AcelRx pain treatment as effective as standard care in trial

(Reuters) – AcelRx Pharmaceuticals Inc said its drug-device combination for post-operative pain was at least as effective as the standard of care, suggesting it has the potential to replace the current treatment.

AcelRx plans to file for marketing approval for the device in the third quarter of 2013, Pamela Palmer, co-founder and chief medical officer of AcelRx said on a conference call with analysts.

The company’s stock jumped 42 percent to a year high of $ 4.55 in heavy volume trade on Thursday, making it the third biggest percentage gainer on the Nasdaq.

AcelRx tested its ARX-01 Sufentanil NanoTab patient-controlled analgesia (PCA) system against intravenous (IV) PCA with morphine on 359 adult patients in a late-stage study.

Initial data from the study also showed that the NanoTab System was significantly better than intravenous morphine.

In terms of the efficacy, ease-of-use and patient satisfaction, it was a great response, Guggenheim Partners analyst Louise Chen said.

“There are other pain drugs out there, but in terms of a drug-device combo like this, I am not currently aware of anything that’s out there or that is as far along as this, Chen said.

The treatment could bring in peak sales of $ 247 million in 2018. However, if the company’s ARX-01 technology replaces the standard therapy, peak sales could top $ 3 billion, Chen added.

Intravenous PCAs with morphine are commonly used on patients in hospitals to manage pain after a surgery. However, opioids such as morphine can cause side-effects such as nausea and vomiting, and also carry the risk of causing addiction.

“Given the significant shortcomings of intravenous morphine, we believe with superiority data from a sublingually administered analgesia will go a long way in creating strong demand and usage in the hospital setting,” Cowen & Co analyst Edward Nash wrote in a note.

AcelRx said its NanoTab device, which consists of a handheld system, provides a non-invasive and more mobile way of treating pain. Instead of morphine, the device administers sufentanil, another opioid that has relatively fewer side-effects and is already widely used in labor and cardiac surgeries.

The late-stage study tested ARX-01 Sufentanil NanoTab in patients who underwent major abdominal or orthopedic surgery.

AcelRx is testing the same device with different drugs in three other late-stage studies involving patients that have undergone other types of surgeries.

Analyst Nash said data released on Thursday improves the company’s chances of finding success with the other ongoing late-stage trials as well.

Analysts Chen and Nash both have a price target of $ 3.20 on AcelRx’s stock. Nash has an outperform rating on the stock, while Chen rates it a buy.

(Reporting by Zeba Siddiqui in Bangalore; Editing by Roshni Menon)

Medications/Drugs News Headlines – Yahoo! News

Read More..

Death, Facebook and the Blurred Line Between Real and Virtual

As the dividing line between our online and offline lives continues to fade, more and more of what happens in the “real” world is also seeping into the online world—and that includes death. So how should we deal with it when our friends or loved ones die? I started thinking about this recently when I decided to live-tweet a friend’s funeral (something that many people felt was inappropriate), and it was reinforced for me when I saw the same friend’s face pop up in my Facebook (FB) chat list and even saw updates in my stream from his page. What is the appropriate response when this happens? Is it a sign of how creepy social networks can be in such situations, or is it just part of what living our lives online means now?

I confess that when I first saw my friend Michael’s face appear in my chat list, I was taken aback—and more than a little disturbed by it. It was a couple of weeks after his funeral, and so the memory of his death had faded to some extent, and his smiling picture felt like a rude reminder. It reminded me of Web articles I had seen about how (or whether) to delete deceased friends or family members from Facebook’s social graph, and at first I thought about doing that.

But then I thought about how difficult it had been deleting another friend’s contact information from my cell phone after he died (this was before Facebook became popular) and how it felt as if I were deliberately forgetting about that person, which didn’t feel right.

It occurred to me that we often keep photos of loved ones in our wallets or in picture frames on our mantelpieces, as a way of remembering them after they are gone. I have pictures of my father, who died more than a decade ago now, as part of a random photo slideshow that comes up on a spare computer and on the television for the same reason. So why does it feel so different when we see that person’s avatar pop up in our Facebook feed or a chat window? Perhaps because social media is inherently about communication—and in most cases real-time communication—and that person can no longer be communicated with.

