Behind the Bidding War For a Gene Sequencing Firm

In June, Complete Genomics (GNOM), the struggling maker of the world’s most accurate gene-sequencing machine, put itself up for sale. Nothing happened initially. Analysts predicted the company would soon need to wind down operations.

Cut to December. A pair of genomics superpowers, China’s BGI and San Diego-based Illumina (ILMN), have suddenly made competing bids to buy Complete, and politicians and regulators want to weigh in on its future. The question is whether foreign ownership might create a national security threat to the U.S. “This budding research area has the opportunity to really advance the development of bioweapons,” says Michael Wessel, a member of the U.S.-China Economic and Security Review Commission, which reports to Congress. He’s concerned that Complete will “advance China’s capabilities in that area beyond what they already have.”

Founded in 2005, Complete has offices in a sedate office park across the street from Google (GOOG) in Mountain View, Calif. It makes a machine that can decode strands of DNA, but unlike most of its rivals offers a sequencing service instead of selling the machine to customers. In its most recent quarter, Complete posted revenue of $ 7.3 million and a net loss of $ 18 million.

Complete’s machines stand out for their ability to accurately sequence entire human genomes, instead of just portions of a person’s DNA. That’s much needed in clinical settings where physicians want to know for sure whether a patient has a particular illness. Complete also has been able to amass a large database of precise genomic information. Finding patterns among that data, comprising thousands of DNA sequences, could be useful in developing novel therapies.

The unique properties of Complete’s sequencers, which have been used for studies of cancer, aging, and disease traits, make them a good fit for BGI. Backed by loans from government-run banks, BGI has spent more than a decade creating a huge DNA database. Believed to be the world’s largest purchaser of sequencing machines, it’s been opening offices worldwide to offer services that complement its research. But BGI lacks the know-how to build its own sequencer, an area in which the U.S. remains far ahead of other countries.

In September, BGI offered $ 118 million to acquire Complete, and Complete’s board approved. Together the companies would have a database of 30,000 whole human genomes—about 10 times larger than that of their nearest competitor, says George Church, a professor of genetics at Harvard Medical School. With such a vast trove of data, BGI could gain a leg up in the race to create therapies and diagnostic tools using sequencing information. “I think this is a very big deal,” says Church, who advises dozens of companies in the industry including BGI, Illumina, and Complete.

The possibility of BGI and Complete uniting has not been lost on Illumina, the world’s biggest seller of sequencing machines, which counts BGI as a top customer. In November, Illumina offered a $ 123.5 million counterbid for Complete, which the company’s board rejected, saying regulators would not approve the deal because of Illumina’s market dominance. (Illumina claims its machines produce 90 percent of the world’s sequencing data.)

This in turn prompted Illumina Chief Executive Officer Jay Flatley to raise national security and privacy concerns about BGI’s bid in a letter to Complete’s board that the board later made public. An Illumina spokesperson declined to comment. In a statement, Complete CEO Cliff Reid said, “There’s no risk to U.S. national security raised by Complete Genomics merging with BGI.” Church and others have speculated that the real reason Illumina wants to keep BGI from acquiring sequencing machine technology is that it wants to avoid losing the company as a customer.

Both the Federal Trade Commission and the Committee on Foreign Investment in the U.S. (CFIUS), which weighs national security issues, are reviewing BGI’s bid and will make a recommendation that will likely determine if the deal goes through. Last year, Huawei Technologies, a Chinese maker of telecommunications equipment, abandoned its acquisition of hardware startup 3Leaf Systems, when CFIUS recommended rejecting the deal before it was reviewed by President Obama.

It’s hard to find a genomics expert who sees real national security concerns in a BGI-Complete deal. DNA sequencing machines are readily available, and Complete’s technology isn’t considered uniquely capable of some uniquely nefarious use. Several startups around the world are developing a new generation of sequencing machines that could soon make today’s obsolete. Church, though, says the Complete kerfuffle has provided U.S. regulators with “a good wake-up call” about the potential for this technology and the need for the U.S. to keep investing in its DNA sequencing lead. “Our politicians don’t follow technology as well as they should,” he says.

The bottom line: A BGI-Complete deal could lead to one entity owning 30,000 human genomes, 10 times more than its nearest competitor.

