Twins have simultaneous and free hip replacements

BENSALEM, Pa. (AP) — To make the high school cheerleading team 40 years ago, twins Deborah and Sandra Fanelli performed an acrobatic move called "the flying splits." The memory recently drew a rueful laugh from the once-active sisters, who in recent years have had trouble simply walking. Severe arthritis has nearly crippled Sandra, known as Sam, who uses a walker. Deb has relied on a cane. But on Friday, the 56-year-old twins, who have lived their entire lives together, were wheeled into side-by-side operating rooms at Rothman Orthopaedic Specialty Hospital in the Philadelphia suburb of Bensalem. Deb received a right hip replacement and Sam had surgery on both hips as part of Operation Walk USA, a program that offers free knee and hip replacements to uninsured patients like the Fanellis. "I'm just incredibly grateful and in awe of this procedure," Sam said, just hours after surgery as she took her first steps down a hospital corridor to visit her sister. Doctors, hospitals and implant manufacturers donate time and equipment for the procedures. A hip replacement would normally cost about $16,000, plus hospitalization, according to Rothman officials. The program started in the mid-1990s to serve patients in developing countries but has been offered in the U.S. for only the past two years. The Fanelli twins were among five patients at Rothman, and among 200 people nationwide, receiving free new joints on Friday. The sisters had become increasingly debilitated with arthritis after dancing and singing professionally for 20 years, including eight years at a casino in Atlantic City, N.J. They have been living in their childhood home in Clementon, N.J., with their spry and doting 81-year-old mother, Blanche, who has watched with alarm as her daughters' conditions have deteriorated. "Because I'm not a young person," Blanche said in an interview Thursday. "And I thought, 'Oh, my gosh, who's going to take care of them?'" Over the past few years, Sam has run a small gourmet cookie business out of the house and Deb has sold cosmetics. But their outings have been minimal, limited mainly to the grocery store and their parish church. "It's hard to even get up some days," Deb said. "The hip pain and the limitations have robbed us of our freedom and robbed us of our, just, mental joy, to get up and live." Sam's problems started about 10 years ago. One hip became so painful that their father paid for an experimental replacement procedure in 2003, but Sam saw little improvement. Deb's leg gave out a couple of years later and has gotten progressively worse. The twins have never had health insurance. Then earlier this year, a friend told them about Operation Walk USA. The family was overcome with joy when they found out both sisters qualified for free surgery. Dr. Bill Hozack, who gave Sam a new left hip and fixed the old replacement on her right hip, said the operations went well. "Assuming everything heals properly, no complications — which is usually the case — they should be able to go out and do everything they want to do and not have any problems with the hips," Hozack said. For now, the sisters must recover and begin re-learning to walk on their new joints. After a tearful reunion in Deb's hospital room Friday afternoon, they said they looked forward to this new phase in their lives. "I'm flabbergasted. I'm overwhelmed," Deb said. "The worst is behind us. We're going to be great." A day earlier, the twins had said one of their first goals is to participate this spring in a fundraising walk for ovarian cancer, in memory of a dear friend. "The first year we went to participate, we had to sit on the sidelines and just kind of watch everybody," Deb said. "So this year, we want to get out there and walk." "Definitely," added Sam. "I can't wait."

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Syrian rebels set sights on Damascus airport

