Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.


A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.


Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.


Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.


"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.


"The markets still basically believe that something will be done," he said.


If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.


For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.


Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.


IT COULD GET A LITTLE CRAZY


Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.


If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.


"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.


"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."


Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.


Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.


"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.


"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."


Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.


The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.


Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.


U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.


(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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Facebook tests $1 fee for messages to non-friends






SAN FRANCISCO (AP) — Facebook says it is testing a service that will charge users $ 1 to guarantee that messages they send to people they are not connected to arrive in users’ inboxes, rather than in an often-ignored folder called “other.”


Launched in 2011, the “other” folder is where Facebook routes messages it deems less relevant. Not quite spam, these include messages from people you most likely don’t know, based on Facebook’s reading of your social connections. Many users ignore this folder.






Now, users will be able to pay $ 1 to route their messages to non-friends. Facebook said Thursday that it is testing the service with a small percentage of individuals — not businesses — in the U.S.


“For example, if you want to send a message to someone you heard speak at an event but are not friends with, or if you want to message someone about a job opportunity, you can use this feature to reach their Inbox,” Facebook said in an online post. “For the receiver, this test allows them to hear from people who have an important message to send them.”


The company says charging for messages could help discourage spammers.


In October, Facebook unveiled another feature that lets users pay if they want more people to read their updates. For $ 7, users can promote a post to their friends, just as advertisers do.


Social Media News Headlines – Yahoo! News





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IHT Rendezvous: How Was Your Doomsday?

LONDON — One of the most alarming things to have emerged from the hullabaloo over the so-called Mayan doomsday prophecy is how many people in the world actually believed it.

A poll earlier this year indicated 1 in 10 people feared the world would end on Friday. That included 1 in 5 Chinese and 1 in 8 Americans.

And we skeptical, rational Europeans have no reason to smirk. The Ipsos survey, carried out in March on behalf of Reuters, showed every 14th Briton and every 25th German also expected to disappear into the fiery furnace on Dec. 21.

Michael J. A. Wohil cited the poll in a Sunday Review column last weekend to examine the concept of “collective angst” and its powerful impact on group psychology.

Many concerned citizens have this week been on the phone to NASA, which took hundreds of calls from around the world from people said to be worried about the predictions and skeptical of science.

J.D. Harrington, a spokesman for the space agency, told the Houston Chronicle, “There are so many scenarios out there, we are trying to wrangle them all in and get the truth out.”

In Russia, as Ellen Barry reported at the start of the month, outbreaks of collective psychosis and panic buying linked to doomsday fears prompted authorities to issue official assurances that the world was not about to end.

Don’t the doomsday believers have enough real problems to worry about without stressing over the prospect that humanity might disappear in a hail of fire and brimstone?

It was a point made by Juan Cole, a history professor at the University of Michigan, who lamented on Friday the persistence of anti-intellectualism and hysteria.

“What amazes me is that you can get people excited about dangers to their world by twisting some text from an ancient civilization,” he wrote on his blog. “But you can’t get them worried about an actual set of threats that really do have the potential to threaten human existence.”

He said the real threats to the world included nuclear war, climate change, viral contagions and the energy crisis. The only remote extra-terrestrial threat was from a collision with an asteroid or comet.

Maybe someone would like to commission a poll to tell us how many people who do believe in the Apocalypse do not believe in climate change. Now, that would be revealing.

Who will put their hands up to admit a sneaking fear that the so-called prophecy might be true? Or do you agree with Professor Cole that we should be doing more to combat real threats? Please send us your comments — assuming we will still be around to read them.

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The X Factor: Who Won the Show?






The X Factor










12/20/2012 at 10:10 PM EST







from left: Fifth Harmony, Tate Stevens and Carly Rose Sonenclar


Ray Mickshaw/FOX


The X Factor ended on a particularly high note for one of the show's finalists Thursday night.

L.A. Reid's "Over 25" contestant Tate Stevens, 37, is the winner of season 2. He's a dad of two and a road worker from Missouri.

After performing live one last time the night before, Britney Spears's contestant Carly Rose Sonenclar and Simon Cowell's Fifth Harmony vied with Stevens for the $5 million recording contract.

"First and foremost I got to thank the man upstairs for taking care of me, my family, all the country music fans – God bless you," he said after hearing the results. "Thank you so much for all the votes. This is the best day of my life."

L.A. said, "You deserve this. I'm proud to work with you. I think you represent The X Factor really, really well. So on behalf of Simon and myself and all the judges, congratulations."

Britney's teen contestant, Carly Rose Sonenclar, landed in second place. She and Britney looked emotional but didn't get a chance to say anything at the end.

