Asian shares rise as earnings eyed

TOKYO (Reuters) - Asian shares rose on Wednesday after rounds of profit taking from a sharp rally at the start of the new year subsided, while investors waited warily for corporate earnings season to kick off in full force.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.4 percent, with Australian shares <.axjo> among the outperformers with a 0.4 percent gain to break a three-day losing streak. Hong Kong shares <.hsi> also climbed 0.4 percent.

South Korean shares <.ks11> were virtually flat. Shares in tech heavyweight Samsung Electronics Co Ltd were also flat despite announcing on Tuesday a better-than-expected estimated fourth-quarter operating profit.

"The main (Seoul) index is trading nearly flat after falling steadily since last week's rapid gains, due to concerns about lackluster fourth-quarter earnings outlooks," said Park Jung-sup, an analyst at Daishin Securities.

He said overall market outlooks for fourth-quarter corporate results have been revised down considerably, but worries for earnings shocks remain.

Global shares fell and bond prices rose on Tuesday, with investors cautious ahead of a U.S. earnings season expected to show sluggish growth in quarterly corporate profits.

The U.S. earnings season began on Tuesday with Alcoa Inc , the largest aluminum producer in the U.S., with customers in a wide range of industries, reporting a fourth-quarter profit of $242 million, in line with expectations.

U.S. corporate profits are expected to be higher than the third quarter's lackluster results, but analysts' estimates are down sharply from where they were in October.

Credit Suisse said in a research note that Asian equity market price indices may start to catch up with earnings estimates which had been outperforming market prices, suggesting further upside scope for Asian share prices.

The consensus earnings forecast so far is flat in January, following virtually flat revisions in December, it said.

"It was the persistent EPS downgrades that led to the gap between equity market price indices and EPS. These flat revisions could act as a catalyst for equity market price indices to converge with EPS," Credit Suisse said.

Data flows were light with Australian retail sales showing a surprise softness, falling 0.1 percent in November from October, undershooting forecasts for a 0.3 percent rise on the month and sending the Australian dollar down to session lows of $1.0486 from $1.0517 before the data was released.

China will release its trade data on Thursday, which includes initial estimates for metals imports and exports.

Australian retail sales: http://link.reuters.com/zew92t

China exports graphic: http://link.reuters.com/kun94t

Euro zone retail sales: http://link.reuters.com/tyb25s

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YEN STAYS WEAK

Japan's benchmark Nikkei stock average <.n225> erased earlier losses to crawl up 0.5 percent as the yen's rebound against the dollar lost steam. Investors had been taking profits from the dollar's steady and sharp rally against the yen of about 12 percent over the past two months. The Nikkei had risen about 21 percent in the same period. <.t/>

The dollar was up 0.5 percent to 87.43 yen, recovering from the day's low of 86.825. It scaled its highest since July 2010 at 88.48 on Friday. The euro also steadied against the yen at 114.35, off the day lows of 113.55. The euro last week hit 115.995 yen, its highest since July 2011.

The Bank of Japan will consider easing monetary policy again at its January 21-22 meeting, by likely boosting buying of government bonds and treasury discount bills, while considering a doubling of its inflation target to 2 percent.

Expectations of much bolder monetary easing from the BOJ to help Japan beat deflation under new Japanese Prime Minister Shinzo Abe have encouraged investors to sell the yen.

But as trading resumed from year-end holidays, analysts and traders said markets were ripe for position adjustments.

"After a good run in risk assets since December, we entered in a phase of consolidation which is moving from Japanese equities to short JPY positions," said Sebastien Galy, FX strategist at Societe Generale in New York, in a note, adding that the dollar could consolidate to 85 yen but must first take out the first Fibonacci retracement at 85.75 yen.

Yen crosses which had been bought the most, including the yen/Korean won, are the most exposed to the correction.

"Such a washout in JPY crosses is the opportunity many long-term investors will be waiting for to continue their switch into strategic short yen positions," he said.

The euro held steady against the dollar at $1.3075.

With no major economic data this week, the euro was seen staying in a range ahead of Thursday's European Central Bank policy meeting and Spanish and Italian bond auctions toward the end of the week.

