Benedict: Pope aware of his flaws?

Pope Benedict XVI delivers his last Angelus Blessing to thousands of pilgrims gathered in Saint Peter's Square on February 24.

STORY HIGHLIGHTS

• Sister Mary Ann Walsh: Pope Benedict acknowledged that he made mistakes


• Walsh: In firestorm over scholarly quotes about Islam, he went to great lengths to atone


• Walsh: Similarly, he quickly reversed a decision that had angered Jews and repaired ties


• Even his stepping down is a nod to his humanity and his love of the church, she says

Editor's note: Sister Mary Ann Walsh is director of media relations for the U.S. Conference of Catholic Bishops and a member of the Sisters of Mercy of the Americas Northeast Regional Community. She is a former foreign correspondent at Catholic News Service (CNS) in Rome and the editor of "John Paul II: A Light for the World," "Benedict XVI: Essays and Reflections on his Papacy," and "From Pope John Paul II to Benedict XVI."

(CNN) -- One of the Bible's paradoxical statements comes from St. Paul's Epistle to the Galatians: "Power is made perfect in infirmity."

The poetic statement proclaims that when we are weak, we are strong. Pope Benedict XVI's stepping down from what many consider one of the most powerful positions in the world proves it. In a position associated with infallibility -- though that refers to formal proclamations on faith and morals -- the pope declares his weakness.

Sister Mary Ann Walsh

His acceptance of frailty speaks realistically about humanity: We grow old, weaken, and eventually die. A job, even one guided by the Holy Spirit, as we Roman Catholics believe, can become too much for us.

Acceptance of human frailty has marked this papacy. We all make mistakes, but the pope makes them on a huge stage.

He was barely into his papacy, for example, when he visited Regensburg, Germany, where he once taught theology. Like many a professor, he offered a provocative statement to get the conversation going. To introduce the theme of his lecture, the pope quoted from an account of a dialogue between the Byzantine Emperor Manuel II Paleologus and an unnamed Muslim scholar, sometime near the end of the 14th century -- a quote that was misinterpreted by some as a condemnation of Mohammed and Islam.

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Twice, the pope emphasized that he was quoting someone else's words. Unfortunately, the statement about Islam was taken as insult, not a discussion opener, and sparked rage throughout the Muslim world.

The startled pope had to explain himself. He apologized and traveled two months later to Istanbul's Blue Mosque, where he stood shoeless in prayer beside the Grand Mufti of Istanbul. Later he hosted Muslim leaders at the Vatican at the start of a Catholic-Muslim forum for dialogue. It was a human moment -- a mistake, an apology and atonement -- all round.

A similar controversy erupted when he tried to bring the schismatic Society of St. Pius X back into the Roman Catholic fold.

In a grand gesture toward reconciliation, he lifted the excommunication of four of its bishops, unaware that one, Richard Williamson, was a Holocaust denier. This outraged many Jews. Subsequently the Vatican said the bishop had not been vetted, and in a bow to modernity said officials at least should have looked him up on the Internet.

In humble response, Benedict reiterated his condemnation of anti-Semitism and told Williamson that he must recant his Holocaust views to be fully reinstated. Again, his admission of a mistake and an effort to mend fences.

News: Scandal threatens to overshadow pope's final days

Pope Benedict XVI came from a Catholic Bavarian town. Childhood family jaunts included trips to the shrine of the Black Madonna, Our Lady of Altotting. He entered the seminary at the age of 13. He became a priest, scholar and theologian. He lived his life in service to the church. Even in resigning from the papacy, he embraces the monastic life to pray for a church he has ever loved.

With hindsight, his visit to the tomb of 13th century Pope Celestine V, a Benedictine monk who resigned from the papacy eight centuries before, becomes poignant.

In 2009, on a visit to Aquila, Italy, Benedict left at Celestine's tomb the pallium, a stole-like vestment that signifies episcopal authority, that Benedict had worn for his installation as pope. The gesture takes on more meaning as the monkish Benedict steps down.