Facebook has a process whereby a person’s page can be “memorialized,” or turned into a kind of static page as a tribute to them, where friends and loved ones can post and see messages posted by others, but access is restricted, and it doesn’t show up in recommended lists (you can ask the social network to do this by filling out a form). In many cases, particularly when young users die in some violent or tragic way, their friends turn the page into a memorial quite quickly—and of course journalists then often show up asking for comments or photos, which brings up a host of other questions about what’s appropriate.

But if the page belongs to someone who hasn’t really been a public figure and didn’t die in any kind of newsworthy way, it falls into a kind of grey area. Do you maintain the page? Mothball it? Eventually delete it? In the case of my friend Michael, who was a fairly prominent user of social media in his job as a marketing professional in Toronto (one of the reasons I believed he wouldn’t mind my live-tweeting his funeral), his family chose to keep the page alive—and has even posted messages to him as though he were still around, which I find heartwarming in an odd way.

And Facebook is just one part of the equation when it comes to handling a person’s social media after they die. What about their Twitter account, or their Tumblr account, or even their e-mail? When my father-in-law died, the family was confronted with a dilemma. because he and his wife had shared an account that used both of their names—so when an e-mail came in from my mother-in-law, his name showed up in the address field as well, which was somewhat uncomfortable. But changing e-mail addresses is not easy.

There are also issues around who owns a user’s social content after he or she dies: Does Facebook own that person’s page and status updates and photos, and if so, what duty do they have to provide it to family members? What about iTunes? Twitter is less of an issue because no users can get access to their tweets anyway, even if they are alive (unless they make a special request, as Andy Carvin of NPR did for his tweets during the Arab Spring). But what about Flickr photos or Pinterest pages? It’s still a somewhat unexplored region of our online lives at this point.

But for me, the more interesting aspect is how we look at all those pages and tweets and photos and avatars. Are they a welcome reminder of that person and how we used to fit into their lives, or are they a cruel joke played on the living because they seem to promise a level of interaction we will never be able to have again? Perhaps they are both—and perhaps it is too much to ask that our virtual worlds be any more comfortable around death than our offline ones are.

Also from GigaOM:

Facebook, Privacy, and Growth (subscription required)

How Big Is Dropbox? Hint: Very Big

Smart Thermostats Are Taking Over Las Vegas, and That’s a Good Thing

Nexus 4 Reviewed: A Fantastic Phone Even Without LTE

Facebook Takes on Mother Nature by Using Open-Air Cooling in Data Center

Businessweek.com — Top News

Read More..

When Facebook insiders, employees can sell stock

On Wednesday, additional Facebook stock became eligible for sale for the first time. It follows the expiration of similar lock-up periods in August and October. Other shares will become eligible for sale in the coming months.

Up to 1.56 billion more shares could flood the stock market — nearly four times the 421 million shares that had been trading since Facebook’s initial public offering in May. The 1.56 billion figure includes shares released from lock-up already.

On Aug. 16, a lock-up period expired for 271 million shares held by early investors and directors who had participated in the IPO, though CEO Mark Zuckerberg was excluded for unspecified reasons.

On Oct. 29, the lock-up ended for 234 million shares and stock options held by employees as of Oct. 15, excluding Zuckerberg. Oct. 31 was the first trading day since then because of stock market closures resulting from Superstorm Sandy.

On Wednesday, another 852 million shares and stock options became eligible. Zuckerberg had been eligible to sell his shares at this date, but Facebook has changed that given that the CEO had no plans to do so until at least next September.

Here’s the schedule for remaining lock-up expirations, as reported by Facebook Inc. in regulatory filings:

— Dec. 14: 156 million shares held by early investors and others who participated in IPO, except Zuckerberg.

— May 18, 2013: 47 million shares held by the Russian Internet company Mail.ru Group and DST Global, both of which made early investments in Facebook.

Social Media News Headlines – Yahoo! News

Read More..

