Rihanna a rock star on Victoria's Secret catwalk

NEW YORK (AP) — Rihanna rocked lingerie at Wednesday night's Victoria's Secret fashion show in New York, providing the highlight of the live-music soundtrack and holding her own on the catwalk with some of the world's top models.

And those models even had props, including Adriana Lima's ringmaster wand, Doutzen Kroes' body cage and several pairs of the oversized wings that the retailer has made its signature. It would be a close contest who got the biggest wings: Toni Garrn's giant poppy pair or Miranda Kerr's swan-style feathered pouf. Only Lily Aldridge could boast star-spangled wings that shot out silver sparkles.

Alessandra Ambrosio's orchid-petal wings might have lacked a little grandeur, but she made up for it with a $2.5 million jeweled "floral fantasy bra."

Still, wearing a sheer pink mini that gave glimpses of her bra, Rihanna sang "Fresh Out the Runway" at the end of the corset-and-garter parade and she was the one to grab the audience's biggest applause.

The fashion show has become a pre-holiday season tradition for the retailer. CBS will turn it into a one-hour special, which also had performances from Justin Bieber and Bruno Mars, to be shown on Dec. 4.

Lima said she loved opening the show in the ringmaster costume. "The atmosphere of the Victoria's Secret fashion show is electric," she said. "It's so much fun to be able to interact with the audience! What other show will you see Rihanna, Justin Beiber and Bruno Mars on the runway with angels?"

This year's event had a slight twist. It started with an announcer noting that Victoria's Secret and CBS had each made a donation to relief efforts for Superstorm Sandy, and a thank you to the National Guard members who are based out of the Lexington Avenue Armory that has for years been home to the show.

Mostly, though, models are encouraged to smile, ham it up and show off the extra time at the gym that most admit to in the weeks beforehand. "It's highly televised, and you take that into consideration," said model Joan Smalls ahead of the show. "This is kind of not the same as other runways. You have to prepare your body: No. 1 is the wings are heavy, and No. 2 is you have to be comfortable with your body because the camera will pick up on it if you're not comfortable and confident."

There's an emphasis on glitz, skin and dramatic production here, not wearable undergarment trends for typical Victoria's Secret shoppers. It was divided into six sections: Circus, complete with acrobats, contortionists and a sword eater; Dangerous Liaisons; Pink Is Us; Silver Screen Angels; Angels in Bloom; and Calendar Girls, which allowed Bruno Mars to serenade a model for each month of the year.

For his first song, "Beauty and the Beat," Bieber, wearing low-slung white pants and a white leather studded vest, sat alone with his guitarist in the mellowest part of the show. For "As Long As You Love Me," however, he brought in backup dancers and interacted with the models while moving around a giant makeshift pinball machine.

"It's like a dream come true," said Bieber on the pink carpet before the show. "I would rather be here than anywhere in the world."

___

AP reporter John Carucci contributed to this report.

___

Samantha Critchell tweets fashion at http://www.twitter.com/AP_Fashion

Read More..

After Loss, Fight to Label Modified Food Continues

LOS ANGELES — Advocates for the labeling of genetically modified food vowed to carry their fight to other states and to the federal government after suffering a defeat in California on Tuesday.

A ballot measure that would have made California the first state in the nation to require such labeling was defeated, 53.1 percent to 46.9 percent. Support for the initiative, which polls said once was greater than 60 percent, crumbled over the last month under a barrage of negative advertisements paid for by food and biotechnology companies.

The backers of the measure, known as Proposition 37, said on Wednesday that they were encouraged it had garnered 4.3 million votes, even though they were outspent about five-to-one by opponents. They are now gathering signatures to place a similar measure on the ballot in Washington State next year.

Declaring that more than four million Californians are “on record believing we have a right to know what is in our food,” Dave Murphy, co-chairman of the Proposition 37 campaign and executive director of Food Democracy Now!, an advocacy group, said on Wednesday: “We fundamentally believe this is a dynamic moment for the food movement and we’re going forward.”

Still, there is no doubt the defeat in California has robbed the movement of some momentum. Until Tuesday’s vote, labeling proponents had been saying that a victory in California, not a defeat, would spur action in other states and at the federal level.

The defeat greatly reduces the chances that labels will be required, according to L. Val Giddings, a senior fellow at the Information Technology and Innovation Foundation, a Washington organization supporting policies that favor innovation. “I see little potential that the defeat in California could result in any increase in pressure for labels. ”

Dr. Giddings, who is a supporter of biotech crops, said it would now be more difficult for labeling proponents to raise money. “What justification can they present to their funders to pour more money down this drain?” he said.

The election in California was closely watched because it had national implications. It could have led to a reduction in the use of genetically modified crops, which account for more than 80 percent of the corn, soybeans and sugar beets grown in the United States. That is because food companies, fearing that some consumers would shun products labeled genetically engineered, would instead reformulate their products to avoid such ingredients.

With so much at stake, food and biotechnology companies amassed $46 million to defeat the measure, according to MapLight, an organization that tracks campaign contributions. Monsanto, the largest supplier of genetically engineered seeds, contributed $8.1 million. Kraft Foods, PepsiCo and Coca-Cola each contributed at least $1.7 million.

The backers of Proposition 37 raised only $9.2 million, mainly from the organic and natural foods business.

The proponents argued that people have a right to know what is in their food. They said that genetically engineered crops have not been adequately tested and that dozens of countries require labeling.

The Food and Drug Administration does not require labeling of a food just because it is genetically modified, saying there is no material difference between such foods and their conventional counterparts.

The big food and biotechnology companies argued that numerous expert reviews have shown the crops to be safe. For the most part, they did not directly attack the notion of consumers’ right to know. Rather they said Proposition 37 was worded in a way that would lead to red tape, increases in food prices and numerous lawsuits against food companies and supermarkets.

Some backers of labeling will shift their focus to Washington, hoping to get the F.D.A. to change its mind and require labeling.

