Cloud about 200,000 light-years from Earth. The Hubble observation used to create the image was discovered in the telescope’s archives by Josh Lake, a high school astronomy teacher at Pomfret School in Pomfret, Conn., as part of the “Hubble Hidden Treasures” contest that challenged space fans to find unseen images from the observatory.

Hubble officials also released an eye-popping video tour of the Large Magellanic Cloud, which zooms in on the region highlighted in Lake’s photo.

Lake won first prize in the Hubble photo contest with an image of the LHA 120-N11 (N11) region of the Large Magellanic Cloud. Hubble officials combined Lake’s image with more observations of the N11 region in blue, green and near-infrared light wavelengths to create the new view.

“In the center of this image, a dark finger of dust blots out much of the light,” Hubble officials said in an image description. “While nebulae are mostly made of hydrogen, the simplest and most plentiful element in the universe, dust clouds are home to heavier and more complex elements, which go on to form rocky planets like the Earth.” [Hubble Telescope’s Hidden Treasures: Winning Photos

The interstellar dust in N11 is extremely fine, much more so than household dust on Earth. It is more similar to smoke, researchers explained.

The Large Magellanic Cloud, or LMC, is one of two small satellite galaxies of the Milky Way (the other is the smaller, aptly named Small Magellanic Cloud). Because of its relatively close proximity, the Large Magellanic Cloud has long been used as a sort of cosmic laboratory to study how stars form in other galaxies.

“It lies in a fortuitous location in the sky, far enough from the plane of the Milky Way that it is neither outshone by too many nearby stars, nor obscured by the dust in the Milky Way’s center,” Hubble officials said in a statement. “It is also close enough to study in detail … and lies almost face-on, giving us a bird’s eye view.”

In addition to the N11 region, the Large Magellanic Cloud is also home to the spectacular Tarantula nebula, the brightest nearby star nursery, Hubble officials said.

The Hubble Space Telescope has been snapping spectacular photos of the universe since 1994 and is a joint project by NASA and the European Space Agency. This month, NASA officials said the long-lived space observatory could potentially last through 2018.

You can follow SPACE.com Managing Editor Tariq Malik on Twitter @tariqjmalik. Follow SPACE.com for the latest in space science and exploration news on Twitter @Spacedotcom and on Facebook.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Obama's speech: Learn from Lincoln

Label: Lifestyle

STORY HIGHLIGHTS

Julian Zelizer: Second term inaugural addresses are always a challenge

He says the public has had four years to make a judgment about the president

Obama can learn from second term speeches of Lincoln, Wilson, FDR

Zelizer says they did a good job of unifying America and sketching vision of the future

Editor's note: Julian Zelizer is a professor of history and public affairs at Princeton University. He is the author of "Jimmy Carter" and of "Governing America."

(CNN) -- The second inaugural address is always more difficult than the first. When a president-elect first steps onto the national stage, he still enjoys a certain degree of innocence and hope. Americans are waiting to see if the new president will be different. When a new president delivers his speech, voters don't yet have a record that might make them cynical.

But by the second term, voters are familiar, and often tired, with the occupant of the White House. Even though they liked him more than his opponents, the president has usually been through some pretty tough battles and his limitations have been exposed. It becomes much harder to deliver big promises, when the people watching have a much clearer sense of your limitations and of the strength of your opponents.

Julian Zelizer

So President Barack Obama faces a big test when he appears before the nation Monday.

Opinion: Presidents shouldn't swear in on a Bible

Obama now is Washington, and no longer someone who will be able to shake up the way Washington works. Voters believe that Congress is dysfunctional and have little confidence that legislators will respond to his proposals.

Overseas, the instability and violence in the Middle East has shaken the confidence of many Americans that Obama can achieve the kind of transformative change he promised back in 2009.

Obama, who is a student of history, can look back at some past second inaugural addresses if he wants guidance. Three of the best of these addresses offer a roadmap.

