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Sunday, March 3, 2013
Saturday, March 2, 2013
Volar-e EV racer goes for a test drive, hopes to turn heads
Still nervous about trading in your gas guzzler for an electric carriage? The European Commission wants you to cast your eyes on the Volar-e, a high performance EV prototype designed specifically to garner attention. Designed and built by Applus IDIADA, the Volar-e boasts 1,000 horses driven by four independently controlled electric motors, a regenerative breaking system and the ability to juice up in under twenty minutes. The prototype -- which was built in only four months -- saw its first public outing this week at Circuit de Catalunya, in Spain, giving onlookers at peek at what its four driving modes can do.
The company didn't specify what differentiates the vehicles Eco, Dynamic, Racing and Wet modes, but did go out of its way to highlight the Volar-e's acceleration and top speed: 62mph in 3.4 seconds and 186 mph. The European Commission says the vehicle is built to promote electric vehicles to European markets, standing as a reference point to category's potential. Cool? Sure, but with performance like that, we can't imagine the Volar-e will do much to calm our range anxiety. Check out the prototype racer in action after the break.
Via: Motor Authority
Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/Gky0K-EyaM4/
With record highs in sight, stocks face roadblocks
NEW YORK (Reuters) - If Wall Street needs to climb a wall of worry, it will have plenty of opportunity next week.
Major U.S. stock indexes will make another attempt at reaching all-time records, but the fitful pace that has dominated trading is likely to continue. Next Friday's unemployment report and the hefty spending cuts that look like they about to take effect will be at the forefront.
The importance of whether equities can reach and sustain those highs is more than Wall Street's usual fixation on numbers with psychological significance. Breaking through to uncharted territory is seen as a test of investors' faith in the rally.
"It's very significant," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
"The thinking is, there's just not enough there for an extended bull run," he said. "If we do break through (record highs), then maybe the charts and price action are telling us there's something better ahead."
Flare-ups in the euro zone's sovereign debt crisis and next Friday's report on the U.S. labor market could jostle the market, though U.S. job indicators have generally been trending in a positive direction.
Small- and mid-cap stocks hit lifetime highs in February. Now the Dow Jones industrial average <.dji> and the S&P 500 <.spx> are racing each other to the top. The Dow, made up of 30 stocks, is about 75 points - less than 1 percent - away from its record close of 14,164.53, which it hit on October 9, 2007. The broader S&P is still 3 percent away from its closing high of 1,565.15, also reached on October 9, 2007.
The advantage may be in the Dow's court. So far in 2013, it has gained 7.5 percent, beating the S&P 500 by about 1 percent.
THE RALLY AND THE REALITY CHECK
The Dow's relative strength owes much to its unique make-up and calculation, as well as to investors' recent preference for buying value stocks likely to generate steady reliable gains, rather than growth stocks.
But the more defensive stance illustrates how stock buyers are getting concerned about this year's rally. While investors don't want to miss out on gains, they're picking up companies that are less likely to decline as much as high-flying names - if a market correction comes.
The Russell Value Index <.rav> is up 7.6 percent for the year so far, outpacing the Russell Growth Index's <.rag> 5.7 percent rise. Within the realm of the S&P 500, the consumer staples sector led the market in February, gaining 3.1 percent.
There is some concern that growth-oriented names are being eclipsed by defensive bets, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.
"This isn't a be-all and end-all sell signal by any means, but we would feel much more comfortable if some of the more aggressive areas, like technology and small caps, would start to gain some leadership here," Detrick said.
Signs that investors are becoming concerned about the rally's pace is evident in the options market, where the ratio of put activity to call activity has recently shifted in favor of puts, which represent expectations for a stock to fall.
"We are seeing some put hedging in the financials, building up for the past month," said Henry Schwartz, president of options analytics firm Trade Alert in New York.
The put-to-call ratio representing an aggregate of about 562 financial stocks is 1:1, when normally, calls should be outnumbering puts.
Investors have no shortage of reasons to crave the relative safety of blue chips and defensive stocks. Although markets have mostly looked past uncertainty over Washington's plans to cut the deficit, fiscal policy negotiations still pose a risk to equities.
The $85 billion in spending cuts set to begin on Friday is expected to slow economic growth this year if policymakers do not reach a new deal. Markets so far have held firm despite the wrangling in Washington, but tangible economic effects could pinch stock prices going forward.
The International Monetary Fund warned that full implementation of the cuts would probably take at least 0.5 percentage point off U.S. growth this year.
EASY MONEY AND TEPID HIRING
Investors will also take in a round of economic data at a time when concerns are percolating that the market is being pushed up less by fundamentals and more by loose monetary policy around the world.
