Cantor CEO: 'Off the fiscal cliff we go'

Part of complete coverage on

By Ramy Inocencio, for CNN

January 25, 2013 -- Updated 0821 GMT (1621 HKT)

STORY HIGHLIGHTS

• 'U.S. fiscal cliff still coming' in form of failure to raise debt ceiling, Cantor Fitzgerald CEO


• More than 25% of CEOs feel world economy will get worse in 2013, says PwC survey


• U.S. House of Representatives passed short-term debt ceiling increase Jan. 23


• Lutnick: 'Dumb lending' caused 2008 credit crisis

Hong Kong (CNN) -- The world thought the U.S. fiscal cliff deadline was December 31, but "the fiscal cliff is (still) coming", says Richard Lutnick, CEO of global financial services firm Cantor Fitzgerald.

"You're going to watch the U.S. do crazy, crazy things this year," said Lutnick to CNN's Richard Quest at the World Economic Forum in Davos, Switzerland. "The Republican Party that was elected to control Congress... (is) going to cross their arms and they are not going to raise the debt ceiling ultimately unless they get severe spending cuts, and the Obama administration is not going to give it to them."

If Congress fails to act, the U.S. and the world economy will have a "dreadful" 2013, Lutnick said.

Following this week's PricewaterhouseCoopers survey of global CEO confidence, Lutnick appears to be one of the more than 25% who think the world economy is more likely to deteriorate in 2013.

Despite Lutnick's concerns, on January 23 the Republican-controlled House of Representatives did pass a bill that would allow the U.S. Treasury to borrow new money through mid-May. President Barack Obama has said he would not oppose the proposal if it reaches his desk, although he prefers a long-term debt ceiling increase.

Lutnick adds that to avoid a repeat of the 2008 financial crisis, regulators need to actually address issues that caused it.

"What caused the credit crisis was just dumb lending. When you lend money to people who can't pay you back, you go broke."

Looking ahead to 2013, Lutnick says the biggest risk to global growth is the U.S. hitting the debt ceiling -- whether in the short- or long-term.

"Off the fiscal cliff we go. We (the U.S.) are irrational and we are silly... we are dopey."

Part of complete coverage on

World Economic Forum 2013

January 23, 2013 -- Updated 1308 GMT (2108 HKT)

Global policymakers, leading thinkers and key entrepreneurs are gathering in Davos. CNN brings you the latest news, views and musings live.

January 23, 2013 -- Updated 1342 GMT (2142 HKT)

Economic empowerment offers a win-win scenario for Saudi Arabia and its women, Mounira Jamjoon writes.

January 23, 2013 -- Updated 1154 GMT (1954 HKT)

The recession in Europe is entering its fifth year and unemployment doesn't look like it will be returning to normal levels anytime soon.

January 22, 2013 -- Updated 1324 GMT (2124 HKT)

What has been made clear by current events and financial upheavals since 2008 is that the global economy has become truly that -- global.

The globe's greatest economic minds meet in Davos next week. With financial crises in the U.S. and Europe, CNN asks: What is your economic mood?

Many eurozone countries face dropping employment even as basic costs rise. But not everyone is suffering. Explore our interactive for more.

January 23, 2013 -- Updated 0551 GMT (1351 HKT)

In 2013, the greatest risk of conflict lies in the geopolitical struggle between Japan and China, according to Ian Bremmer of Eurasia Group.

January 21, 2013 -- Updated 1502 GMT (2302 HKT)

CNN's Richard Quest explores the topic that will be on every delegate's lips at the World Economic Forum in Davos this year.

January 21, 2013 -- Updated 1500 GMT (2300 HKT)

It was January 25, 2011, when the brisk winds of change from Tahrir Square swept through the Swiss Alpine village of Davos.

January 21, 2013 -- Updated 1357 GMT (2157 HKT)

The world's political and business elite will converge on Europe's highest-altitude town for the annual talk-shop that is the World Economic Forum.