BEIRUT (AP) — Syrian rebels fighting to topple President Bashar Assad set their sights Friday on the capital's international airport in a bid to cut off the regime's supplies, clashing with government troops nearby and again forcing the closure of the airport road. A fighter who is part of the push against Damascus International Airport declared it a legitimate target, claiming that the regime has stationed troops and elite forces there as well as military planes that transport ammunition. Losing control of the airport would be a major blow to the regime, which has recently lost two air bases near the capital. It was unclear just how close to the airport, a few kilometers (miles) south of the capital, the battles reached. Fighting has intensified in the past week in the southern districts of the Syrian capital and its suburbs. "The rebels have made major military gains, and have been fighting closer to the regime's nerve center, which is the airport, for days, systematically chipping away at the political and military power off the Assad regime," said Fawaz A. Gerges, head of the Middle East Center at the London School of Economics. The clashes around Damascus, a city of 1.7 million, have already forced the suspension of commercial flights over the past week, although airport officials insist the facility remains open and was functioning normally on Friday. Rebels said they were targeting the airport in an effort to cut military supplies to the government. "This would send a very strong political message to the regime. It will be a moral victory, to say the least," said the fighter, who gave only his first name, Nour, for security reasons. "The battle to cut off the regime supplies from the airport has started." Another rebel, speaking on condition of anonymity for the same reason, said the airport is now considered a "military zone." "We urge civilians to stay away," said the rebel, a member of the Damascus area military command involved in Friday's fighting. Iran and Russia are widely believed to be supplying the Assad regime with weapons through the airport. Tehran has not given details of its direct military aid to Assad's regime but has acknowledged that Revolutionary Guard envoys have been advisers in the past. Moscow has rejected Western sanctions against Assad's regime and said it would honor earlier signed weapons contracts with Syria for the delivery of anti-shipping and air defense missiles. The Kremlin insists that the Russian arms sales don't violate any international agreements. At talks in Belfast, Northern Ireland, U.S. Secretary of State Hillary Rodham Clinton said Friday that the United States and Russia are committed to trying again to get Assad's regime and the rebel opposition to talk about a political transition, setting aside a year and a half of U.S.-Russian disagreements that have paralyzed the international community. Clinton stressed, however, that the U.S. would insist once again that Assad's departure be a key part of that transition, a position not shared by the Russians. On Friday, Syrian government forces were firing rockets and mortars at suburbs south of Damascus amid heavy clashes with rebels, according to activists. Most of the fighting was taking place in the towns of Aqraba and Beit Saham near the airport. An airport official said the highway leading to the facility was closed Friday because of the fighting. The official said, however, that the airport was functioning as normal and that people were reaching it through side roads. The official declined to be identified because he was not authorized to give official statements. Meanwhile, video posted online by activists showed rebels with a helicopter they claim to have captured from the Syrian army in an air base outside of Damascus. "Your days are few, run away because we are coming to you, Bashar," one of the rebels is heard saying on the video that was posted Friday. The activist video appeared genuine and in line with Associated Press reporting. The fresh violence around the capital, including near the airport, comes amid growing international concerns about the use of chemical weapons in the civil war. Syria has not confirmed it has non-conventional weapons, and insists it would never use such arms against its own people. U.S. officials say intelligence suggests the government does have the weapons and has moved some of its stockpiles in recent days. U.N. Secretary-General Ban Ki-moon renewed a call for Syria not to use chemical weapons, saying Friday the move would amount to an "outrageous crime" against humanity. Speaking to reporters after visiting Syrian refugee camps in Jordan and Turkey, he also called for an end to the violence. "The slaughter in Syria must stop," Ban said. "The military path is a dead end. It only fills the streets with more blood."

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Egypt delays early voting on new constitution

