Apple CEO’s pay takes big hit vs. record 2011 package

NEW YORK (Reuters) – Apple Inc CEO Tim Cook’s 2012 compensation package of just over $ 4 million is a huge cut on paper for the top executive of the most valuable U.S. corporation, after a 2011 package fattened by more than $ 376 million in long-term stock awards.

Cook received the largest single pay package awarded to a company CEO in about a decade when he replaced Apple‘s legendary co-founder, Steve Jobs, shortly before Jobs’ death in October 2011.

The maker of the iPhone and iPad made the 2012 compensation disclosures in a regulatory filing on Thursday. Cook, who is in his early 50s, joined Apple in 1998 and became CEO in August 2011.

Virtually all of Cook’s $ 376 million bonus in 2011 was in stock awards that will vest in two chunks – one in 2016 and the other in 2021. This structure was intended to keep Jobs’ longtime lieutenant at the helm for many years.

In terms of base salary, Cook actually received a 50 percent increase to $ 1.4 million for 2012, and the same 200 percent bonus that other top Apple executives like CFO Peter Oppenheimer earned, Apple said in a regulatory filing on Thursday.

The 2012 compensation package for Cook also pales in comparison with his 2010 pay, which was 14 times higher, when he served as chief operating officer.

But Tim Ghriskey, chief investment officer of Solaris Group – which counts Apple stock as the biggest holding among the approximately $ 2 billion it manages – said Cook’s package was “normal CEO compensation.”

For example, Yahoo Inc’s CEO, Marissa Mayer, a former Google Inc high-flyer hired this year to try to turn around the struggling Internet icon, won a pay package worth more than $ 70 million. Despite her lack of a CEO track record, her basic pay is comparable to Cook’s, with about $ 1 million in annual salary and up to $ 2 million in an annual bonus.

Oracle Corp’s Larry Ellison, one of the most highly paid chief executives in the United States – and also the world’s sixth-richest man, according to Forbes – received total compensation for the year ended May 31, 2012, of $ 96.2 million – almost all of it in stock options.

That compared with $ 77.6 million for Ellison in the prior year.

Cook’s longtime boss, Jobs, famously received $ 1 a year in salary in the three years before he stepped down, though in 2000 he too received a stock option that analysts say was valued at almost $ 600 million at the time.

Cook will not receive any stock awards for 2012, Apple said in Thursday’s filing.

The 2012 package includes a salary of $ 1.4 million and a nonequity bonus of $ 2.8 million. Cook’s base salary actually increased in 2012 from the $ 900,000 he earned in 2011.

While Apple’s shares are roughly 35 percent higher than when Cook became CEO, they have fallen more than 27 percent since October, when they hit a $ 700.10 high. The stock has declined amid investor worries about intensifying competition in the mobile phone market and growth prospects in important markets including China.

Apple shares were down 1.3 percent at $ 506.35 on the Nasdaq on Thursday afternoon.

(Reporting by Sinead Carew and Liana Baker in New York, Jim Finkle and Tim McLaughlin in Boston and Edwin Chan in San Francisco,; editing by Kenneth Barry and Matthew Lewis)

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What Did Neve Campbell Name Her Son?

Mom & Babies
Celebrity Baby Blog

12/27/2012 at 02:00 PM ET

Jon Kopaloff/FilmMagic

Neve Campbell is no stranger in the sea of unusual names.

So when it came to her now 5-month-old son, the actress, wanting him to follow in her footsteps, skipped the mundane monikers.

“We looked through a lot of books and I liked the idea of a unique name,” Campbell, 39, shared during a Monday appearance on The Talk.

“I like having a unique name — it’s [my mom's] maiden name, Neve — and not a lot of people have it. It’s nice having something special and different and so I wanted something like that for our son.”

Before baby boy’s birth, Campbell and JJ Feild had narrowed down their picks to five favorites, but after their first child was born, the winning name was an obvious choice.

“We decided that we’d wait and see and meet him and then decide,” she explains. “And … when  he was born we realized we could only remember one and that was Caspian, so it seemed like it was right.”

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Kenya hospital imprisons new mothers with no money

NAIROBI, Kenya (AP) — The director of the Pumwani Maternity Hospital, located in a hardscrabble neighborhood of downtown Nairobi, freely acknowledges what he's accused of: detaining mothers who can't pay their bills. Lazarus Omondi says it's the only way he can keep his medical center running.