January 21, 2013 -- Updated 1458 GMT (2258 HKT)

On July 1, 2013 the 27-nation European Union will become 28. But is the Adriatic country ready to join Europe's elite club?

January 22, 2013 -- Updated 1133 GMT (1933 HKT)

The great Davos talking shop is now up and running, with delegates of all levels of importance, shapes and nationalities putting the world to rights.

January 21, 2013 -- Updated 1404 GMT (2204 HKT)

After five years in crisis the eurozone's new leader has emerged. With influence reaching from the Arctic Circle to the Mediterranean Sea.

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Damon ‘hijacks’ Kimmel’s ABC show

NEW YORK (AP) — Matt Damon had his revenge.

The butt of a long-running joke on ABC’s “Jimmy Kimmel Live,” the actor opened Thursday night’s show as a kidnapper who tied Kimmel to a chair with duct tape and gagged him with his own tie.

“There’s a new host in town and his initials are M.D.,” Damon said. “That’s right, the doctor is in.”

For years, Kimmel has joked at the end of his show that he ran out of time and was unable to bring Damon on as a guest. Kimmel was the silent one Thursday, watching from the back of the stage as Damon did his job.

Damon tormented Kimmel by bringing on a succession of big-name guests. Robin Williams stopped by to finish the monologue. Ben Affleck had a walk-on role. Sheryl Crow was the bandleader and performed her new single. Nicole Kidman, Gary Oldman, Amy Adams, Reese Witherspoon and Demi Moore all crowded the talk show’s couch.

“I’ve been waiting for this moment for a long, long time,” Damon said. “This is like when I lost my virginity, except this is going to last way longer than one second.”

Damon’s guest hosting turn came at a key time for Kimmel. ABC earlier this month moved the show to 11:35 p.m. ET and PT after a decade of airing it a half hour later, putting him in direct competition with Jay Leno and David Letterman.

Thursday’s special program aimed for the same water-cooler status as a memorably lewd short film Damon made for the show a few years ago with Kimmel’s then-girlfriend, Sarah Silverman. It went viral and remains probably the best-known skit in the show’s history.

To twist the knife even further, Damon brought Silverman on as his final guest Thursday night, with Kimmel looking on forlornly as she likened their five-year relationship to an unfortunate trip to a hot dog vendor.

“Is there anything you’d like to say to Jimmy?” Damon asked.

“No, I’m good,” Silverman replied.

Then came the sweetest revenge of all, with Damon promising to ungag Kimmel in the show’s final minutes.

“Wait,” he said. “I’m sorry. We’re out of time.”

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Current account changes ‘needed’

25 January 2013 Last updated at 02:52 ET

Further significant changes are needed in the market for personal current accounts, the Office of Fair Trading (OFT) has said.

The OFT has been reviewing the way the UK’s banks run these accounts, because of concerns over competition and a lack of focus on customers’ needs.

Despite improvements since its last review in 2008, it said consumers still lacked confidence to switch accounts.

But the OFT chose not to refer the market to the Competition Commission.

The OFT found that, since 2008, the major banks had increased their market share, occasions when new competitors entered the market remained infrequent, and consumers still only rarely switched to an alternative provider.

However, it also pointed to some specific improvements. For instance, it estimated that consumers had saved up to £928m a year from the fall in unauthorised overdraft charges between 2007 and 2011, though it added that overdraft charging structures remained too complex.

Major changes

Clive Maxwell, chief executive of the OFT, said that despite some improvements, the market for personal current accounts was still not serving consumers as well as it should.

“Customers still find it difficult to assess which account offers the best deal and lack confidence that they can switch accounts easily. This prevents them from driving effective competition between providers,” he said.

But he added that there would be some major changes to the market taking place in the coming months, including the sale of Lloyds and RBS branches – as mandated by European competition authorities – and a new automated account switching service.

The OFT also made some new recommendations to make current account costs more transparent, to make the switching process more reliable and to improve the way unarranged overdrafts are provided.

It said that these changes had the potential to have a positive impact on competition and therefore it had decided not to refer the industry to the Competition Commission.