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Pakistan militants kill 41 in mass execution, attack on Shi’ites

PESHWAR, Pakistan (Reuters) – Pakistani militants, who have escalated attacks in recent weeks, killed at least 41 people in two separate incidents, officials said on Sunday, challenging assertions that military offensives have broken the back of hardline Islamist groups.

The United States has long pressured nuclear-armed ally Pakistan to crack down harder on both homegrown militants groups such as the Taliban and others which are based on its soil and attack Western forces in Afghanistan.

In the north, 21 men working for a government-backed paramilitary force were executed overnight after they were kidnapped last week, a provincial official said.

Twenty Shi’ite pilgrims died and 24 were wounded, meanwhile, when a car bomb targeted their bus convoy as it headed toward the Iranian border in the southwest, a doctor said.

New York-based Human Rights Watch has noted more than 320 Shias killed this year in Pakistan and said attacks were on the rise. It said the government’s failure to catch or prosecute attackers suggested it was “indifferent” to the killings.

Pakistan, seen as critical to U.S. efforts to stabilize the region before NATO forces withdraw from Afghanistan by the end of 2014, denies allegations that it supports militant groups like the Afghan Taliban and Haqqani network.

Afghan officials say Pakistan seems more genuine than ever about promoting peace in Afghanistan.

At home, it faces a variety of highly lethal militant groups that carry out suicide bombings, attack police and military facilities and launch sectarian attacks like the one on the bus in the southwest.

Witnesses said a blast targeted their three buses as they were overtaking a car about 60 km (35 miles) west of Quetta, capital of sparsely populated Baluchistan province.

“The bus next to us caught on fire immediately,” said pilgrim Hussein Ali, 60. “We tried to save our companions, but were driven back by the intensity of the heat.”

Twenty people had been killed and 24 wounded, said an official at Mastung district hospital.

CONCERN OVER EXTREMIST SUNNI GROUPS

International attention has focused on al Qaeda and the Pakistani Taliban.

But Pakistani intelligence officials say extremist Sunni groups, lead by Lashkar-e-Jhangvi (LeJ) are emerging as a major destabilizing force in a campaign designed to topple the government.

Their strategy now, the officials say, is to carry out attacks on Shi’ites to create the kind of sectarian tensions that pushed countries like Iraq to the brink of civil war.

As elections scheduled for next year approach, Pakistanis will be asking what sort of progress their leaders have made in the fight against militancy and a host of other issues, such as poverty, official corruption and chronic power cuts.

Pakistan’s Taliban have carried out a series of recent bold attacks, as military officials point to what they say is a power struggle in the group’s leadership revolving around whether it should ease attacks on the Pakistani state and join groups fighting U.S.-led forces in Afghanistan.

The Taliban denies a rift exists among its leaders.

In the attack in the northwest, officials said they had found the bodies of 21 men kidnapped from their checkpoints outside the provincial capital of Peshawar on Thursday. The men were executed one by one.

“They were tied up and blindfolded,” Naveed Anwar, a senior administration official, said by telephone.

“They were lined up and shot in the head,” said Habibullah Arif, another local official, also by telephone.

One man was shot and seriously wounded but survived, the officials said. He was in critical condition and being treated at a local hospital. Another had escaped before the shootings.

Taliban spokesman Ihsanullah Ihsan claimed responsibility for the attacks.

“We killed all the kidnapped men after a council of senior clerics gave a verdict for their execution. We didn’t make any demand for their release because we don’t spare any prisoners who are caught during fighting,” he said.

The powerful military has clawed back territory from the Taliban, but the kidnap and executions underline the insurgents’ ability to mount high-profile, deadly attacks in major cities.

This month, suicide bombers attacked Peshawar’s airport on December 15 and a bomb killed a senior Pashtun nationalist politician and eight other people at a rally on December 22.

(Additional reporting by Saud Mehsud in DERA ISMAIL KHAN and Gul Yousufzai in QUETTA; Writing by Katharine Houreld; Editing by Michael Georgy and Ron Popeski)

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Facebook’s SnapChat Intimidator Was Great for SnapChat’s Business

This probably isn’t the outcome Facebook was hoping for. After Facebook created Poke, its very obvious SnapChat intimidator, the rival app saw a big boost in numbers. 