We expect the pope to be perfect. Catholics hold him to be the vicar of Christ on earth. He stands as a spiritual leader for much of the world. Statesmen visit him from around the globe. He lives among splendid architecture, in the shadow of the domed St. Peter's Basilica. All testify to an almost surreal omnipotence.

Complete coverage of the pope's resignation

In this world, however, walked a vulnerable, human person. And in a paradox of life, his most human moment -- giving up the power of office -- may prove to be his most potent, delivering a message that, as St. Paul noted many centuries ago, "Power is made perfect in infirmity."

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The opinions expressed in this commentary are solely those of Mary Ann Walsh.

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Snow, sleet beginning to hit

A winter weather advisory has been issued for today as the Chicago area is getting hit with sleet, freezing rain and snow from a storm that churned the southern Plains a day earlier.

The heaviest snow is expected to fall between 3 p.m.  and 7 p.m., though the National Weather Service cautioned that a lot will depend on the temperatures.

North of I-80, snow accumulation could reach 3 to 6 inches by Wednesday morning. Some area could get 7 inches if the switch from rain to snow occurs sooner than expected, or if there is lake-enhanced snow.

South of I-80, including much of northwest Indiana, accumulation of less than 3 inches is possible because of an extended period of rain or a rain mixed with snow and sleet.

The storm bore down on the southern Plains on Monday, dumping more than a foot of snow and creating blizzard conditions in Oklahoma, Texas and parts of Kansas still digging out from a winter storm last week.

Highways in the Texas and Oklahoma panhandles and parts of Kansas were closed by the heavy and drifting snow that cut visibility and forced flight cancellations at airports across the region.

A man was killed Monday when his car slid off Interstate 70 in Sherman County, Kansas, near the western border, Governor Sam Brownback said. And in northern Oklahoma, one person died when the roof of a home partially collapsed in the city of Woodward, said Matt Lehenbauer, the city's emergency management director.

"We have roofs collapsing all over town," said Woodward Mayor Roscoe Hill Jr. "We really have a mess on our hands."

The storm was slowly moving out of Texas on Monday, while residents of Kansas City in turn were preparing for a foot or more of snow into Tuesday.

Tornado watches were in place Monday evening in parts of Mississippi and heavy rain was expected through the night in parts of Alabama and Georgia, according to the National Weather Service. The weather service Monday also issued flood watches for parts of the Carolinas and an ice storm warning for portions of West Virginia.

Some 17 inches of snow fell near Amarillo, Texas, according to the National Weather Service. Other areas in the Texas Panhandle reported more than a foot of snow and Texas Governor Rick Perry activated Texas military forces to be ready to respond to calls for assistance.

Amarillo could break the all-time record for the amount of snow in one day of just over 18 inches set in 1934, said Kristin Scotten of the National Weather Service.

Airports in Amarillo and in Lubbock, Texas, were closed and Interstate 27 between the cities was shut because of blowing snow, state officials said. Wind gusts of 75 miles per hour (121 km per hour) were clocked at the Amarillo airport.

Visibility was near zero on some roads around Amarillo, said Paul Braun, a Texas Department of Transportation spokesman.

"I am hearing that we have a lot of vehicles that are stalled in the main lanes of our roadways and they can't be seen because of the blowing snow," Braun said.

Texas State Trooper Gabriel Medrano said the snow was too deep to measure in Lubbock.

"We are having a lot of problems getting our troopers to these crash scenes," Medrano said. "Our troopers are getting stuck out there."

In Oklahoma, a state of emergency was declared for 56 of 77 counties, with northwest Oklahoma hit hardest in the storm. All highways in the Oklahoma panhandle were closed because of blizzard conditions.

Parts of northwestern Oklahoma could get 16 inches to 24 inches of snow, with high winds creating drifts up to 6 feet high, the National Weather Service said.

"It's the biggest in the last several years, really," said James Hand, emergency management director in the small town of Mooreland. "Last year, we didn't have anything to shovel."

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Dow, S&P slip after uncertain Italian election

NEW YORK (Reuters) - U.S. stocks mostly fell on Monday on fears that a divided parliament in Italy would get in the way of the country's reforms and hamper the euro zone's stability.

