Wall Street off five-year highs, Boeing weighs

NEW YORK (Reuters) - U.S. stocks fell off five-year highs on Wednesday as concerns about global economic growth offset strong bank results and shares of Boeing weighed on the Dow after two Japanese airlines grounded their Dreamliner fleets.


Goldman Sachs shares hit an 18-month high as its earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.


JPMorgan shares were last down 0.8 percent at $46 and Goldman added 2 percent to $138.26.


Concern about global economic growth was weighing on the markets, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.


A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.


Shares of Dow component Boeing fell 3.5 percent to $74.25 on concerns about the safety of its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a ream of recent incidents.


"It's certainly going to pull averages down, given Boeing's large market cap, but I don't see it as having broader market implications," Jankovskis said.


The Dow Jones industrial average <.dji> fell 61.79 points or 0.46 percent, to 13,473.1, the S&P 500 <.spx> lost 4.39 points or 0.3 percent, to 1,467.95 and the Nasdaq Composite <.ixic> dropped 2.72 points or 0.09 percent, to 3,108.06.


Losses on Nasdaq were limited by gains in Apple shares, which were up 2 percent at $495.75.


Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 3.6 percent to $12.69 after jumping more than 21 percent over the past two sessions.


U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.


(Editing by Bernadette Baum)



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Lance Armstrong may not be done confessing


Lance Armstrong may not be done confessing.


His interview with Oprah Winfrey hasn't aired yet, but already some people want to hear more — under oath — before Armstrong is allowed to compete in elite triathlons, a sport he returned to after retiring from cycling in 2011. In addition to stripping him of all seven of his Tour de France titles last year, anti-doping officials banned Armstrong for life from sanctioned events.


"He's got to follow a certain course," David Howman, director general of World Anti-Doping Agency, told the AP. "That is not talking to a talk show host."


Armstrong already has had conversations with U.S. Anti-Doping Agency officials, touching off speculation that the team leader who demanded loyalty from others soon may face some very tough choices himself: whether to cooperate and name those who aided, knew about or helped cover up a sophisticated doping ring that Armstrong ran on his tour-winning U.S. Postal Service squads. Former teammate Frankie Andreu, one of several riders Armstrong cast aside on his ride to the top of the sport, said no one could provide a better blueprint for cleaning up the sport.


"Lance knows everything that happened," Andreu told The Associated Press. "He's the one who knows who did what because he was the ringleader. It's up to him how much he wants to expose."


World Anti-Doping Agency officials said nothing short of "a full confession under oath" would even cause them to reconsider the ban. Although Armstrong admitted to Winfrey on Monday that he used performance-enhancing drugs, Howman said that is "hardly the same as giving evidence to a relevant authority." The International Cycling Union also urged Armstrong to tell his story to an independent commission it has set up to examine claims that the sport's governing body hid suspicious samples, accepted financial donations, and helped Armstrong avoid detection in doping tests.


Winfrey wouldn't detail what Armstrong said during their interview at a downtown Austin hotel. In an appearance on "CBS This Morning," she said she was "mesmerized and riveted by some of his answers." What had been planned as a 90-minute broadcast will be shown as a two-part special, Thursday and Friday, on Winfrey's OWN network.


The lifetime ban was imposed after a 1,000-page report by USADA last year outlined a complex, long-running doping program led by Armstrong. The cyclist also lost nearly all of his endorsements and was forced to cut ties with the Livestrong cancer charity he founded in 1997. The damage to Armstrong's reputation was just as severe.


The report portrayed him as well-versed in the use of a wide range of performance-enhancers, including steroids and blood boosters such as EPO, and willing to exploit them to dominate. Nearly a dozen teammates provided testimony about that drug regimen, among them Andreu and his wife, Betsy.


"A lot of it was news and shocking to me," Andreu said. "I am sure it's shocking to the world. There's been signs leading up to this moment for a long time. For my wife and I, we've been attacked and ripped apart by Lance and all of his people, and all his supporters repeatedly for a long time. I just wish they wouldn't have been so blind and opened up their eyes earlier to all the signs that indicated there was deception there, so that we wouldn't have had to suffer as much.


"And it's not only us," he added, "he's ruined a lot of people's lives."


Armstrong was believed to have left for Hawaii. The street outside his Spanish-style villa on Austin's west side was quiet the day after international TV crews gathered there hoping to catch a glimpse of him. Meanwhile, members of his legal team mapped out a strategy on how to handle at least two pending lawsuits against Armstrong, and possibly a third.