The main economic event will be Friday's non-farm payrolls report for February. The U.S. economy is expected to have added 160,000 jobs last month, only a tad higher than in January, in a sign the labor market is healing at a slow pace. The U.S. unemployment rate is forecast to hold steady at 7.9 percent.
While lackluster data has been a catalyst in the past for stock market gains as investors bet it would ensure continued stimulus from the Federal Reserve, that sentiment may be wearing thin.
Markets stumbled last week following worries that the Fed might wind down its quantitative easing program sooner than expected.
"It shows the underpinning of the market is being driven at this point by monetary policy," Hellwig said.
With investors questioning what is behind the rally, it will make a run to record highs even more significant, Hellwig added.
"There's smart people that are in the bull camp and the bear camp and the muddle-through camp," Hellwig said. "The fact that you can statistically, using historical evidence, make a case for going higher, lower, or staying the same makes this number very important this time around."
(Wall St Week Ahead runs every Friday. Comments or questions on this column can be emailed to: leah.schnurr(at)thomsonreuters.com)
(Reporting by Leah Schnurr; Additional reporting by Doris Frankel in Chicago; Editing by Jan Paschal)
Source: http://news.yahoo.com/record-highs-sight-stocks-face-roadblocks-031737068--sector.html
Groupon fires founder, CEO Andrew Mason
Groupon, the struggling online daily deals pioneer, announced Thursday that it has ousted CEO Andrew Mason.
Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis were appointed to the newly created ?Office of the Chief Executive? until a replacement is found.
The announcement was made after the market closed Thursday. Groupon shares shot up to $4.90 in after-hours trade, from a close of $4.53 on the Nasdaq.
"On behalf of the entire Groupon Board, I want to thank Andrew for his leadership, his creativity and his deep loyalty to Groupon. As a founder, Andrew helped invent the daily deals space, leading Groupon to become one of the fastest growing companies in history," Lefkofsky said.
The announcement came one day after Groupon announced a disappointing fourth quarter. The fourth quarter net loss attributable to common stockholders was $81.1 million.
Rumors that Mason wasn't long for this post have been buzzing for some time as the company has struggled with growth and its stock has fallen below $5.
Arvind Bhatia, managing director at Sterne Agee, said after the dismal earnings that he still has a "buy" rating on Groupon stock.
"As far as I'm concerned, this company has a pretty good board and they will eventually find the right people if Andrew is not the right guy. It's not necessarily an important part of my thesis at this point," Bhatia said.
This story includes reporting from The Associated Press and Reuters.
Source: http://www.nbcnews.com/business/groupon-fires-founder-ceo-andrew-mason-1C8623938
Friday, March 1, 2013
Netanyahu seeks more time to build new Israeli coalition
JERUSALEM (Reuters) - Deadlocked talks with potential coalition partners have forced Israeli Prime Minister Benjamin Netanyahu to seek more time to build a new government and avert a possible snap election, officials said on Friday.
They said Netanyahu would meet President Shimon Peres on Saturday to ask for a two-week extension after his right-wing party, the narrow victor in Israel's January 22 ballot, exhausted the standard four weeks allotted to build a coalition.
Peres is expected to accept Netanyahu's request.
However, should Netanyahu fail to win enough allies for a parliamentary majority by March 16 and a third term as premier, Peres could hand the task to a rival party leader. If no government emerged then, Israelis must return to the polls.
U.S. President Barack Obama is due to visit Israel at the end of March to discuss the stalemate in Palestinian statehood talks and other regional challenges like Iran and Syria. But he would likely cancel if Netanyahu failed to form a coalition.
Washington has not published dates for Obama's trip, and the U.S. ambassador to Israel, Daniel Shapiro, has said it would take place only after the Israelis had a new government.
Netanyahu's Likud-Beitenu ticket won 31 of the Knesset's 120 seats in the January vote - an eroded lead that required he cast a wide net for partners while juggling their disparate demands.
He has faced unified resistance from the parties that placed second and fourth, Yesh Atid (There is a Future) and Bayit Yehudi (Jewish Home), which insist Israel scale back the mass exemptions from military conscription and the welfare stipends it provides to ultra-Orthodox Jews.
The third-biggest Israeli party, center-left Labour, has ruled out entering a government under Netanyahu.
PERKS, NOT PALESTINE
Likud Beitenu has tried without success to drive a wedge between the centrist Yesh Atid and the ultranationalist Bayit Yehudi, which differ on other major issues such as how - and if - Israel should revive peacemaking with the Palestinians.
After inconclusive meetings with both parties Likud Beitenu negotiator David Shimron said Netanyahu's party would not accept a boycott of the ultra-Orthodox, telling reporters: "We will have to see where we go from here in forming a government."
Netanyahu's outgoing coalition includes two ultra-Orthodox parties which have generally backed him on other policies such as the settlement of occupied West Bank land in defiance of world powers, who support the Palestinian drive for a state.
