Stock index futures point to lower open on Wall Street, Boeing in focus

LONDON (Reuters) - U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.3 percent, Dow Jones futures off 0.2 percent and the Nasdaq 100 contract 0.1 percent lower at 0922 GMT.

Banks <.sx7p> will be in focus, with results due from several big names, including BNY Mellon, Goldman Sachs and JPMorgan Chase & Co.

Of the S&P 500 <.spx> companies that have reported to date, 25 percent have missed fourth-quarter earnings forecasts and 29 percent have undershot on revenues, according to Thomson Reuters StarMine data.

Shares in General Motors fell after the bell on Tuesday after the automaker said it expects operating profit to rise "modestly" this year - a comment that is expected to prompt analysts to downgrade their forecasts.

Boeing will be in focus on concerns about the safety of its Dreamliner. Japan's two leading airlines grounded their fleets of 787s on Wednesday after one of the passenger jets made an emergency landing.

India will decide on whether to ground national carrier Air India's Dreamliner jets after the U.S. company submits a report on the aircraft's safety.

Global growth concerns remain in the spotlight after the World Bank slashed its economic forecasts for developed nations this year.

A plunge in European car sales in December added to the gloom.

U.S. December inflation figures are due at 1330 GMT, followed by industrial output at 1415 GMT.

The Dow Jones industrial average <.dji> added 27.57 points, or 0.20 percent, to 13,534.89 on Tuesday, while the S&P 500 <.spx> gained 1.66 points, or 0.11 percent, to 1,472.34 after stronger-than-expected retail data.

Tech heavyweight Apple dragged on the Nasdaq for a third day <.ixic>, with the index falling 0.2 percent.

Major European indexes edged lower on Wednesday, after recent gains took them to multi-month highs <.fteu3><.eu>. Profit taking also pushed Japan's Nikkei benchmark to its biggest one-day drop in eight months <.n225>.

(Reporting By Toni Vorobyova; Editing by Susan Fenton)

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Warp Speed: What Hyperspace Would Really Look Like

The science fiction vision of stars flashing by as streaks when spaceships travel faster than light isn’t what the scene would actually look like, a team of physics students says.

Instead, the view out the windows of a vehicle traveling through hyperspace would be more like a centralized bright glow, calculations show.

The finding contradicts the familiar images of stretched out starlight streaking past the windows of the Millennium Falcon in “Star Wars” and the Starship Enterprise in “Star Trek.” In those films and television series, as spaceships engage warp drive or hyperdrive and approach the speed of light, stars morph from points of light to long streaks that stretch out past the ship.

But passengers on the Millennium Falcon or the Enterprise actually wouldn’t be able to see stars at all when traveling that fast, found a group of physics Masters students at England’s University of Leicester. Rather, a phenomenon called the Doppler Effect, which affects the wavelength of radiation from moving sources, would cause stars’ light to shift out of the visible spectrum and into the X-ray range, where human eyes wouldn’t be able to see it, the students found. [How Interstellar Space Travel Works (Infographic)]

“The resultant effects we worked out were based on Einstein’s theory of Special Relativity, so while we may not be used to them in our daily lives, Han Solo and his crew should certainly understand its implications,” Leicester student Joshua Argyle said in a statement.

The Doppler Effect is the reason why an ambulance’s siren sounds higher pitched when it’s coming at you compared to when it’s moving away — the sound’s frequency becomes higher, making its wavelength longer, and changing its pitch.

The same thing would happen to the light of stars when a spaceship began to move toward them at significant speed. And other light, such as the pervasive glow of the universe called the cosmic microwave background radiation, which is left over from the Big Bang, would be shifted out of the microwave range and into the visible spectrum, the students found.

“If the Millennium Falcon existed and really could travel that fast, sunglasses would certainly be advisable,” said research team member Riley Connors. “On top of this, the ship would need something to protect the crew from harmful X-ray radiation.”

The increased X-ray radiation from shifted starlight would even push back on a spaceship traveling in hyperdrive, the team found, slowing down the vehicle with a pressure similar to the force felt at the bottom of the Pacific Ocean. In fact, such a spacecraft would need to carry extra energy reserves to counter this pressure and press ahead.

Whether the scientific reality of these effects will be taken into consideration on future Star Wars films is still an open question.

“Perhaps Disney should take the physical implications of such high speed travel into account in their forthcoming films,” said team member Katie Dexter.

Connors, Dexter, Argyle, and fourth team member Cameron Scoular published their findings in this year’s issue of the University of Leicester’s Journal of Physics Special Topics.

You can follow SPACE.com assistant managing editor Clara Moskowitz on Twitter @ClaraMoskowitz. Follow SPACE.com on Twitter @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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Stock index futures signal lower open

PARIS (Reuters) - Stock index futures pointed to a slightly lower open on Wall Street on Tuesday, with futures for the S&P 500 down 0.04 percent and Nasdaq 100 futures down 0.17 percent at 4.55 a.m. ET.

World shares stalled near 18-month highs and safe-haven Treasuries traded higher on Tuesday after U.S. Federal Reserve Chairman Ben Bernanke warned the economic recovery was at risk from the battle to raise the nation's borrowing limit.

