Yahoo sees revenue climb this year, but long road ahead

(Reuters) – Yahoo Inc forecast a modest uptick in revenue for the current year as it revamps its family of websites but Chief Executive Marissa Mayer warned it would be a long journey to revive the Internet company‘s fortunes.

In Yahoo‘s first financial outlook since Mayer became CEO in July, the company outlined a plan to trigger a “chain reaction of growth” by overhauling a dozen of its online services to increase the amount of time users spent on its websites.

It also pointed to strength in its search advertising business and progress made in improving its internal operations.

Yahoo’s shares were 3 percent higher in after hours trade after the revenue projection was disclosed during an analysts conference call, shedding some ground after earlier rising as much as 4.5 percent.

But weakness in Yahoo’s display ad business, which accounts for roughly 40 percent of the company’s total revenue, caught some analysts by surprise.

“While the road to growth is certain, it will not be immediate,” said Mayer, a former Google Inc executive and Yahoo’s third full-time CEO since September 2011.

Yahoo said that revenue, excluding fees it pays to partner websites, will range between $ 4.5 billion and $ 4.6 billion in 2013, implying an annual growth rate of 0.7 percent to 3 percent.

Finance Chief Ken Goldman also warned investors to expect “an investment phase” in the first half of the year, which he said would impact profit margins.

“What was clear from the call is that this is a long-term turnaround story,” said Macquarie Research analyst Ben Schachter. “We shouldn’t expect anything to just snap back and correct itself.”

During the fourth quarter, Yahoo’s net revenue increased 4 percent year-on-year to $ 1.22 billion, as search advertising sales offset a 10 percent decline in the number of display ads sold on Yahoo’s core properties.

Mayer said the decline was the result of less activity by visitors to its popular websites, such as its Web email service, and to a lesser extent due to users accessing the Web on smartphones, where Yahoo’s ad business is not as strong.

Efforts to revamp its mobile properties, begun last year with a redesign of the photo-sharing service Flickr, remain on track, said Mayer, noting that Yahoo now has 200 million monthly mobile users.

“From a monetization perspective this is still a very nascent source of revenue for us. With any platform shift, revenue always followed users and mobile will be no different,” she said.

Mayer took over after a tumultuous period at Yahoo in which former CEO Scott Thompson resigned after less than 6 months on the job over a controversy about his academic credentials and in which Yahoo co-founder Jerry Yang resigned from the board and cut his ties with the company.

Yahoo’s stock has risen roughly 30 percent since Mayer took the helm, reaching its highest levels since 2008.

Part of the stock’s rise has been driven by significant stock buybacks, using proceeds from a $ 7.6 billion deal to sell half of its 40 percent stake in Chinese Internet company Alibaba Group, said Sameet Sinha, an analyst with B. Riley Caris.

Yahoo said it repurchased $ 1.5 billion worth of shares during the fourth quarter.

The company’s fourth-quarter net income was $ 272.3 million, or 23 cents per share, versus $ 295.6 million, or 24 cents per share in the year-ago period.

Excluding certain items, Yahoo said it had earnings per share of 32 cents, versus the average analyst expectation of 28 cents according to Thomson Reuters I/B/E/S.

For the first quarter, Yahoo said it expects revenue, excluding partner website fees, of $ 1.07 billion to $ 1.1 billion, trailing the $ 1.1 billion that Wall Street analysts expect on average.

Shares of Yahoo were up 59 cents at $ 20.90 in after-hours trading on Monday.

(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz and Edwina Gibbs)

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Soldier talks about his new arms after transplant

BALTIMORE (AP) — A soldier who lost all four limbs in an Iraq roadside bombing has two new arms following a double transplant at Johns Hopkins Hospital.

Twenty-six-year-old Brendan Marrocco along with the surgeons who treated him will be at the Baltimore hospital on Tuesday to discuss the new limbs.

The transplants are only the seventh double-hand or double-arm transplant ever conducted in the United States.

The infantryman was injured by a roadside bomb in 2009. The New York City man also received bone marrow from the same dead donor. The approach is aimed at helping his body accept the new arms with minimal medication to prevent rejection.

The military is sponsoring operations like these to help wounded troops. About 300 have lost arms or hands in the wars.

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Stock index futures point to slightly lower start

LONDON (Reuters) - Stock index futures pointed to a slightly lower open on Wall Street on Tuesday, with futures for the S&P 500 down 0.1 percent.

Futures for the Dow Jones were flat, while contracts on the Nasdaq 100 shed 0.2 percent at 04.47 a.m. EST.