Fourth placed Bayit Yehudi is even less accommodating of the Palestinians than Netanyahu, who says he wants to revive stalled peace talks. By contrast, the centrist Yesh Atid says Netanyahu has not done enough to make peace with the Palestinians.
Opinion polls suggest that if a new election were held now, Yesh Atid and Bayit Yehudi, which currently hold 19 and 12 seats respectively, would make further gains on Netanyahu.
Analysts attribute that to middle-class Israelis' support for the newcomer parties' stand against ultra-Orthodox perks.
Bayit Yehudi says this has eclipsed concern in the Jewish state for the Palestinians, who are themselves divided between U.S.-backed moderates and hardline Hamas Islamists.
"Our understandings with Yesh Atid are already proving to have brought positive results for both parties," Bayit Yehudi negotiator Eyal Gabbai told Israel's Army Radio.
Netanyahu has so far reached a deal with just one other party, the centrist Hatnuah led by former Foreign Minister Tzipi Livni, which brings six seats to his coalition. Livni has made achieving a peace accord with the Palestinians her core policy.
(Writing by Dan Williams; Editing by Crispian Balmer and Jon Boyle)
Source: http://news.yahoo.com/netanyahu-seeks-more-time-build-israeli-government-083013516.html
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Benedict's reign ends with a promise to obey next pope
VATICAN CITY (Reuters) - Pope Benedict ended his difficult reign on Thursday pledging unconditional obedience to whoever succeeds him to guide the Roman Catholic Church at one of the most crisis-ridden periods in its 2,000-year history.
The papacy became vacant at 8 p.m. (1900 GMT/2PM ET), marking the first time in six centuries a pope has resigned instead of ruling for life.
In a symbolic gesture, the Swiss Guards who stood sentry at the papal summer residence south of Rome, where the pope flew by helicopter less than three hours earlier, quit their posts and the massive wooden doors of the hilltop residence were closed.
At the same time, the papal apartments in the Vatican were locked and will not be opened until a new pope is elected.
As he left the Vatican several hours earlier by helicopter, he sent his last Twitter message: "Thank you for your love and support. May you always experience the joy that comes from putting Christ at the center of your lives."
Bells rang out from St Peter's Basilica and churches all over Rome as the helicopter circled Vatican City and flew over the Colosseum and other landmarks to give the pontiff one last view of the city where he is also bishop.
"As you know, today is different to previous ones," he told an emotional, cheering crowd holding balloons and banners after he arrived in the small town of Castel Gandolfo, where the summer residence it located.
He told the crowd, many of whom were crying, that he would soon become "simply be a pilgrim who is starting the last phase of his pilgrimage on this earth".
He then turned and went inside the villa, never to be seen again as pope.
"I wanted to see him for the last time. I hope his successor follows in his footsteps. I feel very moved to be here," said Giuseppe Ercolino, a 19-year-old student from a nearby town.
In an emotional farewell to cardinals on Thursday morning in the Vatican's frescoed Sala Clementina, Benedict appeared to send a strong message to the top echelons of the Church as well as the faithful to unite behind his successor, whoever he is.
"I will continue to be close to you in prayer, especially in the next few days, so that you are fully accepting of the action of the Holy Spirit in the election of the new pope," he said. "May the Lord show you what he wants. Among you there is the future pope, to whom I today declare my unconditional reverence and obedience."
The pledge, made ahead of the closed-doors conclave where cardinals will elect his successor, was significant because for the first time in history, there will be a reigning pope and a former pope living side by side in the Vatican.
Some Church scholars worry that if the next pope undoes some of Benedict's policies while his predecessor is still alive, Benedict could act as a lightning rod for conservatives and polarize the 1.2 billion-member Church.
Before boarding the helicopter, Pope Benedict said goodbye to monsignors, nuns, Vatican staff and Swiss guards in the San Damaso courtyard of the Holy See's apostolic palace. Many of his staff had tears in their eyes as the helicopter left.
Benedict will spend the first few months of his retirement in the papal summer residence, a complex of villas boasting lush gardens, a farm and stunning views over Lake Albano in the volcanic crater below the town.
Benedict will stay until April when renovations are completed on a convent in the Vatican that will be his new home.
PAPAL PROBLEMS
With the election of the next pope taking place in the wake of sexual abuse scandals, leaks of his private papers by his butler, falling membership and demands for a greater role for women, many in the Church believe it would benefit from a fresh face from a non-European country.
A number of cardinals from the developing world, including Ghanaian Peter Turkson and Antonio Tagle of the Philippines are two names often mentioned as leading candidates from the developing world who listen more.
"At the past two conclaves, the cardinals elected the smartest man in the room. Now, it may be time to choose a man who will listen to all the other smart people in the Church," said Father Tom Resse, a historian and senior fellow at the Woodstock Theological Center at Georgetown University.