But Mr Maxwell added: “The retail banking sector needs to become more competitive and customer-focused to ensure that further action by the competition authorities is not required.”

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Stock index futures signal mixed Wall Street open

LONDON (Reuters) - Stock futures pointed to a mixed open on Wall Street on Friday, with futures for the S&P 500 rising 0.2 percent, the Dow Jones futures down 0.2 percent and the Nasdaq 100 futures up 0.3 percent.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems.

Samsung Electronics turned cautious on spending for the first time since the global financial crisis, keeping its annual investment plan unchanged at 2012 levels, as demand for computer chips wanes and the smartphone market slows.

Procter & Gamble , the world's top household products maker, and smaller rival Kimberly-Clark will kick off the earnings season for U.S. household products makers. Halliburton , the world's second-largest oilfield services company, is also due to report results.

Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.

The Commerce Department releases new home sales data for December at 1500 GMT. Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 1530 GMT. In the prior week the index read 130.

European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.

The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

The Dow Jones industrial average <.dji> rose 0.33 percent at the close, the S&P 500 <.spx> ended flat and the Nasdaq Composite <.ixic> dropped 0.74 percent. Most of the Nasdaq's loss was due to Apple's slide of more than 12 percent after disappointing earnings.

(Reporting by Atul Prakash; Editing by Susan Fenton)

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NCAA announces problems with Miami investigation

CORAL GABLES, Fla. (AP) — The NCAA's probe of Miami's athletic compliance practices is ramping up yet again.

Only this time, the Hurricanes aren't exactly the subject of the inquiry.

In a bizarre twist, it's college sports' governing body itself that is being investigated after NCAA President Mark Emmert acknowledged on Wednesday "a very severe issue of improper conduct" by former investigators working the long, complex Miami case.

The NCAA said its investigation was based, at least in part, on information that it should not have had access to, the testimony of those who appeared under subpoena to be deposed in the bankruptcy case involving former Miami booster Nevin Shapiro, one of the most notorious Ponzi scheme architects in history.

The NCAA does not have subpoena power. Shapiro's attorney did, and used it — and apparently entered into some sort of contractual agreement with the NCAA, one that apparently either was not or should never have been approved.

"We cannot have the NCAA bringing forward an allegation ... that was collected by processes none of us could stand for," Emmert said. "We're going to move it as fast as possible, but we have to get this right."

Wednesday's revelations mean that the notice of allegations against Miami — the NCAA's findings of wrongdoing, a document that was nearly completed and was expected to be released by the end of this week — will be delayed for at least a couple more weeks, if not longer. The long-term ramifications could be more damning for the NCAA, especially if the outside investigator they have commissioned to look into the mess finds more problems.

The NCAA did not name the attorney involved, whom Emmert only referred to as "she." The NCAA said it would not confirm that it was Maria Elena Perez, a Miami graduate and Shapiro's longtime defense attorney.

Perez did not respond to telephone or email messages. A person in her office said the attorney was working in New York and would be forwarded requests for comment.

"As we have done since the beginning, we will continue to work with the NCAA and now with their outside investigator hoping for a swift resolution of the investigation and our case," Miami President Donna Shalala said.

Emmert said two depositions are involved in this allegation of improper conduct by former enforcement-office staffers. One of those two depositions was given Dec. 19, 2011, by former Miami equipment-room staffer Sean Allen — who has been linked to Shapiro and many of the allegations that he made against the university.

Among the questions Allen was asked in that deposition:

— "Did you ever witness Mr. Shapiro paying any money to any University of Miami football or basketball players?"

— "Would it be fair to say that Mr. Shapiro did, in fact, confer various financial benefits on the University of Miami Athletic Program and its players?"

— "Did you ever overhear any of the coaches or any other staff for the University of Miami providing Mr. Shapiro with inside information regarding, you know, the condition of any particular athlete for the purposes of Mr. Shapiro's gambling?"

It's unknown which of Allen's answers caught the NCAA investigators' attention.

What is known publicly now, and has been suspected by some for months, is that those investigators never should have known those questions were asked.