European shares edged up to hover near two-year highs, with strong earnings reports and a brightening economic outlook lifting sentiment, although technical factors could limit gains in the near term.

Yahoo Inc said it forecasts a modest uptick in revenue for the current year, sending shares in the Internet group 3 percent higher in after hours trade.

The second-largest U.S. automaker, Ford, is expected to report earnings per share of $0.26, up from $0.20 one year earlier, when it unveils fourth-quarter results at 1200 GMT. Ford, which is heavily reliant on its pickup trucks for profits, is bound to benefit from an uptick in construction this year.

Drugmaker Pfizer is expected to report EPS of $0.44, down from $0.50 in the previous year, on plunging U.S. sales of its Lipitor cholesterol drug - which is facing generic competition since November 2011 - and disappointing demand for its Prevnar vaccine against childhood infections.

Online retailer Amazon.com reports results for the holiday quarter. They were expected to show strong sales growth, tempered by little to no profit as the world's largest Internet retailer spent heavily on its Kindle mobile gadget platform, cloud computing service and its rapidly expanding chain of shipping warehouses.

Standard & Poor's releases its S&P Case/Shiller Home Price Index for November at 1400 GMT. Prices are expected to have continued their recovery, up 0.6 percent on a seasonally adjusted basis, pointing to a housing market that is mending.

The Conference Board releases January consumer confidence figures at 1500 GMT, expected to have fallen to 64 from 65.1. The market will be looking for any impact from the "fiscal cliff" debate or the payroll tax increases at the beginning of the year.

The Federal Reserve's Open Market Committee begins two days of meetings on interest rates. Traders speculated more solid U.S. growth indicators might see the Fed pull back on its aggressive easing stimulus, which has played a key role in fuelling an equity market rally since the second half of last year.

Elon Musk has long considered Tesla Motors Inc the bold, nimble answer to the auto industry's cautious culture. Now the electric car maker's top executive has extended his help to another industrial giant: Boeing Co .

Pentagon and industry officials said on Monday a manufacturing problem was the most likely cause of an engine failure that led to the grounding of all 25 Marine Corps versions of the Lockheed Martin Corp F-35 fighter jet 10 days ago.

The Dow Jones industrial average <.dji> closed down 14.05 points, or 0.10 percent, at 13,881.93 on Monday. The Standard & Poor's 500 Index <.spx> was down 2.78 points, or 0.18 percent, at 1,500.18. The Nasdaq Composite Index <.ixic> was up 4.59 points, or 0.15 percent, at 3,154.30.

(Reporting By Francesco Canepa; Editing by Catherine Evans)

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Egypt's Mursi declares emergency after clashes kill dozens

CAIRO (Reuters) - Egyptian President Mohamed Mursi declared a month-long state of emergency in three cities on the Suez Canal, where dozens of people have been killed in protests that have swept the nation and deepened a political crisis facing the Islamist leader.

Hundreds of demonstrators in Port Said, Suez and Ismailia turned out against the decision within moments of Mursi's announcement late on Sunday, which came after the death toll from protests and violence that erupted last week hit 49.

Mursi also called for a national dialogue with his rivals for later on Monday, but the early response from members of the main opposition coalition suggested they saw little point, saying the president only seemed to listen to his allies.

Most deaths have been in Port Said, where 40 were killed in just two days. Riots were sparked on Saturday when a court sentenced to death several people from the city on charges related to deadly rioting at a soccer match last year. Mourners at Sunday's funerals in the port, where guns are common, directed their anger at Mursi.

Violence in Egypt's cities has extended to a fifth day. Police fired volleys of teargas at dozens of youths hurling stones on Monday near Cairo's Tahrir Square, where opponents have camped for weeks to protest against Mursi, who they say betrayed the revolution that ousted Hosni Mubarak two years ago.

"We want to bring down the regime and end the state that is run by the Muslim Brotherhood," said Ibrahim Eissa, a 26-year-old cook, protecting his face from teargas wafting towards him from police lines near Tahrir, the cauldron of the 2011 revolt.

Propelled to power in a June election by the Brotherhood, Mursi's presidency has lurched through a series of political crises and violent demonstrations, compounding his task of shoring up a teetering economy and preparing for a parliamentary election to cement the new democracy in a few months.

"The protection of the nation is the responsibility of everyone. We will confront any threat to its security with force and firmness within the remit of the law," Mursi said, offering condolences to families of victims in the canal zone cities.

"WASTE OF TIME"

Appealing to his opponents, the president called for a national dialogue on Monday at 6 p.m. (1600 GMT), inviting a range of Islamist allies as well as liberal, leftist and other opposition groups and individuals to discuss the crisis.