Former teammate Floyd Landis, who was stripped of the 2006 Tour de France title for doping, alleges in one of the lawsuits that Armstrong defrauded the U.S. government by repeatedly denying he used performance-enhancing drugs. The False Claims Act lawsuit could require Armstrong to return substantial sponsorship fees and pay a hefty fine. The AP reported earlier Tuesday that Justice Department officials were likely to join the whistleblower lawsuit before a Thursday deadline.


___


Jim Litke reported from Chicago, Jim Vertuno from Austin, Texas. Stephen Wilson in London and John L. Mone in Dearborn, Mich., also contributed to this report.


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Give Lance another chance?






STORY HIGHLIGHTS


  • Mike Downey: I haven't a smidgen of sympathy for the dope "pedaler"

  • Randy Cohen: If many cycling fans are right, most of the top riders engaged in doping

  • Jeff Pearlman: Lance racing again is not truly an option anyway -- he's almost 42

  • John Hoberman: Any lifting of his lifetime ban should be based on his total cooperation




(CNN) -- CNN asked for views on whether disgraced cyclist Lance Armstrong deserves another chance in light of his apologies to his charity, Livestrong, and his soon-to-be-aired interview with Oprah Winfrey, in which it's widely reported he admitted he used performance-enhancing drugs. Armstrong is banned from professional cycling for life and was stripped of his seven Tour de France titles.


Mike Downey: No sympathy for the dope "pedaler"


I was at the Champs-Elysees finish line on July 27, 1986, when the bike of Greg LeMond whizzed by, making him the first American to win the Tour de France. It was a monumental achievement: 210 cyclists, 23 grueling days, long and winding roads, treacherously steep hills.



Mike Downey

Mike Downey



Equally hard had to be the abuse LeMond endured in retirement after publicly decrying the sport's hypocrisies and daring to suggest that seven-time winner Lance Armstrong, the All-American boy himself, had not been on the up-and-up. Vilified and disdained, LeMond was treated like a tobacco company's insider who blew the whistle on the industry's methods or like Carl Lewis speculating that his rival Ben Johnson had not won foot races fairly and squarely. As if he had an ax to grind.


I haven't a smidgen of sympathy for Armstrong now that he is exposed for the dope-pedaler -- that's pedal, not peddle -- he truly was. He played the Jean Valjean part of the persecuted man for every franc that it was worth. Let us resist the magnanimous gesture to forgive, forget and give Lance a second (eighth?) chance. He was caught, unlike certain baseball players who have been merely suspected or accused, and has, evidently, confessed. Seven strikes and you're out.


Professional athletes do exist who 'fess up, serve a suspension, then are welcomed back. They, as with the ballplayers, did disgrace their life's work, yet none single-handedly won their sport's championship with their chicanery. None stood apart as Armstrong did and hogged credit for being a champion, a hero. None won a championship by compelling teammates to also cheat, at risk of being shunned, smeared or dropped from the team.


I say we say goodbye for good to Monsieur Armstrong, farewell, adieu. Off to Elba and exile with you, you rogue. Vive LeMond.


Mike Downey is a former columnist for The Los Angeles Times and Chicago Tribune.


To Armstrong's critics, doping admission would be sweet


Randy Cohen: All big-time cyclists who doped should confess


The important ethical question isn't whether Lance deserves a second chance. Chance to do what? Cheat in seven more Tours? Lie about it seven more times? Bully seven more teammates into doping? He behaved badly and is rightly censured.



Randy Cohen

Randy Cohen



But that should be the beginning, not the end, of this disheartening story. There's a lot more blame to go around. Cycling's governing bodies also have an ethical duty, and that's to provide a setting in which honest athletes can participate.


If many cycling fans are right, most of the top riders engaged in doping. You simply can't compete against them without doing the same. What was Lance to do? Quit the sport? And who inherits his Tour titles? Some other cheat?


It would be thrilling if one by one, they declined in a Spartacus moment -- an honest, I-am-drugged-Spartacus moment. This is a community problem; it demands community solutions. Unless those who run big-time cycling institute real reforms, Lance's fall will be merely a celebrity scandal, and there's little good in that.


Randy Cohen wrote The Ethicist column in The New York Times Magazine till 2011, and he is a former writer for "Late Night With David Letterman." His latest book is "Be Good: How to Navigate the Ethics of Everything."



Jeff Pearlman: He's almost 42, forget about it


Back when I was 8 or 9, my parents took me to my first trip to Disney World. I remember Space Mountain, and I remember Mickey Mouse's enormous head. For some reason, though, what I remember most is a sign posted within the borders of Epcot. It read: If you can dream it, you can do it.


"Dad," I said, "I dream of being 8-feet tall. But that'll never happen ..."


"Well, son ..."



Jeff Pearlman

Jeff Pearlman



"And, Dad, I dream of being able to fly just like Superman. But that'll never happen ..."