U.S. crude was nearly flat at $93.17 a barrel, after the annual rebalancing of the S&P GSCI commodity index, which increased its weighting for Brent and reduced its share of U.S. WTI crude. Brent was also little changed at $111.90.

Sentiment turned cautious in Asian credit markets, with the spread on the iTraxx Asia ex-Japan investment-grade index widening slightly by 1 basis point.

(Additional reporting by Joyce Lee in Seoul; Editing by Eric Meijer)

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RG3 to have surgery on torn right knee ligament

WASHINGTON (AP) — Robert Griffin III is having surgery Wednesday on a torn ligament in his right knee — and to see if there's a second ligament that also needs to be repaired.

Baylor coach Art Briles confirmed to USA Today and The Associated Press on Tuesday night that the Washington Redskins rookie has a torn lateral collateral ligament. He said the surgery also will determine whether Griffin has damaged the ACL in that knee.

A person close to Griffin, speaking on condition of anonymity because the Redskins have not made an announcement, also confirmed the details surrounding Griffin's injury to the AP.

A torn LCL requires a rehabilitation period of several months, possibly extending into training camp and the start of next season. A torn ACL is a more severe injury, typically requiring nine to 12 months of recovery, although Minnesota Vikings running back Adrian Peterson make a remarkable return this season some eight months after tearing an ACL — and nearly broke the NFL's single-season rushing record.

Griffin tore his ACL in the same knee while playing for Baylor in the third game of the 2009 season and missed the rest of the year. He was injured on the opening drive against Northwestern State but kept playing until halftime.

Griffin came back to win the Heisman Trophy two years later, and Briles predicted a similar recovery this time.

"RG3 will be good as new, though. I know that!" Briles said in a text message to the AP.

Griffin sprained the LCL last month against the Baltimore Ravens and missed one game. He returned wearing a bulky black brace for subsequent games and reinjured the knee at least twice in Sunday's playoff loss to the Seattle Seahawks, prompting a national debate over whether coach Mike Shanahan endangered his franchise player's career by not taking him out sooner.

The Redskins said an MRI taken after the game was inconclusive, so Griffin flew to Florida on Tuesday for a more detailed examination conducted by orthopedist James Andrews. Andrews will perform the surgery Wednesday.

Griffin, the No. 2 overall pick, was one of several rookie quarterbacks to make an instant impact on the league this season. He set the NFL record for best season passer rating by a rookie QB and led the Redskins to their first NFC East title in 13 years.

But Griffin also had to leave three games early due to injuries — two because of his knee and one because of a concussion — and missed a fourth altogether because of the knee. Shanahan repeatedly said Griffin had clearance from doctors to return to play, but the coach also said he trusted Griffin's own word when deciding that the rookie should continue during Sunday's game — even though Griffin was clearly struggling after reinjuring the knee in the first quarter.

Griffin remained in the game until the fourth quarter, when he hurt the knee again while fielding a bad shotgun snap.

___

AP Sports Writer Stephen Hawkins in Dallas contributed to this report.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Why Fingers & Toes Get Pruney in Water

Fingers may wrinkle when wet to help people grip wet objects, find researchers, who say the pruney feature may have helped human ancestors do the same in wet conditions.

When a person’s hands and feet are soaked in water, wrinkles eventually develop on the tips of fingers and toes. Scientists once thought this puckering resulted from the outermost layer of skin absorbing and swelling with water, but recent studies revealed the nervous system actively controlled this wrinkling by constricting blood vessels below the skin.

That the nervous system controls this behavior suggests these wrinkles served a purpose. Now researchers find these wrinkles could help fingers and toes grip wet surfaces.

“A phenomenon that everybody is familiar with is not just some kind of side effect of the nature of the skin on fingers and toes, but a functional feature that has very likely been selected for by evolution,” researcher Tom Smulders, an evolutionary biologist at Newcastle University in England, told LiveScience.

Smulders and his colleagues had 20 volunteers pick up wet marbles and small lead weights of different sizes. Volunteers attempted the task either with normal, dry hands or after their fingers had wrinkled following a 30-minute soak in warm water. The participants picked up wet items 12 percent faster with wrinkled fingers. [10 Odd Facts About the Human Body]

“We have shown that wrinkled fingers give a better grip in wet conditions,” Smulders said. “It could be working like treads on your car tires, which allow more of the tire to be in contact with the road, [which] gives you a better grip.” Another possibility is that wrinkling causes changes in skin properties, such as its flexibility or stickiness, which help the fingers and toes perform better when wet.