Two mothers who live in a mud-wall and tin-roof slum a short walk from the maternity hospital, which is affiliated with the Nairobi City Council, told The Associated Press that Pumwani wouldn't let them leave after delivering their babies. The bills the mothers couldn't afford were $60 and $160. Guards would beat mothers with sticks who tried to leave without paying, one of the women said.

Now, a New York-based group has filed a lawsuit on the women's behalf in hopes of forcing Pumwani to stop the practice, a practice Omondi is candid about.

"We hold you and squeeze you until we get what we can get. We must be self-sufficient," Omondi said in an interview in his hospital office. "The hospital must get money to pay electricity, to pay water. We must pay our doctors and our workers."

"They stay there until they pay. They must pay," he said of the 350 mothers who give birth each week on average. "If you don't pay the hospital will collapse."

The Center for Reproductive Rights, which filed the suit this month in the High Court of Kenya, says detaining women for not paying is illegal. Pumwani is associated with the Nairobi City Council, one reason it might be able to get away with such practices, and the patients are among Nairobi's poorest with hardly anyone to stand up for them.

Maimouna Awuor was an impoverished mother of four when she was to give birth to her fifth in October 2010. Like many who live in Nairobi's slums, Awuor performs odd jobs in the hopes of earning enough money to feed her kids that day. Awuor, who is named in the lawsuit, says she had saved $12 and hoped to go to a lower-cost clinic but was turned away and sent to Pumwani. After giving birth, she couldn't pay the $60 bill, and was held with what she believes was about 60 other women and their infants.

"We were sleeping three to a bed, sometimes four," she said. "They abuse you, they call you names," she said of the hospital staff.

She said saw some women tried to flee but they were beaten by the guards and turned back. While her husband worked at a faraway refugee camp, Awuor's 9-year-old daughter took care of her siblings. A friend helped feed them, she said, while the children stayed in the family's 50-square-foot shack, where rent is $18 a month. She says she was released after 20 days after Nairobi's mayor paid her bill. Politicians in Kenya in general are expected to give out money and get a budget to do so.

A second mother named in the lawsuit, Margaret Anyoso, says she was locked up in Pumwani for six days in 2010 because she could not pay her $160 bill. Her pregnancy was complicated by a punctured bladder and heavy bleeding.

"I did not see my child until the sixth day after the surgery. The hospital staff were keeping her away from me and it was only when I caused a scene that they brought her to me," said Anyoso, a vegetable seller and a single mother with five children who makes $5 on a good day.

Anyoso said she didn't have clothes for her child so she wrapped her in a blood-stained blouse. She was released after relatives paid the bill.

One woman says she was detained for nine months and was released only after going on a hunger strike. The Center for Reproductive Rights says other hospitals also detain non-paying patients.

Judy Okal, the acting Africa director for the Center for Reproductive Rights, said her group filed the lawsuit so all Kenyan women, regardless of socio-economic status, are able to receive health care without fear of imprisonment. The hospital, the attorney general, the City Council of Nairobi and two government ministries are named in the suit.

___

Associated Press reporter Tom Odula contributed to this report.

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Wall Street falls for fourth day over "fiscal" fears

NEW YORK (Reuters) - Stocks fell for a fourth day in a row on Thursday and a measure of investor anxiety hit its highest in five months after the top Senate Democrat warned a deal to avoid fiscal austerity measures may not be reached by the December 31 deadline.

The comments by Senate Majority Leader Harry Reid just days before the hefty tax hikes and spending cuts go into effect pushed stocks down. The S&P 500 has lost 2.7 percent over the past four days, its worst such run in over a month.

A four-day drop would also mark the S&P 500's longest losing streak in three months as Wall Street wakes up to the possibility that a deal may not be reached until next year.

The CBOE VIX volatility index <.vix>, a measure of investor fear, jumped above 20 for the first time since July, climbing around 4 percent in another sign of growing concern. Investors fear the so-called fiscal cliff could push the economy into recession next year.

The VIX's "recent spike seems to suggest that market participants are bracing for a rather significant uptick in market volatility in early 2013," said Frederic Ruffy, options strategist at WhatsTrading.com.

Stocks in the materials and the financial sectors, which are more vulnerable to the economy's performance, took the brunt of the selling. Shares in Bank of America fell 2 percent to $11.29, while Freeport-McMoRan Copper & Gold fell 1.6 percent to $33.38.