Abraham Lincoln, March 4, 1865: The strongest was from Lincoln, who gave his talk amid the brutality of the Civil War but chose to stress the theme of healing and unity, Lincoln gave a masterful performance that offered inspiration and encouragement for the reunification of the nation. Lincoln famously said: "With malice toward none, with charity for all, with firmness in the right as God gives us to see the right, let us strive on to finish the work we are in, to bind up the nation's wounds, to care for him who shall have borne the battle and for his widow and his orphan, to do all which may achieve and cherish a just and lasting peace among ourselves and with all nations." Rather than boasting of military victory or threatening Southern forces, he stepped outside the battle to offer the nation, as a whole, the path forward.

Woodrow Wilson, March 5, 1917: Although Wilson had run on a campaign to keep America out of world war, he was aware that such intervention was inevitable. During his second inaugural address, Wilson took the opportunity to start preparing the nation for what was about to come. He told America to think about the global responsibilities it had to accept, even if much of the nation was not prepared to do so. "We are provincials no longer," he said, "The tragic events of the thirty months of vital turmoil which we have just passed have made us citizens of the world. There can be no turning back."

Opinion: Why 'Hail to the Chief' remains unsung

Franklin Roosevelt, January 20, 1937: Roosevelt gave a rousing performance that outlined the fundamental vision which shaped the wide array of policies he had put forward in his first term. While many people had criticized FDR for lacking any ideology and for being a pragmatist without principle, in his second address he explained the rationale behind his actions: "I see millions denied education, recreation, and the opportunity to better their lot and the lot of their children. I see one-third of a nation ill-housed, ill-clad, ill-nourished." For Democrats, the speech remains a powerful defense of government and the rationale behind his program.

To replicate some of this success, Obama will need to figure out how to inspire a nation that is frustrated by the gridlock of Washington and the laggard state of the economy and worried about instability overseas.

Obama can learn from all three of these presidents.

Like Wilson, he can talk to Americans about goals they should aspire to achieve, ways in which the country can accept new obligations in a changing world.

Like Lincoln, he can urge the nation to move beyond the discord and division that has characterized political debate in the past four years.

Finally, like Roosevelt, he can use his speech to provide some of the justification and outlook that has shaped his policies. This would undercut the ability of Republicans to define his policies for him, as has been the case for much of his first term, and motivate supporters who have often felt that Obama remained too much of a mystery.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Julian Zelizer.

787 Dreamliner: NTSB rules out one cause in Boston incident

Label: Health

TOKYO/WASHINGTON (Reuters) - The U.S. National Transportation Safety Board on Sunday ruled out excess voltage as the cause of a battery fire last month on a Boeing Co 787 Dreamliner jet operated by Japan Airlines Co (JAL) and widened its investigation to include the Arizona-based manufacturer of the battery's charger.

Last week, governments across the world grounded the Dreamliner while Boeing halted deliveries after a problem with a lithium-ion battery on a second 787 plane, flown by All Nippon Airways Co (ANA), forced the aircraft to make an emergency landing in western Japan.

"Examination of the flight recorder data from the JAL B-787 airplane indicates that the APU (auxiliary power unit) battery did not exceed its designed voltage of 32 volts," the NTSB said in a statement forwarded by a Boeing Japan representative.

On Friday, a Japanese safety official told reporters that excessive electricity may have overheated the battery in the ANA-owned Dreamliner that was forced to make the emergency landing at Japan's Takamatsu airport last week.

U.S. investigators have examined the lithium-ion battery that powered the APU, where the battery fire started in the JAL plane, as well as several other components removed from the airplane, including wire bundles and battery management circuit boards, the NTSB statement said.

On Tuesday, the NTSB said U.S. investigators will convene in Arizona to test and examine the charger for the battery, and download non-volatile memory from the APU controller, while other components have been sent for download or examination to Boeing's Seattle facility and manufacturer facilities in Japan.

Securaplane Technologies Inc, a unit of Britain's Meggitt Plc, on Sunday confirmed that it makes the charger for lithium-ion batteries used on the 787, and said it will fully support the U.S. investigation.