RELATED: Facebook’s SnapChat-Style Sexting App Is Called Poke (Seriously)

The people over at Bloomberg Businessweek looked at the hard numbers and concluded (with charts!) that SnapChat saw a huge uptick in attention after Facebook created Poke. What we initially thought was a clone war was not meant to be. Facebook helped SnapChat rocket to the top of the app charts. SnapChat, to its credit, was ready for the challenge as soon as the gauntlet was laid down by Facebook. SnapChat’s CEO had an Apple-IBM inspired response to Poke’s existence: he told The Verge, “Welcome, Facebook. Seriously.”

RELATED: When SnapChat Videos Don’t Disappear

It was clear from the start that the big boys in blue were big fans of the independent creation: Mark Zuckerberg himself helped code the copycat. But just because the app was touched by the hand of Zuck doesn’t necessarily mean success is guaranteed. Poke’s greatest success so far is helping royally piss off Zuckerberg’s sister. Whether or not Poke, or SnapChat for that matter, is a long-term success remains to be seen. We need to watch the success theater play out before our eyes. 

RELATED: Facebook to Launch Its Own SnapChat as Social-Network Clone Wars Live on

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Praying Hitler in ex-Warsaw ghetto sparks emotion

WARSAW, Poland (AP) — A statue of Adolf Hitler praying on his knees is on display in the former Warsaw Ghetto, the place where so many Jews were killed or sent to their deaths by Hitler’s regime, and it is provoking mixed reactions.

The work, “HIM” by Italian artist Maurizio Cattelan, has drawn many visitors since it was installed last month. It is visible only from a distance, and the artist doesn’t make explicit what Hitler is praying for, but the broader point, organizers say, is to make people reflect on the nature of evil.

In any case, some are angered by the statue’s presence in such a sensitive site.

One Jewish advocacy group, the Simon Wiesenthal Center, this week called the statue’s placement “a senseless provocation which insults the memory of the Nazis’ Jewish victims.”

“As far as the Jews were concerned, Hitler’s only ‘prayer’ was that they be wiped off the face of the earth,” the group’s Israel director, Efraim Zuroff, said in a statement.

However, many others are praising the artwork, saying it has a strong emotional impact. And organizers defend putting it on display in the former ghetto.

Fabio Cavallucci, director of the Center for Contemporary Art, which oversaw the installation, said, “There is no intention from the side of the artist or the center to insult Jewish memory.”

“It’s an artwork that tries to speak about the situation of hidden evil everywhere,” he said.

The Warsaw ghetto was an area of the city which the Nazis sealed off after they invaded Poland. They forced Jews to live in cramped, inhuman conditions there as they awaited deportation to death camps. Many died from hunger or disease or were shot by the Germans before they could be transported to the camps.

The Hitler installation is just one object in a retrospective of Cattelan’s work titled “Amen,” a show that explores life, death, good and evil. The other works are on display at the center itself, which is housed in the Ujazdowski Castle.

The Hitler representation is visible from a hole in a wooden gate across town on Prozna Street. Viewers only see the back of the small figure praying in a courtyard. Because of its small size, it appears to be a harmless schoolboy.

“Every criminal was once a tender, innocent and defenseless child,” the center said in a commentary on the work.

Poland’s chief rabbi, Michael Schudrich, said he was consulted on the installation’s placement ahead of time and did not oppose it because he saw value in the artist’s attempt to try to raise moral questions by provoking viewers.

He said he was reassured by curators who told him there was no intention of rehabilitating Hitler but rather of showing that evil can present itself in the guise of a “sweet praying child.”

“I felt there could be educational value to it,” said Schudrich, who also wrote an introduction to the exhibition’s catalogue in which he says art can “force us to face the evil of the world.”

On Friday, a stream of people walked by to view the work, and many praised it.

“It had a big emotional impact on me. It’s provocative, but it’s not offensive,” said Zofia Jablonska, a 30-year-old lawyer. “Having him pray in the place where he would kill people — this was the best place to put it.”

Cattelan caused controversy in Warsaw in 2000 when another gallery showed his work “La Nona Ora” — or “The Ninth Hour” — which depicts the late Pope John Paul II being crushed by a meteorite. That offended many in Poland, which is both deeply Catholic and was John Paul’s homeland.

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Analysis: After “fiscal cliff” dive, more battles, new cliffs

WASHINGTON (Reuters) – Whether or not the “fiscal cliff” impasse is broken before the New Year’s Eve deadline, there will be no post-cliff peace in Washington.

