Stock futures tick up after sell-off, Italy woes remain

NEW YORK (Reuters) - Stock index futures edged higher on Tuesday, indicating equities would partially rebound from the previous session's steep drop, though concerns persisted over the state of Italy's economy and government makeup.


In Italy's election, groups opposed to economic reforms posted a strong showing, resulting in a political deadlock with a comedian's protest party leading the poll and no group securing a clear majority in parliament.


Major indexes plunged more than 1 percent on Monday, with the S&P 500 having its biggest daily drop since November as investors fretted that if Italy does not undertake reforms, that could once again destabilize the euro zone. The CBOE Volatility Index <.vix> surged 34 percent in its biggest jump since August 18, 2011.


The rise in futures indicates that a recent trend of investors buying on dips will continue. Last week, concerns over whether the Federal Reserve might roll back its stimulus policy earlier than expected prompted a sharp two-day decline, though equities recovered most of ther lost ground by the end of the week. Weakness continued in Europe on Tuesday, with shares <.fteu3> down 1.2 percent.


Financial shares may be among the most volatile on Tuesday, as the group is closely tied to the pace of global economic growth. Morgan Stanley was one of the top percentage losers on the S&P on Monday, dropping more than 6 percent on concerns about the company's exposure to European debt.


Dow component Home Depot Inc will also be in focus after the home improvement retailer reported adjusted earnings and sales that beat expectations. Home Depot was up 1.3 percent to $64.75 in premarket trading.


S&P 500 futures rose 2.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 49 points and Nasdaq 100 futures rose 3.25 points.


In the S&P, the 1,500 will be watched as a key level after the index closed below it on Monday for the first time since February 4, with selling accelerating after falling below the level that had acted as support. An inability to break back above it could portend a weaker technical backdrop. The index remains 4.3 percent higher on the year.


Gains this year have largely been driven by strong corporate earnings. With 83 percent of the S&P 500 having reported so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data. Fourth-quarter S&P earnings are seen having risen 6 percent, above a 1.9 percent forecast at the start of the earnings season.


Companies scheduled to report results on Tuesday include Macy's Inc , Priceline.com and Tenet Healthcare . MetroPCS reported revenue that was slightly ahead of expectations earlier Tuesday.


Cyclical shares, including financials and materials, have been among the strongest performers in 2013, lifted by signs of improved economic growth. That could leave the sectors vulnerable to a pullback as events in Italy progress. Goldman Sachs on Tuesday cut its 2013 gold price forecast to $1,600 an ounce from $1,810, citing an increase in U.S. real interest rates.


While the political uncertainty from Italy may be the primary driver for markets, domestic government concerns will also be in focus. U.S. equities will face a test with the looming debate over so-called sequestration - U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.


(Editing by Chizu Nomiyama)



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AP source: Tom Brady gets 3-year extension


Tom Brady will be a Patriot until he is 40 years old.


Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract told The Associated Press. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.


The person spoke on condition of anonymity because the extension has not been announced.


Sports Illustrated first reported the extension.


The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.


A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.


Drew Brees and Peyton Manning are the NFL's highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.


Brady has made it clear he wants to finish his career with the Patriots, whom he led to Super Bowl wins for the 2001, 2003 and 2004 seasons, and losses in the big game after the 2007 and 2011 seasons. By taking less money in the extension and redoing his current contract, he's hopeful New England can surround him with the parts to win more titles.


Among the Patriots' free agents are top receiver Wes Welker and his backup, Julian Edelman; right tackle Sebastian Vollmer; cornerback Aqib Talib; and running back Danny Woodhead.


Brady has been the most successful quarterback of his era, of course, as well as one of the NFL's best leaders. His skill at running the no-huddle offense is unsurpassed, and he's easily adapted to the different offensive schemes New England has concentrated on through his 13 pro seasons.


The Patriots have gone from run-oriented in Brady's early days to a deep passing team with Randy Moss to an offense dominated by throws to tight ends, running backs and slot receivers.


Brady holds the NFL record for touchdown passes in a season with 50 in 2007, when the Patriots went 18-0 before losing the Super Bowl to the Giants. He has thrown for at least 28 touchdowns seven times and led the league three times.


