Dancing with the Stars: Meet the Season 16 ContestantsLisa Vanderpump, Kellie Pickler, Aly Raisman and more celebrities will hit the ballroom on March 18
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Updated: Tuesday Feb 26, 2013 | 10:00 AM EST
WASHINGTON (AP) — Federal health regulators say they have halted Amgen's studies of its thyroid drug Sensipar after the death of a 14-year-old patient in a company trial.
The Food and Drug Administration says it is gathering information about the death, but has shut down all studies of the drug in children.
Sensipar is approved for adults to treat over-activity of the parathyroid gland. Amgen Inc. had been studying the drug to see whether it works in children.
The FDA says in a statement it is unclear whether Amgen's drug had a role in the patient's death, but it is reminding doctors to prescribe it carefully.
The agency says doctors should monitor patients' calcium levels to make sure they don't fall to dangerous levels.
NEW YORK (Reuters) - Stocks climbed on Tuesday, rebounding from their worst decline since November after Federal Reserve Chairman Ben Bernanke defended the Fed's bond-buying stimulus before Congress.
Bernanke, in testimony before the Senate Banking Committee, strongly defended the Fed's bond-buying stimulus program and quieted rumblings that the central bank may pull back from its stimulative policy measures, which were sparked by the release of the Fed minutes last week.
Bernanke's testimony helped ease concerns about a stalemate in Italy after a general election failed to give any party a parliamentary majority, posing the threat of prolonged instability and financial crisis in Europe, and sending the S&P 500 to its worst decline since early November in the previous sessions.
Bernanke "certainly said everything the market needed to feel in order to get comfortable again," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
"The fear is we were going to see a rollover, and the first shot over the bow was what we saw out of Italy yesterday with the elections," Kenny said. "When it came to U.S. markets, we saw some of that bleeding stop because our focus shifted from the Italian political circus to Ben Bernanke."
Gains in homebuilders and other consumer stocks, following strong economic data, lifted the S&P 500 and a 5.6 percent jump in Home Depot
However, the central bank chairman also urged lawmakers to avoid sharp spending cuts set to go into effect on Friday, which he warned could combine with earlier tax increases to create a "significant headwind" for the economic recovery.
The Dow Jones industrial average <.dji> climbed 109.04 points, or 0.79 percent, to 13,893.21. The Standard & Poor's 500 Index <.spx> gained 8.96 points, or 0.60 percent, to 1,496.81. The Nasdaq Composite Index <.ixic> advanced 13.46 points, or 0.43 percent, to 3,129.71.
Despite the bounce, the S&P 500 also failed to move above 1,500, a closely watched level that was technical support until recently, but it could now become a hurdle.
The uncertainty caused by the Italian elections continues to weigh on stocks in Europe. The FTSEurofirst-300 index of top European shares <.fteu3> closed down 1.4 percent. The benchmark Italian index <.ftmib> tumbled 4.9 percent.
Home Depot
Macy's
Economic reports that showed strength in housing and consumer confidence also supported stocks. U.S. home prices rose more than expected in December, according to the S&P/Case-Shiller index. Consumer confidence rebounded in February, jumping more than expected, and new-home sales rose to their highest in 4-1/2 years.
(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)
ROME (Reuters) - Conflicting early forecasts of the result of Italy's election on Monday raised the specter of deadlock in parliament that could paralyze a new government and re-ignite the euro zone crisis.
Officials from both center and left warned that such gridlock could make Italy ungovernable and force new elections.
Opinion polls have long pointed to the center-left of Pier Luigi Bersani winning the lower house, but projections from RAI state television showed Silvio Berlusconi's center right in front in the Senate - which has equal lawmaking power - but unable to form a majority.
RAI showed the center-left well short of a majority in the Senate even in coalition with Monti, who was seen slumping to only 19 out of 315 elected Senators against a massive 65 for the anti-establishment 5-Star Movement of comedian Beppe Grillo.
Senate votes are counted before the lower house.
The latest projections ran counter to earlier telephone polls that showed the center left taking a strong lead in the Senate as well as the lower house.