"How in the world can you get this far without it being recognized that this was an inappropriate way to proceed?" Emmert asked.

That's the question that the NCAA wants answered, and fast.

Emmert spoke angrily at times during a half-hour conference call to discuss the findings, in which he revealed that he briefed the NCAA's executive committee and the Division I board presidents with some information about the Miami matter. He said he developed a better understanding of what went on in the days that followed, which led to the hiring of Kenneth L. Wainstein of the firm Cadwalader, Wickersham & Taft LLP to conduct the external review of what happened.

Wainstein, Emmert said, will begin his probe on Thursday, with the NCAA hoping that he can finish within two weeks.

"We want to make sure that any evidence that's brought forward is appropriately collected and it has the integrity that we expect and demand," Emmert said.

It was part of a stunning day for Hurricane athletics: The 25th-ranked men's basketball team routed No. 1 Duke later Wednesday, 90-63.

Emmert said the NCAA was trying to find out why part of the investigation was based on depositions specific to the bankruptcy case against Shapiro, who will have to repay $82.7 million to his victims as part of his sentence. And the timing of this also is curious. Several people who were to be named in the NCAA's notice of allegations against Miami have been told that the document was in the final stages of preparation — and one person who spoke with the AP said at least one person who was to have faced a charge of wrongdoing was told the letter was scheduled for delivery to Miami on Tuesday.

Now it's anyone's guess when that will happen.

Emmert said the NCAA learned of the alleged misconduct, in part, through legal bills presented by Shapiro's attorney for work that was not properly approved by the organization's general counsel's office.

"One of the questions that has to be answered, unequivocally, is what was the nature of that contractual arrangement and what was all the activity that that individual was involved with," Emmert said. "There is some uncertainty about all of that and it's one of the first orders of business for the firm that we've hired to investigate."

The Hurricanes' athletic compliance practices have been probed by the NCAA for nearly two years. Allegations of wrongdoing involving Miami's football and men's basketball programs became widely known in August 2011 when Yahoo Sports published accusations brought by Shapiro, who is serving a 20-year term in federal prison for masterminding a $930 million Ponzi scheme.

Miami has self-imposed two football postseason bans in response to the investigation. The Hurricanes also would have played in the Atlantic Coast Conference championship game this past season, meaning they could have qualified for the Orange Bowl.

"In my two-and-a-half years I've certainly never seen anything like this, and don't want to see it again," Emmert said.

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Benghazi blame-game is useless

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STORY HIGHLIGHTS

• Anthony Cordesman: Questions for Hillary Clinton on Benghazi attack inevitable, important


• But political blame game useless, a discouraging message to diplomats, military advisers, he says


• He says in hindsight, warnings, pleas for support mistakenly make crisis seem obvious


• Writer: U.S. must focus forward: encourage, support risk-takers doing crucial work in field

Editor's note: Anthony H. Cordesman holds the Arleigh A. Burke Chair in Strategy at the Center for Strategic and International Studies. Follow CSIS on Twitter.

(CNN) -- Politics are politics, and partisan congressional challenges over the death of Ambassador Chris Stevens and other Americans in Benghazi, Libya, last September were inevitable.

But while some of the questions Secretary of State Hillary Clinton was asked in her appearance before the Senate Foreign Relations Committee bordered on politics at their worst, some represented democracy at its best: A legitimate challenge of how the government works. The fact is, we do need to ask serious questions about the way our diplomats function, how they are deployed and protected.

In her responses, Clinton took responsibility, as the top official in every department always must. The question now, however, is what, if anything, will we really learn from the events that led to the deaths of Stevens and his colleagues?

Anthony H. Cordesman

Do we actually learn something from their courage and sacrifice, and the similar experience of other American diplomats and officers that have faced similar attacks in the past? Or do we go on playing a pointless blame game, creating a climate that discourages our diplomats, U.S. military advisory teams and intelligence officers from taking necessary risks -- and relies even more on fortifying our embassies.