Wakeman reworks rock epic Journey to Centre of Earth

LONDON (Reuters) – The story behind the upcoming re-issue of Rick Wakeman‘s 1974 concept album “Journey to the Center of the Earth” sounds almost as unlikely as the Jules Verne tale that inspired it.

Progressive rock veteran Wakeman had presumed the original orchestration to his chart-topping disc was lost for good when his record company MAM, where the manuscripts had been stored in boxes, was brought to its knees in the early 1980s.

Although he could have re-orchestrated the work from the original album, recorded live at the Royal Festival Hall in London in 1974, Wakeman knew it would be far from perfect.

And the original score was 55 minutes long whereas the 1974 version had to be cut to closer to 40 due to the constraints of vinyl recordings at the time.

“In about 1983 or 1984 I had an enquiry to do Journey again in America,” Wakeman recalled in a telephone interview.

“I thought ‘great’. But MAM had gone, and nobody there had any idea what had happened to all the stuff of mine,” the former Yes keyboardist told Reuters.

“Up until recently I would get phone calls to do it and I said ‘no, I can’t', there is no music any more. You just resign yourself to disappointment.”

Everything changed about four years ago when a box of papers arrived at his doorstep – a fairly regular occurrence, he explained, for a man who had been married several times and had “stuff in storage all over the place”.

Sifting through the contents, Wakeman found a pile of music that was not his own, but “something told me to empty the entire box.” At the very bottom was the long-lost conductor’s score of Journey, albeit so damp the pages were stuck together.

To this day Wakeman does not know where the box came from, and is amazed it reappeared nearly 30 years after going missing.

ORIGINAL SONGS

Once the music had been downloaded on to a computer, Wakeman set about reintroducing the songs and other sections he removed for the 1974 recording with the help of notes he had kept.

He decided to make a studio recording of the rock opera, and sought to replicate the sound of the original instruments.

For the narrator’s voice, he could not go back to David Hemmings, who died in 2003, and so invited actor Peter Egan.

The result is a re-mastered version of Journey, complete with 20 minutes of unheard music, which hits shelves on November 20. It comes in the form of a “fanback” comprising the music, a 132-page magazine and a replica of the program to the 1974 show.

For Wakeman it was a labor of love, but one he hopes will prove profitable.

“We did have record companies come forward,” the 63-year-old said. “But I don’t want an A&R (artists and repertoire) man coming in and saying it could do with this and that.

“The only way I can get this done as I believe it should be is to finance it and do it myself which we did. It broke the bank, there’s no doubt about it.”

While the concept of a rock opera based on French author Verne’s 1864 sci-fi classic may not instantly appeal to young listeners today, Wakeman believes there is a market for his latest release.

“Music audiences today don’t put a date on anything, they either like it or they don’t,” he said, adding that the “prog-rock” genre for which he is best known has made something of a comeback in recent years.

PROKOFIEV FAN

The prolific musician who has made around 100 albums and sold millions of records started piano lessons when he was seven, and at about that time the seeds of his career were sown.

“Story telling to music is something I have loved since my father took me to see ‘Peter and the Wolf’ aged eight, and (Sergei) Prokofiev became my hero,” he recalled.

By his late teens he was an established session musician and joined the band Yes in 1971 with whom he recorded the hit album “Fragile” and, the following year, “Close to the Edge”.

In 1973 he released “The Six Wives of Henry VIII” a solo concept album, and in 1974, which his official online biography calls “probably the most significant year in Rick’s career”, he made Journey and toured the world with it.

Another concept album, “The Myths and Legends of King Arthur and the Knights of the Round Table” followed in 1975, and Wakeman returned to Yes for spells throughout the 1990s.

Next week he plays six dates in South America, including the first concert performance of the new, full Journey and a rendition of The Six Wives.

The new “holy grail” following the rediscovery of Journey is to track down the original music to King Arthur, which was also lost. Wakeman is orchestrating the existing recording for a show next June, but would love to find the full score.

“All of us involved hope very much that it (Journey) makes its money back, because it would then allow me to look for the King Arthur music. We are doing a version next June and it would be lovely to say we’ve done it from the original music.”

(Reporting by Mike Collett-White, editing by Paul Casciato)

Music News Headlines – Yahoo! News

Read More..