The main opposition National Salvation Front coalition gathered in Cairo to discuss a response, but several members have already suggested they do not expect much from the meeting, raising the prospect of poor attendance.

"Unless the president takes responsibility for the bloody events and pledges to form a government of national salvation and a balanced committee to amend the constitution, any dialogue will be a waste of time," Mohamed ElBaradei, a prominent politician who founded the Constitution Party, wrote on Twitter.

Hamdeen Sabahy, a leftist politician and presidential candidate who is another leading member of the Front, said he would not attend Monday's meeting "unless the bloodshed stops and the people's demands are met".

Ahmed Said of the liberal Free Egyptians Party said Mursi's tone on Sunday night was more threatening than conciliatory. "Egypt is in danger and completely split," he told Reuters.

Egypt's politics has become deeply polarized. Although Islamists have swept to victory in a parliamentary poll and presidential vote, the disparate opposition has been united by Mursi's bid late last year to expand his powers and fast-track a constitution with an Islamist hue through a referendum.

Mursi's opponents accuse him of listening only to his Islamist friends and reneging on a pledge to be a president for all Egyptians. Islamists say their rivals want to overthrow by undemocratic means Egypt's first freely elected leader.

The Front has distanced itself from the latest flare-ups but said Mursi should have acted far sooner to impose extra security measures that would have ended the violence.

BLAMING MURSI

"Of course we feel the president is missing the real problem on the ground, which is his own policies," spokesman Khaled Dawoud said. "His call to implement emergency law was an expected move, given what is going on, namely thuggery and criminal actions."

Even in Tahrir, some protesters said violence and the high death toll in Port Said and other cities on the strategic Suez waterway meant there was little choice but to impose emergency law, although they, too, blamed Mursi for fury on the streets.

"They needed the state of emergency there because there is so much anger," said Mohamed Ahmed, 27, a protester walking briskly from a cloud of teargas spreading into Tahrir Square.

However, activists in the three cities affected have pledged to defy the curfew that will start at 9 p.m. (1900 GMT) each evening and last until 6 a.m. (0400 GMT).

Some opposition groups have also called for more protests on Monday, which marks the second anniversary of one of the bloodiest days in the revolution that erupted on January 25, 2011, and brought an end to Mubarak's iron rule 18 days later.

Rights activists said Mursi's declaration was a backward step for Egypt, which was under emergency law for Mubarak's entire 30-year rule. His police used the sweeping arrest provisions to muzzle dissent and round up opponents, including members of the Brotherhood and even Mursi himself.

Heba Morayef of Human Rights Watch in Cairo said the police, still hated by many Egyptians for their heavy-handed tactics under Mubarak, would once again have the right to arrest people "purely because they look suspicious", undermining efforts to create a more efficient and respected police force.

"It is a classic knee-jerk reaction to think the emergency law will help bring security," she said. "It gives so much discretion to the Ministry of Interior that it ends up causing more abuse, which in turn causes more anger."

(Additional reporting by Yasmine Saleh in Cairo and Yusri Mohamed in Ismailia; Editing by Will Waterman)

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Funniest Quotes We're Still Talking About from the SAG Awards

Tina gives a shout-out to Girls' baby mama Amy, Jennifer Lawrence's super sweet 16 win and more LOL one-liners

Credit: Michael Buckner/WireImage

Updated: Monday Jan 28, 2013 | 12:20 AM EST

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

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CDC: http://www.cdc.gov/flu/

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Euro, shares stall as investors turn cautious

LONDON (Reuters) - Rallies in European shares and the single currency stalled on Monday after strong gains last week as investors awaited confirmation that financial market conditions and the outlook for the euro area have improved.

Investor sentiment rose strongly on Friday after data showed European banks would repay more than expected of the emergency loans they borrowed from the European Central Bank (ECB) and that business sentiment in Germany was improving sharply.

A solid start to the corporate earnings season has also helped send many equity indexes to pre-financial crisis highs, with the Standard & Poor's 500 index closing last week at its highest level in over five years.

In the equity markets Europe's FTSEurofirst 300 index <.fteu3> shed 0.1 percent in early trade to 1,173.87 points, leveling off near its highest level for almost two years, though traders said there was still strong underlying demand.

"All European benchmarks are at their 2012-2013 highs. Every time there's even a slight pull-back, the buying pressure comes in," Aurel BGC chartist Gerard Sagnier said.

The market's cautious mood on Monday also followed a weaker session in Asia, where falls in technology companies saw the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> drop 0.4 percent.