“The most surprising thing to me was how the effect was there in all 20 participants, independent of how fast they were on average,” Smulders said. “I never expected the effect to be so strong and obvious.”

As a potential explanation of why this effect might have evolved, Smulders said, “it could have helped with gathering food from wet vegetation or streams. And as we see the effect in our toes, too, this may have been an advantage as it may have meant our ancestors were able to get a better footing in the rain.”

Wrinkled fingers apparently made no difference when it came to picking up dry objects.

“This raises the question of why we don’t have permanently wrinkled fingers, and we’d like to examine this further,” Smulders said. “Our initial thoughts are that this could diminish the sensitivity in our fingertips or could increase the risk of damage through catching on objects.”

Future research should analyze what other primates or non-primate animals might also show this phenomenon to shed light on when and why it evolved, Smulders said.

“Which other animals share this trait? And is the link among species that share it phylogenetic — that is, they’re all related — or environmental — that is, they all deal with submerged objects, for example?” Smulders said.

The scientists detailed their findings online Jan. 9 in the journal Biology Letters.

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Case of Wall Street greed gone too far

Goldman Sachs CEO Lloyd Blankfein was one of the executives whose stock award was accelerated to beat higher tax rate.

STORY HIGHLIGHTS

• Goldman Sachs granted $65 million in stock to execs before new tax rates began


• Susan Antilla says the firm's CEO had endorsed higher rates, called for entitlement cuts


• She says Goldman benefits from the implicit promise that U.S. will bail it out


• Antilla: It was unseemly for Goldman to rush the payments to shield execs from new rates

Editor's note: Susan Antilla is a columnist at Bloomberg View and a contributor to TheStreet.com. She has written about finance for more than 30 years. She is author of "Tales From the Boom-Boom Room: The Landmark Legal Battles That Exposed Wall Street's Shocking Culture of Sexual Harassment." Follow her on Twitter @antillaview.

(CNN) -- Nobody likes to pay taxes, so can you blame the good folks at Goldman Sachs & Co. for doing what they could to avoid the higher rates that kicked in on January 1?

While the rest of us were donning our party clothes on New Year's Eve, the legal worker bees at Goldman were pushing the send button on 10 regulatory filings to the Securities and Exchange Commission.

By the time the ball dropped in Times Square, regulators had been notified that $65 million in Goldman stock had been granted a month early, helping a cluster of powerful multimillionaire executives trim their tax tab.

Among the 10 who shared that $65 million, Chief Executive Officer Lloyd Blankfein, Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar wound up with $8.4 million apiece in Goldman stock.

Susan Antilla

Blankfein's compensation in 2011 was $16.2 million. Cohn and Viniar that year made $15.8 million. Even Gordon Gekko would be impressed to see that bosses making that much money were able to catch a tax break for a couple hundred thousand.

The 10 executives who skirted 2013's higher rates were not the only Goldmanites who benefited from the "accelerated" vesting. Michael DuVally, a Goldman spokesman, acknowledged there was "a group larger than" the 10 but declined to say how many. DuVally would not comment on who made the decision to grant the shares early.

The shrewd Goldman move is hardly unique among rich business executives or even 99 percenters of more modest means. It was no secret that higher taxes were coming this year, and taxpayers of all shapes and sizes did what they could to ensure that "tax events" would occur in 2012.

Even environmental activist and Nobel Prize winner Al Gore tried, albeit without success, to unload his Current TV to Al Jazeera before the new year dawned.

What makes the Goldman move distasteful is that it wasn't even two months ago that CEO Blankfein was mouthing off in a Wall Street Journal op-ed that he endorsed tax increases "especially for the wealthiest" -- along with a plug to cut entitlements to all you freeloaders out there.

If you're pushing the position that the rich should pay more to help fix the deficit, it doesn't quite follow to employ a tax dodge, says Dennis Kelleher, president of the Washington-based public interest group Better Markets Inc.