Reid criticized Republicans for refusing to go along with any tax increases as part of a compromise solution with Democrats. Referring to the fiscal cliff, he said: "It looks like where we're headed."

The Dow Jones industrial average <.dji> was down 106.63 points, or 0.81 percent, at 13,007.96. The Standard & Poor's 500 Index <.spx> was down 12.33 points, or 0.87 percent, at 1,407.50. The Nasdaq Composite Index <.ixic> was down 27.48 points, or 0.92 percent, at 2,962.68.

Frank Lesh, a futures analyst and broker at FuturePath Trading in Chicago, said his clients have been delaying trading due to uncertainty about the fiscal cliff, making the year-end period quieter than usual.

"With the added drama in Washington, we have got even more people sidelined," he said. "No one knows how this turns out or how the markets are going to react to it."

President Barack Obama arrived back in Washington from Hawaii to restart stalled negotiations with Congress. House Speaker John Boehner and other Republican leaders were to hold a conference call with Republican lawmakers. The expectation was that lawmakers would be told to get back to Washington quickly if the Senate passed a bill.

Treasury Secretary Timothy Geithner announced the first of a series of measures that should push back the date when the U.S. government will hit its legal borrowing authority - a limit known as the debt ceiling - by about two months.

Economic data seemed to confirm worries about the impact of the fiscal cliff on the economy.

The Conference Board, an industry group, said its index of consumer attitudes in December fell to 65.1 as the budget crisis dented growing optimism about the economy. The gauge fell more than expected from 71.5 in November.

However, the job market continues to mend. Initial claims for unemployment benefits dropped 12,000 to a seasonally adjusted 350,000 last week and the four-week moving average fell to the lowest since March 2008.

But recent signs that the economy is improving have taken a back seat to the political uncertainty.

"The U.S. equity market has not yet adequately responded to a genuinely improving macro backdrop, and is probably held back by uncertainties surrounding the resolution of the 'fiscal cliff'," said Goldman Sachs in a research note.

Marvell Technology Group fell 4.2 percent to $7.09 after it said it would seek to overturn a jury's finding of patent infringement. The stock had fallen more than 10 percent in the previous session after a jury found the company infringed patents held by Carnegie Mellon University and ordered the chipmaker to pay $1.17 billion in damages.

(Reporting by Edward Krudy; Additional reporting by Doris Frankel; Editing by Jan Paschal and Kenneth Barry)

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Syria to discuss Brahimi peace proposals with Russia

BEIRUT (Reuters) - Syrian President Bashar al-Assad sent a senior diplomat to Moscow on Wednesday to discuss proposals to end the conflict convulsing his country made by international envoy Lakhdar Brahimi, Syrian and Lebanese sources said.

Brahimi, who saw Assad on Monday and is planning to hold a series of meetings with Syrian officials and dissidents in Damascus this week, is trying to broker a peaceful transfer of power, but has disclosed little about how this might be done.

More than 44,000 Syrians have been killed in a revolt against four decades of Assad family rule, a conflict that began with peaceful protests but which has descended into civil war.

Past peace efforts have floundered, with world powers divided over what has become an increasingly sectarian struggle between mostly Sunni Muslim rebels and Assad's security forces, drawn primarily from his Shi'ite-rooted Alawite minority.

Deputy Foreign Minister Faisal Makdad flew to Moscow to discuss the details of the talks with Brahimi, said a Syrian security source, who would not say if a deal was in the works.

However, a Lebanese official close to Damascus said Makdad had been sent to seek Russian advice on a possible agreement.

He said Syrian officials were upbeat after talks with Brahimi, the U.N.-Arab League envoy, who met Foreign Minister Walid Moualem on Tuesday a day after his session with Assad, but who has not outlined his ideas in public.

"There is a new mood now and something good is happening," the official said, asking not to be named. He gave no details.

Russia, which has given Assad diplomatic and military aid to help him weather the 21-month-old uprising, has said it is not protecting him, but has fiercely criticized any foreign backing for rebels and, with China, has blocked U.N. Security Council action on Syria.

"ASSAD CANNOT STAY"

A Russian Foreign Ministry source said Makdad and an aide would meet Foreign Minister Sergei Lavrov and Mikhail Bogdanov, the Kremlin's special envoy for Middle East affairs, on Thursday, but did not disclose the nature of the talks.