With the political climate toxic in Congress as the cliff’s steep tax hikes and spending cuts approach, other partisan fights loom, all over the issue that has paralyzed the capital for the past two years: federal spending.

The first will come in late February when the Treasury Department runs out of borrowing authority and has to come to Congress to get the debt ceiling raised.

The next is likely in late March, when a temporary bill to fund the government runs out, confronting Congress with a deadline to act or face a government shutdown. The third will possibly be whenever the temporary bill replacing the temporary bill expires.

While Congress is supposed to pass annual spending bills before the start of each fiscal year, it has failed to complete that process since 1996, resorting to stopgap funding ever since.

Influential anti-tax activist Grover Norquist predicted in an interview with Reuters that conservatives would wage repeated battles with President Barack Obama to demand budget savings every time the government needs a temporary funding bill or more borrowing capacity.

The so-called “continuing resolutions” to which a divided Congress has increasingly resorted to keep the government operating, provide a “very powerful tool” to pry out spending cuts, said Norquist, president of Americans for Tax Reform.

Republican Senator Bob Corker of Tennessee said he will not be satisfied until there are substantial cuts to federal retirement and healthcare benefits known as entitlements, producing savings in the $ 4.5 trillion to $ 5 trillion range.

“Unfortunately for America,” said Corker, “the next line in the sand will be the debt ceiling.”

Most observers see the $ 16.4 trillion debt limit as the true fiscal cliff in the new year because if not increased, it would eventually lead to a default on U.S. Treasury debt, an event that could prove cataclysmic for financial markets.

The Treasury Department said on Wednesday it would start taking extraordinary measures by December 31 to extend its borrowing capacity for about two more months.

‘POISONOUS CLIMATE’

It was a deadlock over raising the debt ceiling in August 2011 that prompted a deficit reduction deal that led to a key fiscal cliff component, the $ 109 billion in automatic spending cuts on military and domestic programs.

If the fiscal cliff’s spending cuts or tax increases are left even partly unresolved on December 31, the political combat over them will carry over into the new Congress, possibly simultaneously with the debt ceiling debate.

“We would be pessimistic of a quick fix” if the deadline is missed, Sean West, head U.S. analyst at Eurasia Group, a political risk consultancy, said in a note to clients. “The political climate will be poisoned. The new Congress will need time to settle in.”

“We are concluding one of the most unsuccessful Congresses in history,” Democratic Representative John Dingell of Michigan declared in a statement on Saturday, “noteworthy not only for its failure to accomplish anything of importance, but also for the poisonous climate of the institution.”

Dingell, 86, is the longest serving member of the House, elected first in 1955.

Historically, bitter struggles in Congress like that over the fiscal cliff lead to further resentment and strife in a cycle of cumulative grudges that now spans nearly 30 years.

Many analysts and lobbyists in Washington believe the strife could get even worse because the new Congress convening on January 3 will include fewer members from moderate or swing districts and more from districts tilted heavily to the left or the right.

Republicans in particular are likely to face their most serious re-election challenges in 2014 not from Democrats but from conservative Republicans challenging them in primary elections.

“Ironically,” said a post-election analysis published by the law firm Patton Boggs, “the voters have elected a 113th Congress that may be even more partisan than the 112th.”

(Reporting by David Lawder and Fred Barbash; Editing by Eric Beech)

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Starbucks expands cup campaign aimed at U.S. fiscal deal

(Reuters) – Starbucks Corp is expanding its campaign of using messages written on coffee cups to inspire U.S. lawmakers to reach a deal and avoid going over the “fiscal cliff” of automatic tax hikes and government spending cuts.

As President Barack Obama and congressional leaders were in a final effort to reach a budget agreement before year’s end, Starbucks this week began urging workers in its roughly 120 Washington, D.C.-area shops to write the words “come together” on customers’ cups.

A spokesman for the world’s largest coffee chain said the company would expand the effort to all U.S. stores, continuing through next week.

“Stores from across the country have been asking if they could join in and we have been saying absolutely yes,” Starbucks spokesman Jim Olson said in an email late Friday.

“Based on this unprecedented response, we are inviting all of our partners at U.S. stores to start signing their customers’ cups with Come Together through next Friday,” Olson said.