Data showing the German economy contracted by a larger-than-expected 0.5 percent in the final quarter of 2012, as the euro zone crisis weighed on exports and corporate investment, also weighed on sentiment on Tuesday morning.

Federal Reserve Chairman Ben Bernanke on Monday urged U.S. lawmakers to lift the country's borrowing limit to avoid a potentially disastrous debt default, warning that the economy was still at risk from political gridlock over the deficit.

In a wide-ranging question and answer session, Bernanke painted a cautiously optimistic outlook for U.S. growth but gave no clear hints as to when the Fed would curb its aggressive bond purchases, despite speculation that it will halt them this year.

President Barack Obama on Monday rejected any negotiations with Republicans over raising the U.S. borrowing limit, accusing his opponents of trying to extract a ransom for not ruining the economy in the latest fiscal fight.

The United States expects to run out of tools to avoid a default between mid-February and early March, potentially causing lasting damage to the U.S. economy and its creditworthiness, the Treasury said on Monday.

U.S. banking regulators on Monday ordered JPMorgan Chase & Co to tighten its risk controls after the bank lost billions of dollars due to bad bets from a trader known as the "London Whale".

U.S. cable group Liberty Global raised its stake in Belgian group Telenet to 58 percent from 50.2 percent. Liberty is seeking to strengthen its grip on Telenet, which is benefiting from expansion across a range of telecom services. Liberty has been the controlling shareholder in the company since 2007.

RadioShack Corp said on Monday it ended a mobile phone partnership with Target Corp as the retailers could not agree on a new deal that would be profitable for both companies.

The S&P 500 and Nasdaq ended lower on Monday as worries over demand for Apple products drove down its shares and investors braced for earnings disappointments.

The Dow Jones industrial average <.dji> was up 18.89 points, or 0.14 percent, at 13,507.32. The Standard & Poor's 500 Index <.spx> was down 1.37 points, or 0.09 percent, at 1,470.68. The Nasdaq Composite Index <.ixic> was down 8.13 points, or 0.26 percent, at 3,117.50.

(Reporting by Blaise Robinson; Editing by Catherine Evans)

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NYC Museum Debuts New Shuttle Enterprise Exhibit Thursday

NEW YORK — A new museum exhibit that reveals the history of NASA‘s original space shuttle is opening in New York City this week, just as the prototype orbiter is being put under cover.

The exhibit “Space Shuttle Enterprise: A Pioneer,” which explores the history of Enterprise and its role in NASA’s development of the space shuttle, will debut to the public on Thursday (Jan. 17) at the Intrepid Sea, Air and Space Museum in Manhattan.

The temporary display is hosted on the hangar deck of the converted U.S.S. Intrepid, a World War II aircraft carrier. The exhibit celebrates the people, the pilots and engineers who contributed to the orbiter’s story, as well as made the technological innovations that helped to make Enterprise an icon of the space program.

The icon itself, the Enterprise, is mounted on the Intrepid’s flight deck. The retired prototype orbiter, which never flew in space but was used for a series of critical approach and landing tests in the 1970s, entered the Intrepid’s collection in July 2012. In October, Hurricane Sandy left the shuttle with minor damage and destroyed its display pavilion.

Scaffolding has now been raised around Enterprise and a protective cover will be placed over the orbiter this week. The Intrepid is planning to reopen its shuttle pavilion in the spring.

Until then, the new exhibition has been installed to provide visitors the chance to learn more about the historic winged spacecraft. [Space Shuttle Enterprise's Legacy (Photos)]

“While the shuttle itself is not on display, we really want to give the public what they want and what they appear to want is really interesting stories about the shuttle and new elements as well,” Elaine Charnov, Intrepid museum‘s vice president for exhibits, told collectSPACE.com in an interview.

From the cockpit to the cafeteria

“Space Shuttle Enterprise: A Pioneer” introduces visitors to the Enterprise with artifacts from its era — including wind tunnel test models and examples of where Enterprise crossed into pop culture — as well as archival images and video clips to illustrate the history and significance of the prototype orbiter.

“One of the highlights is the cockpit instrumentation panel, which gives the public a much richer and deeper sense of what the instrumentation looks like and how large that area was [on Enterprise],” Charnov said. “How remarkable it was that these instruments really helped facilitate so many pioneering space efforts.”

The display, which is built into a full scale replica of the forward instrument panel from inside the shuttle’s flight deck, provides an answer to one of the popular questions visitors have been asking since Enterprise first arrived on display at the Intrepid.

“We get a lot of questions from people, ‘How can we see the cockpit?’” explained Eric Boehm, the Intrepid‘s curator of aviation and aircraft restoration. “Future plans include a much more enhanced version of this but in the short term we are getting these instruments on display as soon as possible.” [Space Shuttle Enterprise NYC Exhibit (Video)]

Enterprise arrived in New York City with its cockpit mostly bare. The instrumentation going on display was obtained by the Intrepid through a government surplus sale.

“They could have flown on Enterprise but they may have been repurposed for a simulator at one time,” Boehm said. “There are some tags on them that date them back to that era, but the way that NASA worked, they repurposed stuff all the time.”