Scientists map domestic pig’s genome

LONDON (Reuters) – Scientists have mapped the genome of the domestic pig in a project that could enhance the animal’s use in the testing of drugs for human disease.

A study, published in science journal Nature, identified genes that could be linked with illnesses suffered by farmed pigs, providing a reference tool for selective breeding to increase their resistance to disease.

“This new analysis helps us understand the genetic mechanisms that enable high-quality pork production, feed efficiency and resistance to disease,” said Sonny Ramaswany, director of the U.S. Department of Agriculture‘s National Institute of Food and Agriculture.

“This knowledge can ultimately help producers breed high-quality swine, lower production costs and improve sustainability.”

Alan Archibald at the University of Edinburgh’s Roslin Institute in Scotland, who worked on the project with collaborators in the Netherlands and the United States, said the new genome sequence was the first good draft.

Archibald said while making sense of the analysis would take time, the benefits of genome sequencing flow through more quickly in agriculture than, for instance, human medicine, “because we can use selective breeding”.

Identifying genes responsible for diseases that are also seen in people could see pigs used more extensively for drug testing.

For instance, the inherited illness known as porcine stress syndrome, which can cause sudden death in pigs, has similarities to the human condition malignant hyperthermia which causes a fast and dangerous rise in body temperature in some people under general anesthetic.

Some of the genetic faults that pigs share with humans can be linked with conditions as varied as Alzheimer’s disease, diabetes, dyslexia, obesity and Parkinson’s disease, the researchers said.

“In total, we found 112 positions where the porcine protein has the same amino acid that is implicated in a disease in humans,” they said.

(Editing by Dan Lalor)

Seniors/Aging News Headlines – Yahoo! News

Read More..

Wall Street gains, led by retail sector after Home Depot

NEW YORK (Reuters) – Stocks rose on Tuesday in a sharp turnaround from earlier losses, led by gains in retail stocks after strong results from Home Depot , the world’s largest home improvement company.

Traders said rumors that Spain may be close to asking for a sovereign bailout may have boosted buying.

Dow component Home Depot Inc was the top gainer on the S&P 500, climbing 4.5 percent to $ 63.90 after reporting earnings that beat expectations and raising its outlook. Rival retailer Lowes Companies also gained, up 1.1 percent to $ 32.32.

Energy stocks, which were trading lower earlier, also turned around sharply. The S&P 500 energy sector index <.GSPE> rose 0.7 percent.

Technology shares were little changed and earlier were under pressure from weakness in Microsoft after the executive most widely tipped to be the next chief executive left the company.

The Dow Jones industrial average <.DJI> was up 74.71 points, or 0.58 percent, at 12,889.79. The Standard & Poor’s 500 Index <.SPX> was up 7.49 points, or 0.54 percent, at 1,387.52. The Nasdaq Composite Index <.IXIC> was up 1.24 points, or 0.04 percent, at 2,905.50.

The euro zone debt crisis continued to roil global markets.

“The intraday moves are pretty big today as we continue to be in a rumor-filled market, mainly news out of Europe,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati, Ohio.

Despite the gains, the S&P 500 was still down nearly 2 percent for the month on lingering concerns about the “fiscal cliff” in the U.S., and debt crisis in the euro zone.

The fiscal cliff is a series of budget cuts and tax hikes that begin to take effect in the new year. Market participants worry that if no deal is reached to avoid going over the cliff, the economy could fall back into recession.

Concerns over this possibility contributed to the S&P’s worst week since June last week, with no sign of a bottom despite a drop of almost 3 percent over the past two weeks.

“The attention in the equity markets has shifted more noticeably to the possibility that the U.S. fails to properly handle the so-called fiscal cliff,” said Ari Wald, analyst at PrinceRidge Group. He said equities in developed countries have been outperforming U.S. stocks despite worries about the euro zone’s financial health.

In other earnings news, AK Steel Holding Corp shares fell 10 percent to $ 4.91 after forecasting a fourth-quarter loss, while Michael Kors Holdings gained 3.9 percent to $ 52.58 after raising its outlook.

(Editing by Kenneth Barry)

Business News Headlines – Yahoo! News

Read More..