Third place went to Simon Cowell's girl group, Fifth Harmony.

Member Camila Cabello, said, "I feel like in this competition we've gained more than $5 million could because we've gained friends for life ... I'm so happy to be where I am right now."

Simon said, "I have a feeling that we're going to be hearing and seeing a lot more of these girls in the future."

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AP IMPACT: Big Pharma cashes in on HGH abuse


A federal crackdown on illicit foreign supplies of human growth hormone has failed to stop rampant misuse, and instead has driven record sales of the drug by some of the world's biggest pharmaceutical companies, an Associated Press investigation shows.


The crackdown, which began in 2006, reduced the illegal flow of unregulated supplies from China, India and Mexico.


But since then, Big Pharma has been satisfying the steady desires of U.S. users and abusers, including many who take the drug in the false hope of delaying the effects of aging.


From 2005 to 2011, inflation-adjusted sales of HGH were up 69 percent, according to an AP analysis of pharmaceutical company data collected by the research firm IMS Health. Sales of the average prescription drug rose just 12 percent in that same period.


___


EDITOR'S NOTE — Whether for athletics or age, Americans from teenagers to baby boomers are trying to get an edge by illegally using anabolic steroids and human growth hormone, despite well-documented risks. This is the second of a two-part series.


___


Unlike other prescription drugs, HGH may be prescribed only for specific uses. U.S. sales are limited by law to treat a rare growth defect in children and a handful of uncommon conditions like short bowel syndrome or Prader-Willi syndrome, a congenital disease that causes reduced muscle tone and a lack of hormones in sex glands.


The AP analysis, supplemented by interviews with experts, shows too many sales and too many prescriptions for the number of people known to be suffering from those ailments. At least half of last year's sales likely went to patients not legally allowed to get the drug. And U.S. pharmacies processed nearly double the expected number of prescriptions.


Peddled as an elixir of life capable of turning middle-aged bodies into lean machines, HGH — a synthesized form of the growth hormone made naturally by the human pituitary gland — winds up in the eager hands of affluent, aging users who hope to slow or even reverse the aging process.


Experts say these folks don't need the drug, and may be harmed by it. The supposed fountain-of-youth medicine can cause enlargement of breast tissue, carpal tunnel syndrome and swelling of hands and feet. Ironically, it also can contribute to aging ailments like heart disease and Type 2 diabetes.


Others in the medical establishment also are taking a fat piece of the profits — doctors who fudge prescriptions, as well as pharmacists and distributors who are content to look the other way. HGH also is sold directly without prescriptions, as new-age snake oil, to patients at anti-aging clinics that operate more like automated drug mills.


Years of raids, sports scandals and media attention haven't stopped major drugmakers from selling a whopping $1.4 billion worth of HGH in the U.S. last year. That's more than industry-wide annual gross sales for penicillin or prescription allergy medicine. Anti-aging HGH regimens vary greatly, with a yearly cost typically ranging from $6,000 to $12,000 for three to six self-injections per week.


Across the U.S., the medication is often dispensed through prescriptions based on improper diagnoses, carefully crafted to exploit wiggle room in the law restricting use of HGH, the AP found.


HGH is often promoted on the Internet with the same kind of before-and-after photos found in miracle diet ads, along with wildly hyped claims of rapid muscle growth, loss of fat, greater vigor, and other exaggerated benefits to adults far beyond their physical prime. Sales also are driven by the personal endorsement of celebrities such as actress Suzanne Somers.


Pharmacies that once risked prosecution for using unauthorized, foreign HGH — improperly labeled as raw pharmaceutical ingredients and smuggled across the border — now simply dispense name brands, often for the same banned uses. And usually with impunity.


Eight companies have been granted permission to market HGH by the U.S. Food and Drug Administration, which reviews the benefits and risks of new drug products. By contrast, three companies are approved for the diabetes drug insulin.


The No. 1 maker, Roche subsidiary Genentech, had nearly $400 million in HGH sales in the U.S. last year, up an inflation-adjusted two-thirds from 2005. Pfizer and Eli Lilly were second and third with $300 million and $220 million in sales, respectively, according to IMS Health. Pfizer now gets more revenue from its HGH brand, Genotropin, than from Zoloft, its well-known depression medicine that lost patent protection.


On their face, the numbers make no sense to the recognized hormone doctors known as endocrinologists who provide legitimate HGH treatment to a small number of patients.


Endocrinologists estimate there are fewer than 45,000 U.S. patients who might legitimately take HGH. They would be expected to use roughly 180,000 prescriptions or refills each year, given that typical patients get three months' worth of HGH at a time, according to doctors and distributors.