Starbucks’ cup campaign aims to send a message to sharply divided politicians and serve as a rallying cry for the public in the days leading up to the January 1 deadline to avert harsh across-the-board government spending reductions and tax increases that could send the U.S. economy back into recession.

“We believe the (Washington) DC effort caught on so swiftly because they Come Together message is such a simple and respectful gesture that expresses the optimism that is core to our country’s heritage and to Starbucks mission,” Olson said.

“This is an important moment for Starbucks to use its scale for good and give Come Together an even louder voice – as we move from signing tens of thousands of cups in DC to tens of millions of cups across the U.S. over the course of next week.”

(Reporting by Julie Ingwersen; Editing by Vicki Allen)

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Arab League chief says Palestinians to petition UN

RAMALLAH, West Bank (AP) — Arab League chief Nabil Elaraby says two decades of talks with Israel have been “a waste of time” and that Palestinians will soon take a new statehood bid to the U.N.

“We will return to the U.N. Security Council,” he said in Ramallah Saturday after meeting Palestinian officials. “Palestine will be cooperating with Arab and EU countries to change the equation (in the peace process) that prevailed over the past 20 years, which was a waste of time.”

The U.N. last month endorsed a de facto Palestinian state in the West Bank, east Jerusalem and Gaza, areas Israel won in a 1967 war.

Talks collapsed in 2008 after Palestinians demanded Israel stop building in areas they want for a future state. Israel insists settlements and other issues should be negotiated.

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It’s Easy to Save Videos From Facebook Poke Permanently

Apps like Snapchat and Facebook Poke let users send short messages, photos or videos that automatically self-destruct after a few seconds. However, it’s actually very easy for a recipient to save some of those messages permanently — and without the sender knowing.

Both apps will alert the sender if the recipient takes a screengrab of whatever was sent, of course, but by connecting your phone to a PC or Mac, the messages can be secretly offloaded without the sender knowing — a possibility first reported by BuzzFeed. For an iPhone, all you’ll need is a third-party file manager like iExplorer.

[More from Mashable: Facebook in 2013: More Growing Pains Ahead]

For Poke, only videos can be permanently stored in this manner, and only videos that you haven’t already viewed. But it’s very easy. Once you’ve installed your file manager, connect your iPhone and you should see a list of your apps. Select the Poke folder, then navigate to Library>Caches>FBStore>315_14_>MediaCache. There you should see every Poke video that you haven’t yet watched. (See screencap below.)

[More from Mashable: NYC Releases App to Tell You When the Next Subway Is Coming]

From there, all you need to do is drag and drop the files to any other folder on your computer to copy and store them. After that, you can open the file in Poke, let it self-destruct, and the sender will be none the wiser.

Although permanent storage only works for videos in Poke, performing similar steps for Snapchat will let you save both videos and photos.

While it’s a bit surprising that it’s so easy to save messages that are ostensibly deleted permanently, it may be a stretch to characterize this file caching as a “vulnerability” of the apps, which are generally intended for casual use. Facebook‘s official statement on the matter appears to take this stance:

“Poke is a fun and easy way to communicate with your friends and is not designed to be a secure messaging system. While Pokes disappear after they are read, there are still ways that people can potentially save them. For example, you could take a screenshot of a photo, in which case the sender is notified. People could also take a photo of a photo you sent them, or a video of a video, with another camera. Because of this, people should think about what they are sending and share responsibly.”

What do you think of the potential for someone to save a Facebook Poke or Snapchat message? Let us know in the comments.

Top image courtesy of iStockphoto, JimmyAnderson

Facebook Poke: Startup Screen

Poke, the new iPhone app from Facebook, lets you send short messages, photos and videos to friends that automatically self destruct after a few seconds. If you have the Facebook app on your phone already, logging in is effortless.

Click here to view this gallery.

This story originally published on Mashable here.

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India gang rape victim dies in Singapore hospital

SINGAPORE/NEW DELHI (Reuters) – An Indian woman whose gang rape in New Delhi triggered violent protests died of her injuries on Saturday in a Singapore hospital, bringing a security lockdown in Delhi and recognition from India‘s prime minister that social change is needed.

The Indian capital braced for a new wave of protests, closing metro stations and banning vehicles from the city centre district where young activists had converged to demand improved women’s rights. The news came in the early hours of the morning in India and there were no signs of protests as morning broke.