“We think that attention is now going to shift back to Washington, with a whole lot more to discuss and a whole lot more people interested,” said Gary Hirshberg, the chairman of Stonyfield, an organic yogurt company.

Mr. Hirshberg is also chairman of Just Label It, a group that submitted a petition with more than one million signatures to the F.D.A. asking it to require labeling. So far, however, the F.D.A. has shown little propensity to overturn its policy. And bills in Congress to require labeling have failed to gain much support.

Proposition 37 has no doubt raised awareness, however, which might prompt some consumers to seek foods that do not contain genetically engineered ingredients.

“Everything you buy in the grocery is a vote,” said Sara Hadden of Hermosa Beach, who organized street-corner rallies in favor of Proposition 37. “That’s the vote that really counts.”

One question is whether food firms, having narrowly escaped a disruption of their business on Tuesday, will make changes on their own — like voluntarily labeling or reducing their use of genetically modified crops.

If that is being considered, the food companies are not letting on. In a statement Wednesday, the Grocery Manufacturers Association, which represents big food companies, called the defeat of Proposition 37 “a big win for California consumers, taxpayers, businesses and farmers.”

Read More..

DealBook: On Wall Street, Time to Mend Fences With Obama

Del Frisco’s, an expensive steakhouse with floor-to-ceiling windows overlooking the Boston harbor, was a festive scene on Tuesday evening. The hedge fund billionaires Steven A. Cohen, Paul Singer and Daniel Loeb were among the titans of finance there dining among the gray velvet banquettes before heading several blocks away to what they hoped would be a victory party for their presidential candidate, Mitt Romney.

The next morning was a cold, sobering one for these executives.

Few industries have made such a one-sided bet as Wall Street did in opposing President Obama and supporting his Republican rival. The top five sources of contributions to Mr. Romney, a former top private equity executive, were big banks like Goldman Sachs and JPMorgan Chase, according to the Center for Responsive Politics. Wealthy financiers — led by hedge fund investors — were the biggest group of givers to the main “super PAC” backing Mr. Romney, providing almost $33 million, and gave generously to outside groups in races around the country.

On Wednesday, Mr. Loeb, who had supported Mr. Obama in 2008, was sanguine. “You win some, you lose some,” he said in an interview. “We can all disagree. I have friends and we have spirited discussions. Sure, I am not getting invited to the White House anytime soon, but as citizens of the country we are all friendly.”

Wall Street, however, now has to come to terms with an administration it has vilified. What Washington does next will be critically important for the industry, as regulatory agencies work to put their final stamp on financial regulations and as tax increases and spending cuts are set to take effect in the new year unless a deal to avert them is reached. To not have a friend in the White House at this time is one thing, but to have an enemy is quite another.

“Wall Street is now going to have to figure out how to make this relationship work,” said Glenn Schorr, an analyst who follows the big banks for the investment bank Nomura. “It’s not impossible, but it’s not the starting point they had hoped for.”

Traditionally, the financial industry has tended to support Republican candidates, but, being pragmatic about power, has also donated to Democrats. That script got a rewrite in 2008, when many on Wall Street supported Mr. Obama as an intelligent leader for a country reeling from the financial crisis. Goldman employees were the leading source of campaign donations for Mr. Obama, who reaped far more contributions — roughly $16 million — from Wall Street than did his opponent, John McCain.

The love affair between Wall Street and Mr. Obama soured soon after he took office and championed an overhaul in financial regulations that became the Dodd-Frank Act.

Some financial executives complained that in meetings with the president, they found him uninterested and disengaged, while others on Wall Street never forgave Mr. Obama for calling them “fat cats.”

The disillusionment with the president spawned reams of critical commentary from Wall Street executives.

“So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire,” Mr. Loeb wrote in one letter to his investors.

The rhetoric at times became extreme, like the time Steven A. Schwarzman, co-founder of the private equity firm Blackstone Group, compared a tax proposal to “when Hitler invaded Poland in 1939.” (Mr. Schwarzman later apologized for the remark.)

Mr. Loeb was not alone in switching allegiances in the recent presidential race. Hedge fund executives like Leon Cooperman who had supported Mr. Obama in 2008 were big backers of Mr. Romney in 2012. And Wall Street chieftains like Jamie Dimon of JPMorgan Chase and Lloyd C. Blankfein of Goldman Sachs, who have publicly been Democrats in the past, kept a low profile during this election. But their firms’ employees gave money to Mr. Romney in waves.

Starting over with the Obama White House will not be easy. One senior Wall Street lawyer who spoke on condition of anonymity said Wall Street “made a bad mistake” in pushing so hard for Mr. Romney. “They are going to pay a price,” he said. “It will soften over time, but there will be a price.”

Mr. Obama is not without supporters on Wall Street. Prominent executives like Hamilton James of Blackstone, and Robert Wolf, a former top banker at UBS, were in Chicago on Tuesday night, celebrating with the president.

“What we learned is the people on Wall Street have one vote just like everyone else,” Mr. Wolf said. Still, while the support Wall Street gave Mr. Romney is undeniable, Mr. Wolf said, “Mr. Obama wants a healthy private sector, and that includes Wall Street.

“If you look at fiscal reform, infrastructure, immigration and education, they are all bipartisan issues and are more aligned than some people make it seem.”

Reshma Saujani, a former hedge fund lawyer who was among Mr. Obama’s top bundlers this year and is planning to run for city office next year, agreed.

“Most people in the financial services sector are social liberals who support gay marriage and believe in a woman’s right to choose, so I think many of them will swing back to Democrats in the future,” she said.

---

This post has been revised to reflect the following correction:

Correction: November 8, 2012

An earlier version of this article misidentified Reshma Saujani as a male.

A version of this article appeared in print on 11/08/2012, on page B1 of the NewYork edition with the headline: On Wall Street, Time to Mend Fences With Obama.

Read More..