"Goldman's quickie year-end tax shenanigans deprived the government of what it otherwise would get," he says. "So they either cause the debt to go up, or cause others to pay more by the taxes they are avoiding."

DuVally, the Goldman spokesman, declined to comment when I asked whether it was inconsistent for Goldman to make a move for its executives to avoid taxes after Blankfein endorsed increases for the wealthy.

I've got to hand it to Goldman. The firm is a master of the "have-your-cake-and-eat-it-too" brand of politics and public relations. One minute, Goldman is cranking out press releases about its devotion to women entrepreneurs in its philanthropic "10,000 women" program. The next, it is announcing its annual list of new partners that includes a paltry 10 women but 60 men.

Goldman was a victim on the defensive when Greg Smith, a former employee, wrote a New York Times op-ed on March 14, blasting the firm for having "morally bankrupt people" who needed to be weeded out. You could almost feel sorry for poor Goldman, which shipped out a memo reminding employees that their estimable employer had been named one of the best places to work in the United Kingdom only weeks before the London-based Smith's "Why I Am Leaving Goldman Sachs" essay.

By the time Smith published a book seven months later, the firm had turned ruthless revenge-seeker, even sharing parts of Smith's self-evaluations with the media. A "best place to work?" Really? Careful what you say in the press -- and in your HR file -- if you get your paycheck from a Goldman-style operation.

The brouhaha over Smith's op-ed and book stirred up debate of the "What did you expect of an investment bank operating in capitalistic society?" type.

Fair enough. Banks are not in the philanthropy business -- even if they spend as much time as Goldman does talking about its good deeds and famous "business principles." ("Our clients always come first" is famously No. 1 on the list.)

At Goldman and other "too big to fail" banks, though, employees walk through the doors each morning knowing that the rest of us will be forced to bail them out again should another crisis ensue. We taxpayers provide the insurance policy that they enjoy without ever sending us premiums. In October of 2008, Goldman got $10 billion in taxpayer money from the Troubled Asset Relief Program, which it ultimately paid back.

Blankfein, like other bank CEOs, would later make the case that Goldman wasn't "relying on" that government help.

But leaf through the tomes of some of the regulators who lived through the crisis, and you start to wonder whether our tax-dodging heroes might be out of jobs today if the public hadn't fronted a bailout.

From "Bull by the Horns," by former Federal Deposit Insurance Corp. chairman Sheila Bair: Goldman and Morgan Stanley were "teetering on the edge" in the fall of 2008.

From "Bailout: An Inside Account of how Washington Abandoned Main Street While Rescuing Wall Street," by Neil Barofsky, former special inspector general to oversee the Troubled Assets Relief Program: Federal Reserve chairman Ben Bernanke "confided that he believed that Goldman Sachs would have been the next to go" after Morgan Stanley.

We need to change the conversation here.

Goldman and its too-big-to-fail brethren are banks that accepted welfare and are in debt to U.S. taxpayers for averting disaster. This hasn't been about hard-nosed capitalism since those first TARP wire transfers made their way into Goldman Sachs' coffers.

As for the bank's recent tax-reduction maneuver, it's another reminder that Goldman's management is either clueless about how bad it looks or doesn't care. Sometimes bad PR is a just a cost of doing business.

Follow @CNNOpinion on Twitter

Join us at Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Susan Antilla.

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Attorney: Poisoned lottery winner's widow has 'nothing to hide'

The widow of a West Rogers Park man who died of cyanide poisoning weeks after winning a $1 million lottery jackpot was questioned extensively by Chicago police last month after the medical examiner's office reclassified the death as a homicide, her attorney told the Tribune on Tuesday.

Authorities investigating the death of Urooj Khan also executed a search warrant at the home he had shared with his wife, Shabana Ansari, according to Steven Kozicki, her attorney. Ansari later was interviewed by detectives for more than four hours, answering all their questions, the attorney said.

"She's got nothing to hide," Kozicki said.

The mystery surrounding Khan's death — first reported by the Tribune in a front-page story Monday — has sparked international media interest.

Cook County authorities said Tuesday that they plan to go to court in the next few days for approval to exhume Khan's remains at Rosehill Cemetery. In a telephone interview Tuesday, Medical Examiner Stephen J. Cina said he sent a sworn statement to prosecutors laying out why the body must be exhumed.