Election projections showed the center-right coalition led by former prime minister Silvio Berlusconi was leading in the race for the Italian Senate, contradicting initial exit polls and raising the specter of deadlock in parliament.

Earlier polls pointing to a center-left victory lifted stocks in Milan and other European markets on investors' belief that they would continue the path to pay down Italian debt, said Art Hogan, managing director of Lazard Capital Markets in New York.

"What we don't want to hear is a renewed fear about a euro- zone fracture," he said.

Last week, the benchmark S&P 500 closed below its 14-day moving average on Wednesday for the first time this year. At midday, the S&P 500 was trading just below that level, now near 1,515.

The index was, nonetheless, still near highs not seen in five years, as bets on a strong U.S. economy have given equities support. The S&P 500's slight fall last week was the first weekly drop after a seven-week string of gains.

Banks and other financial stocks led Monday's decline on concern about the sector's exposure to Italy's massive debt. The KBW Bank Index <.bkx> fell 0.7 percent.

The Dow Jones industrial average <.dji> slipped 18.58 points or 0.13 percent, to 13,981.99. The Standard & Poor's 500 <.spx> shed 2.30 points or 0.15 percent, to 1,513.30. But the Nasdaq Composite <.ixic> rose 3.03 points or 0.10 percent, to 3,164.85.

Barnes & Noble Inc shares climbed 11.9 percent to $15.12 after the bookseller's chairman offered to buy its declining retail business.

The Nasdaq received support from Amgen Inc , up 4.2 percent at $90.47, after a rival issued a voluntary recall of its only drug, an anemia treatment that competes with Amgen's top-selling red blood cell booster, Epogen.

The FTSEurofirst-300 index of top European shares <.fteu3> unofficially closed up 0.1 percent and Italy's main FTSE MIB <.ftmib> ended up 0.7 percent after earlier gaining near 4 percent.

U.S. equities will face a test with the looming debate over the so-called sequestration, U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.

With 83 percent of the S&P 500 companies having reported results so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.

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

(Editing by Kenneth Barry and Jan Paschal)

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Indiana stays No. 1 in AP Top 25, Gonzaga No. 2

Indiana is No. 1 in The Associated Press' Top 25 for the fourth straight week, while Gonzaga moved to No. 2 for the first time in school history.

While the West Coast Bulldogs made some news at the top of the poll Monday, Louisiana Tech, the Bulldogs from Down South, moved into the rankings for the first time since a 13-week run in 1984-85, their only appearance in the poll.

Louisiana Tech, which is 25th this week, was led back then to a ranking as high as No. 7 by a forward named Karl Malone. Gonzaga at that time had a point guard named John Stockton. They went on to become one of the greatest combinations in NBA history with the Utah Jazz, were members of the Dream Team and both were inducted in the Naismith Memorial Basketball Hall of Fame.

The Hoosiers, who have been ranked No. 1 for a total of 10 weeks this season, received all but one first-place vote from the 65-member national media panel.

Gonzaga, which got the other No. 1 vote, was ranked third last week. The Bulldogs were also that high in the poll for the final two weeks of 2003-04.

Duke moved up three spots to third and is followed by Michigan and Miami, which dropped from second after falling to Wake Forest, the Hurricanes' first Atlantic Coast Conference loss this season.

Kansas is sixth, followed by Georgetown, Florida, Michigan State and Louisville.

Saint Louis, which beat Butler and VCU last week, moved into 18th in the poll, the Billikens' first ranking since being in for one week last season.

Colorado State, which was 22nd and lost twice last week, and VCU, which was 24th, dropped out.

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‘Vulcan’ and ‘Cerberus’ Win Pluto Moon Naming Poll

The votes are in, and it looks like ‘Vulcan‘ could be the new name for one of Pluto‘s smallest moons.

After weeks of online ballot casting by people around the world, the poll asking the public to name two of Pluto’s moons — currently called P4 and P5 — ended today (Feb. 25).

As of 12 p.m. (1700 GMT), the polls closed with a total of 450,324 total votes cast since Feb. 11 with ‘Vulcan,’ a Pluto moon name proposed by Star Trek’s William Shatner, is the clear winner. Vulcan nabbed roughly 160,000 votes, with Cerberus in clear second place with nearly 100,000 votes.

