Stocks Close With Little Change on a Slow Day

By THE ASSOCIATED PRESS August 27, 2014

The stock market drifted on Wednesday and closed with little change on a light day of trading ahead of the Labor Day holiday weekend.

KEEPING SCORE: The Standard & Poor's 500-stock index edged up 0.10 of a point to close at 2,000.12. The S.&P. closed above 2,000 on Tuesday for the first time. The Dow Jones industrial average gained 15.31 points, or 0.1 percent, to 17,122.01. The Nasdaq composite index slipped 1.02 points, to 4,569.62.

TAKING A BREATHER: One reason the market indexes were little changed on Wednesday may be that investors are catching their breath following the latest milestone for the S.&P. 500, said David Lebovitz, global market strategist at JPMorgan Chase. "We've achieved this nice, even round number and it's time for investors to take stock of the current situation before things continue to move higher," he said.

SECTOR VIEW: Five of the 10 sectors in the S.&P. 500 index rose slightly, led by utilities. Best Buy posted the biggest gain among companies in the S.&P. 500, adding $1.89, or 6.3 percent, to $31.69. Garmin declined most, falling $2.87, or 5 percent, to $54.59.

Interactive Feature | Standard & Poor's 500-Stock Index

ELEGANT RESULTS: Tiffany rose 98 cents, or 1 percent, to $101.75. The jewelry company's latest quarterly earnings exceeded Wall Street's forecasts.

EARNINGS BEAT: Express surged $1.95, or 12.8 percent, to $16.45 after the clothing retailer reported financial results that exceeded analysts' expectations.

PRESCRIPTION TO BUY: The medical device maker Medtronic bought NGC Medical S.p.A., a privately held Italian company, for $350 million. NGC manages cardiovascular suites, operating rooms and intensive care units for hospitals. Medtronic already held a 30 percent stake in the business. Medtronic slipped 16 cents to $63.36.

LACKLUSTER FORECAST: The Congressional Budget Office said Wednesday that it expected the nation's economy to grow by just 1.5 percent this year. The forecast reflects the severe winter weather that hurt growth in the first-quarter.

BONDS AND COMMODITIES: Bond prices rose, sending the yield on the 10-year Treasury note down to 2.36 percent, from 2.40 percent late Tuesday. Crude oil for October delivery rose 2 cents to setlle at $93.88 a barrel in New York. In metals trading, gold fell $1.80 to $1,283.40 an ounce.

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‘Poor Door’ 0pens a Fight 0ver Affordable Housing

Victoriano Oviedo at the side entrance for lower-income housing in the same complex as the Edge, a Brooklyn development. By MIREYA NAVARRO August 26, 2014

A 33-story glassy tower rising on Manhattan's waterfront will offer all the extras that a condo buyer paying up to $25 million would expect, like concierge service, entertainment rooms, and unobstructed views of the Hudson River and miles beyond.

The project will also cater to renters who make no more than about $50,000. They will not share the same perks, and they will also not share the same entrance.

The so-called poor door has brought an outcry, with numerous officials now demanding an end to the strategy. But the question of how to best incorporate affordable units into projects built for the rich has become more relevant than ever as Mayor Bill de Blasio seeks the construction of 80,000 new affordable units over the next 10 years.

The answer is not a simple one. As public housing becomes a crumbling relic of another era, American cities have grown more reliant on the private sector to build housing for the poor and working class. Developers say they can maximize their revenues, and thus build more affordable units, by separating them from their luxury counterparts.

A tower under construction at 40 Riverside Boulevard.

Even advocates of affordable housing are divided on the issue; some argue that developers who segregate apartments should not benefit from government incentives, while others say the focus should be on building more homes, rather than where to enter them.

"There are trade-offs," said Lisa Sturtevant, vice president for research at the National Housing Conference, an affordable housing advocacy group in Washington. "It's really important that there's no discrimination, but there's a balance between what we can do and should do."