"I feel that a complete autopsy is needed for the sake of clarity and thoroughness," Cina said.

Sally Daly, a spokeswoman for the state's attorney's office, confirmed that papers seeking the exhumation would be filed soon in the Daley Center courthouse.

Khan, who owned a dry cleaning business on the city's North Side, died unexpectedly in July at 46, just weeks after winning a million-dollar lottery prize at a 7-Eleven store near his home. Finding no trauma to his body and no unusual substances in his blood, the medical examiner's office declared his death to be from natural causes and he was buried without an autopsy.

About a week later, a relative told authorities to take a closer look at Khan's death. By early December, comprehensive toxicology tests showed that Khan had died of a lethal amount of cyanide, leading the medical examiner's office to reclassify the death a homicide and prompting police and prosecutors to investigate.

While a motive has not been determined, police have not ruled out that Khan was killed because of his big lottery win, a law enforcement source has told the Tribune. He died before he could collect the winnings — about $425,000 after taxes and because he decided to take a lump-sum payment.

According to court records obtained by the Tribune, Khan's brother has squabbled with Ansari over the money in probate court. The brother, Imtiaz, raised concern that because Khan left no will, his 17-year-old daughter from a previous marriage would not get "her fair share" of her father's estate. Khan and Ansari did not have children.

Al-Haroon Husain, an attorney for Ansari in the probate case, said the money was all accounted for and the estate was in the process of being divided up by the court. Under Illinois law, the estate typically would be split evenly between the surviving spouse and Khan's only child, he said.

Kozicki, Ansari's criminal defense attorney, said his client adored her husband and had no financial interest in seeing harm come to him.

"Now in addition to grieving her husband, she's struggling to run the business that he essentially ran while he was alive," Kozicki said. "Once people analyze it, they (would) realize she's in a much worse financial position after his death than she was before."

Reached by phone Tuesday evening at the family dry cleaners, Ansari denied reports that she had fed her husband a traditional Indian meal of ground beef curry before he died. She said he wasn't feeling well after awakening in the middle of the night. She said he sat in a chair and soon collapsed. She then called 911.

Chicago police Superintendent Garry McCarthy, speaking Tuesday at an unrelated news conference, remarked that he had never seen a case like this in 32 years in law enforcement.

"So I'll never say that I've seen everything," he told reporters.

jmeisner@tribune.com

jgorner@tribune.com

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Venezuela postpones inauguration for cancer-stricken Chavez

CARACAS (Reuters) - Venezuela will postpone the inauguration of President Hugo Chavez for a new term due to health problems, the government said on Tuesday, another sign the socialist leader's cancer may be bringing an end to his 14 years in power.

The 58-year-old former soldier who has dominated the South American OPEC nation since 1999 has not been heard from since surgery on December 11 in Cuba - his fourth operation since he was diagnosed with an undisclosed type of cancer in June 2011.

The announcement outraged opposition leaders who insist that Chavez must be sworn in before the National Assembly on January 10 as laid out in the constitution, or temporarily step aside and leave an ally in power.

"The commander president wants us to inform that, based on his medical team's recommendations, the post-operative recovery should extend past January 10," said Vice President Nicolas Maduro, Chavez's chosen successor, in a letter read to the legislature.

"As a result, he will not be able to be present at the National Assembly on that date."

The letter said authorities would seek another date for the inauguration ceremony but did not say when it would take place or give a time frame for Chavez's return from Havana.

Rather than being sworn in by the legislature, he would take his oath at a later date before the Supreme Court, the letter said, as allowed by the constitution.

Government leaders insist Chavez is completely fulfilling his duties as head of state, even though official medical bulletins say he has a severe pulmonary infection and has had trouble breathing.

The government has called for a massive rally outside the presidential palace on Thursday, and allied presidents including Uruguay's Jose Mujica and Bolivia's Evo Morales have confirmed they will visit Venezuela this week despite Chavez's absence.

Argentine President Cristina Fernandez has announced plans to visit Chavez in Havana on Friday.

But the unprecedented silence by the president - famous for regularly speaking for hours in meandering broadcasts - has left many convinced he could be in his last days.

His resignation or death would upend politics in the oil-rich nation, where he enjoys a deity-like status among poor supporters thankful for his social largesse.