Vulcan was a late addition to the Pluto moon name contenders, and pulled into the lead after Shatner, building on his Capt. James T. Kirk persona, plugged the name on Twitter. Vulcan, the home planet of Kirk’s alien-human hybrid first officer Spock, is not just a fictional world in the Star Trek universe. It is also the name of the god of fire in Roman mythology, and officials at SETI added the sci-fi favorite to the ballot for that reason.

“Vulcan is the Roman god of lava and smoke, and the nephew of Pluto. (Any connection to the Star Trek TV series is purely coincidental, although we can be sure that Gene Roddenberry read the classics.),” wrote SETI scientist Mark Showalter in a blog officially adding the name to the list on Feb. 12. “Thanks to William Shatner for the suggestion!”

These votes don’t necessarily mean that P4 and P5 will end up being called Vulcan and Cerberus, however. SETI is going to recommend the winning names to the International Astronomical Union — the organization responsible for naming the moons. The IAU will take the results into consideration, but ultimately they have final say over what the tiny moons are called.

Pluto has five moons  that astronomers currently know of. Scientists first caught sight of Pluto’s largest moon Charon in 1978, but it was not until 2005 that astronomers discovered two other moons (Nix and Hydra) using the Hubble Space Telescope.

The moon P5 was discovered in 2012, also using the Hubble telescope  . The moon P4 was discovered in 2011. Both P4 and P5 are only 15 to 20 miles (20 to 30 km) in diameter.

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

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Iran plans own response to 'Argo'

(File photo) Argo tells the story of a rescue of U.S. diplomats from revolutionary Iran.

STORY HIGHLIGHTS

• Ben Affleck's "Argo" tells the story of a dramatic rescue of U.S. diplomats from revolutionary Iran


• Iranian state media criticize the movie as "replete with historical inaccuracies and distortions"


• Iran's Art Bureau says it will fund its own film about the handing over of 20 U.S. hostages

(CNN) -- Ben Affleck has more than just a couple of Golden Globes to add to his resume.

His movie "Argo," about the suspenseful rescue of U.S. diplomats during the Iran hostage crisis, has also achieved the unusual honor of prompting Tehran to produce its own cinematic response.

Opinion: Latino should have played lead in 'Argo'

"Argo" was named best drama movie during the Golden Globes ceremony on Sunday night in Los Angeles, and Affleck won the award for best director, a category for which he was passed over in the recent Oscar nominations.

But his efforts to recreate on screen the drama of the secret operation by the CIA and Canada to extract six U.S. embassy workers from revolutionary Iran in 1980 haven't been overlooked by Tehran's Art Bureau.

'Argo' recognizes forgotten heroes of Iran hostage saga

It plans to fund a movie entitled "The General Staff," about 20 American hostages who were handed over to the United States by Iranian revolutionaries, according to a report last week by Mehr News, the official Iranian agency.

"This film, which will be a big production, should be an appropriate response to the ahistoric film 'Argo,'" said Ataollah Salmanian, the director of the Iranian film, according to Mehr.

"Argo" claims to be based on a true story rather than to constitute a scrupulous retelling of exactly what took place, and its deviations from reality have been documented.

But Iranian authorities have taken offense at the film's portrayal of the country and its people. "Argo" was officially viewed as "anti-Iranian" following its U.S. release last year, Mehr reported.

Iran's state-run broadcaster Press TV detailed its objections to the film in an online article on Sunday.

"The Iranophobic American movie attempts to describe Iranians as overemotional, irrational, insane, and diabolical while at the same, the CIA agents are represented as heroically patriotic," it complained.

In the movie, in which Affleck plays the lead role, the CIA operation is shown outwitting Iranian authorities through an elaborate plan based on pretending that the U.S. diplomats fleeing the country were part of team scouting locations for an outlandish science-fiction film.

But according to Press TV, the film is "a far cry from a balanced narration" and is "replete with historical inaccuracies and distortions."

On the other hand, "The General Staff," set to begin shooting next year, will be based on eyewitness accounts, Salmanian said.