On Saturday, Lavrov said Syria's civil war had reached a stalemate, saying international efforts to get Assad to quit would fail. Bogdanov had earlier acknowledged that Syrian rebels were gaining ground and might win.

Given the scale of the bloodshed and destruction, Assad's opponents insist the Syrian president must go.

Moaz Alkhatib, head of the internationally-recognized Syrian National Coalition opposition, has criticized any notion of a transitional government in which Assad would stay on as a figurehead president stripped of real powers.

Comments on Alkhatib's Facebook page on Monday suggested that the opposition believed this was one of Brahimi's ideas.

"The government and its president cannot stay in power, with or without their powers," Alkhatib wrote, saying his Coalition had told Brahimi it rejected any such solution.

While Brahimi was working to bridge the vast gaps between Assad and his foes, fighting raged across the country and a senior Syrian military officer defected to the rebels.

Syrian army shelling killed about 20 people, at least eight of them children, in the northern province of Raqqa, a video posted by opposition campaigners showed.

The video, published by the Syrian Observatory for Human Rights, showed rows of blood-stained bodies laid out on blankets. The sound of crying relatives could be heard in the background.

The shelling hit the province's al-Qahtania village, but it was unclear when the attack had occurred.

STRATEGIC BASE

Rebels relaunched their assault on the Wadi Deif military base in the northwestern province of Idlib, in a battle for a major army compound and fuel storage and distribution point.

Activist Ahmed Kaddour said rebels were firing mortars and had attacked the base with a vehicle rigged with explosives.

The British-based Observatory, which uses a network of contacts in Syria to monitor the conflict, said a rebel commander was among several people killed in Wednesday's fighting, which it said was among the heaviest for months.

The military used artillery and air strikes to try to hold back rebels assaulting Wadi Deif and the town of Morek in Hama province further south. In one air raid, several rockets fell near a field hospital in the town of Saraqeb, in Idlib province, wounding several people, the Observatory said.

As violence has intensified in recent weeks, daily death tolls have climbed. The Observatory reported at least 190 had been killed across the country on Tuesday alone.

The head of Syria's military police changed sides and declared allegiance to the anti-Assad revolt.

"I am General Abdelaziz Jassim al-Shalal, head of the military police. I have defected because of the deviation of the army from its primary duty of protecting the country and its transformation into gangs of killing and destruction," the officer said in a video published on YouTube.

A Syrian security source confirmed the defection, but said Shalal was near retirement and had only defected to "play hero".

Syrian Interior Minister Mohammed Ibrahim al-Shaar left Lebanon for Damascus after being treated in Beirut for wounds sustained in a rebel bomb attack this month.

(Additional reporting by Laila Bassam; Writing by Alistair Lyon; Editing by Andrew Osborn)

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Netflix blames Amazon for Christmas Eve outage

NEW YORK (Reuters) – An outage at one of Amazon‘s web service centers hit users of Netflix Inc‘s streaming video service on Christmas Eve and was not fully resolved until Christmas Day, a spokesman for the movie rental company said on Tuesday.

The outage impacted Netflix subscribers across Canada, Latin America and the United States, and affected various devices that enable users to stream movies and television shows from home, Netflix spokesman Joris Evers said. Such devices range from gaming consoles like the Nintendo Wii and PlayStation 3 to Blu-ray DVD players.

Netflix, which is based in Los Gatos, California, has 30 million streaming subscribers worldwide, of which more than 27 million are in the Americas region that was exposed to the outage and could have potentially been affected, Evers said.

Evers said the issue was the result of an outage at an Amazon Web Services‘ cloud computing center in Virginia and started at about 12:30 p.m. PST (2030 GMT) on Monday and was fully restored before 8:00 a.m. PST Tuesday morning, although streaming was available for most users by 11:00 p.m. PST on Monday.

The event marks the latest in a series of outages from Amazon Web Services, with one occurring in April of last year that knocked out such sites as Reddit and Foursquare.

“We are investigating exactly what happened and how it could have been prevented,” Evers of Netflix said.

“We are happy that people opening gifts of Netflix or Netflix capable devices can watch TV shows and movies and apologize for any inconvenience caused last night,” he added.

Officials at Amazon Web Services were not available for comment. Evers, the Netflix spokesman, declined to comment on the company’s contracts with Amazon.