Italian financial markets took fright after rising earlier on hopes for a stable and strong center-left led government, probably backed by outgoing technocrat premier Mario Monti.
Such government is seen by investors as the best guarantee of measures to combat a deep recession and stagnant growth in the euro zone's third largest economy, which is pivotal to stability in the currency union.
Berlusconi's declared aim is to win enough power in the Senate to paralyze a center-left administration.
The benchmark spread between Italian 10-year bonds and their German equivalent widened from below 260 basis points to above 280 and the Italian share index lost all its previous gains.
"These projections suggest that we are heading for an ungovernable situation", said Mario Secchi, a candidate for Monti's centrist movement.
Stefano Fassina, chief economic official for Bersani's center-left, said: "The scenario from the projections we have seen so far suggest there will be no stable government and we would need to return to the polls."
The earlier telephone polls on Sky and Rai television after voting ended at 3 p.m. (1400 GMT/9 a.m. ET) had shown the center left 5-6 points ahead of the center right in both Senate and lower house, with Grillo taking third place.
Adding to the confusion, official results from more than 50 percent of polling stations showed the center-left ahead with 32.7 percent against 29.5 for the center-right in the Senate race. The partial official count is often not representative because of the order in which votes are counted regionally.
Italy's electoral laws guarantee a strong majority in the lower house to the party or coalition that wins the biggest share of the national vote.
However the Senate, elected on a region-by-region basis, is more complicated and the result will turn on four key battleground regions. Projections from LA 7 showed Berlusconi winning in three of them: Lombardy, Sicily and Campania.
A Sky television projection showed him strongly ahead in the rich northern region Lombardy, which returns the largest number of Senators, with 38.8 percent against 27.6 for the center left.
BITTER CAMPAIGN
A bitter campaign, fought largely over economic issues, has made some investors fear a return of the kind of debt crisis that took the euro zone close to disaster and brought the technocrat Monti to office, replacing the scandal-plagued Berlusconi, in 2011.
Monti helped save Italy from a debt crisis when Rome's borrowing costs were spiraling out of control, but the polls and projections suggested few Italians now see him as the savior of the country, in its longest recession for 20 years.
A surge in protest votes for Grillo's 5-Star Movement had raised uncertainty about the chances of a stable government that could fend off the danger of a renewed euro zone crisis.
Grillo's movement rode a huge wave of voter anger about both the pain of Monti's austerity program and a string of political and corporate scandals. It had particular appeal for a frustrated younger generation shut out of full-time jobs.
"I'm sick of the scandals and the stealing," said Paolo Gentile, a 49-year-old Rome lawyer who voted for 5-Star.
"We need some young, new people in parliament, not the old parties that are totally discredited."
Bad weather, including heavy snow in some areas, was thought to have hampered the turnout in Italy's first post-war election to be held in winter. This could have favored the center left, whose voters tend to be more committed than those on the right, which has strong support among older people.
Berlusconi, a 76-year-old media tycoon, pledged sweeping tax cuts and accused Monti of being a puppet of German Chancellor Angela Merkel in a media blitz that halved the lead of the center left in opinion polls since the start of the year.
Whatever government emerges will inherit an economy that has been stagnant for much of the past two decades and problems ranging from record youth unemployment to a dysfunctional justice system and a bloated public sector.
(Additional reporting by Stefano Bernabei, Steve Scherer, Gavin Jones and Giuseppe Fonte in Rome and Lisa Jucca in Milan; Writing by Barry Moody; Editing by Robin Pomeroy and Philippa Fletcher)
By Tim Nudd
02/25/2013 at 02:55 PM EST
From left: Jennifer Hudson, Adele, Barbra Streisand, Shirley Bassey and Kristin Chenoweth
WireImage; Landov; AP; Getty; AP
But who really knocked it out of the park?
Jennifer Hudson's performance of "And I Am Telling You I'm Not Going" brought the audience to its feet, while Barbra Streisand delivered a wonderful tribute to Marvin Hamlisch with her rendition of "The Way We Were."
Then there were the Bond girls.
Dame Shirley Bassey wowed the crowd with the James Bond classic "Goldfinger." Then Adele sang "Skyfall," which earned her the Oscar for best song this year.