The Art Bureau, which is to provide the financing, is affiliated with the Islamic Ideology Dissemination Organization, according to Mehr.

Press TV cited Salmanian as saying that his film would depict "the historical event unlike the American version which lacks a proper view of the story."

CNN's Samira Said contributed to this report.

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New storm to hit Chicago area on Tuesday: forecasts

For the second time in less than a week, the Chicago area is in line for a snowstorm that promises a mixture of freezing rain, sleet and snow with enough accumulation to bring out the snow shovels.

Early predictions from the National Weather Service pegged the potential snowfall at about 3-6 inches, about what the storm left the end of last week. But the weather service says it's still unclear which areas will be hit with what: If the temperature is above freezing, there will be less snow, and if it's below, there will be more.

The weather service has issued a winter storm watch from Tuesday morning through the evening.

The weather service said the snow will start sometime after midnight Tuesday morning, with freezing rain turning to sleet to wet snow by early afternoon. With winds gusting about 35 mph, some of that snow will drift and made Tuesday a bad day on the roads.

The track of the storm is over the Texas panhandle northeast and through Missouri and southern Illinois and central Indiana, the Lake Erie area early Wednesday. North of the low pressure path, winter storm watches are in effect from late Monday through Tuesday from Missouri through northern Illinois, the southeastern corner of Wisconsin, extreme northern Indiana and much of Lower Michigan.

In the Chicago area, there could be heavy snow of 6 inches or more Tuesday generally north of Interstate 80, with northeast winds at 25 to 35 mph whipping and blowing the snow, according to the Chicago Weather Center.

Rain, a period of freezing rain and sleet will spread north out of central Illinois early Tuesday, changing over to a heavy wet snow in the Chicago metro area and across the far west through north suburbs into southern Wisconsin.

A combination of freezing rain, sleet and snow will cause hazardous driving across northern Indiana Tuesday. The precipitation will be all snow across Illinois later Tuesday.

According to the Chicago Weather Center, February has been an unusually snowy month during a winter that has been unusually snowless. Through Saturday, there has been 10.1 inches of snow, about 136 percent of normal, while the winter's total has been 13.6 inches, way below normal.

Plains states hit again

A storm struck parts of the southern Plains today, creating blizzard conditions in Oklahoma and Texas and warnings in Kansas and Missouri that caught the brunt of a winter storm last week.

Snow fell at the rate of up to 2 inches per hour in the Amarillo, Texas, area, and the National Weather Service warned against travel, saying "most roads are impassable."

Airports in Amarillo and 120 miles to the south in Lubbock, Texas, were closed while Interstate 27 between the cities was shut down because of the blowing snow, state officials said.

Amarillo and parts north of Amarillo in the panhandle reported a foot of snow or more on Monday morning.

Parts of northwestern Oklahoma could get 16 inches to 24 inches of snow, with high winds that could create drifts up to 6 feet high, according to the National Weather Service in Norman, Oklahoma.

The Oklahoma Highway Patrol said it closed all highways in the Oklahoma panhandle because of blizzard conditions. Interstate 40 in the Texas panhandle was also closed, according to National Weather Service in Amarillo.

In Oklahoma City, some afternoon flights from Will Rogers World Airport were canceled in anticipation of the storm.

Kansas, hit by a foot or more of snow in spots last week, braced for possible worsening conditions on Monday and Tuesday.

Reuters contributed

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

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Powers to offer Iran sanctions relief at nuclear talks

ALMATY (Reuters) - Major powers will offer Iran some sanctions relief during talks in Almaty, Kazakhstan, this week if Tehran agrees to curb its nuclear program, a U.S. official said on Monday.

But the Islamic Republic could face more economic pain if it fails to address international concerns about its atomic activities, the official said ahead of the February 26-27 meeting in the central Asian state, speaking on condition of anonymity.

"There will be continued sanctions enforcement ... there are other areas where pressure can be put," the official said, on the eve of the first round of negotiations between Iran and six world powers in eight months.

A spokesman for European Union foreign policy chief Catherine Ashton, who leads the talks with Iran on behalf of the powers, said Tehran should understand that there was an "urgent need to make concrete and tangible progress" in Kazakhstan.