Last season, Brady had 34 TD passes and eight interceptions as the Patriots went 12-4, leading the league with 557 points, 76 more than runner-up Denver.


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Vatican 'Gay lobby'? Probably not






STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






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‘Argo’ wins best picture on scattered Oscar night






LOS ANGELES (AP) — Just as Oscar host Seth MacFarlane set his sights on a variety of targets with a mixture of hits and misses, the motion picture academy spread the gold around to a varied slate of films. “Argo” won best picture as expected, along with two other prizes. But “Life of Pi” won the most awards with four, including a surprise win for director Ang Lee.


“Les Miserables” also won three Academy Awards, while “Django Unchained” and “Skyfall” each took two.






Among the winners were the front-runners throughout this lengthy awards season: best actor Daniel Day-Lewis for his deeply immersed portrayal of Abraham Lincoln in Steven Spielberg‘s epic “Lincoln,” best actress Jennifer Lawrence as a troubled young widow in “Silver Linings Playbook” and supporting actress Anne Hathaway as the doomed prostitute Fantine in the musical “Les Miserables.” Christoph Waltz was a bit of a surprise for supporting actor as a charismatic bounty hunter in Quentin Tarantino‘s “Django Unchained,” an award he’d won just three years ago for Tarantino’s “Inglorious Basterds.”


The 22-year-old Lawrence, who got to show her lighter side in the oddball romance “Silver Linings Playbook” following serious roles in “Winter’s Bone” and “The Hunger Games,” gamely laughed at herself as she tripped on the stairs en route to the stage in her poufy, pale pink Dior Haute Couture gown. Backstage in the press room, when a reporter asked what she was thinking, she responded: “A bad word that I can’t say that starts with ‘F.’” Keeping journalists in hysterics, she explained, “I’m sorry. I did a shot before I … sorry.”


That’s the kind of raunchiness MacFarlane himself seemed to be aiming for as host while also balancing the more traditional demands of the job. There was a ton of singing and dancing during the three-and-half-hour broadcast — no surprise from the musically minded creator of the animated series “Family Guy” — including a poignant performance from Barbra Streisand of “The Way We Were,” written by the late Marvin Hamlisch, during the memorial montage. But MacFarlane also tried to keep the humor edgy with shots at Mel Gibson, George Clooney, Chris Brown and Rihanna.


An extended bit in which William Shatner came back from the future as his “Star Trek” character, Capt. James T. Kirk, had its moments while a joke about the drama “Flight” being restaged entirely with sock puppets was a scream. A John Wilkes Booth gag in reference to “Lincoln” was a bit of a groaner, perhaps intentionally, while MacFarlane relied on his alter ego, the cuddly teddy bear from his directorial debut “Ted,” to make a crack about a post-Oscar orgy at Jack Nicholson’s house. (MacFarlane already has indicated he’s one-and-done with Academy Awards hosting.)


But it was Day-Lewis who came up with the kind of pop-culture riffing that’s MacFarlane’s specialty. In accepting his record third best-actor award from presenter Meryl Streep, he deadpanned that before they’d swapped roles, he originally was set to play Margaret Thatcher “and Meryl was Steven’s first choice for ‘Lincoln,’ and I’d like to see that version.”


Besides best picture, “Argo” won for Chris Terrio’s adapted screenplay and for William Goldenberg’s film editing. Affleck famously (and strangely) wasn’t included in the best-director category for his thrilling and surprisingly funny depiction of a daring rescue during the 1979 Iranian hostage crisis. But as a producer on the film alongside George Clooney and Grant Heslov, he got to take home the top prize of the night.


“I never thought I’d be back here, and I am because of so many of you in this academy,” said Affleck, who shared a screenplay Oscar with pal Matt Damon 15 years earlier for their breakout film “Good Will Hunting.”


Among the wisdom he’s acquired since then: “You can’t hold grudges — it’s hard but you can’t hold grudges.”


Lee, who previously won best director in 2006 for “Brokeback Mountain” (which also didn’t win best picture), was typically low-key and self-deprecating in victory. His “Life of Pi” is a fable set in glorious 3-D, but Spielberg looked like the favorite for “Lincoln.” The film also won for its cinematography, original score and visual effects.