Administration officials attribute the two-door setup to changes to the zoning code in 2009 that Mr. de Blasio voted for as a member of the City Council. He has said that the revisions, which allowed builders to put the affordable apartments in an attached segment of the building, were meant to increase housing units, and that "it was not evident at the time the nuances of where the doors would be."

Developers say the configuration of one building with an attached affordable segment works better when the market-rate units are for sale, as in the case of condos. If that is the choice, the developer is required to provide two separate entrances under the current rules of the program.

Mayor Bill de Blasio, who remains focused on reducing income inequality, is seeking the construction of 80,000 new affordable units over the next 10 years.

But Alicia Glen, the deputy mayor for housing and economic development, said that separate front doors were not in keeping with the administration's principles of equality, and that the city was working to change the rules to prohibit them.

"Walking into a building should not be any different based on income status," Ms. Glen said in an interview.

From the street, the luxury condominium tower in the middle of the debate, at 40 Riverside Boulevard, and its six-floor affordable segment seem to blend seamlessly and appear as one structure. But the lower-income renters, who will pay $850 a month for one-bedroom apartments and $1,100 for two bedrooms, according to the developer, will go through a door facing 62nd Street while the condo owners will come in through a door facing the Hudson.

New York and other cities use a variety of tax breaks, subsidies and additional incentives to encourage developers to build affordable housing. In the case of 40 Riverside, the developer, Extell Development Company, is using a program called inclusionary housing, which allows it to build more square feet than the zoning code would otherwise allow in exchange for a certain number of lower-rent apartments. Those additional square feet can be used at 40 Riverside, but Extell plans to transfer them to another project, which the law allows.

An artist rendering of the 62nd Street entrance to the six-floor affordable segment at 40 Riverside Boulevard. The 55 rental units in the attached segment will be available by lottery to low-income households making up to 60 percent of area median income.

The affordable units do not have to be in the same location, as long as they are within the same community district or, if in another district, no farther than half a mile away.

Gary Barnett, who is Extell's founder and president, said that having the affordable apartments incorporated into the condominium tower would have meant "giving away" the most valuable units.

"We wouldn't be able to do affordable," he said. "It wouldn't make any financial sense."

New York has always been an economically diverse city, with everyday people rubbing shoulders with millionaires and Bohemian artists on the streets. But the poor-doors image taps into the anxiety of many New Yorkers that the city is becoming livable only for the wealthy.

At the Edge Community Apartments, the affordable housing building that abuts the Edge, a glassy condo tower on the Brooklyn waterfront in Williamsburg, renters also have their own entrance, a few doors from that of the condos. Only one entrance offers a doorman, concierge and valet, but some renters said what they resented was not being able to use some of the condo tower's amenities.

"We can't even use the pool or the gym," said one renter, a 34-year-old bank employee who wanted to remain anonymous for fear of jeopardizing her one-bedroom rental. "I've asked and offered to pay. It's kind of messed up."

But she and other tenants said they considered themselves lucky to have landed an apartment in the area, where everyone, rich or poor, steps out to views of the East River and Manhattan skyline and the cool energy of Williamsburg.

"Living here is a privilege," said Victoriano Oviedo, 59, a retiree who has a studio subsidized with a federal rental voucher. "Over there you have powerful people. Over here you have low-income people. I'm fine with that."

Aside from square-footage bonuses, residential developments like the Edge and 40 Riverside can take advantage of affordable-housing tax breaks, which some advocates argue should not be available for projects that do not fully integrate affordable units.

"If you do choose to live in segregated developments, don't use my tax dollars to support that," said Moses Gates, director of planning and community development for the Association for Neighborhood and Housing Development.

But the repugnance is not universal. Among the roughly 500 cities with inclusionary zoning programs, housing supporters have been mostly focused on having the affordable units built close to the their market-rate counterparts so that low-income households share some of the benefits of wealthier neighborhoods, like good schools and public safety.