Yet U.S. pharmacies last year supplied almost twice that much HGH — 340,000 orders — according to AP's analysis of IMS Health data.


While doctors say more than 90 percent of legitimate patients are children with stunted growth, 40 percent of 442 U.S. side-effect cases tied to HGH over the last year involved people age 18 or older, according to an AP analysis of FDA data. The average adult's age in those cases was 53, far beyond the prime age for sports. The oldest patients were in their 80s.


Some of these medical records even give explicit hints of use to combat aging, justifying treatment with reasons like fatigue, bone thinning and "off-label," which means treatment of an unapproved condition. In other cases, the drug was used "for an unknown indication," meaning that the reason for treatment wasn't clear.


Even Medicare, the government health program for older Americans, allowed 22,169 HGH prescriptions in 2010, a five-year increase of 78 percent, according to data released by the Centers for Medicare and Medicaid Services in response to an AP public records request. And nearly half the increase came in one year: 2007.


"There's no question: a lot gets out," said hormone specialist Dr. Mark Molitch of Northwestern University, who helped write medical standards meant to limit HGH treatment to legitimate patients.


And those figures don't include HGH sold directly by doctors without prescriptions at scores of anti-aging medical practices and clinics around the country. Those numbers could only be tallied by drug makers, who have declined to say how many patients they supply and for what conditions.


The AP approached every U.S.-authorized manufacturer to ask what efforts they make to market responsibly and prevent abuse. Only one HGH supplier, Novo Nordisk, agreed to an interview.


"We're doing our level best to make sure that the right patients are getting the right medicine at the right time," said company spokesman Ken Inchausti.


He said the company is aware of the abuse issue. He said if patients apply for assistance from the company's patient-support hub, prescriptions will be flagged for review if they are missing the most rigorous test or an endocrinologist's signature. He said the company won't sell HGH directly to doctors accused of bad practices and does not deal with anti-aging clinics.


Representatives of other FDA-approved HGH makers insist they do not encourage use by bodybuilders or athletes or wealthy baby boomers trying to recapture their youth. But some said they are largely powerless to control who uses their medications or why.


"Lilly cannot restrict the actions of distributors, pharmacies or doctors," Eli Lilly spokeswoman Kelley Murphy said in a written statement.


That argument doesn't fly for critics like Dr. Peter Rost, a retired Pfizer executive who filed a whistleblower lawsuit over the HGH marketing practices of Pharmacia, which later merged with Pfizer. He said drug companies are simply looking the other way and betting that their profits will eclipse the cost of any fines.


They view it as "good business," he said.


___


PEDDLED ON INTERNET


Type "human growth hormone" into any Internet search engine, and it will spit back countless websites with overblown promises of smoother skin, better sex, weight loss and even renewed body organs.


Any doctor who actually prescribes the drug for those purposes is taking a legal risk.


FDA regulations ban the sale of HGH as an anti-aging drug. In fact, since 1990, prescribing it for things like weight loss and strength conditioning has been punishable by 5 to 10 years in prison.


Such marketing claims are routinely made at hormone clinics like Palm Beach Life Extension, whose owners are among 13 people now awaiting trial on federal charges in Florida in a steroids and HGH distribution case brought last year.


"Grow YOUNG with Us!" screamed a banner on the company's now-defunct website, which advertised that HGH can reduce body fat, improve vision, strengthen the immune system, aid kidney function, lower blood pressure and enhance memory and mood.


The clinic arranged to have its clients' prescriptions filled at Treasure Coast Pharmacy, in Jensen Beach, Fla.


In 2009, the FBI recorded a phone call between the pharmacy's owner, Peter Del Toro, and a doctor in Elkton, Md., who was cooperating with agents after being implicated in a related steroid-distribution case.


Their talk, documented in a court filing, illustrates how things often work in the networks of pharmacies and clinics that drive HGH sales.


Patients submitted a medical history form by mail and took a blood test. But in most instances, the indictment said, the evaluation was a sham: One doctor was charged with giving a clinic a pad of blank, signed prescriptions to save him the chore of signing off on each diagnosis. He got $50 for every drug order bearing his name, the indictment said.


Dr. Rodney Baltazar, the Maryland physician cooperating with the FBI, sometimes consulted briefly with patients via webcam. But he made it clear in the call that those evaluations were perfunctory at best.


Baltazar was a gynecologist, not an endocrinologist. He said he knew "a little bit" about HGH and testosterone, which are often prescribed in tandem, but he relied largely on clinic salespeople to set doses.