His critics call him a fledgling dictator who has squandered billions of dollars from crude sales while dashing the independence of state institutions.

CONSTITUTION DISPUTE

The constitution does not specify what happens if the president does not take office on January 10.

The Supreme Court, controlled by Chavez allies, called a news conference for Wednesday. It is widely expected to announce an interpretation of the constitution that will give Chavez leeway to take office when he is fit to do so.

If he dies or steps aside, new elections would be called within 30 days. Before leaving for Havana in December, the president instructed his supporters to back Maduro in that vote if he were unable to continue.

Opposition leaders argue that Congress chief and Chavez ally Diosdado Cabello should take over, as mandated by the constitution if the president's absence is formally declared.

Cabello has ruled that out, saying the president continues to be in charge.

"Who could have believed the opposition would be screaming for Diosdado Cabello to be given the presidency of the republic?" he said during a rambunctious session of Congress. "That's crazy, the opposition is losing it."

Meanwhile opposition deputies accused the Socialist Party of failing to follow Chavez's instructions - a scene that would have been unimaginable before Chavez's prolonged absence.

"President Chavez is the only one among you who has spoken clearly," said opposition leader Julio Borges.

He was drowned out by pro-Chavez deputies clapping and chanting the socialist leader's name and rebuffed by Cabello, who had long been considered a potential successor to Chavez until he was passed over for Maduro.

"It's not my fault you weren't chosen, don't take your frustration out on me," Borges quipped.

Another opposition deputy complained that during the debate a copy of the constitution was thrown across the chamber from the direction of the Socialist Party's deputies.

Chavez's supporters have held near-daily vigils for his recovery, while opposition activists accuse the president's allies of a Cuban-inspired manipulation of the situation.

Maduro has taken over the day-to-day running of the government and looks set to continue in the role past Thursday.

The mustachioed former bus driver lacks Chavez's charisma, but he has sought to imitate the president's style with vituperative attacks on the opposition and televised ribbon-cutting ceremonies.

With the micro-managing Chavez away, major policy decisions in Venezuela, such as a widely expected devaluation of the bolivar currency, appear to be on hold.

Venezuelan bond prices, which had soared in recent weeks on Chavez's health woes, dipped on Monday and Tuesday as investors' expectations of a quick government change apparently dimmed.

"The 'regime change' euphoria seems excessive taking into account the unclear legal transition and perhaps, more importantly, the risk that regime change does not allow for policy change," New York-based Jefferies' managing director Siobhan Morden said in a note on the bonds.

(Editing by Daniel Wallis and Eric Beech)

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Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.

Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.

Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.

The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.

"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.

Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.

Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.

The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.

Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.

In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.

The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.

Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.

Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.

"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.

Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.

Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.

Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.

Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.

Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.

Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.

(Reporting By Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)

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Bama bashes Notre Dame 42-14 in BCS title game

MIAMI GARDENS, Fla. (AP) — Alabama romped to its second consecutive BCS championship, and third in four seasons, beating No. 1 Notre Dame 42-14 in a BCS championship game that was no classic after all.

AJ McCarron threw four touchdown passes and Eddie Lacy ran for 140 yards and scored twice for the second-ranked Crimson Tide, which scored on its first three drives and cruised to the second-most lopsided BCS championship game victory Monday night.

Alabama (13-1) became the third team to win three national titles in four seasons since polls started being used to crown champions in 1936, and the first since Nebraska from 1994-97.

Tide coach Nick Saban now has won four national championships. Only Alabama's Paul "Bear" Bryant, with six, has more.

The Fighting Irish (12-1) didn't score until they were down 35-0 late in the third quarter.

In a matchup of tradition-rich programs tied for the most AP national championships with eight, Notre Dame was looking for its first national championship in 24 years. The Crimson Tide got its ninth.

The Crimson Tide marched with ease on the opening drive, going 82 yards on five plays to take a 7-0 lead on Lacy's 20-yard touchdown run up the middle with 12:03 left in the first quarter.

Notre Dame (12-0) had allowed only two rushing touchdowns in its surprising run to the championship game. The Fighting Irish were the first team to reach the BCS championship game after starting the season unranked. They were trying to become the first team to go from unranked to national champion since BYU in 1984.