"It's so important to build as much affordable housing as possible, and you always have to compromise," said Carol Lamberg, co-chairwoman of the New York Housing Conference, an affordable housing coalition. "I just think the need is so great, you don't need a fancy lobby."

The controversy over separate entrances may pit Mr. de Blasio's social justice values against his need for private development, but the inclusionary program that caused it is voluntary and accounts for only a fraction of new affordable units that are built. Since 2005, city officials said, it has generated about 5,000 affordable units.

Administration officials are preparing to start a mandatory version of the program, to force developers of large buildings to take the deal if they want to build at all, with its own rules about how to incorporate affordable units. The administration is seeking to eliminate the use of separate entrances in both the mandatory and voluntary programs.

"Years ago, people would be upset and say 'that's politics,' but now people feel more empowered to change this," said Linda B. Rosenthal, a state assemblywoman whose district includes 40 Riverside Boulevard.

"It's such a visual separation," Assemblywoman Rosenthal said. "It gets at people when they see two separate doors. It's no longer theoretical. It looks and smells like discrimination."

Correction: August 26, 2014

An earlier version of this article gave an incorrect title for Moses Gates, who is with the Association for Neighborhood and Housing Development. He is the director of planning and community development, not the director of housing assistance.

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DealBook: Alibaba Profit and Mobile Revenue Soar Again as 1.P.0. Nears

Credit Mike Clarke/Agence France-Presse — Getty Images Related Links

With less than a month before its initial public offering, the Alibaba Group is intent on showing just how profitable — and focused on mobile — it really is.

The Chinese e-commerce behemoth disclosed on Wednesday that its profit nearly tripled in the quarter ended June 30, to $2 billion. That represented a staggering 80 percent profit margin, given its $2.5 billion in revenue.

With its latest performance figures, Alibaba is likely to continue to stoke interest in its hotly anticipated market debut. The stock sale is expected to be one of the biggest ever, raising perhaps $20 billion and capping the emergence of China's Internet industry as powerfully growing sector.

Alibaba is expected to unveil the expected price range of its I.P.O. as soon as Tuesday, according to people briefed on the matter. That will kick off a two-week roadshow for investors that begins in Asia and then reaching the United States the week of Sept. 8.

The company hopes to then price its offering and begin trading sometime the week of Sept. 15, though these people cautioned that its plans may still change.

In the meantime, however, Alibaba is hoping that its latest results will whet potential investors' appetite for growth. Its adjusted earnings before interest, taxes, depreciation and amortization, which excludes some noncash charges and onetime items, rose 41 percent, to $1.4 billion.

Those numbers are impressive, but Alibaba is perhaps more eager to promote its gains in building out its mobile offerings.

Nearly a third of Alibaba's gross merchandise volume, or the value of goods sold on Alibaba's marketplaces, comes from mobile, compared with just 12 percent a year ago. And the number of the market operator's mobile monthly active users rose 15 percent over the previous quarter, to 188 million.

In some ways, the shift represents a lesson learned from the last giant Internet I.P.O., that of Facebook. As the social networking colossus went public in the spring of 2012, analysts began to question whether the company was adequately preparing for the explosion in smartphones and tablets, while investors appeared lukewarm about the stock. After all, at the time of its market debut, the site had only begun to show sponsored posts in users' mobile news feeds.

Now mobile ad revenue represents 62 percent of its total sales as of the second quarter of this year.

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Markets Edge Lower in Early Trading

By THE ASSOCIATED PRESS August 27, 2014

Markets on Wall Street were slightly lower on Wednesday, a day after the Standard & Poor's 500-stock index first closed above 2,000 points.

KEEPING SCORE The Dow Jones industrial average fell 0.01 percent and the Standard & Poor's 500-stock index was down 0.04 percent. The Nasdaq composite index dropped 0.09 percent. In Europe, the DAX was up 0.1 percent in Germany and the CAC-40 in France rose 0.2 percent. The FTSE 100 in Britain edged 0.1 percent higher.