The 23-year-old medical student, severely beaten, raped and thrown out of a moving bus in New Delhi two weeks ago, had been flown to Singapore in a critical condition by the Indian government on Thursday for specialist treatment.

“We are very sad to report that the patient passed away peacefully at 4:45 a.m. on Dec 29, 2012 (2045 GMT Friday). Her family and officials from the High Commission (embassy) of India were by her side,” Mount Elizabeth Hospital Chief Executive Officer Kelvin Loh said in a statement.

Indian Prime Minister Manmohan Singh said in a statement he was deeply saddened by the death and described the emotions associated with her case as “perfectly understandable reactions from a young India and an India that genuinely desires change.

“It would be a true homage to her memory if we are able to channelize these emotions and energies into a constructive course of action.”

Delhi‘s Chief Minister, Sheila Dikshit, expressed revulsion.

“It is a shameful moment for me not just as a chief minister but also as a citizen of this country,” she said.

The woman, who has not been identified, and a male friend were returning home from the cinema by bus on the evening of December 16 when, media reports say, six men on the bus beat them with metal rods and repeatedly raped the woman. The reports say a rod was used in the rape, causing internal injuries. Both were thrown from the bus. The male friend survived the attack.

Singh’s government has been battling criticism that it was tone-deaf to the outcry that followed the attack and was heavy handed in its response to the protests in the Indian capital.

Most rapes and other sex crimes in India go unreported and offenders are rarely punished, women’s rights activists say. But the brutality of the December 16 assault sparked public outrage and calls for better policing and harsher punishment for rapists.

VEHICLES BARRED FROM DELHI CITY CENTRE

T.C.A. Raghavan, the Indian High Commissioner to Singapore, told reporters hours after the woman’s death that a chartered aircraft would fly her body back to India on Saturday, along with members of her family. The woman’s body had earlier been loaded into a van at the hospital and driven away.

In New Delhi, the Joint Commissioner of Traffic Police, Satyendra Garg, told NDTV news channel that residents and commuters were advised to avoid the city centre.

The case has received blanket coverage on cable television news channels. Some Indian media have called the woman “Amanat”, an Urdu word meaning “treasure”.

Talking to reporters earlier on Saturday, Raghavan declined to comment on Indian media reports accusing the government of sending her to Singapore to minimize the possible backlash in the event of her death.

Some Indian medical experts had questioned the decision to airlift the woman to Singapore, calling it a risky maneuver given the seriousness of her injuries. They had said she was already receiving the best possible care in India.

But Dr B.D. Athani, medical superintendent of the New Delhi hospital where she had initially been treated, told Indian television the intention was to give the victim the best chance of surviving in what he described as “an extreme case”.

“Her condition was very critical from day one. We had managed what best we could do at our end … she had to be shifted to a centre with much better facilities.”

On Friday, the Singapore hospital had said the woman’s condition had taken a turn for the worse. It said she had suffered “significant brain injury”. She had already undergone three abdominal operations before arriving in Singapore.

The suspects in the rape – five men aged between 20 and 40, and a juvenile – were arrested within hours of the attack and are in custody. Media reports say they are likely to be formally charged with murder next week.

Commentators and sociologists say the rape tapped into a deep well of frustration many Indians feel over what they see as weak governance and poor leadership on social and economic issues.

Many protesters have complained that Singh’s government has done little to curb the abuse of women in the country of 1.2 billion. A global poll by the Thomson Reuters Foundation in June found that India was the worst place to be a woman because of high rates of infanticide, child marriage and slavery.

New Delhi has the highest number of sex crimes among India’s major cities, with a rape reported on average every 18 hours, according to police figures. Government data show the number of reported rape cases in the country rose by nearly 17 percent between 2007 and 2011.

(Additional reporting by Ross Colvin and Devidutta Tripathy in New Delhi; Saeed Azhar, Edgar Su and Sanjeev Miglani in Singapore; Editing by Michael Roddy, Ron Popeski and Mark Bendeich)

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Wall Street ends sour week with fifth straight decline

NEW YORK (Reuters) – Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500‘s longest losing streak in three months as the federal government edged closer to the “fiscal cliff” with no solution in sight.

President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.

“I was stunned Obama didn’t have another plan, and that’s absolutely why we sold off,” said Mike Shea, managing partner at Direct Access Partners LLC in New York. “He’s going to force the House to come to him with something different. I think that’s a surprise. The entire market is disappointed in a lack of leadership in Washington.”