(Reporting by Sam Forgione; Editing by Leslie Gevirtz and Matt Driskill)

Internet News Headlines – Yahoo! News

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Jessica Simpson Stopping Weight Watchers Diet While Pregnant

By Maggie Coughlan

12/26/2012 at 02:30 PM EST

Following Jessica Simpson's Christmas day confirmation of her pregnancy, Weight Watchers has extended their congratulations to the spokeswoman.

"What an amazing year you've had!" the organization Tweeted following the Fashion Star judge's announcement on Tuesday.

Simpson – who lost more than 50 lbs. with Weight Watchers – "will not be following the program during the pregnancy while her weight and well-being are monitored by her obstetrician, as is recommended for any woman during pregnancy," Weight Watchers says in a statement.

The statement adds: "After she gives birth, Jessica and her doctor will decide when she may resume following the Weight Watchers program."

The organization also released a new television advertisement on Wednesday with Simpson sharing the news of her second pregnancy with viewers.

In the spot, the 32-year-old, who gave birth to daughter Maxwell seven months ago, reveals her new body.

"This year is all about new beginnings for me. I lost over 50 pounds on Weight Watchers and did not have to be perfect to do it. Being healthy has become a part of who I am, which is great timing because I'm having another baby," she says. "I feel like I'm on top of the world!"

In a statement released Wednesday, Weight Watchers' Senior Vice President of Marketing Cheryl Callan praised Simpson's efforts.

"We've seen first-hand that Jessica has a refreshed outlook on food, activity and the importance of developing healthy habits, which we hope will guide her through this next pregnancy and beyond," she said. "She has come a long way and we know her story and success will continue to inspire others."

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Predicting who's at risk for violence isn't easy

CHICAGO (AP) — It happened after Columbine, Virginia Tech, Aurora, Colo., and now Sandy Hook: People figure there surely were signs of impending violence. But experts say predicting who will be the next mass shooter is virtually impossible — partly because as commonplace as these calamities seem, they are relatively rare crimes.

Still, a combination of risk factors in troubled kids or adults including drug use and easy access to guns can increase the likelihood of violence, experts say.

But warning signs "only become crystal clear in the aftermath, said James Alan Fox, a Northeastern University criminology professor who has studied and written about mass killings.

"They're yellow flags. They only become red flags once the blood is spilled," he said.

Whether 20-year-old Adam Lanza, who used his mother's guns to kill her and then 20 children and six adults at their Connecticut school, made any hints about his plans isn't publicly known.

Fox said that sometimes, in the days, weeks or months preceding their crimes, mass murderers voice threats, or hints, either verbally or in writing, things like "'don't come to school tomorrow,'" or "'they're going to be sorry for mistreating me.'" Some prepare by target practicing, and plan their clothing "as well as their arsenal." (Police said Lanza went to shooting ranges with his mother in the past but not in the last six months.)

Although words might indicate a grudge, they don't necessarily mean violence will follow. And, of course, most who threaten never act, Fox said.

Even so, experts say threats of violence from troubled teens and young adults should be taken seriously and parents should attempt to get them a mental health evaluation and treatment if needed.

"In general, the police are unlikely to be able to do anything unless and until a crime has been committed," said Dr. Paul Appelbaum, a Columbia University professor of psychiatry, medicine and law. "Calling the police to confront a troubled teen has often led to tragedy."

The American Academy of Child & Adolescent Psychiatry says violent behavior should not be dismissed as "just a phase they're going through."

In a guidelines for families, the academy lists several risk factors for violence, including:

—Previous violent or aggressive behavior

—Being a victim of physical or sexual abuse

—Guns in the home

—Use of drugs or alcohol

—Brain damage from a head injury

Those with several of these risk factors should be evaluated by a mental health expert if they also show certain behaviors, including intense anger, frequent temper outbursts, extreme irritability or impulsiveness, the academy says. They may be more likely than others to become violent, although that doesn't mean they're at risk for the kind of violence that happened in Newtown, Conn.

Lanza, the Connecticut shooter, was socially withdrawn and awkward, and has been said to have had Asperger's disorder, a mild form of autism that has no clear connection with violence.

Autism experts and advocacy groups have complained that Asperger's is being unfairly blamed for the shootings, and say people with the disorder are much more likely to be victims of bullying and violence by others.

According to a research review published this year in Annals of General Psychiatry, most people with Asperger's who commit violent crimes have serious, often undiagnosed mental problems. That includes bipolar disorder, depression and personality disorders. It's not publicly known if Lanza had any of these, which in severe cases can include delusions and other psychotic symptoms.