Divided U.S. Gives Obama More Time

Doug Mills/The New York Times

Americans voted to give President Obama a second chance to change Washington. More Photos »

Barack Hussein Obama was re-elected president of the United States on Tuesday, overcoming powerful economic headwinds, a lock-step resistance to his agenda by Republicans in Congress and an unprecedented torrent of advertising as a divided nation voted to give him more time.

In defeating Mitt Romney, the president carried Colorado, Iowa, Ohio, New Hampshire, Virginia and Wisconsin, a near sweep of the battleground states, and was holding a narrow advantage in Florida. The path to victory for Mr. Romney narrowed as the night wore along, with Mr. Obama winning at least 303 electoral votes.

A cheer of jubilation sounded at the Obama campaign headquarters in Chicago when the television networks began projecting him as the winner at 11:20 p.m., even as the ballots were still being counted in many states where voters had waited in line well into the night. The victory was far narrower than his historic election four years ago, but it was no less dramatic.

“Tonight in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back,” Mr. Obama told his supporters early Wednesday. “We know in our hearts that for the United States of America, the best is yet to come.”

Mr. Obama’s re-election extended his place in history, carrying the tenure of the nation’s first black president into a second term. His path followed a pattern that has been an arc to his political career: faltering when he seemed to be at his strongest — the period before his first debate with Mr. Romney — before he redoubled his efforts to lift himself and his supporters to victory.

The evening was not without the drama that has come to mark so many recent elections: For more than 90 minutes after the networks projected Mr. Obama as the winner, Mr. Romney held off calling him to concede. And as the president waited to declare victory in Chicago, Mr. Romney’s aides were prepared to head to the airport, suitcases packed, potentially to contest several close results.

But as it became increasingly clear that no amount of contesting would bring him victory, he called Mr. Obama to concede shortly before 1 a.m.

“I wish all of them well, but particularly the president, the first lady and their daughters,” Mr. Romney told his supporters in Boston. “This is a time of great challenges for America, and I pray that the president will be successful in guiding our nation.”

Hispanics made up an important part of Mr. Obama’s winning coalition, preliminary exit poll data showed. And before the night was through, there were already recriminations from Republican moderates who said Mr. Romney had gone too far during the primaries in his statements against those here illegally, including his promise that his get-tough policies would cause some to “self-deport.”

Mr. Obama, 51, faces governing in a deeply divided country and a partisan-rich capital, where Republicans retained their majority in the House and Democrats kept their control of the Senate. His re-election offers him a second chance that will quickly be tested, given the rapidly escalating fiscal showdown.

For Mr. Obama, the result brings a ratification of his sweeping health care act, which Mr. Romney had vowed to repeal. The law will now continue on course toward nearly full implementation in 2014, promising to change significantly the way medical services are administrated nationwide.

Confident that the economy is finally on a true path toward stability, Mr. Obama and his aides have hinted that he would seek to tackle some of the grand but unrealized promises of his first campaign, including the sort of immigration overhaul that has eluded presidents of both parties for decades.

But he will be venturing back into a Congressional environment similar to that of his first term, with the Senate under the control of Democrats and the House under the control of Republicans, whose leaders have hinted that they will be no less likely to challenge him than they were during the last four years.

Michael Cooper contributed reporting.

Read More..

Move over, Obama; Twitter had a big night too

WASHINGTON (Reuters) - President Barack Obama called it - in less than 140 characters.

Around 11:15 pm EST, just as the networks were beginning to call the race in his favor, Obama took to Twitter to proclaim himself the winner over Republican candidate Mitt Romney.

"This happened because of you. Thank you," Obama tweeted.

That the president would take his message to Twitter before taking the stage in Chicago underscored the tremendous role social media platforms like Twitter played in the 2012 election.

Minutes later, with the race called in his favor, Obama tweeted again.

"We're all in this together. That's how we campaigned, and that's who we are. Thank you. -bo."

Through the course of a long and bitter presidential campaign, Twitter often served as the new first rough draft of history.

Top campaign aides used the Internet tool to snipe at each other, the candidates used it to get out their messages and political reporters used it to inform and entertain.

On Election Night, the tweets were flowing.

By 10 p.m. EST, with the race still up for grabs, Twitter announced it had broken records.

There were more than 31 million election-related tweets on Tuesday night, making Election Night "the most tweeted about event in U.S. political history," said Twitter spokeswoman Rachael Horwitz. Between 6 p.m. and midnight EST, there were more than 23 million tweets.

Horwitz noted the previous record was 10 million, during the first presidential debate on October 3.

"Twitter brought people closer to almost every aspect of the election this year," Horwitz said. "From breaking news, to sharing the experience of watching the debates, to interacting directly with the candidates, Twitter became a kind of nationwide caucus."

In the moments following Obama's win, Twitter was in a frenzy, with a peak of 327,000 tweets a minute.

Another tweet from Obama, one that read: "Four more years" and showed a picture of him hugging his wife, became the most retweeted tweet in the history of the site.

'FIRST TWITTER ELECTION'

Love it or hate it, Twitter and its role in politics appears to be here to stay.

For Rob Johnson, campaign manager for Texas Republican Governor Rick Perry's failed presidential run, Twitter "changed the dynamic this cycle and will continue to play a bigger role in years to come."

"We no longer click refresh on websites or wait for the paper boy to throw the news on our porch," Johnson said. "We go to Twitter and learn the facts before others read it."

The 2012 race was the first where Twitter played such an important role. Top campaign advisers like Romney's Eric Fehrnstrom and Obama's David Axelrod engaged in Twitter battles through the year.

With many political reporters and campaign staff on Twitter and Facebook, social media websites were often the first place news broke. Some top news stories were kept alive or thrust into the headlines after becoming hot topics on Twitter.

"It was one heckuva echo chamber," Dante Scala, a political science professor at the University of New Hampshire, said in an email.

Johnson said Twitter was the driving force behind some of the year's biggest political news stories.