Closing out the evening was Kristin Chenoweth, who got the better of host Seth MacFarlane in a salute to the evening's losers.
Pour on the olive oil, preferably over fish and vegetables: One of the longest and most scientific tests of a Mediterranean diet suggests this style of eating can cut the chance of suffering heart-related problems, especially strokes, in older people at high risk of them.
The study lasted five years and involved about 7,500 people in Spain. Those who ate Mediterranean-style with lots of olive oil or nuts had a 30 percent lower risk of major cardiovascular problems compared to those who were told to follow a low-fat diet but who in reality, didn't cut fat very much. Mediterranean meant lots of fruit, fish, chicken, beans, tomato sauce, salads, and wine and little baked goods and pastries.
Mediterranean diets have long been touted as heart-healthy, but that's based on observational studies that can't prove the point. The new research is much stronger because people were assigned diets to follow for a long time and carefully monitored. Doctors even did lab tests to verify that the Mediterranean diet folks were consuming more olive oil or nuts as recommended.
Most of these people were taking medicines for high cholesterol and blood pressure, and researchers did not alter those proven treatments, said one study leader, Dr. Ramon Estruch of Hospital Clinic in Barcelona.
But as a first step to prevent heart problems, "we think diet is better than a drug" because it has few if any side effects, Estruch said. "Diet works."
Results were published online Monday by the New England Journal of Medicine and were discussed at a nutrition conference in Loma Linda, Calif.
People in the study were not given rigid menus or calorie goals because weight loss was not the aim. That could be why they found the "diets" easy to stick with — only about 7 percent dropped out within two years. There were twice as many dropouts in the low-fat group than among those eating Mediterranean-style.
Researchers also provided the nuts and olive oil, so it didn't cost participants anything to use these relatively pricey ingredients. The type of oil may have mattered — they used extra-virgin olive oil, which is minimally processed and richer than regular or light olive oil in the chemicals and nutrients that earlier studies have suggested are beneficial.
The study involved people ages 55 to 80, just over half of them women. All were free of heart disease at the start but were at high risk for it because of health problems — half had diabetes and most were overweight and had high cholesterol and blood pressure.
They were assigned to one of three groups: Two followed a Mediterranean diet supplemented with either extra-virgin olive oil (4 tablespoons a day) or with walnuts, hazelnuts and almonds (a fistful a day). The third group was urged to eat a low-fat diet heavy on bread, potatoes, pasta, rice, fruits, vegetables and fish and light on baked goods, nuts, oils and red meat.
Independent monitors stopped the study after nearly five years when they saw fewer problems in the two groups on Mediterranean diets.
Doctors tracked a composite of heart attacks, strokes or heart-related deaths. There were 96 of these in the Mediterranean-olive oil group, 83 in the Mediterranean-nut group and 109 in the low-fat group.
Looked at individually, stroke was the only problem where type of diet made a big difference. Diet had no effect on death rates overall.
The Mediterranean diet proved better even though its followers ate about 200 calories more per day than the low-fat group did. The study leaders now are analyzing how each of the diets affected weight gain or loss and body mass index.
The Spanish government's health research agency initiated and paid for the study, and foods were supplied by olive oil and nut producers in Spain and the California Walnut Commission. Many of the authors have extensive financial ties to food, wine and other industry groups but said the sponsors had no role in designing the study or analyzing and reporting its results.
Rachel Johnson, a University of Vermont professor who heads the American Heart Association's nutrition committee, said the study is very strong because of the lab tests to verify oil and nut consumption and because researchers tracked actual heart attacks, strokes and deaths — not just changes in risk factors such as high cholesterol.
"At the end of the day, what we care about is whether or not disease develops," she said. "It's an important study."
Rena Wing, a weight-loss expert at Brown University, noted that researchers provided the oil and nuts, and said "it's not clear if people could get the same results from self-designed Mediterranean diets" — or if Americans would stick to them more than Europeans who are used to such foods.