“We’re not going to sell [the display] as actual Enterprise instruments, but boy, it is highly likely that these came off Enterprise,” he added.

On the subject of selling, another area of the exhibit picks up where the original pavilion’s displays left off: the space shuttle Enterprise’s crossover into pop culture.

“Expanding what was presented in the original pavilion, we now have a chance to show some of the actual elements,” Charnov said. “It includes a 1977 Enterprise lunchbox and thermos. Who wouldn’t want to have that as a collectible?”

Other artifacts on display include model kits, print ads that incorporated imagery of Enterprise, and the White House briefing document that led to the prototype shuttle being renamed after the starship from “Star Trek” rather than the U.S.S. Constitution, as NASA originally planned.

“[The new exhibit] really illustrates how deeply woven the Enterprise and the shuttle’s story was into daily life and how it was reflected in so many aspects of our consumer culture,” said Charnov.

Intrepid and Enterprise: Truly connected

One other area of the 1,500 square-foot exhibition features artifacts from a pilot who shares connections with both the Intrepid and the Enterprise: Richard “Dick” Truly.

“There is a whole case devoted to Dick Truly,” Boehm told collectSPACE.com . “Dick Truly has a very special meaning for us because he was assigned to Intrepid as a young naval aviator in the early 1960s. He has over 100 ‘traps’ here on our flight deck.”

One of the four NASA astronauts who flew Enterprise’s approach and landing tests in 1977, Truly’s initial tour of duty as a naval aviator was flying F-8 Crusaders aboard the U.S.S. Intrepid and the U.S.S. Enterprise. He made over 300 carrier landings, flew the shuttle Enterprise three times (twice in free flight), and then flew twice into space on the shuttles Columbia and Challenger.

“Space Shuttle Enterprise: A Pioneer” displays the helmet and NASA flight jacket from Truly’s collection.

“He has been donating stuff to us over the past several years and now it is all coming together,” Boehm said.

The exhibition is free, included with the price of admission to the Intrepid. The museum is currently offering a “Gift of Intrepid” buy one, get one free admission ticket promotion to its Facebook and Twitter followers through Feb. 15.

The Intrepid Sea, Air and Space Museum is located at Pier 86 (46th Street and 12th Avenue) in Manhattan.

See collectSPACE.com for a list of the artifacts going on display at the Intrepid Sea, Air and Space Museum as part of “Space Shuttle Enterprise: A Pioneer.” See shuttles.collectspace.com for continuing coverage of the delivery and display of NASA’s retired space shuttles.

Follow collectSPACE on Facebook and Twitter @collectSPACE and editor Robert Pearlman @robertpearlman. Copyright 2012 collectSPACE.com. All rights reserved.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock index futures trade flat to higher

LONDON (Reuters) - Stock index futures pointed to a flat to higher open on Wall Street on Monday, with futures for the S&P 500 up 0.1 percent at 0844 GMT.

Dow Jones and Nasdaq 100 futures were unchanged.

European shares were also flat, with the FTSEurofirst 300 <.fteu3> just shy of a two-year high. The pan-European index has risen almost 3 percent since the start of the year.

The U.S. economy is expected to grow by 2.5 percent in 2013, improving to 3.5 percent growth in 2014, top Fed official Charles Evans said on Monday. Evans also forecast the U.S. unemployment rate would be 7.4 percent, easing to about 7 percent in 2014. Fed Chairman Ben Bernanke speaks at 2100 GMT. [ID:nL4N0AJ1JA]

Americans are beginning to feel the pinch from austerity measures. Paychecks across the country have shrunk over the last week due to higher federal tax rates, and workers say they are cutting back on spending.

Apple Inc has almost halved its order with suppliers of LCD panels for the iPhone 5 in the current quarter due to weak demand, Japanese daily Nikkei reported on Monday.

Oracle Corp released an update to its Java software for surfing the Web on Sunday, which security experts said fails to protect PCs from attack by hackers intent on committing cyber crimes.

Transocean Ltd said billionaire activist investor Carl Icahn bought a 1.56 percent stake in the offshore rig contractor and is looking to increase his holding.

Japan Airlines Co (JAL) said on Sunday that a Boeing Co 787 Dreamliner jet undergoing checks in Tokyo following a fuel leak at Boston airport last week had leaked fuel during tests earlier in the day.

Pickup truck sales are expected to outpace the broader U.S. auto market this year helped by a recovering housing market and a slew of new models from the three big U.S. automakers, executives and analysts said on Sunday.

American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour.

Bank of America Corp directors have reached a $62.5 million settlement to resolve investor claims over the bank's acquisition of Merrill Lynch & Co, a person familiar with the matter said, after a federal judge expressed reservations about an earlier version of the accord.

JPMorgan Chase & Co's board is expected to dock the 2012 bonuses of Chief Executive James Dimon and another top executive because of the "London Whale" trading debacle, the Wall Street Journal reported, citing people close to the company.

The first big earnings week of 2013 features major banks Goldman Sachs and JPMorgan Chase & Co, as well as online retailer eBay on Wednesday. Thursday's reports include Citigroup, Bank of America and chip maker Intel . General Electric, the largest U.S. conglomerate, is due to post fourth-quarter earnings on Friday.