"The twitterverse shapes the news and public opinion," Johnson said. "The Internet is truly a real and powerful tool in politics."

In future elections, candidates and their campaign staffs will have to include social media as another battleground, Democratic strategist Jamal Simmons said.

"This was the first Twitter election and social media is now fully a part of our election mechanics," Simmons said. "Going forward candidates must have an aggressive social media strategy if they want to win."

(Editing by Mary Milliken and Peter Cooney)

Read More..

Quiet media night explodes suddenly, Rove protests

NEW YORK (AP) — Careful media coverage of a close presidential election Tuesday exploded so suddenly Tuesday that it left the bizarre spectacle of Fox News Channel analyst Karl Rove, a major fundraiser for Republican Mitt Romney, publicly questioning his network's declaration that President Barack Obama had been re-elected.

ABC News was also frantically trying to repair a power outage that left much of its set inoperable precisely at the time the election was being decided.

For several hours, election coverage resembled the run-up to a Super Bowl, with plenty of talk signifying little. Then NBC News, at 11:12 p.m. ET, was the first to declare Obama had won by virtue of winning the battleground state of Ohio. "He remains president of the United States for a second term," said anchor Brian Williams.

Other networks followed suit, including Fox five minutes later. But Rove, the former top political aide to President George W. Bush whose on-air presence on Fox this campaign raised some eyebrows because of his prominent role supporting Romney, suggested the call was premature.

"We've got to be careful about calling things when we have like 991 votes separating the candidates and a quarter of the vote left to count ... I'd be very cautious about intruding in this process," said Rove, a behind-the-scenes player in the wild 2000 election between Bush and Al Gore that took weeks to decide. (Gore was on TV Tuesday, too, as anchor of Current TV's election coverage).

It left Rove's colleagues struggling for words.

"That's awkward," said co-anchor Megyn Kelly. She then went backstage to interview on camera two men who were part of Fox's team in charge of making election calls. They had concluded that based on the precincts where votes were left to be counted, Romney couldn't beat Obama.

Later, Rove tried to make light of the encounter. "This is not a cage match," he said. "This is a light intellectual discussion."

As the evening had progressed for Fox and it became clear that Romney, the clear favorite of most of its audience, would find it hard to win, commentators like Sarah Palin and Peggy Noonan looked stricken.

"This was the referendum that Mitt Romney wanted on Barack Obama," said Huffington Post's Howard Fineman on MSNBC. "And guess what? Barack Obama won the referendum. And that's pretty darned emphatic."

Much of ABC's New York election studio was left powerless for about 20 minutes at the height of Tuesday's coverage. The network didn't inform viewers, and tried to compensate by taking anchors Diane Sawyer and George Stephanopoulos away from their desks, and cutting away to crowd shots at Times Square.

Sawyer's relaxed, folksy delivery in her first presidential election night as anchor drew considerable social media attention. The rock group They Might Be Giants tweeted: "and Diane Sawyer declares tonight's winner is ... chardonnay!"

Sawyer and Stephanopoulos were a new election anchor team for ABC, and Scott Pelley led the CBS coverage. Of the three anchors for the biggest broadcast networks, only NBC's Williams was a returnee from 2008.

But it was a far different media world anyway. 2012 was notable for the vast array of outlets that an interested consumer could command to create their own media experience on multiple screens. Web sites offered deep drill-downs in data and social media hosted raucous conversations.

"If you started a drinking game with the words 'exit poll' in it, please stop now. You will die!" tweeted TV critic Tim Goodman.

Obama's Twitter account tweeted a picture of the president hugging first lady Michelle Obama, and it was retweeted more than 400,000 times. Twitter said it was its most retweeted message ever.

Earlier in the evening, journalists took special care not to rely too heavily on exit polls. Perhaps they remembered how misleading exit polls in 2004 led TV networks astray then or perhaps, in CBS' Bob Schieffer's words, its results this year were too contradictory.

News outlets carefully parsed information and sometimes used the same facts for contradictory conclusions.

Fox News analyst Brit Hume noted an exit poll finding that 42 percent of voters said Superstorm Sandy was an important factor in their vote, suggesting that was a positive for Obama since he was widely considered to have been effective in his response. With the same information, the web site Politico headlined: "Exit Survey: Sandy Not a Factor."

There was a certain amount of vamping time, too. Glenn Beck's online network, The Blaze, had a blackboard straight out of the 1960s as a tote board. Beck killed time on the air by asking for cookie dough ice cream from the on-set food bar.

"Waffle cone, please," Beck said.

When Sawyer asked David Muir for the latest news from the Romney campaign, he reported the family had pasta for dinner and the candidate indulged in his favorite peanut butter and honey sandwich.

The media personality with perhaps the most on the line was Nate Silver of The New York Times, whose FiveThirtyEight blog was sought out by 20 percent of the people who visited the newspaper's website on Monday. He has used statistical data throughout the campaign to predict an Obama victory and by Tuesday, had forecast a 90.9 percent chance that Obama would win.

After Obama's victory became clear, Gavin Purcell, producer of "Late Night with Jimmy Fallon," tweeted that "Nate Silver is the only white male winning tonight." CNN's Piers Morgan tweeted Silver an invitation to appear on his show Wednesday.

___

Fox is owned by News Corp.; ABC is owned by The Walt Disney Co.; MSNBC and NBC are controlled by Comcast Corp.; CBS is a division of CBS Corp.; CNN is a unit of Time Warner Inc.

___

Television Writers Frazier Moore in New York and Lynn Elber in Los Angeles contributed to this report.

Read More..

National Briefing | New England: Massachusetts: House Panel Issues Subpoena in Meningitis Outbreak

The chief pharmacist at the New England Compounding Center in Framingham, the company linked to a deadly meningitis outbreak, has received a subpoena to appear before the House Energy and Commerce Committee. The pharmacist, Barry J. Cadden, is an owner of the company, which surrendered its pharmacy license after the outbreak sickened more than 400 people and killed 30. “Since Mr. Cadden has indicated he will not appear voluntarily, we are left with no choice but to issue a subpoena,” the committee chairman, Representative Fred Upton, Republican of Michigan, and the ranking Democrat, Representative Henry A. Waxman of California, said in a statement on Tuesday.