Shubhayu Chakraborty, president of Securaplane, declined to comment on the NTSB's planned visit, but said his company would support the investigation.

"At this time we are not really involved in the investigation. If and when we get involved, we will support it fully," he told Reuters.

Securaplane is making a lithium-ion battery system for the KC-390 military transport plane being built by Brazil's Embraer, which is due to have its first plane in 2014.

The company is also developing backup batteries for the Embraer 450/500 business jet and will make the lithium battery for the next-generation Eurocopter EC-135 helicopter being developed by EADS, according to the company's website.

Japan's GS Yuasa Corp makes lithium-ion batteries for the Dreamliner, while France's Thales produces the control systems for the battery.

In its statement, the NTSB said French authorities were also participating in the investigation.

Japan Transport Safety Board said it was aware of the NTSB report and would consider the U.S. statement in its probe.

The NTSB said the Japanese agency was participating in its investigation of the Boston incident, while NTSB officials were helping the agency with its investigation of the emergency landing in Japan. Both investigations were ongoing.

"There's nothing more I can add at this point as we still haven't started our investigation into the battery here," JTSB inspector Hideyo Kosugi told Reuters.

"The NTSB's investigation started earlier. We still haven't taken X-rays or CT-scans of the battery. In our case, both the battery and the surrounding systems are still stored in (Tokyo's) Haneda (Airport) as the third party organization where the Japanese investigation would take place still has not been chosen."

Boeing said on Friday it would continue building the carbon-composite 787, but put deliveries on hold until the U.S. Federal Aviation Administration approves and implements a plan to ensure the safety of potentially flammable lithium-ion batteries.

In Washington, the top U.S. transportation official Ray LaHood said the 787, which has a list price of $207 million, would not fly until regulators were "1,000 percent sure" it was safe.

Japan is the biggest market so far for the 787, with ANA and JAL operating 24 of the 290-seat wide-bodied planes. Boeing has orders for almost 850 of the planes.

(Additional reporting by Kentaro Sugiyama, Yoshiyuki Osada and Yuka Obayashi in Japan and Andrea Shalal-Esa in Washington; Editing by Daniel Magnowski and Maureen Bavdek)

Veteran jihadist claims bloody Algeria siege for al Qaeda

Label: Business

ALGIERS/IN AMENAS, Algeria (Reuters) - A veteran Islamist fighter claimed responsibility on behalf of al Qaeda for the Algerian hostage crisis, a regional website reported on Sunday, tying the bloody desert siege to France's intervention across the Sahara in Mali.

Algeria said it expected to raise its preliminary death tolls of 23 hostages and 32 militants killed in the four-day siege at a gas plant deep in the Sahara.

Western governments whose citizens died nevertheless held back from criticizing tactics used by their ally in the struggle with Islamists across the vast desert.

"We in al Qaeda announce this blessed operation," Mokhtar Belmokhtar said in a video, according to the Sahara Media website, which quoted from the recording but did not immediately show it.

"We are ready to negotiate with the West and the Algerian government provided they stop their bombing of Mali's Muslims," said Belmokhtar, a one-eyed veteran guerrilla who fought in Afghanistan in 1980s and in Algeria's civil war in the 1990s.

Belmokhtar's fighters launched their attack on the In Amenas gas plant before dawn on Wednesday, just five days after French warplanes began strikes to halt advances by Islamists in neighboring northern Mali.

European and U.S. officials say the raid was almost certainly too elaborate to have been planned in so short a time, although the French campaign could have been one trigger for fighters to launch an assault they had already prepared.

"We had around 40 jihadists, most of them from Muslim countries and some even from the West," Sahara Media quoted Belmokhtar as saying. Algerian officials say Belmokhtar's group was behind the attack but he was not present himself.

Some Western governments have expressed frustration at not being informed in advance of the Algerian authorities' plans to storm the complex. However, Britain and France both defended the Algerian action in public.

"It's easy to say that this or that should have been done. The Algerian authorities took a decision and the toll is very high but I am a bit bothered ... when the impression is given that the Algerians are open to question. They had to deal with terrorists," French Foreign Minister Laurent Fabius said.