“Thank you, movie god,” the Taiwanese director said on stage. Later, he thanked his agents and said: “I have to do that,” with a little shrug and a smile.


“Les Miserables” also won for sound mixing and makeup and hairstyling. The other Oscar for “Django Unchained” came for Tarantino’s original screenplay. Asked about his international appeal backstage, Tarantino was enthusiastic as usual in saying: “I’m an American, and a filmmaker, but I make movies for the planet Earth.”


Speaking of global hits, the James Bond action thriller “Skyfall” won for its original song by the unstoppable Adele (with Paul Epworth). It also tied for sound editing with “Zero Dark Thirty,” the only win of the night for Kathryn Bigelow’s detailed saga about the hunt for Osama bin Laden.


Among the other winners, “Searching for Sugar Man,” about a forgotten musician’s rediscovery, took the prize for best documentary feature. Pixar’s fairy tale “Brave” won best animated feature.


One of the biggest moments of the night came at the end, as First Lady Michelle Obama announced the winner of the best picture prize. Backstage, Affleck described how surreal it was when he heard her say the word: “Argo.”


“I was sort of hallucinating when that was happening,” he explained. “In the course of a hallucination it doesn’t seem that odd: ‘Oh look, a purple elephant. Oh look, Michelle Obama.’”


___


Contact AP Movie Critic Christy Lemire through Twitter: http://twitter.com/christylemire


Entertainment News Headlines – Yahoo! News





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Stay a Step Ahead of the New Medicare Surtax






Many tax rates were up in the air as 2012 wound down: dividends, capital gains, estates, to name a few of the biggies. But one new tax was poised to move full steam ahead for 2013 regardless of whether Congress took action to avert the so-called fiscal cliff: the 3.8% Medicare surtax. (The tax also affects trusts and estates, but for this article, I’ll focus on how the tax affects individuals.)


The tax, part of the Affordable Care Act, will be imposed on the lesser of an individual’s net investment income for the year or adjusted gross income in excess of $ 200,000 for single filers and $ 250,000 for married taxpayers filing jointly. (Note that investment income is included in adjusted gross income.)






That means that a couple with $ 275,000 in adjusted gross income and net investment income of $ 15,000 in 2013 would owe the 3.8% tax on the $ 15,000 in investment income. (That amount is less than the $ 25,000 by which their adjusted gross income exceeds the $ 250,000 threshold.) By contrast, a couple with $ 220,000 in adjusted gross income and $ 15,000 in investment income wouldn’t owe the surtax at all because their adjusted gross income doesn’t exceed the $ 250,000 threshold; that amount ($ 0) is smaller than their investment income. Meanwhile, a couple with a $ 300,000 adjusted gross income, $ 150,000 of which consists of investment income, would owe the surtax on $ 50,000, the amount by which their adjusted gross income exceeds the $ 250,000 threshold and is lower than their investment income.


As you can see from the examples above, the tax will have the greatest impact on people with high incomes and a lot of investment income that’s subject to the tax. Even if you have a high adjusted gross income, you’re not likely to owe the surtax unless some of that income is coming from investments. Even if most of your income comes from investments, you’re not going to owe the surtax unless you have an adjusted gross income that’s high in absolute terms.


What Counts as Net Investment Income?
Adjusted gross income is fairly straightforward, but what counts as net investment income isn’t. As you might expect, net investment income encompasses stock dividends and interest from cash and bonds; it also includes short- and long-term capital gains, the taxable portion of annuity income, royalties, and rents. In addition, net investment income includes trading of financial instruments and commodities and income from passive activities (earnings from a business in which you have limited involvement).


That’s a big list, but there are some notable exceptions. Municipal-bond income does not count as net investment income; the same goes for distributions from IRAs or other qualified retirement plans and pension and Social Security income. Capital gains from the sale of a principal residence don’t count either, assuming the gains don’t exceed $ 250,000 for individuals and $ 500,000 for couples and meet the other requirements to qualify for the Section 121 exclusion. (That’s right–a widely distributed email stating that all home-sale proceeds would be subject to the tax is patently false.) Nor does the surtax apply to payouts from tax-deferred nonqualified annuities or the proceeds from the sale of an active interest in a business that’s structured as a partnership or S corporation.