CAIRO (AP) — Egypt postponed early voting on a contentious draft constitution, and aides to President Mohammed Morsi floated the possibility of canceling the whole referendum in the first signs Friday that the Islamic leader is finally yielding to days of protests and deadly street clashes. Tens of thousands marched on the presidential palace after pushing past barbed wire fences installed by the army and calling for Morsi to step down. Thousands also camped out in Tahrir Square, birthplace of the uprising that toppled Hosni Mubarak in 2011. A spokesman for Morsi's Muslim Brotherhood urged the group's supporters to practice "self-restraint" after hundreds gathered in front of a mosque near the presidential palace. He appealed for them not to march to the palace and to avoid confrontation. The announcement by the election committee head Ismail Hamdi to delay early voting on the charter came as a surprise, and it was difficult to predict whether it will lead to a breakthrough in the political crisis. The president's aides said the move would ease some pressure and would provide room for negotiations with the opposition. But Morsi's opponents have rejected talks, saying he must first cancel the referendum and meet other demands. Late Friday, an opposition umbrella group called for an open-ended sit-in in front of the presidential palace. The crisis began Nov. 22, when Morsi issued a decree that gave him absolute powers and immunity from judicial oversight. It deepened when he called for a Dec. 15 national referendum on the draft constitution hurriedly produced by the Islamist-led constituent assembly. The draft was infused with articles that liberals fear would pave the way for Islamizing Egypt. Legal Affairs Minister Mohammed Mahsoub said the administration was weighing several proposals — including calling off the referendum and returning it to the constituent assembly for changes. Another possibility was disbanding the constituent assembly and forming a new one, either by direct vote or an agreement among the political forces. "We have a big chance tomorrow," Mahsoub told the Qatari-based Al-Jazeera network, referring to what he said was a meeting between Morsi and political forces. "There are no deadlines or referendums outside the country. Tomorrow or day after, we might reach a good agreement." Vice President Mahmoud Mekki also told the broadcaster that he had contacted leading democracy advocate Mohamed ElBaradei to join Morsi in a dialogue. ElBaradei leads the newly formed National Salvation Front, a group of liberals and youths who opposed Morsi's decrees and led the protests in Cairo. In a televised speech, ElBaradei made clear the opposition's demands: cancellation of the declaration that Morsi used to give himself immunity from judicial oversight and postponement of the referendum. "The people are angry because they feel their rights have been raped," ElBaradei said on the ONTV network. "If he takes these decisions, he will be opening the door for dialogue. I hope he is listening." The opposition National Salvation Front rejected talks with Morsi, urging an ongoing sit-in at the palace and warned of assaults on the protesters and more violence. "We reject the fake dialogue which Morsi has called for. No talks after bloodshed and before holding those responsible accountable," the front said in a statement. Some protesters expressed optimism after they heard that the early voting for Egyptians abroad, which was due to begin Saturday, had been put off until Dec. 5. "This looks like the beginning of a retraction," said Dr. Mohsen Ibrahim, a 56-year-old demonstrator. "This means Morsi may postpone the referendum. It looks like the pressure is working out." But he warned that "if Morsi doesn't see the numbers of people protesting, then he will be repeating the same mistake of Mubarak." Since the Arab Spring uprising that toppled Mubarak, Egypt has been split between Islamists and mostly secular and liberal protesters. Each side depicts the conflict as an all-out fight for Egypt's future and identity. The opposition accuses Morsi and his Islamist allies of turning increasingly dictatorial to force their agenda on the country, monopolize power and turn Egypt to a religious state. The Muslim Brotherhood and other Islamists say the opposition is trying to use the streets to overturn their victories in elections over the past year and stifle popular demands to implement Islamic Shariah law. The tone was one of a battle cry as thousands of Islamists held funeral prayers at Al-Azhar Mosque — the country's premier Islamic institution — for Morsi supporters killed in Wednesday's clashes. A series of speakers portrayed the opposition as tools of the Mubarak regime, or as decadent and un-Islamic. "Egypt is Islamic, it will not be secular, it will not be liberal," the crowd chanted in a funeral procession filling streets around the mosque. During the funeral, thousands chanted, "With blood and soul, we redeem Islam," pumping their fists. Mourners yelled that opposition leaders were "murderers." One hard-line cleric denounced anti-Morsi protesters as "traitors." Another said Egypt would not be allowed to become "a den of hash smokers." "We march on this path in sacrifice for the nation and our martyrs," a leading Brotherhood figure, Mohammed el-Beltagy, told the crowd. "We will keep going even if we all become martyrs. We will avenge them or die like them. "Bread! Freedom! Islamic law!" the crowd chanted, twisting the revolutionary slogan of "Bread! Freedom! Social justice!" used against Mubarak. At the same time, the anti-Morsi demonstrators streamed in from different parts of Cairo to the presidential palace in an upscale neighborhood for a fourth straight day. Many were furious over the president's speech Thursday night in which he accused "hired thugs" of attacking protesters. Most witnesses said Wednesday's clashes began with supporters of the president attacking a tent camp set up by the anti-Morsi crowd. Video clips emerged showing badly bruised faces of female activists and a man putting his hand over the mouth of one of them, prominent activist Shahanda Mekalad, to try to silence her as she chanted, "We are the Egyptian people." Other protesters were shown stripped naked and beaten up by Morsi supporters. The violence has fed into the mistrust between the two sides. Pressure on Morsi also came from his inner circle after he was hit by a string of resignations by some top aides protesting the violence. Criticism is also growing from journalists, including those working for state-run news organizations, over what they say are attempts by Islamists to control the media. Judges are on strike for two weeks and said they are not going to oversee the vote as stipulated by law, something that would erode the credibility of the process. Salafis rallied Friday in front of Egypt's Media City south of Cairo, protesting coverage by privately owned networks. Led by lawyer-turned-cleric Hazem Salah Abu-Ismail, with his trademark long, gray beard, the Salafis raised black flags and signs reading "hypocritical media," and brought bedspreads for a prolonged sit-in. Anti-riot police were deployed. Violence also was reported in cities across Egypt either between members of the Muslim Brotherhood and police on one side and anti-Morsi protesters on the other side in the Mediterranean coastal city of Alexandria and Nile Delta city of Zagazig. The sides pelted each other with stones outside the headquarters of the Brotherhood office in Nile Delta city of Kom Hamada, in the province of Beheira. In the Delta industrial city of Mahallah, protesters stopped trains and announced a sit in until the cancellation of Morsi's decrees and the referendum. In the southern city of Assiut, hundreds of protesters chanted, "No Brotherhood, no Salafis, Egypt is a civic state." Mohammed Abdel Ellah, one of the protests' coordinators, said the secular groups are organizing street campaigns to get the public to vote "no" if a referendum is held. But Muslim preachers in Assiut mosques called on worshippers to support Morsi. One cleric in the nearby village of Qussiya denounced the opposition as "those with wicked hearts" and "enemies of God's rule." "The enemies of the president are enemies of God, Shariah and legitimacy" another preacher said, adding that it is prohibited to protest against the ruler.