The euro held near an 11-month high against the dollar $1.3440

Meanwhile, German government bond futures, a key gauge of investor sentiment, continued to ease, slipping a further 7 ticks to 142.40 on Monday, and gold is languishing near a two-week low as hopes for an economic recovery worldwide dampen the metal's appeal as a safe haven.

Investors are keenly awaiting the ECB's monthly data on bank lending to companies and consumers, due later, for confirmation that growth is returning to the economy. Italy will also provide a test of investor sentiment when it auctions almost 7 billion euros ($9.4 billion) of 2-year and 5-year bonds.

However, the main focus for investors this week will be on the U.S., where the Federal Reserve's Open Market Committee meets on Tuesday and Wednesday, and where the nonfarm payrolls report is due out on Friday.

Oil prices were being held in check by the events coming up in the U.S., with Brent crude unchanged at $113.28 a barrel, while U.S. crude rose 17 cents to $96.05 after seven straight weekly gains - the longest such streak since early 2009.

($1 = 0.7421 euros)

(Reporting by Richard Hubbard; Editing by Will Waterman)

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Egyptian youths, police clash in fourth day of violence

CAIRO (Reuters) - Police fired tear gas at dozens of stone-throwing protesters in Cairo on Sunday in a fourth day of street clashes that have killed at least 41 people and compounded the political challenges facing President Mohamed Mursi.

In the worst violence, security sources said 32 people died in Port Said on Saturday when protests erupted following a court verdict sentencing 21 people, mostly from the city, to death for their role in a deadly stadium disaster last year.

Mursi's opponents have also taken to the streets across Egypt since Thursday, accusing him and his Islamist allies of betraying the uprising that overthrew Hosni Mubarak in 2011.

"Till now, none of the revolution's goals have been realized," said Mohamed Sami, a protester in Tahrir Square on Sunday. "Prices are going up. The blood of Egyptians is being spilt in the streets because of neglect and corruption and because the Muslim Brotherhood is ruling Egypt for their own interests."

On a bridge close to Cairo's Tahrir Square, youths hurled stones at police in riot gear who fired tear gas to push them back towards the square which was the cauldron of the uprising that erupted on January 25, 2011 and toppled Mubarak 18 days later.

The latest protests were initially timed to mark Friday's second anniversary of that revolt.

The U.S. and British embassies, which are both close to Tahrir, said they were closed for public business on Sunday.

The spasm of violence adds to the daunting task facing Mursi as he tries to fix a beleaguered economy and cool tempers before a parliamentary election expected in the next few months which is supposed to cement Egypt's transition to democracy.

It has also exposed a deep rift in the nation. Liberals and other opponents accuse Mursi of failing to deliver on economic promises and say he has not lived up to pledges to represent all Egyptians. His backers say the opposition is seeking to topple Egypt's first freely elected leader by undemocratic means.

DIVISIONS

The army, Egypt's interim rulers until Mursi's election in June, were sent back onto the streets to restore order in Port Said and Suez, another port city on the Suez Canal where at least eight people have been killed in clashes with police.

Although scuffles continued in Cairo, there was no immediate sign of the kind of deadly escalation of previous days in the capital or elsewhere.

In Port Said, residents heard gunshots overnight and shops and many workplaces were shut on Sunday. Residents said the city was tense and there was a risk of further unrest later in the day when the dead were due to be buried.

Many Egyptians are frustrated by the regular escalations that have hurt the economy and their livelihoods.

"They are not revolutionaries protesting," said taxi driver Kamal Hassan, 30. "They are thugs destroying the country."

The National Defence Council, headed by Mursi, has called for a national dialogue to discuss political differences.

That offer has been cautiously welcomed by the opposition National Salvation Front. But the coalition has demanded a clear agenda and guarantees that any agreements will be implemented.

The Front, formed late last year when Mursi provoked protests and violence by expanding his powers and driving through an Islamist-tinged constitution, has threatened to boycott the parliamentary poll and to call for more protests if a list of demands is not met, including having an early presidential vote.

Egypt's transition has been blighted from the outset by political rows and turbulence on the streets that have driven investors out and kept many tourists away, starving the economy of vital sources of hard currency.

Egypt's defence minister who also heads the army, Abdel Fattah al-Sissi, called for the nation to stand together and said the military would not prevent peaceful protests. But he called on demonstrators to protect public property.

Clashes in Port Said erupted after a judge sentenced 21 men to die for involvement in 74 deaths at a soccer match on February 1, 2012 between Cairo's Al Ahly club and the local al-Masri team. Many of the victims were fans of the visiting team.