Alabama quickly made the Fighting Irish look as if they were in over their heads.

Notre Dame did nothing to respond to Alabama's opening march, and on its punt back, the Crimson Tide might have caught a break. Returner Christion Jones muffed the kick, but Notre Dame was flagged for interfering with the catch, though it was one of Jones' teammates that made contact with him.

Lacy and the Crimson Tide went right back to work, hammering away at Notre Dame's vaunted defense. The Irish struggled to bring down the 220-pound tailback, who even ran through Heisman Trophy finalist Manti Te'o on a screen pass.

In the second quarter, it was freshman T.J. Yeldon slipping through Te'o's arms in the backfield on a third-down run and getting a first down.

Lacy set up Alabama's second touchdown with another 20-yard run, this time to the Irish 2. Instead of running into a Notre Dame goal-line defense that has become known for goal-line stands, McCarron faked a handoff and found tight end Michael Williams all alone for the score and a 14-0 lead.

Alabama made it 3 for 3 on the next drive when Yeldon scored from a yard out on the first play of the second quarter.

The Alabama fans seemed outnumbered at Sun Life Stadium by Fighting Irish followers, pumped to see their team try to win its first national title in 24 years. But the folks in Crimson and houndstooth were making all the noise as the Tide rolled.

Lacy landed one more blow with 31 seconds left in the half. McCarron dumped off to Lacy, who spun off two tacklers, and went 11 yards to make it 28-0.

The Southeastern Conference, winners of the last six BCS championships, was storming toward seven in a row. Those familiar "S-E-C!" chants started early in this one.

The Fighting Irish started the third quarter with a promising drive that ended with another Alabama highlight.

HaHa Clinton-Dix made a sensational diving interception, grabbing a tipped pass and tapping his toe inches from the sideline. Alabama turned the game's first turnover into another long scoring drive. McCarron capped this one with a 34-yard TD pass to freshman Amari Cooper, the longest TD pass the Irish have given up this season.

With the score 35-0 and some Fighting Irish fans in the stadium record crowd of 80,120, Notre Dame finally got on the board with 4:08 left in the third.

Everett Golson took an option keeper 2 yards for a touchdown to break a streak of 108 minutes, 7 seconds in which Alabama had not allowed a point in a BCS championship game, dating to the last 6 minutes of the fourth quarter of the 2009 title game against Texas at the Rose Bowl. Alabama had scored 69 straight points in that span.

Alabama had 529 yards. The Irish defense came in allowing 286 per game.

Golson, the redshirt freshman quarterback who coach Brian Kelly had nurtured through the season, was 21 for 36 for 270 yards.

___

Follow Ralph D. Russo at www.Twitter.com/ralphDrussoAP

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AAA Mich.: Gas prices down 9 cents from last week

DEARBORN, Mich. (AP) — AAA Michigan says gasoline prices have fallen roughly 9 cents during the past week to a statewide average of about $ 3.24 per gallon.

The auto club said Monday the average is about 28 cents per gallon less than last year at this time.

Of the Michigan cities it surveys, AAA Michigan said the cheapest price for self-serve unleaded fuel is in the Saginaw and Bay City areas, where it’s about $ 3.11 a gallon. The highest average is in the Ann Arbor area at about $ 3.29.

Dearborn-based AAA Michigan surveys 2,800 Michigan gas stations daily.

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Why Al Jazeera deal doesn't seem right

STORY HIGHLIGHTS

• Al Gore sold Current to al Jazeera and could net an estimated $70 million


• Howard Kurtz: Gore's Current network failed to gain an identity or viewers


• He says it's odd that the former vice president is selling to an oil-rich potentate


• Kurtz: Al Jazeera may have a tough time getting traction with U.S. viewers

Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.

(CNN) -- So Al Gore starts a liberal cable network, which turns into a complete and utter flop, then sells it to a Middle East potentate in a deal that will bring him an estimated $70 million.

Is America a great country or what?

There is something highly unusual -- OK, just plain weird -- about a former vice president of the United States doing this deal with the emir of Qatar, Sheikh Hamad bin Khalifa al-Thani.