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Egyptian opposition to shun Mursi's national dialogue

CAIRO (Reuters) - Prime Minister Mohamed Mursi was expected to press ahead on Saturday with talks on ways to end Egypt's worst crisis since he took office even though the country's main opposition leaders have vowed to stay away. Cairo and other cities have been rocked by violent protests since November 22, when Mursi promulgated a decree awarding himself sweeping powers that put him above the law. The upheaval in the most populous Arab nation, following the fall of Hosni Mubarak last year, worries the West, in particular the United States, which has given it billions of dollars in military and other aid since Egypt made peace with Israel in 1979. Mursi's deputy raised the possibility that a referendum set for December 15 on a new constitution opposed by liberals might be delayed. But the concession only goes part-way towards meeting the demands of the opposition, who also want Mursi to scrap the decree awarding himself wide powers. On Friday, large crowds of protesters surged around the presidential palace, breaking through barbed wire barricades and climbing on tanks guarding the seat of Egypt's first freely elected president, who took office in June. As the night wore on, tens of thousands of opposition supporters were still at the palace, waving flags and urging Mursi to "Leave, leave". "AS LONG AS IT TAKES" "We will stay here for as long as it takes and will continue to organize protests elsewhere until President Mursi cancels his constitutional decree and postpones the referendum," said Ahmed Essam, 28, a computer engineer and a member of the liberal Dostour party. Vice President Mahmoud Mekky issued a statement saying the president was prepared to postpone the referendum if that could be done without legal challenge. Mursi's planned dialogue meeting was expected to go ahead on Saturday in the absence of most opposition factions. "Everything will be on the table," a presidential source said. Mursi could be joined by some senior judiciary figures and politicians such as Ayman Nour, one of the candidates in Mubarak's only multi-candidate presidential race, in 2005, in which he was unsurprisingly trounced. The opposition has demanded that Mursi rescind the decree giving himself wide powers and delay the vote set for December 15 on a constitution drafted by an Islamist-led assembly which they say fails to meet the aspirations of all Egyptians. EXPAT VOTE DELAYED The state news agency reported that the election committee had postponed the start of voting for Egyptians abroad until Wednesday, instead of Saturday as planned. It did not say whether this would affect the timing of voting within Egypt. Ahmed Said, leader of the liberal Free Egyptians Party, told Reuters that delaying expatriate voting was intended to seem like a concession but would not change the opposition's stance. The opposition organized marches converging on the palace which Republican Guard units had ringed with tanks and barbed wire on Thursday after violence between supporters and opponents of Mursi killed seven people and wounded 350. Islamists, who had obeyed a military order for demonstrators to leave the palace environs, held funerals on Friday at Cairo's al-Azhar mosque for six Mursi partisans who were among the dead. "With our blood and souls, we sacrifice to Islam," they chanted. A group led by leftist opposition leader Hamdeen Sabahy has called for an open-ended protest at the palace. Some pro-Mursi demonstrators gathered in a mosque not far from the palace, but said they would not march towards the palace to avoid a repeat of the violence that took place on Wednesday night. In a speech late on Thursday, Mursi had refused to retract his decree or cancel the referendum on the constitution, but offered talks on the way forward after the referendum. The National Salvation Front, the main opposition coalition, said it would not join the dialogue. The Front's coordinator, Mohamed ElBaradei, a Nobel peace laureate, dismissed the offer as "arm-twisting and imposition of a fait accompli". ElBaradei said that if Mursi were to scrap the decree with which he awarded himself extra powers and postpone the referendum "he will unite the national forces". Murad Ali, spokesman for the Muslim Brotherhood's Freedom and Justice Party, said opposition reactions were sad: "What exit to this crisis do they have other than dialogue?" he asked.