There were 73 defendants in the case. Those not sentenced on Saturday will face a verdict on March 9, the judge said.

Al Ahly fans cheered the verdict after threatening action if the death penalty was not meted out. But Port Said residents were furious that people from their city were held responsible, triggering wild rampages through the streets.

(Additional reporting by Shaimaa Fayed in Cairo and Yusri Mohamed in Ismailia; Editing by Andrew Heavens)

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Exxon passes Apple as most valuable company

NEW YORK (AP) — Exxon has once again surpassed Apple as the world’s most valuable company after the iPhone and iPad maker saw its stock price falter.

Apple Inc.’s stock has been on the decline since the company’s quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end.

Apple‘s stock fell 2.4 percent to close Friday at $ 439.88 for a market capitalization of $ 413 billion. That followed a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008.

Exxon Mobil Corp. gained 38 cents Friday to $ 91.73 for a market capitalization of $ 418 billion.

Apple first surpassed Exxon in the summer of 2011, displacing the oil company from a perch it had held since 2005. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012 — at least until Friday.

China’s largest oil company, PetroChina, could lay claim to having hit a market capitalization even higher than either Exxon‘s or Apple‘s, but only based on prices on the Shanghai stock exchange, which is isolated from the rest of the financial world because of Chinese laws on foreign investment. PetroChina’s shares also trade in Hong Kong and on the New York Stock Exchange. Based on prices there, its market capitalization never went as high as $ 500 billion.

Apple and Exxon are among only a half dozen U.S. companies to have ever reached $ 500 billion in market value. Apple and Microsoft Corp. are the only ones to have ever hit $ 600 billion.

Apple‘s stock price peaked in September at $ 705.07 on the day the iPhone 5 was released. Exxon, in the meantime, has been trading steady. Its business — oil — seems less prone to stock market ups and downs than the Cupertino, Calif.-based tech darling.

Exxon, which is based in Irving, Texas, set a record in 2008 for the highest quarterly earnings by any company. In the first nine months of 2012, Exxon earned nearly $ 35 billion, or 10 percent more than the same period in 2011, on revenue of $ 367 billion. Results for the fourth quarter are due Feb. 1.

Exxon, the biggest investor-owned energy company in the world, predicted in December that oil will continue to be the most important source of energy. That’s because cars, trucks, airplanes, trains and ships will still depend heavily on oil-derived fuels such as gasoline and diesel.

This year, investors seem unforgiving with Apple, looking for perfection and punishing the stock for anything less. The company’s stock price slipped below $ 500 for the first time last week, as investors saw signs that the iPhone 5 was falling behind competition from phones running Google’s Android software, especially those from Samsung Electronics Co.

The latest quarterly report added to the concerns. Apple warned that its revenue growth, which had been running at a speed more reminiscent of promising startups than multi-national corporations, is slowing down considerably.

A big reason: It has been nearly three years since a new product has come from a company still seen as the embodiment of innovation. That last product, the iPad, came in 2010, when its CEO Steve Jobs was still alive. Some analysts question whether Apple can keep growing by just releasing new versions of its old products. The long-rumored Apple TV, is still just that, a rumor.

Gadgets News Headlines – Yahoo! News

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SAG Awards: Watch Live with PEOPLE

01/24/2013 at 06:30 PM EST

Happy Screen Actors Guild Awards!

On a night when the biggest stars of TV and film honor each other, we will be covering every inch of the red carpet beginning at 6 p.m. ET (3 p.m. PT) on our live pre-show, hosted by PEOPLE's Deputy Managing Editor Peter Castro and PEOPLE StyleWatch Managing Editor Susan Kaufman, right here on PEOPLE.com.

Join our @StyleWatchMag and @peoplemag Twitter party on Sunday to discuss the best dresses, the hottest hair and makeup and the most eye-popping jewels that nominees like Claire Danes, Jessica Chastain and Jennifer Lawrence will be wearing. Just use hashtag #PeopleSAG and your comments could appear on PEOPLE.com.

Once the show starts at 8 p.m. ET (5 p.m. PT), the fun continues as we track the winners, losers and best speeches of the night. PEOPLE editors and the stars, including Busy Phillips, will be Tweeting commentary, exclusive photos, behind-the-scenes tidbits and more on one of Hollywood's most heartfelt nights.

The 19th Annual Screen Actors Guild Awards will air live on TNT and TBS on Sunday, Jan. 27, at 8 p.m. ET (5 p.m. PT) from the Shrine Auditorium in Los Angeles. Be sure to join us!

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