The pharmacist coached the doctor: Keep detailed medical charts documenting that patients are taking the drug for at least some kind of health problem, just in case the U.S. Drug Enforcement Administration ever came calling.


"Because somebody questions you, you want to be able to say, 'Here, look at his chart. You know, he's got fatigue. He's got, you know, a decreased sex drive. He's got increased body fat. He has some -- some slight depression, probably.' Whatever his signs and symptoms are."


None of these conditions is a legal reason to prescribe HGH. But the pharmacist said that most investigators will be satisfied and move on "because there's guys that are just selling stuff basically like a boiler room."


Del Toro was arrested along with 12 other people in September 2011 on charges that they distributed steroids and human growth hormone to people who had no legitimate medical need. He is awaiting trial. His lawyer declined to comment. Baltazar was sentenced to six months in prison for involvement in steroid distribution schemes.


At the height of the crackdown in 2007, the federal government went after Pfizer in a case involving anti-aging clinics. The company paid $34.7 million in fines to settle the case — 11 percent of the company's annual revenue from the drug.


___


TROUBLED HISTORY


Blockbuster U.S. sales of HGH represent the latest frustration in 25 years of government efforts to control abuse of the growth drug made infamous by sports scandals.


First marketed in 1985 for children with stunted growth, HGH was soon misappropriated by adults intent on exploiting its modest muscle- and bone-building qualities. Congress limited HGH distribution to the handful of rare conditions in an extraordinary 1990 law, overriding the generally unrestricted right of doctors to prescribe medicines as they see fit.


Despite the law, illicit HGH spread around the sports world in the 1990s, making deep inroads into bodybuilding, college athletics, and professional leagues from baseball to cycling. The even larger banned market among older adults has flourished more recently.


For years, cheaper supplies from unauthorized foreign factories, particularly in China, fed the market via direct and Internet sales that sidestepped the medical establishment.


Though such shipments were banned under other law, the imports initially attracted little attention because they were usually labeled as raw pharmaceutical ingredients, which compounding pharmacies are allowed to bring into the country.


That flow began to be curtailed in 2006, when U.S. drug authorities stepped up efforts to block shipments at the border.


A handful of pharmacies across the country were hit with criminal charges over their handling of HGH. Federal prosecutors charged China's biggest HGH maker, GeneScience Pharmaceutical, with illegally distributing its Jintropin brand in the U.S. The company's CEO pleaded guilty in 2010.


With illicit supplies crimped, many pharmacies stopped selling unauthorized HGH. But tens of thousands of adult abusers began buying pricey U.S.-approved HGH that remained available in abundant supply, the AP found in its analysis of sales data.


Thus, pushed by a powerful demand, sales of U.S.-approved brands have swelled far beyond expected levels for a drug approved in just a handful of rare conditions.


Dr. Robert Marcus, a retired hormone specialist who left HGH manufacturer Eli Lilly and Co. in 2008, said that company was bent on stopping foreign counterfeits, not on cutting off abusers. "That's where their major level of frustration was — pharmaceutical fraud — rather than focusing on people who were using growth hormone illegitimately," he said.


Dr. Jim Meehan, of Tulsa, Okla., who has used HGH to treat aging problems and sports injuries, said the federal clampdown "never seemed to affect my patients and their ability to get Omnitrope, Tev-Tropin" and other government-approved brands.


The big drug companies have applauded the foreign crackdown and urged the government to do even more to combat sales of fake or fraudulently labeled HGH. In 2004, Bruce Kuhlik, speaking for the Pharmaceutical Research and Manufacturers of America, told a federal task force that unauthorized drug importation "is inherently unsafe" and industry representatives used Chinese HGH imports as their poster child.


In 2007, as the HGH embargo gained momentum, authorized makers picked up 41 percent more HGH orders, raising their annual total from 245,000 to 345,000, according to the analysis of the IMS Health data. Similarly, most of the drug's sales boom happened in the first two years of the crackdown, with 46 percent inflation-adjusted growth in yearly sales to $1.1 billion.


Steve Kleppe, of Scottsdale, Ariz., a restaurant entrepreneur who has taken HGH for almost 15 years to keep feeling young, said he noticed a price jump of about 25 percent after the block on imports. He now buys HGH directly from a doctor at an annual cost of about $8,000 for himself and the same amount for his wife.


Despite higher prices, the business has expanded in recent years largely on the strength of sales to healthy adults who can afford to indulge their hope of retaining youthful vigor.


___


GROWING OLD


Many older patients go for HGH treatment to scores of anti-aging practices and clinics heavily concentrated in retirement states like Florida, Nevada, Arizona and California.