Benedict, wearing the white papal cassock and red cape he will shed after his resignation becomes official, urged the Church to strive to be "deeply united".
A lover of classical music, he compared the Church hierarchy to an orchestra with many instruments which should always seek to be harmonious.
"In these past eight years we have lived, with faith, beautiful moments of radiant light in the path of the Church as well as moments when some clouds darkened the sky," he said, adding that he had "tried to serve Christ and his Church with deep and total love".
NEW POPE BEFORE EASTER
Once the chair of St Peter is vacant, cardinals who have assembled from around the world will begin planning the conclave that will elect his successor.
One of the first questions facing these "princes of the Church" is when the 115 cardinal electors should enter the Sistine Chapel for the voting. They will hold a first meeting on Friday but a decision may not come until next week.
The Vatican seems to be aiming for an election by mid-March so the new pope can be installed in office before Palm Sunday on March 24 and lead the Holy Week services that culminate in Easter on the following Sunday.
In the meantime, the cardinals will hold daily consultations at the Vatican at which they discuss issues facing the Church, get to know each other better and size up potential leaders for the 2,000-year-old Church.
There are no official candidates, no open campaigning and no clear front runner for the job. Cardinals tipped as favorites by Vatican-watchers include Turkson, Tagle, Brazil's Odilo Scherer, Canadian Marc Ouellet, Italy's Angelo Scola and Timothy Dolan of the United States.
Benedict, a bookish man who did not seek the papacy and did not enjoy being in the global spotlight, proved an energetic teacher of Catholic doctrine but a poor manager of the Curia, the Vatican bureaucracy that became mired in scandal.
He leaves his successor a top secret report on rivalries and scandals within the Curia, prompted by leaks of internal files last year that documented the problems hidden behind the Vatican's thick walls and the Church's traditional secrecy.
(Additional reporting by James Mackenzie, Catherine Hornby and Tom Heneghan; Editing by Louise Ireland)
Source: http://news.yahoo.com/benedicts-reign-ends-promise-obey-next-pope-005126068.html
Understanding the Impact of Online Gambling
When New Jersey Governor Chris Christie Signed Legislation approving the legalization of online gambling, he said he was looking to help the struggling Casino industry, but it could also be a game-changer for Zynga, other social game companies, and the technology providers that offer the infrastructure to manage gambling. New Jersey is the third state to approve online gambling, and there are many steps?and perhaps even years?before this business takes off, but as such a populous stake, it's a key step in tipping this business to the mainstream.
Zynga shares added nearly five percent the session Christie signed the legislation, after jumping on Friday, after Nevada approved online gambling. While Zynga struggles to grow the number of people who pay to play its free games, and pushes to grow the amount that small percentage of people are paying, real-money gaming would provide a much-needed new revenue stream. Over 30 million people play Zynga's poker game on Facebook alone every month. So if even a small percent of those people are convinced to gamble with cash, that would provide a much needed boost to Zynga's bottom line.
Earlier this week at a Morgan Stanley conference CEO Mark Pincus said he wasn't interested in going after a hard-core gambler audience, but rather is looking to bring the gambling experience to the masses.
With Zynga's stock off more than 70 percent in the past year, amid ongoing layoffs and restructuring, the company is slowly pushing forward with plans to launch online gambling. But the push is indeed slow. Pincus says it could be a year or more before its application for an operator license in Nevada is approved.
"I don't believe that Zynga's going to come to dominate the world of online real money gambling," said Needham and Company analyst Sean McGowan. "But they would be an attractive licensing partner or even acquisition target for the casino giants."
And Zynga isn't alone: A number of private gaming studios will also benefit from the new opportunity?like SGN, run by MySpace co-founder Chris DeWolfe, and Big Fish Studios. Both have launched online gambling overseas.
(Read More: Zynga Posts a Surprise Profit and Big Revenue Beat)
And then there are the technology companies that provide the infrastructure for these mobile and social gaming companies. A company called Betable provides the platform for any developer to offer gambling on their apps (overseas only at this point) without getting separate approvals. This allows developers here in the US to get into the online gambling business, without dealing with the complicated regulation. And most of Betables clients, including SGN and Big Fish, are based in the US.
"It's very encouraging to see," said Betable CEO Chris Griffin. "When an industry like this is shifting and regulations are changing it'll likely take a long time for it to be an interesting business prospect. But these are very encouraging first steps in that direction. We're especially encouraged by what we're seeing in New Jersey. Nevada's plan right now only allows for online poker, which requires a lot of liquidity and you need a lot of people playing together for it to work. New Jersersy is allowing a much broader array of games to be played online-- all the games on the casino floor."
Source: http://www.cnbc.com/id/100503698
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