Three lessons here. The first: Virtually every post mortem that relies on the blame game has the same result. There is always someone who asked for more resources and warned of the risk before the event. There are always enough intelligence indicators so that once you go back -- knowing the pattern of actual events -- it becomes possible to predict the past with 20-20 hindsight.

The problem is that the post mortems and hearings tend to be useless. Every prudent security officer has always asked for more; the indicators that could provide warning with 20-20 hindsight will still be buried in a flood of other reporting that warns of crises that don't take place; U.S. officials will still have to deal with what intelligence experts call "noise" -- the vast amount of reporting and other data that make it impossible to sort out the right information until the event actually occurs and the patterns are known. All of this makes it hard to know what request or warning ever matters.

Opinion: Algeria hostage crisis shows jihadists on rise

Yes, intelligence and warning can always be improved if the post mortem is realistic and objective. But the resulting improvements will never be enough. No one will ever assess all the risks correctly, U.S. diplomats and other Americans will be vulnerable when they operate in a hostile environment, and risk-taking will remain inevitable.

The second lesson is that we cannot deal with crises like the political upheavals in the Arab world, or the more direct threats that countries like Iran and North Korea can pose, unless our diplomats and military advisers take risks -- and more casualties -- in the process.

Stevens and those around him did what had to be done. These are the teams that can help lead unstable countries towards democracy and stability. They are the crucial to our counterterrorism efforts in the field and to building up the military security capabilities of developing states. They are key to uniting given factions, creating effective governance, and persuading states to move toward development and greater concern for human rights.

They can only be effective if they are on the scene, work with the leaders and factions involved, and often go into harms way where there are terrorist and military threats. Like Stevens, they cannot wait for perfect security, stay in a safe area, or minimize risks and deal with the realities of Libya, filled with local power struggles, extremist elements and potential threats.

We need risk-takers. We need them in any country that is going through the kind of upheavals taking place in Libya, as well as in countries where our enemies operate, and semi-war zones like Afghanistan, Iraq, Somalia, Syria, and Yemen. We need diplomats, U.S. military advisory teams, and intelligence officers that reach far beyond our embassies and go into high risk zones. We need to reward and honor those risk-takers, not those who shelter in safety and avoid the risks they should take or fear their career will be damaged if anyone is killed or hurt.

Opinion: Algeria crisis is a wakeup call for America

The third lesson is that we do need to steadily strengthen our ability to provide secure mobility, better intelligence, better communications, and better protection for those diplomats, U.S. military advisory teams and intelligence officers. We need to be able to better provide emergency help to those American NGO personnel and businessmen who take similar risks.

We need both an administration and a Congress that look beyond the blame game and understand that some things are worth spending money on. We need them to understand that what we once called the Arab Spring is clearly going to be the Arab Decade, and we face different but equally real risks in the field in Asia, Africa, and Latin America.

It is far better -- and cheaper even, in the medium term -- to fund strong U.S. country teams, military advisers, counterterrorism teams and development efforts than to let nations collapse, to let extremists take over, to lose allies, and see American NGOs and businesses unable to operate.

We need to see what new methods and investments can protect our people in the field and reduce the risks they should be taking. The answer may be special communications, intelligence system, helicopters and armored vehicles, emergency response teams and new career security personnel to replace contractors and foreign nationals.

What the answer is not is partisan blame, risk avoidance, punishing those who do take risks for the result, and failing to make the improvements in security for risk takers -- while building larger fortress embassies. If you want to honor the Americans lost in the line of duty, focus on the future and not the past.

The opinions expressed in this commentary are solely those of Anthony Cordesman

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Broadway’s “Spider-Man” producers, Taymor, near settlement, again

NEW YORK (Reuters) – The producers of “Spider-Man: Turn Off The Dark” and Julie Taymor, the musical’s ousted director, are once again ready to settle their long-running court case, a court filing showed on Wednesday.

“We anticipate notifying the Court within the next week that a final settlement agreement has been executed,” attorney Charles T. Spada, who represents Taymor, wrote in a January 22 letter to U.S. District Judge Katherine Forrest in Manhattan.