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Venezuela's Chavez returns from Cuba after treatment

CARACAS (Reuters) - Venezuela's President Hugo Chavez made a theatrical return home on Friday after medical treatment in Cuba, walking and joking in a first public appearance for three weeks that quashed rumors he may have been at death's door. "So, where's the party?" an ebullient and robust-looking Chavez said after flying in before dawn to the surprise and delight of supporters. "I'm happy and enthused to be back again," he told beaming ministers after walking unaided down the steps from his plane at the international airport outside Caracas. The 58-year-old socialist leader has had three cancer operations in Cuba since mid-2011 and returned to Havana ten days ago to receive "hyperbaric oxygenation" - a treatment normally used to alleviate bone decay from radiation therapy. Speculation had been rife that he may have suffered a recurrence of the disease, and one local journalist had said he was confined to a wheelchair. Earlier this year, Chavez declared himself "completely cured" and went on to win re-election comfortably in October. Amid a barrage of rumors fed by the opposition, officials had maintained that his latest visit to Cuba was just a scheduled follow-up to the radiation therapy he underwent in the first half of 2012. Supporters celebrated the return of a man who has dominated the South American OPEC nation since he first won election in 1998. He wore a blue and white tracksuit and flew with relatives and aides including Vice President Nicolas Maduro. "YEEESSSS!!!!," tweeted Eva Golinger, an American-Venezuelan lawyer close to the Chavez government. "Chavez is back and has shown up all the rumor-mongers, necrophiliacs, gossips and ill-thinkers ... Welcome comandante." Chavez looked relatively well, moving with ease and chatting for 15 minutes on the runway, although he remains puffy-faced as he has been since the radiation treatment. QUESTIONS LINGER, BONDS FALL Chavez's return gives him a week to campaign for Venezuela's December 16 state elections, where his ruling Socialist Party is hoping to use the momentum of the presidential victory to win back some opposition-held governorships. The opposition, however, is hoping that discontent with grassroots issues like crime, power-cuts and cronyism will enable it to at least hold the seven states it controls out of Venezuela's 23. Speculation over Chavez's health is unlikely to end, given the scant details given by the government. Doctors say hyperbaric oxygenation is a treatment normally given in different sessions over several months, meaning he could return to Cuba again soon. They also say nobody can declare themselves cured of cancer until a couple of years have passed without recurrence. The president had dearly wanted to attend a Mercosur summit in Brazil on Friday, to celebrate Venezuela joining the regional trade bloc this year, so his absence from that maintained a question mark over just how well he is. News of Chavez's trip to Cuba had prompted a Venezuelan bond rally given Wall Street and Western investors' preference for a more business-friendly government in Caracas. But in early trading on Friday, following news of his return, Venezuela's global bonds fell 1.81 pct in price, according to returns tallied by the J.P. Morgan Emerging Markets Bond Index Plus (EMBI+). Bonds had risen 6.2 percent so far this month to Thursday. Opponents criticize Chavez for secrecy over his health and preferring Cuban doctors to Venezuelans. "His whole absence has been a black hole of misinformation," opposition legislator Tomas Guanipa told local media. "Any president should give account to his people, it is an obligation to give health details. When you are transparent and responsible, and recognize you are there to serve the people not boss them, the logical thing is to say what is going on." Chavez has chosen to be treated in Havana due to his friendship with Cuba's past and present leaders Fidel and Raul Castro, plus the discretion he is guaranteed thanks to the Communist government's strict controls on information. Cuba's Communist Party newspaper published photos showing Raul Castro bidding farewell to Chavez at Havana airport. Chavez said he had met Fidel Castro during his stay.