SPILLOVER The S.&P. 500's 0.1 percent gain to a record close of 2,000.02 on Tuesday, supported by strong American consumer confidence data, provided upward momentum for Asian markets ahead of the release of major economic data later this week. In Europe, stocks and bonds have been rising since last week on hopes of more central bank stimulus, but that rally lost steam by Wednesday.

FORWARD LOOK Investors remain cautious over the outlook for markets ahead of key indicators for the eurozone and China later this week. Lending figures are due for China, with analysts saying they could show another month of poor growth. "This bodes ill for third-quarter growth," said Dariusz Kowalczyk of Crédit Agricole in a research note. The eurozone will have inflation figures — another drop from the current record low could cement the case for the European Central Bank to provide more stimulus to the economy at its meeting next week.

Interactive Feature | Standard & Poor's 500-Stock Index

GLOWING RESULT Tiffany & Company rose 3 percent after the jewelry company reported earnings that were well ahead of what analysts were expecting.

ASIA'S DAY In Japan, the Nikkei 225 closed 0.1 percent higher at 15,534.82 after a choppy day of trading. The Hang Seng in Hong Kong fell 0.6 percent. South Korea's Kospi added 0.3 percent and in Australia, the S&P/ASX 200 rose 0.2 percent. Benchmark indexes in mainland China, India, Taiwan and Southeast Asia were higher.

CURRENCIES The dollar dropped to 103.90 yen from 104.10 yen late Tuesday. The euro rose to $1.3180 from $1.3169.

ENERGY Benchmark United States crude for October delivery was up 31 cents at $94.17 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 51 cents to close at $93.86 on Tuesday.

BONDS Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.

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Bits Blog: Zara Ditches T-Shirt That Looks Like Nazi Camp Uniform

LONDON — The Zara T-shirt is called the "Sheriff," but it looks more like the top of a Nazi concentration camp uniform. And that's a problem for many people, judging from the outcry on social media.

On Wednesday, after an uproar on Twitter, where many posts accused the clothes firm of anti-Semitism — or at least a large measure of insensitivity — Zara's Spanish parent company, Inditex, said it had stopped selling the shirt and apologized.

"The mentioned T-shirt is no longer on sale in our stores," the company said in a statement. "The design of the T-shirt was only inspired by the sheriff's stars from the Classic Western films, as the claim of the T-shirt says."

But others saw otherwise. "What were they thinking?'' asked the Israeli news site, Haaretz.

The shirt, meant for children, has a large six-pointed yellow star over dark horizontal stripes. It was strikingly similar to the appearance of uniforms that Jews were made to wear in concentration camps, which had vertical stripes.

It was not immediately clear how widely available the shirt was. It could be viewed on a Swedish version of the Zara website Wednesday morning, and Haaretz reported that shirts were available on the company's Israeli website as well.

On its Twitter feed, the company said, in a variety of languages, "we honestly apologize."

The controversy comes as anti-Semitism has been re-emerging across Europe in often violent protests over the latest conflict between Israel and Gaza. Even before the conflict, in May, four people were shot and killed at the Jewish Museum in Brussels.

One person wrote on Twitter of the Zara shirt: "Complete fashion fail."

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Nonprofit Hospitals’ 2013 Revenue Lowest Since Recession, Report Says

By REED ABELSON August 27, 2014

Nonprofit hospitals last year had their worst financial performance since the Great Recession, according to a report released on Wednesday.

The poor operating performance of many hospitals underscored some of the changes in the health care system as the federal government and private health plans became less willing to pay for hospital care and changed the way they paid hospitals in an effort to reduce costs.

Hospital revenue growth slowed to a nominal low in 2013 — 3.9 percent — as hospital admissions fell for the first time, according to the report by Moody's Investors Service, which analyzed the results of 383 hospital systems. Hospitals had generally been able to increase revenue by 7 percent or more a year.

"It's an industry in flux," said Jennifer Ewing, a Moody's analyst who follows the tax-free bonds of hospitals and was one of the report's authors. "It's changing. It could be painful."