Both Russia and the United States stressed there was not an unlimited amount of time to resolve a dispute that has raised fears of a new war in the Middle East.

"The window for a diplomatic solution simply cannot by definition remain open forever. But it is open today. It is open now," U.S. Secretary of State John Kerry told a news conference in London. "There is still time but there is only time if Iran makes the decision to come to the table and negotiate in good faith."

Russian Deputy Foreign Minister Sergei Ryabkov said there was "no more time to waste", Interfax news agency quoted him as saying in Almaty.

The immediate priority for the powers - the United States, Russia, China, Germany, Britain and France - is to convince Iran to halt its higher-grade enrichment, which is a relatively short technical step away from potential atom bomb material.

Iran, which has taken steps over the last year to expand its uranium enrichment activities in defiance of international demands to scale it back, wants a relaxation of increasingly harsh sanctions hurting its lifeline oil exports.

Western officials say the Almaty meeting is unlikely to produce any major breakthrough, in part because Iran's presidential election in June may make it difficult for it to make significant concessions before then for domestic reasons.

But they say they hope that Iran will take their proposals seriously and engage in negotiations to try to find a diplomatic settlement.

"No one is expecting to walk out of here with a deal but ... confidence building measures are important," one senior Western official said.

The stakes are high: Israel, assumed to be the Middle East's only nuclear-armed arsenal, has strongly hinted at possible military action to prevent its old foe from obtaining such arms. Iran has threatened to retaliate if attacked.

GOLD SANCTIONS RELIEF?

The U.S. official said the powers' updated offer to Iran - a modified version of one rejected by Iran in the unsuccessful talks last year - would take into account its recent nuclear advances but also take "some steps in the sanctions arena".

This would be aimed at addressing some of Iran's concerns, the official said, while making clear it would not meet Tehran's demand of an easing of all punitive steps against it.

"We think ... there will be some additional sanctions relief" in the powers' revised proposal," the official said, without giving details.

Western diplomats have told Reuters the six countries will offer to ease sanctions on trade in gold and precious metals if Iran closes its Fordow underground uranium enrichment plant.

Iran has indicated, however, that this will not be enough.

Tehran denies Western allegations it is seeking to develop the capability to make nuclear bombs, saying its program is entirely peaceful. It wants the powers to recognize what it sees as its right to refine uranium for peaceful purposes.

The U.S. official said the powers hoped that the Almaty meeting would lead to follow-up talks soon.

"We are ready to step up the pace of our meetings and our discussions," the official said, adding the United States would also be prepared to hold bilateral talks with Tehran if it was serious about it.

Ashton's spokesman, Michael Mann, said the updated offer to Iran was "balanced and a fair basis" for constructive talks.

(Additional reporting by Yeganeh Torbati and Dimitry Solovyov; Editing by Jon Hemming)

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Investors face another Washington deadline

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

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

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

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

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

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

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

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

OPTIONS BULLS TARGET GAINS

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

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

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

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

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

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

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

EYES ON GDP DATA, APPLE

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

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

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

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

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

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

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Daytona ready for race, willing to relocate fans

DAYTONA BEACH, Fla. (AP) — Fans feeling unsafe after the horrific crash at Daytona International Speedway can change seats for NASCAR's biggest race.

Track President Joie Chitwood said Sunday workers successfully repaired a section of fence — 54 feet wide and 22 feet high — that was shredded Saturday when Kyle Larson's car went airborne on the final lap of a second-tier race and crashed through the barrier that separates cars from fans. Large pieces of debris, including a tire, sprayed into the upper and lower section of the stands.

The crash injured more than 30 people, raising more questions about fan safety at race tracks.

Halifax Health spokesman Byron Cogdell said seven people with crash-related injuries remained hospitalized Sunday in Daytona Beach in stable condition. The six people brought to a different Halifax hospital in Port Orange with crash-related injuries had all been discharged by Sunday morning, Cogdell said.

A spokeswoman at Florida Memorial Medical Center would not release information Sunday on the patients brought to that hospital.