The Dow Jones industrial average <.dji> gained 17.21 points, or 0.13 percent, to 13,488.43. The Standard & Poor's 500 Index <.spx> dipped 0.07 points to 1,472.05. The Nasdaq Composite Index <.ixic> added 3.88 points, or 0.12 percent, to 3,125.64.

(Reporting By Francesco Canepa; Editing by John Stonestreet)

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NH case against 2 big oil companies gets underway

CONCORD, N.H. (AP) — The state of New Hampshire is launching its case against two major oil companies in what is expected to be the longest and most complex trial in state history.

The state’s lawyers say ExxonMobil and Citgo should pay more than $ 700 million in damages to monitor and clean up groundwater contamination caused by the gas additive MTBE — methyl tertiary butyl ether — now banned in New Hampshire.

Lawyers for the oil companies say they have cleaned up their own sites and that contamination elsewhere was caused by third parties not named in the suit.

The lawsuit — filed in 2003 — is the only one brought by a state to reach trial on the issue of MTBE groundwater contamination. Most of the other MTBE cases nationwide were brought by municipalities, water districts or individual well owners, and all but one was settled or dismissed.

The jury trial begins Monday and is expected to last four months. It is being held in a federal courtroom on loan to the state so as not to monopolize one of three courtrooms at Merrimack Superior Court.

More than 50,000 exhibits have been marked and the witness list numbers 230.

It was clear from a pretrial conference Friday that jurors will be confronted with an alphabet soup of acronyms for various funds and agencies, will have to grapple with complex statistical analyses and will hear contradictory testimony by expert witnesses.

MTBE had been used in gasoline since the 1970s to increase octane and reduce smog-causing emissions. While it was credited with cutting air pollution, it was found in the late 1990s to contaminate drinking water when gasoline is spilled or leaks into surface or groundwater. New Hampshire banned its use in 2007.

Roughly 60 percent of New Hampshire’s population gets its drinking water from wells, which drives up the estimated cost to test and treat contaminated water sources.

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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EPA issues Shell violation notices

ANCHORAGE, Alaska (AP) — The Environmental Protection Agency has issued Royal Dutch Shell PLC notices of air quality violations for emissions involving its Arctic drilling operation in 2012.

The EPA late Thursday issued the notices saying that Shell violated permits for nitrous oxides emissions coming from its drill rig and drill ship. The federal agency says Shell had multiple permit violations for each ship.

The two ships are the drill rig Kulluk, which recently grounded near Kodiak Island when it was being towed to Seattle for maintenance and broke free in a storm. The damaged drill rig has been refloated and taken to a sheltered harbor. The drill ship Noble Discoverer remains in Seward after the Coast Guard found safety problems.

Shell is trying to revise its air permit to operate in the Arctic.

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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Stock index futures point to flat open

LONDON (Reuters) - Stock index futures indicated a flat-to-slightly lower open on Wall Street on Friday, with some traders citing nervousness ahead of results from financial group Wells Fargo due later in the day.

Futures for the S&P 500 and Nasdaq 100 were flat by 04.30 EST, while futures for the Dow Jones were 0.1 percent lower.

"There's maybe a little bit of nervousness ahead of Wells Fargo's results," said Darren Easton, director of trading at London-based firm Logic Investments.

Boeing Co's 787 Dreamliner jet suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday - the latest in a series of incidents to test confidence in the sophisticated new aircraft.

Infosys Ltd posted flat third-quarter net profits, beating analyst expectations, as the second-largest Indian software services provider maintained margins despite higher operating costs. It also raised revenue forecast for the full year to end March.

Credit card company American Express Co said it would cut about 5,400 jobs, or 8.5 percent of its workforce, as it restructures its business and pays legal bills.

SAC Capital Advisors expects client withdrawals of at least $1 billion in 2013 as the hedge fund battles intense regulatory scrutiny over insider trading allegations, the Wall Street Journal reported on Friday.

Unsecured creditors of MF Global Holdings Ltd on Thursday proposed a liquidation plan that could pay the brokerage's former customers in full.

Exxon Mobil Corp reported flaring at its 344,500 barrel-per-day (bpd) Beaumont, Texas, refinery, according to a message posted on a community information line.

Tycoon Carlos Slim's retail unit said it plans to relist on the Mexican stock exchange, offering a 15.2 percent stake to raise some $720 million to fund expansion plans, including possible acquisitions.

Supervalu Inc struck a $3.3 billion deal to reduce its burdensome debt by selling five of its supermarket chains to an investor group led by Cerberus Capital Management LP .

The Federal Reserve's policy of zero interest rates and asset purchases is appropriate and perhaps even insufficient, said Narayana Kocherlakota, president of the Minneapolis Fed.

European shares were flat on Friday although the pan-European FTSEurofirst 300 index <.fteu3> remained within sight of two-year highs.

Asian shares and Brent crude futures fell as a pick-up in Chinese inflation prompted profit taking, although an improving outlook for global economies curbed losses.

U.S. stocks rose on Thursday and the S&P 500 <.spx> ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.