Those exceptions create a few potential opportunities for alert investors aiming to limit the surtax’s effect. Of course, as always, it’s a mistake to rearrange your investment portfolio simply because of tax considerations. If you’re mulling action to blunt the impact of this or any other tax, it’s worthwhile to check with a tax or investment advisor beforehand.


Those disclaimers aside, investors who expect to be hit by the new surtax might consider a few steps to reduce its impact, including the following.


Take a look at munis (again): Muni-bond income has a double benefit when it comes to avoiding the surtax. Not only does it not count toward your adjusted gross income, but it’s also a rare type of investment income that’s not subject to the new surtax. At the same time, if you’re looking at munis to help save on taxes, be sure to mind the fact that municipal bonds issued to fund private activities, such as sports venues, are subject to the alternative minimum tax, even though they skirt other types of taxes. Fidelity’s muni funds grab the highest number of Gold Analyst Ratings from our fund analyst team.


Maximize contributions to tax-advantaged vehicles, mind asset location: Maximizing contributions to tax-advantaged vehicles, such as IRAs and 401(k)s, makes good sense no matter what, and the surtax provides yet another reason to do so. Not only are distributions from IRAs and 401(k)s exempt from the new tax, but reinvested income from stocks and bonds held within the confines of these wrappers doesn’t count as net investment income. That underscores the importance of paying attention to what types of assets you hold in which types of accounts. Munis, individual stocks, low-turnover stock funds, and broad stock market index trackers are good bets for taxable accounts, whereas investments with a heavy tax burden should generally be stashed within tax-advantaged accounts.


Investigate Roth anything, including conversions: Even though income from traditional and Roth 401(k)s and IRAs is safe from the new surtax, Roth IRA and 401(k) withdrawals are even more bullet-proof. Distributions from traditional 401(k)s and IRAs have the potential to push up a taxpayer’s adjusted gross income above the thresholds for the surtax, which in turn could increase one’s vulnerability to the new tax. Roth IRA distributions, by contrast, don’t contribute to adjusted gross income. That’s another reason to consider making new contributions to Roth vehicles (or fund a backdoor Roth IRA) rather than traditional IRAs and 401(k)s, as well as converting traditional IRA assets to Roth. But also bear in mind that money from the conversion will increase your adjusted gross income, which in turn could increase the likelihood you’ll owe the surtax. In the case of conversions, check with a financial or tax advisor to make sure you’re thinking through all of the variables and understand the taxes you’ll owe upon conversion.


A version of this article appeared July 16, 2012.


See More Articles by Christine Benz


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Stock futures advance, Barnes & Noble up early

NEW YORK (Reuters) - Stock index futures rose on Monday, suggesting the recent rally for equities remains intact in spite of concerns that the U.S. Federal Reserve could curtail its stimulus sooner than many expected.


* Stocks have been strong performers so far this year, with the S&P 500 jumping 6.2 percent in 2013. Pullbacks have generally been slight, with investors using any dip as a buying opportunity. While the S&P fell last week, the decline was a slight 0.3 percent and it was the first weekly drop after a seven-week streak of gains.


* The gains have come on strong corporate earnings, as well as a backdrop of stimulus from the Federal Reserve. Last week's decline came when some Fed officials seemed to suggest the stimulus may be curtailed faster than many expected, though subsequent comments seemed to allay those concerns.


* Another test for equities will come with the looming debate over massive U.S. government budget cuts that will take effect if lawmakers fail to reach an agreement over spending and taxes. On Sunday, the White House issued more dire warnings about the harm the cuts are expected to do to the economy if enacted.


* More government-related uncertainty came from Italy, where a close election left questions about how the country would handle its three-year debt crisis. Last year, inconclusive Greek elections sparked a protracted selloff and a period of uncertainty in U.S. equity markets as well.


* Still, European shares <.fteu3> were higher on Monday, rising 0.6 percent after a smooth Italian debt auction.


* S&P 500 futures rose 6.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 39 points and Nasdaq 100 futures rose 17.25 points.


* In company news, the Wall Street Journal reported that Barnes & Noble Inc Chairman Leonard Riggio is considering a bid for the company's bookstore business. The stock jumped 18 percent to $16 in premarket trading.