The letter comes less than two weeks after the parties resumed litigation after failing to reach a final settlement of Taymor‘s copyright infringement lawsuit, court records show.

The latest development comes five months after Taymor had reached a settlement in principle with 8 Legged Productions, the producer, in the copyright infringement case

“Spider-Man,” which became a hit, got off to a disastrous start in 2010 with opening night delays, injured actors and the firing of Taymor, who won a Tony Award for her work on “The Lion King.” She sued 8 Legged Productions in November 2011.

Any settlement is conditioned on 8 Legged Productions coming to terms with Marvel Entertainment, a unit of Walt Disney Co, to extend its license to produce the musical in other venues, Spada wrote in a December 19 letter to the judge.

In Wednesday’s letter, Spada said an agreement between the producer and Marvel to amend the license is likely within days.

Taymor and 8 Legged Productions intend to execute their agreement at the same time, the letter said.

“We are moving closer to finalizing the settlement,” Dale Cendali, a lawyer for 8 Legged Productions, said in an email.

A spokesperson for Marvel didn’t immediately respond to requests for comment.

The case is Julie Taymor et al v. 8 Legged Productions et al, U.S. District Court for the Southern District of New York, No. 11-cv-8002.

(Reporting By Karen Freifeld; Editing by Jeremy Laurence)

Music News Headlines – Yahoo! News

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Europe Groans at Cameron’s Talk of an EU Exit

Viewed from across the English Channel, Prime Minister David Cameron’s call Wednesday for a referendum on British membership in the European Union was either a pretty bad idea—or a downright dangerous one.

EU leaders accused Cameron of pandering to British euroskeptics and warned that uncertainty about London’s commitment would hurt Britain as well as other bloc members. He “is playing a dangerous game for tactical, domestic reasons,” Martin Schulz, a German Social Democrat who is president of the European Parliament, told Bloomberg News.

In a speech at Bloomberg headquarters in London, Cameron promised to call a referendum by 2017 if his Conservative Party wins reelection in 2015. The prime minister faces pressure within his own ranks for Britain to negotiate more-flexible EU ties or leave the bloc altogether.

While Cameron says he wants to remain in the union, critics warned that he risks triggering a wave of anti-EU sentiment that will overwhelm him. Cameron “resembles the sorcerer’s apprentice who cannot tame the forces that he has conjured,” Schulz said.

Others rebuked Britain for trying to set its own ground rules for EU membership. “Imagine the EU was a football club,” French Foreign Minister Laurent Fabius said in an interview on France Info radio. “Once you’re joined up and you’re in this club, you can’t then say you want to play rugby.” German Foreign Minister Guido Westerwelle told reporters in Berlin that British “cherry picking is not an option.” The EU needs “more, not less, integration,” he said.

German Chancellor Angela Merkel sounded a more conciliatory tone. “Every member state of the EU has its own interest,” she told reporters in Berlin. “In this context, we are certainly prepared to talk about British interests, but [we] have to keep in mind that other countries have their own wishes, and we always have to come to a fair compromise in the end.”

The U.S. also signaled concern over a possible British exit. “A strong Britain in a strong EU is what I think is best for Britain, Europe, and the United States,” Undersecretary of State Robert Hormats said in a Bloomberg News interview Wednesday at the World Economic Forum in Davos.

British business officials attending the Davos forum said that even if Britain remains in the EU, leaving the question unresolved for four years could cause damage to the country’s economy. “Uncertainty over this relationship with Europe risks making the U.K. less attractive as an international center across many industries,” said Mark Boleat, policy chairman at the City of London Corporation, the financial district’s local government.

Indeed, there’s plenty at risk. About half of Britain’s exports go to EU neighbors, and London serves as the financial hub of the region’s $ 17 trillion economy. Economists at Citigroup (C) estimate that EU trade accounts for 15 percent of Britain’s gross domestic product, while trade with Britain amounts to only 2.5 percent of the EU’s total GDP.