Read More..

Fiscal Impasse Leads to Pullback After Election

Business leaders and investors on Wall Street reacted nervously to President Obama’s re-election early Wednesday, warning that the focus would quickly shift from electoral politics to the looming fiscal uncertainty in Washington.

Stocks moved sharply lower in early trading in New York, with the Standard & Poor’s 500-stock index down 1.9 percent, while European shares drifted lower and Asian stocks were mixed. While many executives on Wall Street and in other industries favored Mitt Romney, many had already factored in the likelihood of Mr. Obama winning a second term.

“The bottom line is that this looks like a status quo election,” said Dean Maki, chief United States economist at Barclays. “The problem with that is that it doesn’t resolve some of the main sources of uncertainty that are hanging over the economy.”

Companies in some sectors, like hospitals and technology, could see a short-term pop, said Tobias Levkovich, chief United States equity strategist with Citi. Other areas, like financial services as well as coal and mining, could be hurt as investors contemplate a tougher regulatory environment.

In early trading, shares of Alpha Natural Resources, a coal giant, were down more than 8 percent, while Arch Coal was off 10.5 percent. But HCA Holdings, a hospital operator, was up nearly 6 percent. As a result of Mr. Obama’s victory, Goldman Sachs said it upgraded its rating on HCA to buy from neutral, and raised its price target to $39 from $31. It also raised price targets for Tenet Healthcare and Community Health Systems, although both are still rated neutral.

Goldman downgraded shares of Humana, a leading managed care company, to sell, and its shares fell 7.3 percent. Goldman warned that Humana and other managed care providers could be hurt as health care reform moves forward, especially new rules for health insurers that become effective in 2014.

Mr. Levkovich predicted that the market would remain volatile between now and mid-January. If Congress and the president cannot come up with a plan to cut the deficit, hundreds of billions in Bush-era tax cuts are set to expire at the beginning of 2013 while automatic spending cuts will sharply cut the defense budget and other programs.

Known as the fiscal cliff, this simultaneous combination of dramatic reductions in government spending and tax increases could push the economy into recession in 2013, economists fear.

By midmorning Wednesday, it was not just the election results driving shares lower — there was more gloomy economic news out of Europe.

The European Union will experience only a very weak economic recovery during 2013 while unemployment will remain at “very high” levels, according to a set of forecasts issued Wednesday by the European Commission.

This year, gross domestic product will shrink by 0.3 percent for the 27 members of the union as a whole and by 0.4 percent for the 17 countries in the euro area, the commission predicted. Growth in 2013 will be a meager 0.4 percent across the union and only 0.1 percent in the euro area, it said.

Not only is that level of growth far slower than even the tepid pace of the recovery in the United States, it also makes it more difficult for debt-burdened European economies to get their financial house in order. In midday trading, the Euro Stoxx 50 index, a barometer of euro zone blue chips, fell 1.59 percent, while the FTSE 100 index in London was 0.78 percent lower.

The S.&P./ASX 200 in Australia closed up 0.7 percent, as did the Hang Seng Index in Hong Kong. The Nikkei 225 stock average in Japan ended trading little changed.

“There’s a huge question mark hanging over what happens in the next few weeks,” said Aric Newhouse, senior vice-president of policy and government relations at the National Association of Manufacturers. “The fiscal cliff is the 800-pound gorilla out there.”

“We can’t wait,” he said. “We think the idea of going over the cliff has to be taken off the table. We’ve got to get to the middle ground.”

For all the anticipation, some observers said the election still left plenty of unanswered questions.

“While we have clarity on the players now, we don’t have any more clarity on what will happen in terms of the fiscal cliff,” Mr. Maki said. “We still have a divided government and they haven’t been able to agree on what to do.”

If the full package of tax increases and spending cuts go into effect, that would equal a $650 billion blow to the economy, Mr. Maki said, equivalent to 4 percent of the gross domestic product.

Mr. Maki envisions a partial compromise, with $200 billion in tax increases and spending cuts. Partly because of that, he estimates, the annual rate of economic growth will dip to 1.5 percent in the first quarter of 2013 from 2.5 percent in the fourth quarter. He predicted that if the full fiscal cliff were to hit, the economy would contract in the first half of 2013.

Read More..

Presidential Campaign Over, Voters Take to the Polls

Seth Wenig/Associated Press

A poll worker, Lisa Amico, right, helped voters in an unheated tent serving as a polling site in Staten Island.

Americans went to the polls on Tuesday to decide whether to give President Obama a second term or to replace him with Mitt Romney after a long, hard-fought campaign that centered on who would heal the battered economy and what role government should play in the 21st century.

From makeshift voting sites in East Coast communities devastated by Hurricane Sandy to the more typical voting booths set up in school gyms, libraries and town halls across the rest of the country, people began lining up before dawn to cast their ballots — collectively writing the ending to a bitter, expensive presidential campaign in which the candidates, parties, and well-heeled outside groups were on pace to spend some $2.6 billion.

At the polling place at the Elk’s Club in Fairfax, Va., outside Washington, D.C., voters braved temperatures in the low 30s to stand in an hourlong line to vote at 7 a.m.

Mr. Romney, the Republican former governor of Massachusetts, cast his vote Tuesday morning near his home in Belmont, Mass. When a reporter asked him for whom he had voted, Mr. Romney replied, “I think you know.” Mr. Obama voted Oct. 25 in Chicago — becoming one of more than 31 million people who voted early this year.

The president visited a campaign office in Chicago on Tuesday morning, where he called and thanked several startled volunteers in Wisconsin and then spoke briefly to the reporters who were traveling with him, congratulating Mr. Romney for having run a “spirited campaign.”