These sites are affiliated with hundreds of doctors who are rarely endocrinologists. Instead, many tout certification by the American Board of Anti-Aging and Regenerative Medicine, though the medical establishment does not recognize the group's bona fides.


The clinics offer personalized programs of "age management" to business executives, affluent retirees, and other patients of means, sometimes coupled with the amenities of a vacation resort.


The clinics insist there are few, if any, side effects from HGH. Mainstream medical authorities say otherwise.


A 2007 review of 31 medical studies showed swelling in half of HGH patients, with joint pain or diabetes in more than a fifth. A French study of about 7,000 people who took HGH as children found a 30 percent higher risk of death from causes like bone tumors and stroke, stirring a health advisory from U.S. authorities.


For proof that the drug works, marketers turn to images like the memorable one of pot-bellied septuagenarian Dr. Jeffry Life, supposedly transformed into a ripped hulk of himself by his own program available at the upscale Las Vegas-based Cenegenics Elite Health. (He declined to be interviewed.)


These promoters of HGH say there is a connection between the drop-off in growth hormone levels through adulthood and the physical decline that begins in late middle age. Replace the hormone, they say, and the aging process slows.


"It's an easy ruse. People equate hormones with youth," said Dr. Tom Perls, a leading industry critic who does aging research at Boston University. "It's a marketing dream come true."


Some scientific studies of HGH have found modest benefits: some muscle and bone building, as well as limited fat loss, but nothing like the claims of the anti-aging industry. And some of the value credited to HGH may instead come from testosterone, which is routinely provided with HGH by anti-aging doctors and sports suppliers.


Endocrinologists say it's natural for the body to produce less growth hormone as people age beyond their early 20s, because they aren't growing anymore. Only a tiny number of adults with extraordinarily low HGH levels — perhaps several thousand of them — are believed to suffer real deficiencies that can properly be treated with the hormone.


Still, anti-aging doctors routinely diagnose otherwise healthy middle-aged people with an HGH deficiency, simply because their levels are lower than in young adults. "Basically anyone going through midlife," can benefit from the drug, declared one prescriber, Dr. Howard Elkin, of Whittier, Calif., who has himself competed as a bodybuilder.


Dr. Kenneth Knott, of Marietta, Ga., said HGH helps his older patients feel "more vibrant" and look "more alive."


Like many anti-aging doctors, he diagnoses patients by testing for a blood component called insulin growth factor, which is indirectly tied to HGH. Endocrinologists use a more authoritative test that stimulates the pituitary gland to make HGH itself. Nearly all insurers insist on this stimulation testing, and that's why clinic patients almost always pay for HGH out of their own pockets.


Bob Vitols, a 50-year-old lab assistant at a veterinary medicine company in Lincoln, Neb., is a rare exception. His unusually generous health plan isn't allowed to challenge a doctor's prescription.


Four years ago, Vitols began feeling run down. So he Googled his symptoms on the Internet, decided he had a hormone deficiency, and sought out a clinic.


One doctor put him on testosterone replacement therapy. A second clinic added HGH after diagnosing him with osteopenia, a mild bone thinning common in aging adults. It is not, however, a condition that can properly be treated with HGH.


Despite the diagnosis, the treatments — which can cost $10,000 per year — have been covered by his health insurance, he said. He takes Genotropin, the HGH made by Pfizer. His prescriptions are filled via mail order by CVS Caremark Corp., one of the largest dispensers of prescription drugs in the U.S.


Vitols said the drug changed his life: his mood is better, and he isn't burning out every day at 2 p.m. "I feel like I could walk outside and just walk through a fence — and come out fine on the other side," he said.


His experiences with the drug haven't all been positive, though. Vitols said he initially developed elevated liver enzymes and went to a specialist, who told him to stop taking hormones immediately.


Instead, Vitols said, he adjusted his dosage, and the problem disappeared.


He also dumped the specialist:


"I could tell he was against hormones right at the start," Vitols said.


___


Associated Press Writer David Caruso reported from New York and AP National Writer Jeff Donn reported from Plymouth, Mass. AP Writer Troy Thibodeaux provided data analysis assistance from New Orleans.


___


AP's interactive on the HGH investigation: http://hosted.ap.org/interactives/2012/hgh


___


The AP National Investigative Team can be reached at investigate(at)ap.org


EDITOR'S NOTE _ Whether for athletics or age, Americans from teenagers to baby boomers are trying to get an edge by illegally using anabolic steroids and human growth hormone, despite well-documented risks. This is the second of a two-part series.


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Fiscal cliff setback rattles global shares, euro

LONDON (Reuters) - Global stock markets weakened on Friday and both the euro and gold slipped, as a new setback in talks to avert a U.S. fiscal crisis and evidence of Europe's ongoing economic difficulties stoked investor nerves.