The Dow Jones industrial average <.dji> gained 80.71 points, or 0.60 percent, to 13,471.22. The Standard & Poor's 500 Index rose 11.10 points, or 0.76 percent, to 1,472.12. The Nasdaq Composite Index <.ixic> added 15.95 points, or 0.51 percent, to 3,121.76.

(Reporting by Sudip Kar-Gupta; Editing by Susan Fenton)

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Flu, Whooping Cough and Vomiting Virus: What’s Going On?

The United States is seeing its fair share of illness this winter.

The country is in the midst of a particularly bad flu season, the worst outbreak of whooping cough since 1955, and an emerging outbreak of norovirus (a stomach bug that causes diarrhea and vomiting.)

Despite the seeming inundation of illness, experts say there is no connection between the three outbreaks, or any reason why all three would be happening now.

“As far as we know, they’re completely coincidental and separate,” said Dr. Andy Pavia, chief of the University of Utah’s Division of Pediatric Infectious Diseases, and chair of the influenza advisory committee at the Infectious Disease Society of America.

It’s not at all surprising we’re seeing flu cases now, since the virus occurs around this time every year. But this season is looking like a serious one, with more people visiting the doctor for flu-like illness so far this season than at any point last season. The early start to this year’s season, as well as the particular strains in circulation, may be reasons why more people are sick this year. [See What You Can Do About the Raging Flu.]

Cases of whooping cough, or pertissus, have been on the rise in recent years, and in 2012, the number of illnesses soared to more than 41,000  — more than any other year since 1955. The increase could be related to a change in the type of whooping cough vaccine used. In 1997, doctors switched to a more purified version of the vaccine. While this vaccine is thought to be safer than the one previously used, it may not protect against the disease for as long a period. . Dr. Paul Offit, chief of the Division of Infectious Diseases  at the Children’s Hospital of Philadelphia, said because so many =cases of whooping cough were seen in 2012, higher numbers of people have presumably  developed immunity to the virus after being infected. Because of this, he would guess that the number of cases will start to go down this year.

The only connection between flu and whooping cough is that they are both vaccine-preventable diseases, Pavia said. Thus, as more people get vaccinated against them, and more perfect vaccines are developed, rates of these illnesses are expected  to go down, he said.

Norovirus is unpredictable, and some years see worse outbreaks than others, Offit said. What’s unusual about this year’s outbreak is that it seems to be widespread, occurring in many communities rather than being confined to a particular area, Pavia said.

Pass it on: There is no connection between this year’s outbreaks of flu, whooping cough and norovirus.

Follow MyHealthNewsDaily on Twitter @MyHealth_MHND.  Findus on Facebook.

Copyright 2013 MyHealthNewsDaily, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Stock index futures point to second day of gains

LONDON (Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all around 0.2 percent higher at 0920 GMT.

European shares traded in sight of recent multi-month highs, with FTSEurofirst 300 <.fteu3> flat at 1,167.51 points by 0913 GMT <.eu> while Asian markets closed higher, supported by solid Chinese data <.t>.

China's export growth rebounded surprisingly sharply in December to a seven-month high, in a strong finish to the year for an economy that had slowed for seven quarters, but the spike may not herald an enduring recovery as global demand stays subdued.

U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.

The nascent earnings season pauses, with no S&P 500 companies scheduled to report on Thursday.

Casual dining chain Ruby Tuesday Inc lowered the upper end of its full-year adjusted profit forecast after posting a wider-than-expected second-quarter loss. Shares fell after the bell.

U.S. asset manager BlackRock is to buy Swiss bank Credit Suisse's exchange-traded fund business for an undisclosed price.

A relatively thin U.S. data calendar features December trade data at 1330 GMT and budget figures at 1900 GMT.

Both the Bank of England and the European Central Bank are expected to announce on-hold policy ahead of U.S. market open, with the focus for the latter on the 1330 GMT press conference.

(Reporting By Toni Vorobyova; Editing by Catherine Evans)

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Octopus secures 54 million pounds funding for six UK solar parks

LONDON (Reuters) – Octopus Investments has secured 54.4 million pounds of funding from two banks to refinance investments in six solar parks in Britain, it said on Thursday.

The British fund management company invests in solar projects on behalf of investors in some of its venture capital trusts, enterprise investment schemes and inheritance tax services.

Over the past two years Octopus, in partnership with its in-house solar development company Lightsource, has invested more than 300 million pounds in solar energy.

Octopus secured the funding from the Royal Bank of Scotland’s corporate and institutional banking operation and Dutch bank NIBC.

The firm can now refinance six solar parks in Cornwall, Nottinghamshire, Somerset and Cambridgeshire, which have capacities ranging from 1.7 to 5 megawatts.

“RBS and NIBC’s facility will enable us to continue to invest in solar on behalf of our investors and to deliver returns to them while continuing to support the UK solar market,” said Matt Setchell, head of solar at Octopus.

Octopus has more than 2.7 billion pounds of assets under management.

(Reporting by Nina Chestney; Editing by David Goodman)

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Global shares buoyed by Alcoa earnings, dollar gains on yen

LONDON (Reuters) - World shares staged a modest recovery from two days of losses on Wednesday after aluminum giant Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.