As hospitals struggled to reduce costs, the growth in their expenses outpaced revenue growth for the second year in a row. Moody's described it as "unsustainable." One-quarter of the hospital systems reviewed by Moody's reported an operating loss.

Over all, hospitals received less money from private health plans and government programs like Medicare. Private insurers, for example, often gave hospitals little or no increase in payments for services compared with the double-digit increases they had typically been willing to pay. Hospitals also saw lower Medicare payments as a result of the across-the-board federal budget cuts enacted last year and other moves to cut costs.

Demand for hospital services also seemed to be declining, according to the report. Increasingly, patients were being treated outside of a hospital. In addition to declining admissions, the growth in outpatient services provided by hospitals also slowed as competition from places like retail clinics increased.

Patients increasingly paid a higher share of their medical bills, through higher deductibles and co-payments, causing some to forgo care altogether. The Moody's analysts said they expected this trend to continue as more employers shifted a greater percentage of medical costs to their employees. Hospitals also saw high levels of bad debt from people who could not or would not pay what they owe.

Hospitals invested in physician practices, to allow them to provide more care outside of a hospital setting, and sophisticated computer systems, according to Moody's.

The weakening financial situation has led to increased interest in mergers and alliances. Larger systems reviewed by Moody's had higher revenue growth because of their ability to negotiate with insurers, and many were better equipped to control costs because of their size.

While last year's results did not reflect the millions of Americans now covered under the federal health care law, the Moody's analysts said hospital operations would not show much benefit from the additional paying customers until 2015. "We expect continued financial weakening," the report said.

The nonprofit hospitals' results were in sharp contrast to some for-profit hospital chains, like LifePoint Hospitals and HCA Holdings. These companies have recently reported higher quarterly earnings, some of which they attributed to the influx of patients from the Affordable Care Act, especially in states where there was an expansion of the Medicaid program. Those earnings included results from the first six months of the Affordable Care Act.

"The ownership models do create differences," said Lisa Goldstein, an associate managing director at Moody's, who said the for-profit companies were by their nature focused on delivering higher earnings to their shareholders.

In July, LifePoint, a chain based in Brentwood, Tenn., reported a 17 percent increase in revenue, compared with the same quarter in 2013. In states that expanded Medicaid coverage, LifePoint reported seeing fewer people without insurance. Its quarterly earnings increased by 44 percent.

The Moody's analysts emphasized the more fundamental shift taking place in the health care system as insurers try to find a way to reward hospitals that provide high-quality care for less money instead of paying them more to deliver more care.

"We're shifting, slowly but surely," Ms. Ewing said.

A survey released last month by the Blue Cross and Blue Shield Association estimated that as much as $1 out of every $5 in reimbursements from one of the association's Blue Cross plans was being paid under an arrangement in which providers were rewarded for improving care and lowering costs.

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As 0nline Video Surges, the .TV Domain Flourishes

By NOAM COHEN August 26, 2014

You've heard of the dot-com boom. Is the dot-tv boom next?

On Monday, Amazon said it would pay $1.1 billion for a website that streams people playing video games. The website is called Twitch — but its address is not Twitch.com, but Twitch.tv.

It's a distinction easily overlooked, but one that highlights an inexorable shift in how people — especially young people — consume video.

Today, as video is watched on smartphones and laptops rather than on living room couches, the .tv suffix — owned, improbably, by the tiny South Pacific island nation of Tuvalu — has become for some companies a chance to signal that they are showing video the way people are increasingly used to seeing it. Last month, 190 million Americans watched online video content, according to comScore.

A postage stamp issued by the nation to celebrate its ownership of the .tv domain name, from which it earns several millions of dollars a year.

A .tv web address has become "important from a branding point of view," said Tony Lorenz, the chief executive of BOB.tv, a company that streams videos related to best business practices.