At Mao-style conclave, China embraces Twitter age

BEIJING (AP) — During China’s last party congress, the cadres in charge of the world’s most populous nation didn’t know a hashtag from a hyperlink. But five years on, there’s a new message from Beijing: The political transition will be microblogged.

Party officials have this fall embraced social media with unprecedented enthusiasm, hoping it can help guide public opinion and stir up excitement about the staid and scripted party meeting taking place this week in Beijing that kicks off a transition to a new, younger set of top leaders.

Dozens of the more than 2,000 party delegates, among them Chairman Mao‘s grandson, are using social media to wax rhapsodic about China’s rise and Party General Secretary Hu Jintao’s live 90-minute reading of highlights from this year’s party work report. Typical posts include pictures of grinning delegates on Tiananmen Square and mobile snapshots of poinsettia arrangements and chandeliers from inside the Great Hall of the People, where the congress is meeting.

Guo Mingyi, a miner from the frigid northeast who was making his debut as a party delegate, tweeted: “On this land with great affections, how can I not sing, how can I not tear up, I love this piece of land, the people and the great Chinese Communist Party!”

State media also are posting microblog interviews with officials and shooting out updates about the congress schedule via Twitter-like accounts.

But apart from being a tool to deliver Beijing’s approved policy messages to the mobile phones of ordinary Chinese, the Internet is a two-way street that’s also being used by the public to poke fun at and critique the propaganda. Online commentators have compared the gushy crying and clapping of some delegates over Hu’s speech to North Korean style mass hysteria.

Responding to state media report about how a female delegate, Li Jian, cried five times at Hu’s work report, a Sina microblog user writing under the name ‘Buying Soysauce’ wrote: “I sobbed uncontrollably too, at the thought that these people were my compatriots.”

Wang Keqin, the assistant to the editor in chief of Beijing’s Economic Observer magazine, wrote about the tears of another delegate, He Guiqin: “It’s back to North Korea overnight!”

Other critics have dredged up old headlines from 1987 about the scourge of bribe-seeking and posted them online to highlight how little party rhetoric, and party problems, have changed despite major social change over the last three decades.

The clash of ideas underscores just how important the Internet has become in China’s campaign to guide public opinion — a major shift from just a few years ago.

At the last party conclave in October 2007, Twitter was a little over a year old and hashtags had only just been introduced. China’s leading homegrown Twitter-like microblog service, Sina Weibo, was still two years from launch.

But as elsewhere, China’s Internet population has exploded over the last five years, jumping from 170 million to more than 500 million today. Social media has boomed with it and now plays a huge part in everyday Chinese life, particularly for urban residents who use it to find restaurants, jobs and mates.

Beijing’s initial reaction to social media was to block and censor, to limit conversations by banning access to Twitter and Facebook and to limit mention of anything considered sensitive or destabilizing with keyword filters. Though authorities still use those tactics, the government is increasingly proactive and working to wrest control of the online conversation by flooding the zone with its own content.

David Bandurski, a researcher with the China Media Project at Hong Kong University, says Chinese officials have learned that simply banning or blocking reports is no longer effective in the porous Internet sphere and that stifling information can backfire by fanning more interest in scandals and crises and sparking online rumors.

“You can’t just stuff the genie back into the bottle,” said Bandurski. “You have also to channel public opinion … officially, they are seeing social media as the best way to send out their authoritative information and kind of drive the agenda.”

But the government remains yoked to its party-ese, which can seem hopelessly out of date in the Twitter age.

A dispatch on the trend by the official Xinhua News Agency gives a hint to the flavor of Beijing’s rhetoric.

“The Internet has been unprecedentedly embedded into the ongoing National Congress of the Communist Party of China,” the news agency trumpeted over the weekend. “Not only can contents on the Internet be found in the congress report, but online media practitioners are attending the congress in person.”

On Saturday, Chairman Mao’s grandson Mao Xinyu tweeted this to his 105,943 followers on Renmin Weibo, the microblog of the official party paper, the People’s Daily: “Mao Zedong thought will always be the guiding ideology of the party.”