“I also want to say to Governor Romney, congratulations on a spirited campaign,'’ Mr. Obama said. “I know that his supporters are just as engaged and just as enthusiastic and working just as hard today. We feel confident we’ve got the votes to win, that it’s going to depend ultimately on whether those votes turn out. And so I would encourage everybody on all sides just to make sure that you exercise this precious right that you have that people fought so hard for, for us to have.”

If both campaigns could seem small at times, the issues confronting the nation remained big: how to continue to rebuild after the worst economic downturn since the Great Depression; whether to implement Mr. Obama’s health care law to cover the uninsured, or undo it; whether to reshape Medicare for future beneficiaries to try to curb its costs; whether to raise taxes to reduce the federal deficit or to rely on spending cuts alone; how to wind down the war in Afghanistan without opening the region to new dangers; and how to navigate the post-Arab Spring world.

On their frenzied final full day of campaigning, the candidates reprised their central arguments before crowds in the same handful of swing states where the campaign has been waged for much of the last year, as both men have battled for the 270 electoral votes needed to win the presidency. The campaigns were hoping that huge turnout efforts would tilt contested states their way.

For all the twists and turns that the race has taken since the candidates downed their first greasy pork chops on sticks at the Iowa State Fair, those core, competing messages have remained remarkably consistent.

Mr. Obama reminded a crowd in Columbus, Ohio, on Monday how bad things were when he took office, listed his achievements and argued that he has more work to do.

“In 2008, we were in the middle of two wars and the worst economic crisis since the Great Depression,” Mr. Obama said. “Today our businesses have created nearly five and a half million new jobs. The American auto industry has come roaring back. Home values are on the rise. We’re less dependent on foreign oil than any time in the last 20 years. Because of the service and sacrifice of our brave men and women in uniform, the war in Iraq is over. The war in Afghanistan is ending. Al Qaeda’s on the path to defeat. Osama Bin Laden is dead. We’ve made progress these last four years.”

Mr. Romney told a crowd in Lynchburg, Va., on Monday that the country needs a new direction after Mr. Obama. “He’s tried to convince you that these last four years have been a success,” he said. “And so his plan for the next four years is to take all the ideas from the first term — the stimulus, the borrowing, Obamacare, all the rest — and do them over again. He calls that ‘Forward.’ I call it ‘Forewarned.’ The same course we’ve been on won’t lead to a better destination. The same path means $20 trillion of debt at the end of a second term. It means crippling unemployment continuing for another four years. It means stagnant take-home pay. It means depressed home values. And of course, it means a devastated military.”

But at times the campaign has been as notable for what was left unsaid as for what was said.

Read More..

Apple sells three million iPads over first weekend

'},"otherParams":{"t_e":1,".intl":"US"},"events":{"fetch":{lv:2,"sp":"7665149","ps":"LREC,MON","npv":true,"bg":"#FFFFFF","em":escape('{"site-attribute":"_id=\'2f95a3fe-a4b6-398a-b7f8-d3ff20ab4762\' sensitivity=\'0\' rs=\'lmsid:a0770000002GZ5iAAG\' ctype=\'fn_news;News\' ctopid=\'10612989;1499989;1550500;2299500;1507989;1542500;1506989;1550000;2315000;1507489;1547500\' can_suppress_ugc=\'1\' content=\'no_expandable;ajax_cert_expandable;\' ADSSA"}'),"em_orig":escape('{"site-attribute":"_id=\'2f95a3fe-a4b6-398a-b7f8-d3ff20ab4762\' sensitivity=\'0\' rs=\'lmsid:a0770000002GZ5iAAG\' ctype=\'fn_news;News\' ctopid=\'10612989;1499989;1550500;2299500;1507989;1542500;1506989;1550000;2315000;1507489;1547500\' can_suppress_ugc=\'1\' content=\'no_expandable;ajax_cert_expandable;\' ADSSA"}')}}};var _createNodes=function(){var nIds=_conf.nodeIds;for(var i in nIds){var nId=nIds[i];var dId=_conf.destinationMap[nIds[i].replace("yom-","")];n=Y.one("#"+nId);if(n)var center=n.one("center");var node=Y.one("#"+dId);var nodeHTML;if(center && !node){nodeHTML=_conf.nodes[nId];center.insert(nodeHTML);};};};var _prepareNodes=function(){var nIds=_conf.nodeIds;for(var i in nIds){var nId=nIds[i];var dId=_conf.destinationMap[nIds[i].replace("yom-ad-","")];n=Y.one("#"+nId);if(n)var center=n.one("center");var node=Y.one("#"+dId);if(center && node){center.set("innerHTML","");center.insert(node);node.setStyle("display","block");};};};var _darla;var _config=function(){if(YAHOO.ads.darla){_darla = YAHOO.ads.darla;_createNodes();};};var _fetch=function(spaceid,adssa,ps){
if (typeof(ps)!='undefined')
_conf.events.fetch.ps = ps;if(typeof spaceid != "undefined") _conf.events.fetch.sp=spaceid;adssa = (typeof adssa != "undefined" && adssa != null) ? escape(adssa.replace(/\"/g, "'")) : "";_conf.events.fetch.em=_conf.events.fetch.em_orig.replace("ADSSA", adssa);if(_darla){_prepareNodes();_darla.setConfig(_conf);_darla.event("fetch");};};Y.on("domready", function(){_config();});;var that={"fetch":_fetch,"getNodes":_conf.nodes,"getConf":_conf};return that;}();/* Backwards compatibility - Assigning the latest instance to the main fetch function */YUI.PhotoAdsDarla.fetch=YUI.PhotoAdsDarla.photoslightboxdarla.fetch;
});
Y.later(10, this, function() {YAHOO.namespace('Media.Social').Lightbox = {};
});
Y.later(10, this, function() {Y.Media.Article.init();
});
Y.later(10, this, function() {new Y.Media.AuthorBadge();
});
Y.later(10, this, function() {new Y.Media.Branding();
});
Y.later(10, this, function() {Y.on("load", function () {
YUI.namespace("Media.SocialButtons");

var instances = YUI.Media.SocialButtons.instances || [],
globalConf = YAHOO.Media.SocialButtons.conf || {},
vplContainers = [];