A proposal from Republican leader John Boehner to avoid the so-called fiscal cliff failed to get support from his party on Thursday, casting fresh uncertainty over talks to avoid across-the-board tax hikes and spending cuts that could push the U.S. economy into recession in 2013.


Anxiety was exacerbated by weaker-than-expected data from key corners of Europe, as German consumer morale dropped to its lowest level in more than a year, Britain revised down growth figures and Sweden slashed its economic forecasts.


The worries prompted widespread selling in most major stock markets and saw investors head for traditional safe-haven assets.


The dollar and yen and U.S. and German Government bonds all rose as falls in London <.ftse>, Paris <.fchi> and Frankfurt <.gdaxi> pushed the FTSEurofirst 300 <.fteu3> index of top European stocks and MSCI's global index <.miwd00000pus> down 0.6 and 0.4 percent respectively.


"Risk assets look vulnerable over the holiday trading period. The recent performance of key benchmarks has priced in a satisfactory outcome to the U.S. fiscal discussions, which is far from a done deal," said Peel Hunt strategist Ian Williams.


Futures prices also pointed to sharp falls when trading resumes on Wall Street later. Oil and gold too were caught up in the U.S. disappointment.


Brent crude oil fell more than $1 per barrel towards $109 and bullion slipped $1.38 an ounce to a near four-month low and on track for its steepest weekly drop since June.


"The market volume is thin amidst all these uncertainties, and the year is coming to an end. Many of the investors prefer to take profits and just leave the market," said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore.


CLIFF HANGER


In currency markets, the yen firmed and the highly liquid U.S. dollar <.dxy> rose 0.2 percent against a basket of key currencies.


At the same time, concerns over the U.S. impasse dented demand for so-called high-beta currencies that tend to rise or fall with the global growth outlook, such as the Australian dollar and euro.


The weaker German data, which saw consumer confidence unexpectedly drop for a fourth month running, kept downward pressure on the euro which retreated further from a 8-1/2 month high hit earlier in the week, to stand at $1.3214.


"This is a classic risk-off trading environment where the yen did best, followed by the dollar, and higher-beta currencies underperformed," said Audrey Childe-Freeman, head of FX strategy at BMO Capital Markets.


"We have had a very good run in the euro and what we are seeing at the moment is a little bit of profit-taking triggered by disappointment in the fiscal cliff discussions."


Caution also prevailed in Europe's bond markets, where German government bonds climbed at the expense of recently resurgent euro zone periphery debt.


Other safe-haven bonds followed the trend, with U.S. 10-year Treasury yields dipping from an 8-week high hit this week to 1.74 percent and 10-year Japanese yields inching down 0.765 percent.


Jim Barnes, senior fixed income manager at National Penn Investors Trust Co. in Wyomissing, Pennsylvania, saw Treasuries continuing to gain once U.S. markets open later, but expected a correction by the end of the day.


"Treasury yields will likely fall Friday morning and will begin to reverse course in the afternoon as investors become more optimistic a deal will be reached," Barnes said.


(Additional reporting by Emelia Sithole-Matarise, David Brett; editing by Philippa Fletcher)



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Nexus 4 ad touts Photo Sphere as the go-to app for avoiding holiday family photo headaches [video]









Title Post: Nexus 4 ad touts Photo Sphere as the go-to app for avoiding holiday family photo headaches [video]
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Lebanon’s Shiites and Sunnis Fight in Syria, but Not at Home


Natalie Naccache for The New York Times


A Lebanese man who had been in Homs, Syria, fighting President Bashar al-Assad’s forces.







ARSAL, Lebanon — The patchwork of Sunni Muslim and Shiite villages arrayed along the northern border with Syria are heavily embroiled in the protracted struggle there, but with a distinctive twist.




Fighters from Hezbollah, the militant Lebanese Shiite movement, cross the frontier to fight for Syria’s president, Bashar al-Assad, who is Alawite and whose sect dominates the government. Sunni Muslims sneak over to join the opposition. Once back home in the Bekaa Valley in Lebanon, however, both sides observe an uneasy truce.


“Inside they are slaughtering us, but as soon as we cross into Lebanon there is nothing between us,” said Abdullah, 22, a stocky Sunni farmer who now toils as both a fighter and a smuggler, using only one name to protect his identity. “I would say it is something normal to fight on the other side, given that we are against the regime while they are with it.”