However, with European and British central banks due to hold policy meetings on Thursday, the same day Spain will test demand for its debt and China releases its latest trade data, investors were in a cautious mood.

Alcoa, the largest aluminum producer in the United States, rose 1.3 percent in after-hours trade after it reported a fourth-quarter profit in line with Wall Street expectations and revenues that beat forecasts.

The results lifted Asian stock markets and pushed Europe's FTSE Eurofirst 300 index <.fteu3> up around 0.2 percent in early trade, leaving the MSCI world equity index <.miwd00000pus> up 0.1 percent. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were flat to 0.2 percent higher.

U.S. stock futures were up 0.15 percent, suggesting a firmer start on Wall Street. <.l><.eu><.n/>

Corporate profits are expected to be higher than the third quarter's lackluster results, but analysts' estimates are down sharply from where they were in October.

"Expectations are quite low going into the earnings season as we saw a lot of downward guidance in the past few months. There is potential for an upside surprise to come through," said Robert Parkes, equity strategist at HSBC Securities.

SOVEREIGN DEBT TEST

In European fixed income markets German Bund prices dipped slightly as investors prepared for the government's auction of 5 billion euros' worth of new five-year bonds following successful debt sales in Austria, the Netherlands and Ireland on Tuesday.

Investors were also looking ahead to Spanish and Italian bond auctions on Thursday for the new year's first test of market appetite for peripheral euro zone debt.

The Spanish auction could also provide clues on the timing of a much anticipated request by Madrid for fresh financial aid from the ECB. [ID:nL5E9C46KK]

The dollar meanwhile climbed against the yen, moving back towards a 2-1/2 year high hit last week, on expectations of a much bolder monetary easing from the Bank of Japan at its next meeting later this month.

The U.S. currency was up 0.7 percent at 87.61 yen, above a near one-week low of 86.82 hit earlier in Tokyo.

"No one is going to want to be short yen going into the BOJ meeting," said Derek Halpenny, European head of FX research at Bank of Tokyo-Mitsubishi.

Sources familiar with the BOJ's thinking told Reuters the central bank was likely to adopt a 2 percent inflation target at the meeting, double its current goal, and issue a statement with the government pledging to pursue bold monetary easing steps.

The BOJ will also consider easing monetary policy again this month, probably through a further increase in its 101 trillion yen ($1.2 trillion) asset buying and lending programme, the sources said.

The euro held steady against the dollar at $1.3080, with most analysts forecasting the European Central Bank will keep interest rates on hold on Thursday, though some believe rates will be cut later this year.

CHINA DEMAND EYED

Brent crude oil slipped around 0.3 percent to below $112 per barrel as the market awaited the latest trade data from China, the world's biggest energy consumer, due on Thursday.

"What we're seeing in the oil markets is the cautious sentiment playing up ahead of some key economic events this week," said Ker Chung Yang, senior investment analyst at Phillips Futures in Singapore.

However, iron ore jumped to its highest since October 2011, stretching a rally that has lifted prices by more than a third since December as China replenished stockpiles and as supply in the spot market remained limited.

Iron ore, a raw material used to make steel, has now risen 83 percent since falling to below $87 in September.

(Additional reporting by Nia Williams and Atul Prakash; Editing by Will Waterman)

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2012 was hottest year on record in U.S., climate agency says

CHICAGO (Reuters) – The year 2012 was the warmest on record for the contiguous United States, beating the previous record by a full degree in temperature, a government climate agency said on Tuesday.

Scientists at the National Oceanic and Atmospheric Administration said the average temperature in 2012 in the contiguous United States was 55.3 degrees Fahrenheit (12.94 degrees Celsius), 3.2 degrees above the average recorded during the 20th century and 1.0 degree above 1998, until now the hottest on record. The contiguous United States excludes Alaska and Hawaii.

The agency also confirmed what many farmers in the nation’s midsection and many residents of the western part of the country already knew: 2012 was drier than average.

The year was 15th driest year on record, it said. At the peak of the heat in July 2012, 61 percent of the country was in drought, NOAA said, including the nation’s breadbasket of the Midwest, as well as the Southwest and Mountain West, where wildfires charred 9.2 million acres.

The agency’s U.S. Climate Extremes Index, which tracks volatility in temperature and precipitation as well as the number of tropical cyclones making landfall, was twice as active as normal in 2012, the agency said. Only 1998 had more extreme weather, NOAA said.

There were 11 weather-related disasters in the continental United States during 2012, with losses topping $ 1 billion, including Hurricanes Sandy and Isaac and a series of tornadoes in the Great Plains, Texas and the Ohio Valley, it said.

Among the other findings released on Tuesday:

* Every state in the contiguous U.S. experienced above-average annual temperatures in 2012. Nineteen had a record warm year and an additional 26 had one of their 10 warmest.

* Spring started off with the warmest March on record, followed by the fourth-warmest April and the second-warmest May. The season’s temperature was 5.2 degrees Fahrenheit above average, making it the warmest spring on record, surpassing the previous record by 2.0 degrees, the agency said.

* The above-average temperatures during the spring continued into summer. The heat peaked in July with an average temperature of 76.9 degrees Fahrenheit (24.94 degrees Celsius), 3.6 degrees above average, making it the hottest month ever observed in the continental United States.