Y.all(".ymsb").each(function (node) {
var id = node.get("id"),
conf = YAHOO.Media.SocialButtons.configs[id],
instance;

if (conf) {
instance = new Y.SocialButtons({
srcNode: node,
config: Y.merge(globalConf, conf.config || {}),
contentMetadata: conf.content || {},
tracking: conf.tracking || {}
});
vplContainers.push(
{
selector: "#" + id,
callback: function(node) { instance.render(); instance = conf = id = null; }
});

if (conf.config && conf.config.dynamic) {
instances.push(instance);
}
}
});

Y.Global.Media.ViewportLoader.addContainers(vplContainers);
YUI.Media.SocialButtons.instances = instances;
});
});
Y.later(10, this, function() {if (!Y.Media) {

return;

}

Y.Media.boba_lightbox_module_targets = Y.Media.boba_lightbox_module_targets || {};

Y.Media.boba_lightbox_module_configs = Y.Media.boba_lightbox_module_configs || {};

Y.Media.boba_lightbox_module_dataset = Y.Media.boba_lightbox_module_dataset || {};

Y.Media.boba_lightbox_module_whitelist = Y.Media.boba_lightbox_module_whitelist || {};


Y.Media.boba_lightbox_module_targets['lightboxd57e8fa6564a26ef17f49426536b280f'] = {"lightboxId":"a19b687e49b8defffc54cb727a53d754","pivotId":"5eb31cc5-b020-35c7-be20-b3ca976fdeac"};


Y.Media.boba_lightbox_module_dataset['a19b687e49b8defffc54cb727a53d754'] = {"spaceid":"7665149","total":1,"photoby":"Photo By","xhrtype":"slideshow","videoconf":{"autoplay":true,"continuousPlay":true,"mute":false,"volume":"1.00","lang":"en-US","site":"news","region":"US","jurisdiction":"US","YVAP":{"accountId":"145","playContext":"default"},"pageSpaceId":"7665149","comscoreC4":"US News","comscoreC6":"","showEmbedCode":true,"showShareUrl":true,"expName":"MediaArticleRelatedLightbox","expType":"inline","apiEnv":"prod"},"slideshow_id":null,"slideshow_title":null,"slideshow_title_baked_html":null,"slideshow_desc":null,"slideshow_rev":null,"slideshow_plink_vita":null,"photos":[{"type":"image","url":"http:\/\/l.yimg.com\/bt\/api\/res\/1.2\/DkpAjSrazgp4VhPSvcOi2Q--\/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0zMTM7cT03OTt3PTQ1MA--\/http:\/\/media.zenfs.com\/en_us\/News\/Reuters\/2012-11-06T004504Z_2_CBRE8A412L700_RTROPTP_2_CTECH-US-APPLE-IPAD.JPG","width":450,"height":313,"uuid":"5eb31cc5-b020-35c7-be20-b3ca976fdeac","caption":"The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York, September 20, 2012. REUTERS\/Lucas Jackson","captionBakedHtml":"

The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York, September 20, 2012. REUTERS\/Lucas Jackson","date":"Mon, Nov 5, 2012 7:55 PM EST","credit":"Reuters","byline":"\ufffd Lucas Jackson \/ Reuters","provider":"Reuters","photo_title":"The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York","pivot_alias_id":"apple-logo-hangs-glass-enclosure-above-5th-ave-photo-004504633","plink":"\/photos\/apple-logo-hangs-glass-enclosure-above-5th-ave-photo-004504633.html","plink_vita":"http:\/\/news.yahoo.com\/photos\/apple-logo-hangs-glass-enclosure-above-5th-ave-photo-004504633.html","srchtrm":"The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York","revsp":"","rev":"9ac20180-27ac-11e2-94fa-e5e056b08e1f","surl":"http:\/\/l1.yimg.com\/bt\/api\/res\/1.2\/nO6BwaElu9ExCTRJYW.nJA--\/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD01NjtxPTc5O3c9ODE-\/http:\/\/media.zenfs.com\/en_us\/News\/Reuters\/2012-11-06T004504Z_2_CBRE8A412L700_RTROPTP_2_CTECH-US-APPLE-IPAD.JPG","swidth":81,"sheight":56}]};