“The British economy is highly interdependent with the rest of Europe,” John Nelson, chairman of the Lloyd’s of London insurance group, told Bloomberg News in Davos. “My guess and hope is that common sense will break out and we’ll stay” in the EU.

Businessweek.com — Top News

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Stock futures signal losses; all eyes on Apple

PARIS (Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.22 percent, Dow Jones futures up 0.02 percent and Nasdaq 100 futures down 1.3 percent at 1014 GMT.

Shares of Apple Inc will be in the spotlight after the world's biggest tech company missed Wall Street's revenue forecast for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of consumer electronics is slipping.

Shares of the company traded in Frankfurt were down 8 percent early. They sank 10 percent to $463 in after-hours trade on Wall Street on Wednesday night, wiping out some $50 billion of its market value - nearly equivalent to that of Hewlett-Packard and Dell combined.

A U.S. trade panel that specializes in patent disputes will review a potentially key decision in the patent fight between Samsung Electronics and Apple Inc over smartphones and tablets.

European shares were mostly flat in morning trade, as bullish economic data out of China offset Apple's weaker-than-expected figures which fanned earnings worries in the technology sector. <.eu/>

Noble Corp , owner of the world's third-largest offshore drilling fleet, reported on Wednesday a lower-than-expected quarterly profit as it struggled with maintenance for five high-end rigs, even as demand for its most capable units increased.

Raymond James Financial Inc said quarterly profit rose 27.6 percent, boosted by strong performance from its brokerage and capital markets divisions.

Investors in U.S.-based mutual funds pumped $9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed on Wednesday.

Hard disk drive maker Western Digital Corp's second-quarter results beat analysts' expectations, helped by growth in its enterprise segment. Shipment in the enterprise segment rose about 10 percent from first-quarter levels to 6.63 million units, analyst Nehal Chokshi of Technology Insights Research told Reuters.

Japanese regulators have joined their U.S. counterparts in all but ruling out overcharged batteries as the cause of recent fires on the Boeing Co 787 Dreamliner, which has been grounded for a week with no end in sight.

Amgen Inc on Wednesday projected revenue for 2013 that exceeds Wall Street estimates and said it was on track to deliver on its 2015 forecasts well ahead of schedule.

Pamplona Capital Management, holder of 9.3 percent of Nabors Industries Ltd , has become "increasingly concerned" about the underperformance of the drilling rig contractor's shares, according to a regulatory filing on Wednesday.

Symantec Corp plans to slash its management ranks and reorganize into 10 business areas, but has decided not to sell off major assets after a strategic review by its new early this month.

SanDisk Corp's modest revenue outlook disappointed investors looking for a rebound in memory chips widely used in smartphones and tablets, sending its shares lower.

Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 35 percent higher in after-hours trading.

Among the companies set to report results on Thursday feature Bristol-Myers Squibb , Lockheed Martin , 3M Company , Microsoft , Raytheon , Starbucks , AT&T Inc. , and Xerox Corp. .

On the macro front, investors awaited weekly jobless claims, at 1330 GMT, Markit Manufacturing PMI for January, due at 1358 GMT, and December leading economic indicators, due at 1500 GMT.

The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google but the rally could be halted as Apple's after-hours miss sent its shares lower.

The Dow Jones industrial average <.dji> rose 67.12 points or 0.49 percent, to 13,779.33, the S&P 500 <.spx> gained 2.25 points or 0.15 percent, to 1,494.81, and the Nasdaq Composite <.ixic> added 10.49 points or 0.33 percent, to 3,153.67.

(Reporting by Blaise Robinson)

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Williams loses Stephens; Azarenka into semis

MELBOURNE, Australia (AP) — Serena Williams was only thinking out loud when she muttered that this Australian Open had been "the worst two weeks."

Not long after a courtside microphone picked up those comments during her quarterfinal with 19-year-old American Sloane Stephens, things got a whole lot worse.

Stephens outplayed Williams, whose movement and serves had been slowed by a back injury, and beat the 15-time Grand Slam champion 3-6, 7-5, 6-4. It was Williams' first loss since Aug. 17, and her first defeat at a Grand Slam tournament since last year's French Open.