In a sign of investor anxiety, the CBOE Volatility Index <.vix>, known as the VIX, jumped 16.69 percent to 22.72, closing at its highest level since June. Wall Street‘s favorite fear barometer has risen for five straight weeks, surging more than 40 percent over that time.</.vix>

The Dow Jones industrial average <.dji> dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor’s 500 Index <.spx> lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index <.ixic> fell 25.59 points, or 0.86 percent, to end at 2,960.31.</.ixic></.spx></.dji>

For the week, the Dow fell 1.9 percent. The S&P 500 also lost 1.9 percent for the week, marking its worst weekly performance since mid-November. The Nasdaq finished the week down 2 percent. In contrast, the VIX jumped 22 percent for the week.

Pessimism continued after the market closed, with stock futures indicating even steeper losses. S&P 500 futures dropped 26.7 points, or 1.9 percent, eclipsing the decline seen in the regular session.

All 10 S&P 500 sectors fell during Friday’s regular trading, with most posting declines of 1 percent, but energy and material shares were among the weakest of the day, with both groups closely tied to the pace of growth.

An S&P energy sector index <.gspe> slid 1.8 percent, with Exxon Mobil down 2 percent at $ 85.10, and Chevron Corp off 1.9 percent at $ 106.45. The S&P material sector index <.gspm> fell 1.3 percent, with U.S. Steel Corp down 2.6 percent at $ 23.03.</.gspm></.gspe>

Decliners outnumbered advancers by a ratio of slightly more than 2 to 1 on the New York Stock Exchange, while on the Nasdaq, two stocks fell for every one that rose.

“We’ve been whipsawing around on low volume and rumors that come out on the cliff,” said Eric Green, senior portfolio manager at Penn Capital Management in Philadelphia, who helps oversee $ 7 billion in assets.

With time running short, lawmakers may opt to allow the higher taxes and across-the-board federal spending cuts to go into effect and attempt to pass a retroactive fix soon after the new year. Standard & Poor’s said an impasse on the cliff wouldn’t affect the sovereign credit rating of the United States.

“We’re not as concerned with January 1 as the market seems to be,” said Richard Weiss, senior money manager at American Century Investments, in Mountain View, California. “Things will be resolved, just maybe not on a good timetable, and any deal can easily be retroactive.”

Trading volume was light throughout the holiday-shortened week, with just 4.46 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Friday, below the daily average so far this year of about 6.48 billion shares. On Monday, the U.S. stock market closed early for Christmas Eve, and the market was shut on Tuesday for Christmas. Many senior traders were absent this week for the holidays.

Highlighting Wall Street’s sensitivity to developments in Washington, stocks tumbled more than 1 percent on Thursday after Senate Majority Leader Harry Reid warned that a deal was unlikely before the deadline. But late in the day, stocks nearly bounced back when the House said it would hold an unusual Sunday session to work on a fiscal solution.

Positive economic data failed to alter the market’s mood.

The National Association of Realtors said contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, while a report from the Institute for Supply Management-Chicago showed business activity in the U.S. Midwest expanded in December.

“Economic reports have been very favorable, and once Congress comes to a resolution, the market should resume an upward trend, based on the data,” said Weiss, who helps oversee about $ 125 billion in assets. “All else being equal, we see any further decline as a buying opportunity.”

Barnes & Noble Inc rose 4.3 percent to $ 14.97 after the top U.S. bookstore chain said British publisher Pearson Plc had agreed to make a strategic investment in its Nook Media subsidiary. But Barnes & Noble also said its Nook business will not meet its previous projection for fiscal year 2013.

Shares of magicJack VocalTec Ltd jumped 10.3 percent to $ 17.95 after the company gave a strong fourth-quarter outlook and named Gerald Vento president and chief executive, effective January 1.

The U.S.-listed shares of Canadian drugmaker Aeterna Zentaris Inc surged 13.8 percent to $ 2.47 after the company said it had reached an agreement with the U.S. Food and Drug Administration on a special protocol assessment by the FDA for a Phase 3 registration trial in endometrial cancer with AEZS-108 treatment.

(Reporting by Ryan Vlastelica; Editing by Jan Paschal)

Business News Headlines – Yahoo! News

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