* An estimated 99.1 million people – nearly one-third of the nation’s population – experienced 10 or more days during the summer when temperatures exceeded 100 degrees Fahrenheit, the agency said.

* There were fewer-than-average tornadoes in 2012. Although the season got off to a busy start with large outbreaks in March and April, May and June – typically the most active months of the year – there were fewer than half the normal number of tornados. The final tornado count for 2012 was less than 1,000, NOAA said, the smallest number since 2002.

* While Hawaii and Alaska were outside the area where the hottest weather hit last year, NOAA said those two states had unusual weather of their own during the year. Alaska was cooler and slightly wetter than average during 2012, the agency said. In Hawaii, drought conditions spread during the year, with 63.3 percent of the state experiencing drought by the end of the year.

(Reporting by James B. Kelleher; Editing by Greg McCune and Tim Dobbyn)

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Stock index futures signal lower Wall Street open

LONDON (Reuters) - U.S. stock index futures pointed to a slightly lower Wall Street open on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 0.1 to 0.3 percent.

Alcoa and Monsanto are two of the first large companies to report quarterly results as the earnings season begins. Wall Street expects both the companies to show improved profit from a year ago.

ICSC/Goldman Sachs release chain store sales for the week ended January 5 at 1245 GMT. In the previous week, sales rose 0.6 percent.

Samsung Electronics said it likely earned a quarterly profit of $8.3 billion as it sold close to 500 handsets a minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc products.

Redbook releases its Retail Sales Index of department and chain store sales for January at 1355 GMT. In the previous month, sales rose 0.1 percent.

Sears Holdings Corp said late on Monday Chief Executive Louis D'Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.

National Federation of Independent Business releases small business optimism index for December at 1230 GMT. In the previous month, the index read 87.5.

The FTSEurofirst 300 <.fteu3> index of top European shares turned flat in morning session on Tuesday after opening lower, with gains in telecom stocks offsetting declines in financial and mining shares.

U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.

The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.

(Reporting by Atul Prakash; Editing by Alistair Lyon)

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NASA Finds 461 Alien Planet Candidates, Some Possibly Habitable

NASA‘s Kepler Space Telescope has detected 461 new potential alien planets, including four worlds slightly larger than Earth that may be capable of supporting life as we know it.

The 461 newfound candidate exoplanets, which were announced today (Jan. 7), bring Kepler’s total haul in its first 22 months of operation to 2,740 alien worlds. Only 105 have been confirmed to date, but scientists say 90 percent or so should end up being the real deal.

Four of the new candidates are “super-Earths” — planets 1.25 to 2 times as big as our own — that orbit in their stars’ habitable zones, a range of distances where liquid water is possible on a world’s surface. One of those four is just 1.5 times the size of Earth and circles a sun-like star, researchers said.

“That one in particular is very interesting,” Christopher Burke of the SETI (Search for Extraterrestrial Intelligence) Institute told reporters today at a meeting of the American Astronomical Society in Long Beach, Calif. [The Strangest Alien Planets (Gallery)]

The new finds represent the latest update to the catalog of the $ 600 million Kepler mission, which launched in March 2009. Scientists had previously reported roughly 2,300 other candidate planets spotted during the telescope’s first 16 months of operation.

Kepler’s new detections also increase the number of stars known to host more than one planet candidate from 365 to 467, researchers said.

“The large number of multi-candidate systems being found by Kepler implies that a substantial fraction of exoplanets reside in flat multi-planet systems,” Jack Lissauer, of NASA’s Ames Research Center in Moffett Field, Calif., said in a statement. “This is consistent with what we know about our own planetary neighborhood.”

Kepler flags planets by noting the telltale brightness dips caused when they cross the face of, or transit, their host stars from the instrument’s perspective. The telescope needs to witness three such transits to make a detection, so its early discoveries have been biased toward larger worlds in relatively tight orbits.

But over time, Kepler should find more and more small planets, and more in distant orbits. The new additions to the catalog reinforce that reality, increasing the number of Earth-size and super-Earth Kepler candidates by 43 percent and 21 percent, respectively.

The new detections also suggest that it’s only a matter of time before astronomers detect the first true “alien Earth” — a planet the size of our own in its star’s habitable zone. Another new Kepler study released today, after all, found that the Milky Way likely hosts at least 17 billion Earth-size worlds in tight orbits, while many more may circle their stars more distantly. 

“The analysis of increasingly longer time periods of Kepler data uncovers smaller planets in longer period orbits — orbital periods similar to Earth’s,” Steve Howell, Kepler mission project scientist at NASA Ames, said in a statement. “It is no longer a question of will we find a true Earth analogue, but a question of when.”

Follow SPACE.com senior writer Mike Wall on Twitter @michaeldwall or SPACE.com @Spacedotcom. We’re also on Facebook and 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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Global shares, oil fall, but growth prospects limit falls

LONDON (Reuters) - World stocks and oil prices eased on Monday as some investors booked profits after last week's strong rally, but signs of a brightening global economic growth outlook limited the falls.