It got 155 retweets, a mediocre showing in China‘s lively web sphere.

___

Follow Alexa Olesen on Twitter: http://twitter.com/alobeijing

Social Media News Headlines – Yahoo! News

Read More..

Jason Biggs defends tweeting ways

NEW YORK (AP) — Jason Biggs is brushing off criticism he received during the recent election season for vulgar tweets that referenced the wives of both Republican Mitt Romney and his running mate in the presidential race, Paul Ryan.

The “American Pie” star took heat for off-color comments posted to his Twitter feed at the time of the Republican National Convention in August. The outpouring of criticism from parents groups, pundits and others led Nickelodeon to issue an apology for the actor’s comments on the social media website. Biggs is providing one of the voices in the cable TV station’s new animated series “Teenage Mutant Ninja Turtles.”

“I made a political tweet, so I got a little bit of heat from the right,” he said.

With elections over, Biggs says he’s moving on.

He appeared Monday night in New York at the annual 24 Hour Plays event, which was sponsored by luxury pen-maker Montblanc to benefit the Urban Arts Partnership. The benefit draws more than two dozen actors who write, rehearse, and perform one of six plays that they began working on the night before.

Biggs’ tweets have also poked fun at the Kardashians, Amanda Bynes, Lindsay Lohan and the ABC show “The Bachelorette.”

“I’m more afraid of the Kardashians, than I am of the Republicans,” he said.

He said he sees Twitter as an extension of the darker side of his humor.

As a three-time performer in 24 Hour Plays benefit, Biggs says he’s grown to feel more comfortable with the process.

“It’s a little easier. But it’s still nerve-racking, man.”

Entertainment News Headlines – Yahoo! News

Read More..

One in three open to traveling for medical treatment, poll finds

NEW YORK (Reuters) – Looking for an affordable face lift without breaking the bank? Want to combine a tummy tuck with two weeks in the sun? You’re not alone.

Nearly a third of people surveyed around the world say they are open to the idea of medical tourism – traveling abroad to enjoy cheaper medical or dental treatment, according to a new Ipsos poll of 18,731 adults in 24 countries.

Indeed, 18 percent said they would definitely consider it.

“The concept of medical tourism is well accepted in many countries,” said Nicolas Boyon, senior vice president of Ipsos Public Affairs.

“With the exception of Japan there are at least one third of consumers in every country we covered that are open to the idea,” he said in an interview.

Whether for economic reasons or perceptions of superior treatment elsewhere, for treatments ranging from cosmetic to life-saving surgeries, Indians, Indonesians, Russians, Mexicans and Poles were the most open to the idea of being medically mobile.

Thirty-one percent or more people in each of those countries said they would definitely consider traveling for a medical or dental treatment.

Conversely, people in Japan, South Korea, Spain and Sweden were least likely to be medical tourists.

Boyon said it was not surprising that men and women from emerging nations would be medically mobile if the treatments were cheaper.

“This probably reflects perceptions of medical care in other countries that is superior to what is available at home,” he said.

But he was intrigued by the percentage of people in developed nations such as Italy, where 66 percent said they would definitely or probably consider medical tourism, along with Germany (48 percent), Canada (41 percent) and the United States, where 38 percent of people were open to the idea.

“It is a reflection that the medical profession is no longer protected from globalization,” Boyon said.

RISKS VS. BENEFITS

Although medical tourism spans a range of treatments, the most common are dental care, cosmetic surgery, elective surgery and fertility treatment, according to an OECD report.

“The medical tourist industry is dynamic and volatile and a range of factors including the economic climate, domestic policy changes, political instability, travel restrictions, advertising practices, geo-political shifts, and innovative and pioneering forms of treatment may all contribute towards shifts in patterns of consumption and production of domestic and overseas health services,” the report said.

Various studies using different criteria have estimated that anywhere between 60,000 to 750,000 U.S. residents travel abroad for health care each year, according to the Centers for Disease Control and Prevention.

Along with variations among countries, the Ipsos survey showed that younger adults under 35 years of age were more likely in most countries to consider medical tourism, than people 50 to 64 years old.