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Ahead of the Bell: Yum Brands

NEW YORK (AP) — Shares of Yum Brands shares skidded in premarket trading Friday after the fast-food operator offered disappointing sales and earnings forecasts and an analyst recommended that investors sell their shares. Shares lost more than 8 percent before the opening bell on Friday. Yum Brands Inc., which runs KFC, Pizza Hut and Taco Bell worldwide, said Thursday that its revenue at stores open at least a year should be up about 4 percent in the fourth quarter, compared with a 21 percent increase last year. In the key Chinese market, that sales metric is expected to fall 4 percent in the fourth-quarter and up about 6 percent for the full-year. Yum Brands backed its full-year adjusted earnings forecast of $3.24 per share, which represents year-over-year growth of 13 percent. But analysts polled by FactSet expect earnings of $3.28 per share. Jefferies analyst Andy Barish cut the stock to "Sell" based on its tempered outlook in China, where it has been heavily investing. He added that while Yum has consistently grown adjusted earnings by more than 10 percent each year, it's getting harder for the company to exceed Wall Street's expectations. That's even with better-than-expected results in the U.S. partially offsetting weakness overseas. Barish said that the company still has several ways to cut costs and hold up earnings, and could also support earnings per share growth through stock buybacks. But he says investors should stay on the sidelines because of concerns about the company's Chinese business and still believes its full-year forecast could be too high for next year considering the possible risks. Yum Brands shares dropped $6.11, or 8.2 percent, to $68.36 in premarket trading Friday after hitting a 52-week high of $74.75 in Thursday's trading.

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Teva Pharma 2013 forecast misses expectations

Teva Pharmaceutical Industries Ltd., the world's biggest maker of generic drugs, offered 2013 earnings and revenue guidance on Friday that was below analysts' expectations. The Israeli company said that it expects adjusted earnings of between $4.85 and $5.15 per share next year on revenue ranging between $19.5 billion and $20.5 billion. Adjusted earnings exclude the impact of things like acquisitions, restructuring and asset impairment charges. Analysts expect, on average, adjusted earnings of $5.62 per share on $20.76 billion in revenue, according to FactSet. Teva expects generic drugs to generate as much as $10.7 billion in revenue next year and for branded medicines to produce as much as $8 billion. The balance would be comprised of revenue from products sold without a prescription and from distributing products from other companies. Despite the below-consensus forecast, U.S.-traded shares of Teva rose 20 cents to $40.42 in midday trading Friday. Gabelli & Co. analyst Kevin Kedra said a conservative outlook was expected from a relatively new management team at Teva. Dr. Jeremy Levin succeeded Shlomo Yanai as CEO this year. Kedra said a new CEO doesn't want to raise expectations too high and then have credibility questions arise if the company misses the forecast.

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Sasol sees solid year earnings, production

JOHANNESBURG (Reuters) - South African petrochemicals group Sasol said its expectations for a strong year had been boosted by a good quarterly performance at its synthetic fuels unit. "We remain confident that, based on the production guidance and our macroeconomic assumptions, we will deliver solid operational performance and earnings for the (2012/13) financial year," chief financial officer Christine Ramon said on Monday. Currency and oil price volatility were likely to persist given the uncertain global economic outlook, she also said in a trading update. Output of synthetic fuels from July-September - its first quarter - rose 12 percent to 1.8 million tonnes. Sasol, the world's top maker of motor fuels from coal, kept its full-year production forecast at 7.2-7.4 million tonnes. The quarter was also boosted by a weaker rand, which helps exporters as it lifts profit when overseas earnings are brought home. The average Brent crude oil price, however, softened and chemical prices remained depressed, hitting Sasol's chemicals units, where demand remained soft, the company said. Sasol has been diversifying into chemicals, gas and clean-energy projects to benefit from low gas prices. Ramon said the company had reviewed its capital projects, including a plan to build gas-to-liquid (GTL) plants in North America. In the United States, Sasol will proceed with engineering studies for a 96,000 barrels-per-day GTL and chemicals facility, expected to cost $11-$14 billion and be completed by 2019. It will also do further studies on an integrated ethane cracker complex there, estimated to cost up to $7 billion and seen as being completed by 2017. Both estimates have gone up from previous estimates due to changes in design and higher costs. A GTL project in Canada will be put on hold. Sasol were down 1.6 percent to 368.84 rand by 1125 GMT. "We are still long-term positive on the stock, but the delay to the Canadian GTL is disappointing," Vestact analyst Sasha Naryshkine said. "People want to see smooth earnings but also headway in project execution." Sasol, which last year put on hold development of a coal-to-liquids plant in China, said it was still in talks about divesting its 50 percent stake in Iranian venture Arya Sasol Polymer Company. While there was uncertainty about fair value, headline earnings per share would not be hit, it said.