* Lowe's Cos Inc reported earnings that beat expectations, helped by rebuilding efforts after Hurricane Sandy in the United States.


* Other companies scheduled to report quarterly results include Autodesk Inc and FirstEnergy .


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


* U.S. stocks closed higher on Friday, boosted by strong results from Hewlett-Packard Co , as well as allayed concerns over Fed policy.


(Editing by Chizu Nomiyama)



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Vatican 'Gay lobby'? Probably not






STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






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Relativity Moves ‘Turkeys’ Up a Year; Amy Poehler Joins Voice Cast (Exclusive)






NEW YORK (TheWrap.com) – Relativity Media has moved up its animated film “Turkeys” by a year and will release it November 1, multiple individuals close to the project told TheWrap. In addition, Amy Poehler has joined the voice cast for the film, which Relativity and Reel FX are co-producing and co-financing, TheWrap has learned.


The movie had been scheduled to debut November 14, 2014, but Relativity and Reel FX made the aggressive scheduling move based on early footage, according to two of those individuals. Development on the project began in June 2009 and physical production began in January 2011.






Poehler, who joins Owen Wilson and Woody Harrelson, will voice the female lead.


Executives at the studio met about the film this week, weighing the challenges the move will pose to the filmmaking, marketing, sponsorship and merchandising teams with the opportunity to seize this Thanksgiving’s family market.


DreamWorks Animation recently moved “Mr. Peabody & Sherman” from November 1 to March 2014, opening the door for kid-friendly fare before the November 22 opening of “The Hunger Games: Catching Fire.” Most of the other movies scheduled for October and November will cater to more mature audiences, spanning genres like science fiction (“Gravity,” “Ender’s Game”), horror (“Paranormal Activity 5,” “Carrie”) and action (“Malavita,” “Thor: The Dark World”).


Jeffrey Katzenberg‘s animation house has released a movie in the fall for eight of the last nine years, but its new distribution partner, Fox, moved “Peabody” to March, a month when the studio has had prior success with the “Ice Age” franchise.


DreamWorks Animation had a costly miss last November with “Rise of the Guardians,” which grossed $ 301 million at the box office – a healthy sum, but not enough to cover costs. The company is expected to take a hefty write-down as a result in its upcoming fourth quarter earnings.


Reel FX, the Dallas-based animation and visual effects studio behind “Turkeys,” actually sold “Guardians” to DWA five years ago.


“Turkeys” features the voices of Wilson and Harrelson as two spunky birds that take a time machine back to the first Thanksgiving. They want to expunge turkeys from Thanksgiving’s culinary tradition. Lesley Nicol of “Downton Abbey,” George Takei of “Star Trek” fame, Keith David and Colm Meaney have also been cast. Dan Fogler was already lending his voice.


Jimmy Hayward is directing the film from a script by Craig Mazin, David I. Stern, John J. Strauss.


Movies News Headlines – Yahoo! News




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Investors face another Washington deadline

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


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


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


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


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


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


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


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


OPTIONS BULLS TARGET GAINS


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


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


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


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


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


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


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


EYES ON GDP DATA, APPLE


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


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


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


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


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


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



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US, Russia win team sprints at Nordic Worlds


VAL DI FIEMME, Italy (AP) — United States duo Jessica Higgins and Kikkan Randall stormed to victory in the team sprint at the Nordic World Championships on Sunday, winning by nearly eight seconds.


The U.S. pair finished the 6x1.2-kilometer event in 20 minutes and 24.4 seconds, beating Swedish defending champions Charlotte Kalla and Ida Ingemarsdotter by 7.8 seconds. Finland's Riika Sarasoja-Lilja and Krista Lahteenmaki were third, 10.9 seconds behind the Americans.


One of the pre-race favorites Norway finished fourth after Ingvild Flugstad Oestberg fell.


In the men's 6x1.5-kilometer event, Alexei Petukhov and Nikita Kriukov of Russia beat Sweden's Marcus Hellner and Emil Joensson by 0.4 seconds to win in 21:30.9.


Kazakhstan duo Nikolay Chebotko and Alexey Poltoranin won a photo finish for bronze, edging out defending champions Canada by 0.03 seconds.


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