Howard Kurtz

Al Jazeera, owned by said emir's government, is trying to buy its way into the American television market by purchasing Current TV for a half billion dollars. The only thing stranger would be if Gore had sold Current to Glenn Beck -- oh wait, Beck did try to buy it and was told no way within 15 minutes.

So the sale was in part about ideology, which opens the door to examining why Gore believes Al Jazeera gives "voice to those who are not typically heard" and speaks "truth to power."

Bill O'Reilly, on Fox News, calls the network "anti-American." Fox pundit Dick Morris says Gore has sold to a fount of "anti-Israel propaganda." Such labels are rooted in the network's role during the height of the war on terror, when it aired smuggled videos of Osama bin Laden and was denounced by Bush administration officials.

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But Al Jazeera English, the spinoff channel launched in 2006, doesn't have the same reputation. In fact, no less a figure than Secretary of State Hillary Clinton has praised it as "real news," and the channel has won journalism awards for its reporting on the Arab Spring and other global events.

To be sure, the main Al Jazeera network gives a platform to such figures as Yusuf al-Qaradawi. He's the Muslim cleric in Egypt who, The Washington Post gas reported, frequently appears on air to castigate Jews and America and has praised suicide bombings. But when I went to the home page of Al Jazeera English the other day, there was video of David Frost, the acclaimed British journalist who now works for the main network, interviewing Israeli President Shimon Peres.

That's not to say Al Jazeera America, the working name for the new channel, won't have its own biases. Al Jazeera English is sometimes determined to paint the U.S. in a negative light.

During a report on President Barack Obama signing a renewal of the Foreign Intelligence Surveillance Act, which entails a legitimate controversy over civil liberties, the reporter said flatly that the law "violate(s) U.S. constitutional rights in the name of national security."

Watch: Can Al Jazeera make it in the American market?

Dave Marash, the ABC News veteran who once worked for Al Jazeera English, told me the network has a "post-colonial" view of America and its stories can be infused with that attitude.

And there are real questions about how independent these channels are from the Qatar government that helps bankroll them. The director-general of Al Jazeera, Sheikh Ahmed bin Jassim al-Thani, is a member of the country's royal family and has no background in journalism.

Such details add to the odd spectacle of the ex-veep, who would have been running Mideast policy had he won a few more votes in Florida, selling -- and some say selling out -- to the emir. Not to mention that the crusader against climate change is taking petrodollars from an empire built on oil, the bete noire of environmentalists.

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But what is Al Jazeera buying? The network is going to have a tough time cracking the American market.

Its earlier reputation makes the company highly controversial, and other cable carriers might follow the lead of Time Warner Cable (which is no longer owned by CNN's parent company, Time Warner) in refusing to carry it. These carriers agreed to air Current TV, after all, and contracts generally require them to approve a major change in programming.

Global politics aside, it may just be bad business. There's a reason Al Jazeera English, which will supply 40% of the content to the new channel, has barely gotten a foothold in the United States. Most Americans aren't lusting for a steady diet of international news.

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There's no denying that Gore, a onetime newspaper reporter who had testy relations with the press during his 2000 campaign, presided over a lousy cable channel. No one quite knew what Current was during the years when it aired mostly low-rent entertainment fare and was famous mainly for North Korea taking two of its correspondents, including Lisa Ling's sister Laura, into custody.

Then Gore tried to relaunch it as a talking head channel to the left of MSNBC, hiring Keith Olbermann -- a relationship that ended with his firing and mutual lawsuits -- along with the likes of Eliot Spitzer and Jennifer Granholm, former Michigan governor. Gore himself offered commentary during major political events.

It was the utter failure of that incarnation of Current that prompted Gore and co-founder Joel Hyatt to put the thing up for sale.

Some detractors have slammed Gore for hypocrisy because, while he has advocated higher taxes on the rich, he tried to get the Al Jazeera deal done by December 31 to avoid the Obama tax hike. (The sale didn't close until January 2.) I don't see a problem trying to legally take advantage of changes in the tax code, no matter what your political stance.

Nor do I want to prejudge Al Jazeera America. The marketplace will decide its fate.

But there is something unsettling about Gore making off with such a big payday from a government-subsidized channel after making such bad television. Nice work if you can get it.

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The opinions expressed in this commentary are solely those of Howard Kurtz.

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