Dr. George Bray of the Pennington Biomedical Research Center in Baton Rouge, La., said he would give the study "a positive — even glowing — comment" and called it "the best and certainly one of the largest prospective dietary trials ever done."
"The data are sufficiently strong to convince me to move my dietary pattern closer to the Mediterranean Diet that they outline," he added.
Another independent expert also praised the study as evidence diet can lower heart risks.
"The risk reduction is close to that achieved with statins," cholesterol-lowering drugs, said Dr. Robert Eckel, a diet and heart disease expert at the University of Colorado.
"But this study was not carried out or intended to compare diet to statins or blood pressure medicines," he warned. "I don't think people should think now they can quit taking their medicines."
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Online:
Journal: http://www.nejm.org
___
Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP
NEW YORK (Reuters) - Stocks fell on Monday, reversing course from earlier gains as elections in Italy stoked concerns a divided parliament could disrupt the country's fiscal reforms and the euro zone's stability.
Early forecasts of the results were conflicting, as opinion polls indicated the center-left of Pier Luigi Bersani winning the lower house, but projections from RAI state television showed Silvio Berlusconi's center right in front in the Senate - which has equal lawmaking power - but unable to form a majority.
The resulting gridlock in parliament could force new elections and sent the euro currency lower against both the dollar and yen.
"Most likely we are looking at a second election, so it's delayed, but at the margin it is a negative," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
"The question is, what happens with Italy and that uncertainty is out there, that is really what you've seen in the sell-off here."
Earlier polls pointing to a center-left victory boosted stocks in Milan and other European markets, as well as helping to lift the S&P 500 to a session high of 1,525.84 on optimism Italy would continue to pay down its debt.
However, the benchmark S&P index remained near highs not seen in five years, as bets on a stronger U.S. economy have given equities support. The S&P 500's slight fall last week was the first weekly drop after a seven-week string of gains to start the year.
Banks and other financial stocks were among the worst performers on worries about the sector's exposure to Italy's massive debt. The KBW Bank Index <.bkx> fell 1.1 percent.
The Dow Jones industrial average <.dji> dropped 92.14 points, or 0.66 percent, to 13,908.43. The Standard & Poor's 500 Index <.spx> dropped 11.65 points, or 0.77 percent, to 1,503.95. The Nasdaq Composite Index <.ixic> dropped 12.65 points, or 0.40 percent, to 3,149.17.
Barnes & Noble Inc
The Nasdaq received support from Amgen Inc , up 4.9 percent at $91.03, after rival Affymax issued a voluntary recall of its only drug, an anemia treatment that competes with Amgen's top-selling red blood cell booster, Epogen. Affymax shares slumped 84.6 percent to $2.55.
The FTSEurofirst-300 index of top European shares <.fteu3> unofficially closed up 0.04 percent and Italy's main FTSE MIB <.ftmib> ended up 0.7 percent after earlier gaining near 4 percent.
U.S. equities will face a test with the looming debate over so-called sequestration, U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.
"Sitting out there is the one thousand pound gorilla - the sequester issue - and certainly nothing is happening there," Ghriskey said.
Lowe's Companies Inc
With 83 percent of the S&P 500 companies having reported results so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Editing by Kenneth Barry, Jan Paschal and Nick Zieminski)
Want to know what Bradley, Jennifer and Anne will be eating, drinking and seeing on Oscar night? We'll show you
Updated: Friday Feb 15, 2013 | 11:40 AM EST
By: Kate Hogan
WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.
The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.
Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.
"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."
Cobleigh helped conduct the key studies of the drug at the Chicago facility.
The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.
The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.
Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.
FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.
Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.
FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer
Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.
Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.
Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.
NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.
Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.
Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.
"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.
Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.
But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.
National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.
"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
OPTIONS BULLS TARGET GAINS
The spending cuts, if they go ahead, could hit the defense industry particularly hard.
Yet in the options market, bulls were targeting gains in Lockheed Martin Corp
Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.
"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.
The stock ended up 0.6 percent at $88.12 on Friday.
If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp
General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.
EYES ON GDP DATA, APPLE
The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.
U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.
Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.
Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.
On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.
(Additional reporting by Doris Frankel; Editing by Kenneth Barry)
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