British Prime Minister David Cameron said in a televised statement: "Of course people will ask questions about the Algerian response to these events, but I would just say that the responsibility for these deaths lies squarely with the terrorists who launched this vicious and cowardly attack."

"We should recognize all that the Algerians have done to work with us and to help and coordinate with us. I'd like to thank them for that. We should also recognize that the Algerians too have seen lives lost among their soldiers."

OIL VULNERABILITIES EXPOSED

The Islamists' assault has tested Algeria's relations with the outside world, exposed the vulnerability of multinational oil operations in the Sahara and pushed Islamist radicalism in northern Africa to centre stage.

Algeria, scarred by the civil war with Islamist insurgents in the 1990s which claimed 200,000 lives, has insisted there would be no negotiation in the face of terrorism.

France especially needs close cooperation from Algeria to have a chance of crushing Islamist rebels in northern Mali. Algiers has promised to shut its porous 1,000-km border with Mali to prevent al Qaeda-linked insurgents simply melting away into its empty desert expanses and rugged mountains.

Algeria's permission for France to use its airspace, confirmed by Fabius last week, also makes it much easier to establish direct supply lines for its troops which are trying to stop the Islamist rebels from taking the whole of Mali.

Algeria's Interior Ministry had reported on Saturday that 23 hostages and 32 militants were killed during the assaults launched by Algerian special forces to end the crisis, with 107 foreign hostages and 685 Algerian hostages freed.

Minister of Communication Mohamed Said said the toll would rise when final numbers were issued in the next few hours: "I am afraid unfortunately to say that the death toll will go up," Said was quoted as saying by the official APS news agency.

Private Algerian television station Ennahar said on Sunday that 25 bodies had been discovered at the Tiguentourine plant, adding that the operation to clear the base would last 48 hours.

The bodies were believed to belong to hostages executed by the militants, said Ennahar TV, which is known to have good sources within Algerian security.

With so much still unknown about the fates of foreigners held at the sites, countries that have faced casualties have yet to issue full counts of the dead. The plant was run jointly by Britain's BP and Norway's Statoil with the Algerian state oil company. A Japanese engineering firm and a French catering company also operated there.

In London, Cameron said three British nationals were confirmed killed and another three plus a British resident were also believed to be dead. One American has been confirmed killed. Statoil says five Norwegians are missing. Japanese and French citizens are also among those missing or presumed dead.

MULTINATIONAL HOSTAGE-TAKERS

Said reported that the militants had six different nationalities and the operation to clear the plant of mines laid by the hostage-takers was still under way.

Believed to be among the 32 dead militants was their leader, Abdul Rahman al-Nigeri, a Nigerien close to Belmokhtar.

Mauritanian news agencies identified the field commander of the group that attacked the plant as Nigeri, a fighter from one of the Arab tribes in Niger who had joined the Algerian Salafist Group for Preaching and Combat (GSPC) in early-2005.

That group eventually joined up with al Qaeda to become Al Qaeda in the Islamic Maghreb (AQIM). It and allied groups are the targets of the French military operation in Mali.

The apparent ease with which the fighters swooped in from the dunes to take control of an important energy facility, which produces some 10 percent of the natural gas on which Algeria depends for its export income, has raised questions over the country's outwardly tough security measures.

Algerian officials said the attackers may have had inside help from among the hundreds of Algerians employed at the site.

Security in the half-dozen countries around the Sahara desert has long been a preoccupation of the West. Smugglers and militants have earned millions in ransom from kidnappings.

The most powerful Islamist groups operating in the Sahara were severely weakened by Algeria's secularist military in the civil war in the 1990s. But in the past two years the regional wing of al Qaeda gained fighters and arms as a result of the civil war in Libya, when arsenals were looted from Muammar Gaddafi's army.

(Additional reporting by Balazs Koranyi in Oslo, Estelle Shirbon and David Alexander in London, Brian Love in Paris, Daniel Flynn in Dakar; Writing by David Stamp; Editing by Peter Graff)