Young adulthood is when psychotic illnesses typically emerge, and Appelbaum said there are several signs that a troubled teen or young adult might be heading in that direction: isolating themselves from friends and peers, spending long periods alone in their rooms, plummeting grades if they're still in school and expressing disturbing thoughts or fears that others are trying to hurt them.

Appelbaum said the most agonizing calls he gets are from parents whose children are descending into severe mental illness but who deny they are sick and refuse to go for treatment.

And in the case of adults, forcing them into treatment is difficult and dependent on laws that vary by state.

All states have laws that allow some form of court-ordered treatment, typically in a hospital for people considered a danger to themselves or others. Connecticut is among a handful with no option for court-ordered treatment in a less restrictive community setting, said Kristina Ragosta, an attorney with the Treatment Advocacy Center, a national group that advocates better access to mental health treatment.

Lanza's medical records haven't been publicly disclosed and authorities haven't said if it is known what type of treatment his family may have sought for him. Lanza killed himself at the school.

Jennifer Hoff of Mission Viejo, Calif. has a 19-year-old bipolar son who has had hallucinations, delusions and violent behavior for years. When he was younger and threatened to harm himself, she'd call 911 and leave the door unlocked for paramedics, who'd take him to a hospital for inpatient mental care.

Now that he's an adult, she said he has refused medication, left home, and authorities have indicated he can't be forced into treatment unless he harms himself — or commits a violent crime and is imprisoned. Hoff thinks prison is where he's headed — he's in jail, charged in an unarmed bank robbery.

___

Online:

American Academy of Child & Adolescent Psychiatry: http://www.aacap.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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Retailers lead Wall Street lower, "cliff" still a concern

NEW YORK (Reuters) - Stocks fell on Wednesday, dragged lower by retail stocks after a report showed consumers were less enthusiastic about the holiday shopping season than last year.

Many investors said concerns about the "fiscal cliff" kept shoppers away from stores, suggesting markets may struggle to make any ground until next year.

Holiday-related sales rose 0.7 percent from October 28 through December 24, compared with a 2 percent increase last year, according to data from MasterCard Advisors SpendingPulse. The Morgan Stanley retail index <.mvr> skidded 1.8 percent while the SPDR S&P Retail Trust slipped 1.5 percent to 61.24.

"With the 'fiscal cliff' hanging over our heads, it was hard to convince people to shop, and now it's hard to convince investors that there's any reason to buy going into year-end," said Rick Fier, director of trading at Conifer Securities in New York.

President Barack Obama is due back in Washington early Thursday for a final effort to negotiate a deal with Congress to bridge a series of tax increases and government spending cuts set to begin next week, the so-called "fiscal cliff" many economists worry could push the economy into recession if it takes effect.

Coach Inc fell 6 percent to $54.08 as the biggest decliner on the S&P 500, followed by Ralph Lauren Corp , off 4 percent to $144.99. Online retailer Amazon.com fell 3.1 percent to $250.52. Gamestop Corp , Urban Outfitters and Abercrombie & Fitch were also among the S&P's biggest decliners.

The Dow Jones industrial average <.dji> was down 34.16 points, or 0.26 percent, at 13,104.92. The Standard & Poor's 500 Index <.spx> was down 6.57 points, or 0.46 percent, at 1,420.09. The Nasdaq Composite Index <.ixic> was down 18.82 points, or 0.62 percent, at 2,993.78.

Volume was light, with only 2.17 billion shares having traded at midday on the New York Stock Exchange, the Nasdaq and the NYSE MKT. Many senior traders were still on vacation during this holiday-shortened week and major European markets were closed for the day.

Still, Wednesday marked the third day of losses for the S&P 500 in its worst three-day decline since mid-November.

A Republican plan that failed to gain traction last week triggered the S&P 500's recent drop, highlighting the market's sensitivity to headlines centered on the budget talks.

During the last five trading days of the year and the first two of next year, it's possible for a "Santa rally" to occur. Since 1928, the S&P 500 has averaged a gain of 1.8 percent during that period and risen 79 percent of the time, according to data from PrinceRidge.

"While it's unlikely there could be a budget deal at any time, no one wants to get in front of that trade," said Conifer's Fier, who helps oversee about $12 billion in assets. "Investors can easily make up for any gains when there's more action in 2013."