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Ahead of the Bell: FedEx

NEW YORK (AP) — The string may have run out in the air cargo market, Citibank said Monday, which cut its FedEx Corp. earnings estimates for this year and next. After several months of strong trends in air cargo and some optimistic demand comments from FedEx's larger rival UPS, recently released data from October "seems to indicate that the air freight market has lost momentum," Citi analyst Christian Wetherbee said. UPS is the world's largest package delivery company, but FedEx operates a larger air operation. He cut his earnings estimates for 2013 and 2014 by 5 percent, mostly due to weaker than expected volume growth and lower anticipated margins in its core Express business. FedEx's fiscal year runs from June to May. Wetherbee also cut his price target on the stock by 5 percent to $103. But the analyst maintained a "Buy" rating, FedEx's massive restructuring plan likely to drive growth in fiscal 2014 and beyond. Growth in its ground shipping business, which accounts for about 60 percent of its business, should also support earnings. Wetherbee believes a $103 price target will be on the low side if the global economy improves faster than expected. FedEx closed Friday at $89.53 and has traded as high as $97.19 in the past 12 months. FedEx operates a fleet of 663 aircraft at almost 400 airports worldwide.

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Conn's returns to a profit in its 3rd quarter

THE WOODLANDS, Texas (AP) — Conn's returned to a profit in its third quarter as the retailer booked fewer charges and sales of furniture and mattresses strengthened. The results topped Wall Street's view, and the company raised its fiscal 2013 forecast and gave a fiscal 2014 earnings outlook above analyst estimates, but shares fell slightly on separate news of a new stock offering. The company, which also sells home appliances, consumer electronics and other items, posted net income of $11.8 million, or 35 cents per share, for the three months ended Oct. 31. That compares with a net loss of $12.7 million, or 40 cents per share, a year ago. Analysts, on average, forecast earnings of 27 cents per share, according to FactSet. The recent quarter included about $1.4 million in charges related to extending and expanding its borrowing capabilities and moving its headquarters to The Woodlands, Texas. The prior-year period included about $19.2 million in charges. Revenue increased 11 percent to $206.4 million from $186.6 million. Wall Street expected $198.9 million. Furniture and mattress sales rose 31.7 percent in the quarter, while demand improved for home office equipment and appliances. Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 12.6 percent. This metric excludes results from stores recently opened or closed and provides a look at growth in ongoing locations. Conn's said that revenue for its credit segment increased 22.6 percent to $38.7 million. For the fiscal year ending in January, Conn's Inc. now anticipates adjusted earnings of $1.55 to $1.60 per share. Its prior outlook was for adjusted earnings in a range of $1.40 to $1.50 per share. The revised guidance assumes revenue at stores open at least a year will climb 13 percent to 16 percent. Analysts expect earnings of $1.52 per share, with estimates ranging from $1.45 to $1.60. The company foresees fiscal 2014 earnings of $2.05 to $2.15 per share, which assumes revenue at stores open at least a year will be flat to up 5 percent. Wall Street predicts earnings of $1.90 per share, with estimates ranging from $1.80 to $2.02. Conn's also said the president of its credit division, Rey de la Fuente, is leaving after 14 years with the company in order to pursue other opportunities. He will remain with Conn's through Jan. 31, to help with the completion of the transition process. Separately, the retailer said that it is selling about 1.4 million, and certain shareholders are selling about 3.6 million shares in a public offering that started Monday. Conn's said that it will give the underwriters a 30-day option to buy up to about 750,000 shares to cover any excess demand. Conn's stock slipped 17 cents, to $28.10 in morning trading on Monday.

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