In India, 86 percent of young adults said they would consider medical tourism, along with 77 percent in China, and 71 percent in Italy.

Boyon suggested that the cost of travel, proximity, borders and quality of care may also be factors considered by potential medical tourists. In both Italy and Germany, about 20 percent of adults said they would definitely consider medical tourism. Both countries are near Hungary, a popular destination for health treatments.

Ipsos conducted the poll in Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Great Britain, Hungary, India, Indonesia, Italy, Japan, Mexico, Poland, Russia, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Turkey and the United States.

(Editing by Elaine Lies and Bernadette Baum)

Health News Headlines – Yahoo! News

Read More..

S&P 500 and Nasdaq inch higher, fiscal cliff a concern

NEW YORK (Reuters) – Stocks mostly ticked higher on Monday, but persistent concerns about the upcoming debate on the fiscal cliff limited gains even after last week’s steep sell-off.

Barclays cut its year-end target for the S&P 500 to 1,325, citing fiscal cliff issues.

The S&P 500 dropped 2.4 percent last week, the worst week for the benchmark index since June. It closed below its 200-day moving average for the first time in five months, and an extended run under that level could signal further losses ahead.

Trading volume is expected to be light, with the U.S. bond market and government offices closed on Monday for the Veterans Day holiday.

Last week’s weakness was partly propelled by concerns about whether there will be a timely solution to avoid the fiscal cliff, a combination of government spending cuts and tax increases set to go into effect early next year unless Congress acts to change the law before then. Though most consider it unlikely that no deal will be reached, analysts fear going over the cliff could push the economy back into recession

“Right now, all eyes are on Washington, and we’re just waiting,” said Matthew Keator, a partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “We’re hopeful something gets done, but we’ve been disappointed before. We need to see something done if we’re going to remain up for the year.”

The S&P 500 is still up 10 percent for 2012, though recent months have eroded those gains. The Nasdaq has fallen for five straight weeks.

The Dow Jones industrial average <.DJI> was down 3.69 points, or 0.03 percent, at 12,811.70. The Standard & Poor’s 500 Index <.SPX> was up 0.87 of a point, or 0.06 percent, at 1,380.72. The Nasdaq Composite Index <.IXIC> was up 4.53 points, or 0.16 percent, at 2,909.41.

Some major acquisition news gave investors some reasons for optimism on Monday. Precision Castparts Corp offered to buy Titanium Metals Corp for $ 2.9 billion, while Leucadia National Corp agreed to buy investment bank Jefferies Group for $ 3.6 billion.

Shares of Titanium surged 42.3 percent to $ 16.46 while Jefferies climbed 13.5 percent to $ 16.19. Precision rose 5.5 percent to $ 180.67. In contrast, Leucadia fell 4 percent to $ 20.93.

“After last week, there could be some bargain opportunities out there,” said Keator, who helps oversee $ 500 million in assets. “Especially since if there is a fiscal cliff deal, that could lead to a tremendous move on the upside.”

Overseas, a report over the weekend showed China’s export growth climbed to a five-month high, beating expectations and adding to recent data suggesting the country’s seven straight quarters of slowing economic growth have ended.

In addition, the Greek parliament on Sunday approved an austerity budget for next year, a necessary step to unblock a new tranche of credit from the European Union and International Monetary Fund before the government runs out of cash. Still, investors remain concerned about whether the EU and IMF will agree to send the next tranche.

Apple Inc rose 0.6 percent to $ 550.42 after the company announced a global patent settlement with HTC Corp <2498.TW>, as well as a 10-year licensing agreement. Apple‘s stock has been under pressure recently, dropping more than 20 percent from its 2012 high to enter bear market territory.

Homebuilder D.R. Horton Inc reported fourth-quarter earnings that beat expectations, helped by a jump in orders. D.R. Horton‘s shares gained 3.1 percent to $ 21.23.

According to Thomson Reuters data through Friday, of the 449 companies in the S&P 500 that have reported earnings, 63.3 percent have topped expectations. But only 38.2 percent of companies have topped revenue expectations – well below the 62 percent average since 2002.

(Editing by Jan Paschal)

Business News Headlines – Yahoo! News

Read More..