The sudden prominence of .tv is the latest twist in one of the Internet's more unusual tales. In the 1990s, the suffix .tv was assigned to Tuvalu (Britain received .uk; France, .fr; and so on). At the height of the Internet gold rush, in 1999, a start-up named DotTV paid Tuvalu $50 million over 12 years for the right to sell .tv to other companies. The .tv suffix represented two of the most recognizable letters in the world, and DotTV's founders believed .tv could be bigger than .com because TV viewing would soon migrate to the web. 

China.tv was sold for $100,000 a year to an Internet service provider in China, according to Lou Kerner, a venture capitalist who, in 2000, left his job at Goldman Sachs to become chief executive of DotTV.

DotTV was onto something, though the idea was a bit premature, as a lack of broadband limited the growth and quality of online video.

Children swimming in Tuvalu.

In 2002, Verisign, a large manager of web addresses, acquired the company and still operates the .tv domain today. It agreed in 2011 to manage the .tv address through 2021, and the payments to Tuvalu's government are said to be a couple million dollars a year.

Those dividend payments are an important revenue source for the country, which has a population of barely 10,000 who live on a tiny cluster of coral atolls and islands about halfway between Australia and Hawaii.

The economic success of Tuvalu and .tv has led other countries to try to leverage their domain names into a consistent revenue source: Montenegro, for example, has the extension. me that can offer a personal touch to a Web address; and Colombia's .co has emerged as a logical, less expensive substitute for .com.

But only Tuvalu's domain name speaks to the changing nature of media consumption around the world.

An aerial view of Funafuti, capital of Tuvalu, the tiny island nation which owns the .tv address.

"The original vision upon which DotTV was founded is coming true before our eyes," Mr. Kerner said. "It's just taken longer than we thought, but it could be even bigger than we thought."

Of course, the fact that a site with a .tv address can vault to extreme popularity speaks to the shrinking importance of the web browser as the way of viewing digital media, as smartphone and tablet apps, and gaming consoles like Xbox and PlayStation, take the lead. But while Verisign does not break out its revenues from .tv domain sales, Internet entrepreneurs and branding consultants say that the .tv suffix has grown in popularity.

There are several examples of major organizations that rely on the .tv domain as the home for video content. Among the most prominent is MLB.tv; the address has been the home for baseball's paid streaming video offerings dating back 12 years, when the service streamed a Texas Rangers-New York Yankees game to 30,000 fans. FYI.tv streams programming for a newly branded cable channel owned by A&E Networks. Another recognizable brand is Redbull.tv, a web video enterprise owned by the beverage company that streams extreme sports and live entertainment.

Small businesses are also seeing the benefits to .tv. Harry Calbom, who eight years ago helped start a video production company, recently decided to re-brand his company and described how hard it was to find a new name, in part because it was hard to find a suitable website address.

"That's been the problem to brand yourself the way you want to brand yourself," he said, adding that "in this market investors have bought up all the names."

They chose Society, and made inquiries about buying Society.com, and the owner "wouldn't even quote a price, weren't interested selling," though Mr. Calbom said he assumed the price would have been in the mid-six figures. The company bought society.tv for $15,000, he said, "and the nice thing about .tv, it does say something."

And as different suffixes become more common, there is less stigma attached. "I was once shocked when I saw someone using an alternative ending, I thought they were dooming themselves," said Josh Bourne, a managing partner at FairWinds Partners, a consultant on domain names. "But I've changed my opinion," he said, rattling off prominent examples like Ask.fm (fm for Micronesia) and Bit.ly (ly for Libya). In April 2013, LinkedIn paid $90 million for Pulse.me, a news aggregator.

But occasionally, these unconventional addresses create confusion. Peter Kay has owned Twitch.com since the mid-1990s. Before Twitch.tv, which was started just three years ago, he had barely any traffic to his site. Now, he routinely gets 40,000 unique visitors a day for his site, which promotes his music educational apps; on Tuesday, he got 60,000 visitors. Yesterday, he sold 10 apps about Vivaldi's "Four Seasons" at $5.99 each.

"I had no master plan," he said. "But it keeps me in beer money."

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