Williams' downer of a Grand Slam Down Under started badly when she turned her right ankle in her opening match at Melbourne Park.

"I've had a tough two weeks between the ankle ... and my back, which started hurting," Williams said. "A lot of stuff."

While Williams packed for home — she and sister Venus have also lost in doubles — Stephens advanced to a semifinal Thursday against defending champion Victoria Azarenka.

The top-seeded Azarenka beat Svetlana Kuznetsova 7-5, 6-1 in the early quarterfinal at Rod Laver Arena. Maria Sharapova, who has lost only nine games in five matches, plays Li Na in the other semifinal Thursday.

On the men's side, Andy Murray advanced to the semis with a 6-4, 6-1, 6-2 victory over Jeremy Chardy. Murray, the U.S. Open champion, will play the winner of Wednesday's late quarterfinal between No. 2 Roger Federer and No. 7 Jo-Wilfried Tsonga.

The other semifinal has defending champion Novak Djokovic taking on No. David Ferrer on Thursday.

Williams hurt her back in the eighth game of the second set and things got progressively worse. She yelled at herself on several occasions, and smashed a racket into the court, earning a $1,500 fine from tournament officials.

"I was running to the net for a drop shot," Williams said, describing the lead up to her injury. "As I went to hit it, it was on the backhand. I even screamed on the court. I totally locked up after that."

She reiterated after the match that her injuries had made this Australian Open difficult for her.

"Absolutely, I'm almost relieved that it's over because there's only so much I felt I could do," she said. "I've been thrown a lot of (curve) balls these two weeks."

Stephens has been, too, but has coped well, and the magnitude of her accomplishment only hit her while she was warming down after the match.

"I was stretching, and I was like, 'I'm in the semis of a Grand Slam.' I was like, 'Whoa. It wasn't as hard as I thought,'" she said. "To be in the semis of a Grand Slam is definitely a good accomplishment. A lot of hard work."

The No. 29-seeded Stephens hadn't been given much of a chance of beating Williams, who lost only four matches in 2012 and was in contention to regain the No. 1 ranking at the age of 31.

Williams' latest winning streak included a straight-set win over Stephens at the Brisbane International this month.

Stephens wasn't even sure that she could beat Williams until she woke up Wednesday.

"When I got up, I was like, 'Look, Dude, like, you can do this.' Like, 'Go out and play and do your best," she said.

Williams walked around the net to congratulate Stephens, who then clapped her hand on her racket and waved to the crowd, a look of disbelief on her face.

Stephens has said she had a photo of Williams in her room when she was a child, and had long admired the Williams sisters.

"This is so crazy. Oh my goodness," Stephens said, wiping away tears in her post-match TV interview. "I think I'll put a poster of myself (up) now."

Azarenka, with her most famous fan sitting in the crowd wearing a shirt reminding her to keep calm, overcame some early jitters to beat Kuznetsova.

After dropping serve in a long fourth game that went to deuce 10 times, Azarenka recovered to dominate the rest of the match against Kuznetsova, a two-time major winner who was floating dangerously in the draw with a No. 75 ranking as she recovers from a knee injury.

Azarenka's American rapper friend, Redfoo, returned from a concert in Malaysia to attend Wednesday's quarterfinal match.

Wearing a red sleeveless T-shirt that read "Keep Calm and Bring Out the Bottles," the name of his next single, Redfoo stood, clapped and yelled "Come on, Vika!" during the tight first set.

Williams' loss was a boost for Azarenka, who lost all five head-to-heads against the American in 2012 and is 1-11 in their career meetings.

The 25-year-old Murray had his service broken for only the second time while serving for the match. But he broke back immediately to clinch a quarterfinal victory.

Murray discounted comments in the British media that he was upset with an almost full schedule of day matches while Federer was given featured cooler night slots on Rod Laver Arena.

"The scheduling for me is part and parcel of playing in really any tennis tournament," Murray said. "It's tough to make the schedule perfect for every single player."

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