Y.Media.boba_lightbox_module_configs['a19b687e49b8defffc54cb727a53d754'] = {"spaceid":"7665149","ult_pt":"story-lightbox","darla_id":"","images_total":0,"xhr_url":"\/_xhr\/related-article\/lightbox\/?id=2f95a3fe-a4b6-398a-b7f8-d3ff20ab4762","xhr_count":20,"autoplay_if_first_item_is_video":true};
});
Y.later(10, this, function() {new Y.Media.RelatedArticle({count:"2",start:"1",
mod_total:"10", total:"0",
content_id:"2f95a3fe-a4b6-398a-b7f8-d3ff20ab4762",
spaceid:"7665149",
related_count:"-1"
});
});
Y.later(10, this, function() {(function(d){
d.getElementsByTagName('head')[0].appendChild(d.createElement('script')).src='http://d.yimg.com/oq/js/csc_news-en-US-core.js';
})(document);
});
Y.later(10, this, function() {
if(!("Media" in YAHOO)){YAHOO.Media = {};}
if(!("ugcrate" in YAHOO.Media)){YAHOO.Media.ugcrate = {};}
if(!("Media" in Y)){Y.namespace("Media");}
YAHOO.Media.ugcrate.ratings_7a8269fb78b9b0da8f7ba838d28d9847 = new Y.Media.UgcRate({"context_id":"5c45fbb3-cdb2-467d-ac33-5d2ab49dd099","sCrumb":"","containerId":"yom-sentimentrate-7a8269fb78b9b0da8f7ba838d28d9847","rateDimensions":"d1","appLang":"en-US","sUltSId":"7665149","sUltProperty":"news-en-US","sUltCampaign":"","sUltPlatform":"ugcwidgets","sUltIntl":"US","sUltLang":"en-US","selfPageUrl":"http:\/\/news.yahoo.com\/apple-sells-three-million-ipads-over-first-weekend-004504374--finance.html?_esi=0","artContentId":"2f95a3fe-a4b6-398a-b7f8-d3ff20ab4762","sUltQstnTxt":"Which size tablet would you prefer?","artContentTitle":"Apple sells three million iPads over first weekend","artContentDesc":"SAN FRANCISCO\/NEW YORK (Reuters) - Apple Inc sold 3 million of its new iPads in the first three days the tablet computers were available, driving optimism for a strong holiday quarter despite intensifying competition. Sales of the 7.9-inch iPad mini and fourth-generation 9.7-inch version, both Wi-Fi only models, were double the first-weekend sales of the Wi-Fi iPad sold in March, Apple said on Monday. Apple did not break out numbers for the crucial iPad mini, a smaller version of the original tablet designed to spearhead its foray into a segment now dominated by Amazon. ...","sUltBucketId":"test1","sUltSection":"sentirating","sUltBeaconUrl":"","sUltRecordPageviews":"1","sUltBeaconEnable":"1","serviceUrl":"\/_xhr","publisherContextId":"","propertyId":"2fcd79b5-b3a3-333e-b98e-722536a6698f","configurationId":"435db9ee-c55e-3766-b20d-c8ad3ff889d1","graphId":"","labelLeft":"Smaller works for me","labelRight":"Bigger is better","labelMiddle":"","itemimg":"http:\/\/l.yimg.com\/a\/i\/ww\/met\/yahoo_logo_us_061509.png","selfURI":"","aggregateRatingCount":"32831","aggregateReviewCount":"0","leftBlocksNum":"19028","rightBlocksNum":"13797","leftBlocksPerCent":"58","rightBlocksPerCent":"42","ugcrate_apihost":"api01-us.ugcl.yahoo.com:4080","publisher_id":"news-en-US","yca_cert":"yahoo.ugccloud.app.trusted_proxies","timeout_write":"5000","through_proxy":"false","optionStats":"{\"s1\":2952,\"s2\":1422,\"s3\":3502,\"s4\":8426,\"s5\":2726,\"s6\":13797,\"s7\":0,\"s8\":0,\"s9\":0,\"s10\":0}","l10N":"{\"FIRST_TO_READ\":\"You are first to read this. Share your feelings and start a conversation.\",\"SHARE_YOUR_FEELINGS\":\"You too can share your feelings and start a conversation!\",\"HOW_YOUR_FRIENDS_THINK\":\"Thank you for sharing your feeling on this article!\",\"PRE_SHARE_MSG\":\"Your Facebook friends on Yahoo! can see how you responded. To share your response on Facebook, click on the Facebook share option.\",\"START_THE_CONVERSATION\":\"Start the Conversation\",\"THANKS_FOR_SHARING\":\"Sure, that's how you feel... But what do your friends think?\",\"POLL_HEADER\":\"SOCIAL SENTIMENT\",\"SERVER_ERROR\":\"Oops there seems to be some error, please try again later\",\"LOADING\":\"Loading...\",\"SHARE_AFTER_COMMENT\":\"Your response has been shared on Facebook.\",\"UNDO\":\"Undo\",\"UNIT_PEOPLE\":\"People\",\"NUM_PEOPLE_DISAGREE\":\"disagree with your opinion.\",\"READ_MORE_TEXT\":\"Read what they have to say.\",\"SLIDER_THUMB_WORDING_BEFORE_VOTING\":\"WHAT DO YOU THINK?\",\"SLIDER_THUMB_WORDING_VERB_BEFORE_VOTING\":\"DRAG\",\"SLIDER_THUMB_WORDING_THANKS_VOTING\":\"Thanks for voting\",\"NUM_PEOPLE_ANSWERED\":\" 32,831 people have responded\",\"ONE_PERSON_ANSWERED\":\" 1 person has responded. Your response will be seen by your Facebook friends on Yahoo!\",\"TWO_PEOPLE_ANSWERED\":\" 2 people have responded. Your response will be seen by your Facebook friends on Yahoo!\",\"NUM_PEOPLE_ANSWERED_AND_SHARED\":\" 32,831 people have responded. Your response will be seen by your Facebook friends on Yahoo!\",\"NUM_PEOPLE_RATED__s1\":2952,\"NUM_PEOPLE_RATED__s2\":1422,\"NUM_PEOPLE_RATED__s3\":3502,\"NUM_PEOPLE_RATED__s4\":8426,\"NUM_PEOPLE_RATED__s5\":2726,\"NUM_PEOPLE_RATED__s6\":13797,\"NUM_PEOPLE_RATED__s7\":0,\"NUM_PEOPLE_RATED__s8\":0,\"NUM_PEOPLE_RATED__s9\":0,\"NUM_PEOPLE_RATED__s10\":0}","fbconfig":"{\"message\":\"undefined\",\"name\":\"undefined\",\"link\":\"\",\"source\":\"\",\"picture\":\"http:\\\/\\\/l.yimg.com\\\/a\\\/i\\\/ww\\\/news\\\/2011\\\/09\\\/27\\\/yahoo-tc.jpg\",\"description\":\"\",\"captionLeft\":\"undefined\",\"captionRight\":\"undefined\",\"app_id\":\"196660913708276\",\"redirect_uri\":\"\\\/_xhr\\\/ugcratefbredirect\\\/\"}","template_id":"LONG_SLIDER_SOUTH","obj_id":"ratings_7a8269fb78b9b0da8f7ba838d28d9847","opt_count":"6","opt_color1":"","opt_color2":"","template_html":"

Read More..