Data from the United States on Friday showed employers kept up a steady pace of hiring in December and its vast services sector was expanding at a brisk rate, while manufacturing surveys last week pointed to a pick up in China.

This compounded the boost to markets from the last-minute deal to avert a U.S. fiscal crisis reached at the start of the year, at least for the moment.

"Overall, the market's positive trend is still intact," said Lionel Jardin, head of institutional sales at Assya Capital in Paris. "The (stock) market is ripe for a pause, but with so much cash on the sidelines, there are a lot of buyers showing up each time we have a dip."

After touching a 22-month peak last week, the FTSE Eurofirst <.fteu3> index of top European shares was down 0.2 percent at 1,164 points. The UK's FTSE 100 index <.ftse> was down 0.25 percent, Germany's DAX index <.gdaxi> fell 0.4 percent, and France's CAC 40 <.fchi> eased 0.5 percent.

Asia-Pacific shares outside Japan <.miapj0000pus>, which reached their highest levels since August 2011 on Thursday, eased 0.1 percent, while Tokyo's Nikkei share average <.n225> ended down 0.8 percent, just below a 23-month high.

MSCI's broad world equity index <.miwd00000pus> had dipped 0.1 percent but wasn't far from an 18-month peak scaled when investors returned to the market after an immediate U.S. fiscal crisis was averted.

Financial shares outperformed the broader market after global regulators agreed to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help economies grow.

The STOXX 600 European banking index <.sx7p> was up by 1.5 percent to 172.58 points.

"The move gives the banking sector some breathing space, which would be good for the economy as a whole," said Koen De Leus, senior economist at KBC Group.

U.S. stock index futures point to a weaker open on Wall Street later as buyers take a breather after they pushed the benchmark Standard & Poor's 500 index <.spx> to a five-year high on Friday in the wake of the jobs report. <.n/>

Brent crude oil futures slipped 40 cents to $110.89 per barrel after rising 0.6 percent last week.

ECB LOOMS

Investors were beginning to look to the first policy meetings of the year at the European Central Bank and Bank of England on Thursday, when no rate moves are expected but new euro zone forecasts are due.

Some analysts expect the ECB to point to the prospect of easier rates early this year, a week after the U.S. Federal Reserve indicated it may pursue less accommodative policies in future. The Bank of Japan is also expected to take major steps to stimulate the country's economy later this month as the new government aims to end deflation and recession.

The possibility of less monetary stimulus in 2013 from the Fed and more from the BOJ sent the dollar to a two-and-a-half year peak against the yen last week. However, profit taking saw it pull back on Monday by 0.5 percent to 87.75 yen.

The euro eased 0.2 percent to $1.3040 but was trading above a three-week low of $1.2998 hit on Friday. Analysts said it could stay around these levels until the ECB meeting.

DEBT STEADIES

In the European bond markets, investors scooped up German government bonds after their steep falls last week as expectations changed over the Fed's next move.

Ten-year German cash yields were 2.2 basis points lower on the day at 1.523 percent. Other euro zone bond yields were steady to slightly higher as traders awaited debt auctions by Spain and Italy later in the week.

U.S. Treasury 10-year notes were mostly steady at 1.90 percent after reaching 1.975 percent on Friday in a sell-off fuelled by the expectations of less easy monetary policy this year.

Further moves are likely to be limited due to sales of three-year notes on Tuesday, 10-year notes on Wednesday and 30-year bonds on Thursday.

Gold was off its lows of last week but in line with equities and oil had eased slightly. Spot gold was down 0.15 percent $1,653.50 an ounce though above Friday's $1,625.79, its lowest price since August.

(Additional reporting by Blaise Robinson and Atul Prakash,; editing by David Stamp)

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California storm bringing round of odd weather

The latest winter storm to move into California brought some odd weather to the region, including thunderstorms in Northern California and snow in the mountains of Southern California, forecasters said.

Thunderstorms were in the forecast Sunday for the San Mateo and Monterey County coasts, with lightning strikes reported early Sunday, the National Weather Service reported Sunday.

Snow was also expected in some of the higher elevations of the Santa Lucia Mountains, a mountain range that runs from Monterey County south to San Luis Obispo.

In Southern California, the storm dropped snow as low as 3,500 feet early Sunday, and winds with gusts topping out at 50 mph were expected in some mountain areas and in the foothills of the San Gabriel Valley. The storm could dump up to four inches of snow before moving out Southern California Monday morning, forecasters said.

Along the beaches, officials were warning about dangerous rip currents and waves as high as 15 feet from Big Sur south to Point Conception in Santa Barbara County.

A high surf advisory was in effect through Monday night for the area.

In the Sierra Nevada, forecasters said snow showers were expected throughout Sunday, with the heaviest snow falling in Mono County, where up to five inches was expected to accumulate.

Near Lake Tahoe, ski resorts in the area were expected see about two inches of new snow, on top of the one or two inches of snow that fell Saturday and early Sunday.

Officials said Sunday that tire chains were required on all vehicles except four-wheel drives on Highway 50 over Echo Summit and on Highway 88 over Carson Pass.

Tire chains or snow tires were also required on a 75-mile section of Highway 395 along the eastern Sierra between Bridgeport and Carson City, Nev.

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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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