The benchmark S&P 500 Index is up 12.8 percent for the year, and has recouped nearly all of the losses after the U.S. election, when the "fiscal cliff" concerns moved to the forefront. This is the best yearly gain for the S&P 500 since 2010.

Data showed U.S. single-family home prices rose in October, reinforcing the view that the domestic real estate market is improving, as the S&P/Case-Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis.

In the energy sector, China's Sinopec Group and ConocoPhillips will research potentially vast reserves of shale gas in southwestern China over the next two years, state news agency Xinhua reported. Conoco's stock fell 0.8 percent to $57.99.

An outage at one of Amazon.com Inc's web service centers hit users of Netflix Inc's streaming video service on Christmas Eve and was not fully resolved until Christmas Day, a spokesman for the movie rental company said on Tuesday. Netflix rose 0.8 percent to $90.97.

(Editing by Dan Grebler)

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Syria envoy seeks peace as clashes rage

BEIRUT (Reuters) - International envoy Lakhdar Brahimi pursued mediation efforts in Damascus on Tuesday, but there was no pause in the bloodletting as Syrian Christians marked a bleak Christmas Day with prayers for peace.

"We are here in a cave that symbolizes Syria right now," said a priest standing beside a nativity scene in a grotto.

"It is cold here but the door is open to all refugees," he told Syrian state TV. "Amid the hunger, cold and deprivation, we still have hope for peace and love for our country."

More than 44,000 Syrians have been killed since a revolt against President Bashar al-Assad erupted 21 months ago, igniting an increasingly sectarian conflict that broadly pits a Sunni Muslim majority against Assad's Alawite minority.

Christians, many of whom have been reluctant to join what they see as an Islamist-tinged insurgency, feel threatened.

Bishop John Kawak, speaking on state TV, said the Christmas holiday was "a symbol for the rebirth of the nation". He condemned "terrorism", the government's term for the rebellion.

Brahimi met some dissidents who are tolerated by Assad but rejected by the mainstream opposition and by rebels fighting to oust him, a day after he held talks with the Syrian president.

There was no word on any progress in the U.N.-Arab League' envoy's drive to end violence that has intensified in recent months as Assad uses airpower and artillery against rebel gains.

Raja Naser, secretary general of the National Coordination Body, said after meeting Brahimi that the envoy planned a week of meetings in Damascus and would stay until Sunday.

"There is still a lot of concern but there is also great hope that these meetings with other Syrian officials will result in some agreements or positive developments," he said.

But most opposition groups appear frustrated with Brahimi's quest for a deal on a transitional government. He has not clarified any role for Assad, whose foes say he must simply go, arguing that too much blood has been shed for any other outcome.

GULF PLEA

Gulf Arab leaders, who have long called for Assad's removal and some of whom have helped the rebels with guns and money, urged swift world action to halt the "massacres" and violations of international law in Syria.

The pro-opposition Syrian Observatory for Human Rights reported clashes and government shelling in hotspots across the country, including towns on the eastern outskirts of Damascus.

Abu Nidal, a spokesman for the Rebel Military Council in Damascus, said fighters had killed the head of a local security branch in the capital's suburb of Jaramana, home to a large Christian and Druze population.

In his Christmas message to the world on Tuesday, Pope Benedict encouraged Syrians not to lose hope for peace.

"May peace spring up for the people of Syria, deeply wounded and divided by a conflict which does not spare even the defenseless and reaps innocent victims," he said.

"I appeal for an end to the bloodshed, easier access for the relief of refugees and the displaced, and dialogue in the pursuit of a political solution to the conflict."

Hundreds of thousands of Syrians have fled abroad to escape the daily violence. Those who remain face severe shortages of food, fuel and other essentials as winter weather takes a grip.

Syrian activists offered a message of solidarity with Christians despite rising tensions in central Hama province, where rebels have demanded that Christian villages let them enter to force out the army and pro-Assad "shabbiha" militias.

"We say to the Christians, you are our brothers and our beloved, and your holiday is our holiday," said Abu Faisal, a Hama activist who posted a Christmas message on the Internet.

"The rebels are surrounding (the Christian town) Muhardeh to get rid of Assad's soldiers and shabbiha, but we have not forgotten your honorable stance when you took care of our refugees when the army entered Hama," he said.

"We will not accept that you are targeted by hatred, you are our brothers and our friends."

(Additional reporting by Philip Pullela in Vatican City and Asma Alsharif in Manama)

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