Chitwood, meanwhile, said if any fans are uncomfortable with their up-close seating for Sunday's Daytona 500, officials will work to move them.

"If fans are unhappy with their seating location or if they have any incidents, we would relocate them," Chitwood said Sunday. "So we'll treat that area like we do every other area of the grandstand. If a fan is not comfortable where they're sitting, we make every accommodation we can."

Larry Spencer of Nanticoke, Pa., said Sunday he's not sure he wants to ever sit that low again after his 15-year-old brother, Derrick, needed three stitches in his cheek after being hit by metal debris flying from the crash. They sat close to the fence Saturday, but returned for the Daytona 500 with tickets dozens of rows farther away from the track.

"I thought it was just neat to see the cars going by that close," Spencer said. "After yesterday, though, I definitely will reconsider sitting lower ever again."

The tire that flew into the stands landed a couple of rows above where they had been standing. After the crash, looking around at the people seriously injured, Spencer said he decided to take his brother to a hospital himself so that speedway crews and paramedics could focus on the people who needed more help.

"The only way to describe it was like a bomb went off, and the car pretty much exploded," Spencer said.

Track workers finished repairs about 2 a.m. Sunday, having installed a new fence post, new metal meshing and part of the concrete wall.

Officials decided not to rebuild the collapsed cross-over gate, which allows fans to travel between the stands and the infield before races.

Daytona has a grandstand remodel planned. Chitwood said the injuries could prompt a redesign that might include sturdier fences or stands further away from the on-track action.

"It's tough to connect the two right now in terms of a potential redevelopment and what occurred," Chitwood said. "We were prepared yesterday, had emergency medical respond. As we learn from this, you bet: If there are things that we can incorporate into the future, whether it's the current property now or any other redevelopment, we will.

"The key is sitting down with NASCAR, finding out the things that happened and how we deal with them."

Daytona reexamined its fencing and ended up replacing the entire thing following Carl Edwards' scary crash at Talladega Superspeedway in Alabama in 2009. Edwards' car sailed into the fence and spewed debris into the stands.

"We've made improvements since then," Chitwood said. "I think that's the key: that we learn from this and figure out what else we need to do."

NASCAR plans to take what remained of Larson's sheared car along with debris back to its research and development center in Charlotte, N.C., for testing.

"We'll bring in the best and brightest," said Steve O'Donnell, NASCAR's senior vice president for racing operations. "Anything we can learn will be put in place. ... Fans are our first priority. Obviously we want everybody to be safe at an event. We've talked to the speedway. We're confident in what's in place at today's event. Certainly still thinking about those affected, but we're confident to move forward for this race."

The 12-car crash began as the front-runners approached the checkered flag. Leader Regan Smith attempted to block Brad Keselowski for the win, triggering a pileup that could have been much worse.

Larson's burning engine wedged through a gaping hole in the fence. Parts and pieces of his car sprayed into the stands, including a tire that cleared the top of the fence and landed midway up the spectator section closest to the track.

The 20-year-old Larson stood in shock a few feet from his car as fans in the stands waved frantically for help. Smoke from the burning engine briefly clouded the area, and emergency vehicles descended on the scene.

Ambulance sirens could be heard wailing behind the grandstands at a time the race winner would typically be doing celebratory burnouts.

"It was freaky. When I looked to my right, the accident happened," Rick Harpster of Orange Park said. "I looked over and I saw a tire fly straight over the fence into the stands, but after that I didn't see anything else. That was the worst thing I have seen, seeing that tire fly into the stands. I knew it was going to be severe."

In 1987, Bobby Allison's car lifted off the track at Talladega while running over 200 mph, careening into the steel-cable fence and scattering debris into the crowd. That crash led to the use of horsepower-sapping restrictor plates at Talladega and its sister track in Daytona, NASCAR's fastest layouts.

As a result, the cars all run nearly the same speed, and the field is typically bunched tightly together — which plenty of drivers have warned is actually a more dangerous scenario than higher speeds.

"That's one of the things that really does scare you," Allison said Sunday. "But it's always a possibility because of the speeds, where they are."

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Associated Press writer Jennifer Kay in Miami contributed to this report.

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