Yet the confrontation over controlling the strategic border throws off sparks that could ignite a bigger conflagration given that it is part of the Sunni-Shiite contest to dominate the Middle East. “There is already a kind of chaos along the border which neither Lebanon nor Syria fully controls, so there is a fear that it will spread into Lebanon,” said Talal Atrissi, a Lebanese academic and expert on Arab-Iranian relations.


Recently nearly two dozen Lebanese Sunni jihadists were ambushed by the Syrian Army soon after they crossed the border, but details of the number killed, wounded or captured are still unconfirmed.


With the battle for Damascus heating up, more and more Syrian soldiers are leaving the border area to deploy in the capital, opening up new opportunities for the Lebanese fighters along the frontier.


Accusations that Hezbollah deployed several thousand fighters across Syria started soon after the uprising erupted in March 2011, not least because its Iranian-supplied arsenal and years of fighting Israel had forged it into one of the most able armed forces in the region.


But interviews with more than a dozen government officials, members of Parliament, fighters and analysts suggested a far more limited, but concentrated, engagement.


Hezbollah fighters have been sent to Syria to protect areas important to Shiite Muslims, ranging from a couple of Shiite villages near Aleppo to the tomb of Sayida Zeinab in Damascus, a holy pilgrimage site for the sect, analysts said. Hezbollah has also advised the Syrian Army on strategy and tactics for urban warfare, as well as training, they said.


The fighters’ main focus, however, has been dominating the Lebanese-Syrian border, an essential link in the supply chain for Iranian weapons coming to Hezbollah through Syria. The Syrian government also wants to limit the fighters and weapons coming to the Free Syrian Army, and Hezbollah wants to protect fellow Shiites and Alawites.


For similar reasons, Sunni fighters, particularly jihadists, have also deployed to Syria, seeking to bolster the insurgents and smuggle what weapons they can. The main difference is that Hezbollah deployed as an organization, while the Sunni effort seems more freelance, analysts said.


The number of fighters involved is difficult to assess, but it seems to be small, analysts said, based on circumstantial details like the several dozen funerals for fighters from both sects combined.


Hezbollah strongly denies that it is fighting in Syria, and it is not alone in that — Lebanese of all stripes say that Syria does not need more fighters. Hezbollah’s media relations department rejected requests for an interview for this article, but one senior official commented briefly.


“We are not involved in the fighting inside Syria,” he said, speaking anonymously because he was not given permission to comment publicly. “But since there were attacks on the villages of Shiites, Christians and other sects by the Syrian rebels, resulting in massacres, we have been involved in some activities on the logistics level.”


He declined to elaborate. In his many speeches, Hassan Nasrallah, the Hezbollah leader, generally avoids the topic of Syria.


Hwaida Saad and Hania Mourtada contributed reporting from Lebanon.



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The X Factor: Finalists Sing for Votes One Last Time






The X Factor










12/19/2012 at 10:40 PM EST







from left: Fifth Harmony, Tate Stevens and Carly Rose Sonenclar


Ray Mickshaw/FOX


Who's going to get a $5 million recording contract?

The X Factor's season 2 finale got underway Wednesday night with the finalists performing three songs each – including a duet with a music superstar.

Britney Spears's contestant, Carly Rose Sonenclar, has been a favorite, trading the No. 1 spot with her fellow finalist, L.A. Reid's country singer Tate Stevens, through out the competition.

Carly first reprised "Feeling Good," and sang it better than the first time she performed it during her audition, according to judge Simon Cowell. "It's shocking how bright your star is," Spears said. She performed her duet with Leann Rimes, singing the country star's hit, "How Do I Live." Her final performance – of Leonard Cohen's "Hallelujah" – had the judges gushing. "You looked like an angel," Demi Lovato said. "You sang like a ridiculously talented angel."

Tate, the competition's only country singer, first performed "Anything Goes" by Randy Houser. "I'm still obsessed with you," Demi said. Added Simon, "You are made in America. You are authentic." For his duet, he sang Little Big Town's cheeky party anthem, "Pontoon." And for his final performance in the competition, Tate sang Chris Young's "Tomorrow." "In a year's time," Simon said, "We're going to be hearing about your record sales."

"I'm almost crying because I realize it's the last time I'm going to see you perform on that stage," Demi said.

Simon's remaining act, girl group Fifth Harmony, may have had their best night yet in the competition, beginning with "Anything Can Happen." L.A. called it "magical," adding that they're "the one to beat." Britney said the colorful performance was "spectacular, girly and fun." Their duet, with The X Factor's own Demi Lovato, of "Give Your Heart a Break" was a highlight of the night.

"These girls are so easy to work with," the judge said. "They're so down to earth, so sweet and I love you guys. This was so much fun."

Their last song, "Let It Be" by the Beatles, proved how much the five members have "blossomed as a group," Britney said. Admitting his bias, their mentor Simon said, based on their performances on Wednesday, the girls of Fifth Harmony "deserve to win the competition."

Do you agree? Or is Tate or Carly your choice for the big prize? Tell us in the comments below.

The winner will be revealed Thursday in a two-hour show that will include a performance by One Direction.

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Stock index futures point to flat-to-lower start

LONDON (Reuters) - Stock index futures pointed to a flat-to-lower open on Wall Street on Thursday.


Futures for the S&P 500 and the Dow Jones were down 0.1 percent, while contracts for the Nasdaq 100 were flat at 5.01 a.m. ET.


Japan's Nikkei average dropped on Thursday in active trade after the central bank's third dose of monetary stimulus disappointed the market and triggered profit-taking, although the index managed to end above 10,000.


European shares were flat as new signs of friction in U.S. budget talks stopped investors from buying on multi-month highs on key regional indexes.


Republicans in the U.S. House of Representatives may vote on an alternative tax bill that House Speaker John Boehner said would extend low tax rates, except on income of $1 million and above. The White House said President Barack Obama would veto the proposal, designed to avert January 1 tax hikes.


The U.S. Commerce Department releases its third and final estimate gross domestic product estimate at 8.30 a.m. ET. The pace of growth is likely to be revised up to 2.8 percent from 2.7 percent, reflecting a smaller trade deficit, but the composition of growth will probably continue to point to a slowdown in activity this quarter.


The Labor Department issues first-time claims for jobless benefits for the week ended December 15 at the same time. Economists in a Reuters survey forecast a total of 357,000 new filings compared with 343,000 in the prior week.


The Philadelphia Federal Reserve Bank publishes December business activity survey at 1500, forecast to come in at -3.0 versus -10.7 in November.


The Conference Board's November leading economic indicators, also due at 1500, was forecast to show a 0.2 percent drop compared with a 0.2 percent increase in October.


IntercontinentalExchange Inc is in talks to buy NYSE Euronext , the operator of the New York Stock Exchange, according to a source familiar with the situation on Wednesday, in a multibillion dollar deal that could help the commodities exchange take on arch rival CME Group Inc .


Google Inc agreed to sell set-top TV box maker Motorola Home to Arris Group Inc for $2.35 billion in cash and stock, the companies said on Wednesday.


BlackBerry maker RIM is on track to report its third straight quarterly loss on Thursday as it struggles to sell its ageing lineup in a market crowded with Apple iPhones and a range of devices using Google's Android software.


The U.S. Patent and Trademark Office has rejected Apple Inc's 'pinch-to-zoom' patent in a preliminary ruling that Samsung Electronics Co Ltd argues supports its request for a new trial in the patent war against its rival.


Top sports clothes maker Nike reports second-quarter results, expected to show earnings per share of $1 dollar, steady year on year, and will talk about holiday demand and trends.


The U.S. Treasury plans to sell its stake in General Motors Co over the coming year, all but assuring a multibillion-dollar loss in a move that will end the automaker's "Government Motors" era.


General Motors Corp and PSA Peugeot Citroen have dropped plans to jointly develop a large car and will base their alliance on three smaller vehicle projects, the automakers said on Thursday.


Food safety authorities have shut down two chicken farms in eastern China, including one that supplied Yum Brands Inc's KFC and McDonald's Corp , the official Shanghai Daily reported on Thursday.


Stephen Gillett, the head of Best Buy Co Inc's digital business, is leaving the world's largest consumer electronics chain to become chief operating officer of data protection software company Symantec Corp .


Activist investor William Ackman confirmed on Wednesday that he is betting against the stock of Herbalife Ltd in a move that sent shares of the weight management product company reeling and sparked a caustic rebuke from its chief executive officer.


Embattled healthcare technology firm Allscripts named its board member and former chief operating officer of rival Cerner Corp Paul Black as its CEO, replacing Glen Tullman, and said it ended a review of strategic alternatives.


U.S. mortgage finance giants Fannie Mae and Freddie Mac may have suffered more than $3 billion in losses due to manipulation of the benchmark interest rate known as Libor, according to an internal memo by a federal watchdog.


The Dow Jones industrial average <.dji> dropped 98.99 points, or 0.74 percent, to 13,251.97 on Wednesday. The S&P 500 <.spx> lost 10.98 points, or 0.76 percent, to 1,435.81. The Nasdaq Composite <.ixic> fell 10.17 points, or 0.33 percent, to 3,044.36.


(Reporting By Francesco Canepa; Editing by Hugh Lawson)



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