"Son, the thing is ..."


"And Dad, I'd really like to win an Olympic gold medal for my Joanie Cunningham impersonation, but ..."


"Son," my father said, "It's a sign. It's just a damn sign."


Sigh.


Throughout Lance Armstrong's recent fight to prove he hadn't cheated, and throughout the plights of Barry Bonds and Roger Clemens and Mark McGwire and the alleged PED abuses of dozens upon dozens of others, I've often thought about that day at Disney and, specifically, of that sign.


As a boy, it spoke to me as a kid longing for greatness. Maybe, just maybe, I can accomplish anything. Maybe ...


As a sportswriter who has chronicled much of the past two decades, however, it strikes me as foolish nonsense. As Armstrong's recent admission shows, the words must be altered to -- if you can dream it, you can do it -- as long as you leave your ethics at the door and cheat your ass off and don't mind throwing your supporters under a bus.









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That, now, is the sad, pathetic legacy of men such as Armstrong and Bonds. Once upon a time, they dreamed of doing wonderful things: Of hitting baseballs 500 miles; of speeding down the largest mountains; of being special. Then, however, they learned (as we all do) that we are bound by the confines of humanity. Within the rules and regulations, there is only so strong. There is only so fast. There is only so big. Hence, one can either accept his lot in life and put out the best possible effort, or he can cheat and lie and enjoy the temporary fruits while trying to avoid the inevitable plummet.


Do I think he should be allowed to race again? No. Lance Armstrong racing again is not truly an option anyway -- he's almost 42.


Just the same, I am thrilled that he has -- at long last -- begun to come clean. There are lessons to be learned here, beyond those pertaining to cycling. And day's end, when the cheering has stopped, there is something to be said for trying your best, even if your best doesn't result in triumph.


There is empowerment in knowing you gave your all. There is satisfaction in achieving your own PR. There is the sense of community and camaraderie that comes in the aftermath of a sporting event. Cold beers, casual conversation, sore muscles -- bliss.


Armstrong and Bonds forgot that long ago. For them, it was all -- and only --about winning. They got lost in a corrupt world of enhancers and boosters and had their heads turned by the fame and accolades and money.


Now, though, they are outcasts. They are the tombstones of long-ago dreams.


Jeff Pearlman is the author of "Sweetness: The Enigmatic Life of Walter Payton." He blogs at jeffpearlman.com. Follow him on Twitter.


Oprah interview won't reduce sanctions against Armstrong, officials say


Wayne Norman: Like a convenience store robbery that goes wrong


Lance knows that a quick mea culpa is not enough -- otherwise, he would have admitted to doping long ago. Instead, he made a calculated gamble that he could preserve his reputation and brand by lying, defrauding corporate sponsors, impugning the authorities pursuing him and actively slandering and suing honest whistle-blowers who stood in his way.



Wayne Norman

Wayne Norman



That bet has not paid off.


Like a convenience store robbery that goes wrong and leads to a hostage-taking and a high-speed chase, Lance's doping is by far the least of his transgressions. A highly calculated confession about the doping still looks like Lance gambling to advance his interests. Former fans will need contrition and a sense that he genuinely regrets the gamble. Those he slandered and defrauded should demand even more.


Lance cannot get another chance as an athlete at this point. That would make a mockery of all sporting rules and their enforcement. When you've been that blatantly dishonest, it won't be easy to convince people to trust you again.


Wayne Norman is the Mike & Ruth Mackowski professor of ethics at Duke University.


John Eustice: Armstrong can make a deal and get leeway


What Lance has, the U.S. Anti-Doping Agency wants, and Lance is not going to give it to them unless he gets his (athletic) life back. USADA knows that Lance stands at the nexus of two distinct cultures, two completely different mindsets: The ideals and dreams of Olympic sport and the harsh, ratings-driven business of the professional game.



John Eustice

John Eustice



They view this conquest of Lance as their great chance to have the Olympic vision triumph over the cynicism of the pros. But they need his cooperation to win.


Despite the admitting of pros into the Olympic Games, in truth, the two cultures do not mesh. Pro sports are businesses where talent, ratings and the subsequent cash flows from them, must be protected just as in any other entertainment business.


USADA needs to understand how the professional mentality has "infected" the Olympic movement, and Lance is the key. Was he protected by the International Cycling Union? Was the Tour de France involved? Did it go even higher that that?


USADA makes deals. If Lance can provide them with information on the underground system that fuels athletes worldwide, and explain, for example, how of the 6,000 drugs tests given at the London Games, only one came back positive, allowing him to participate in some triathlons seems a very small price to pay.


Cycling analyst John Eustice was one of the pioneer Americans to break into the world of European pro cycling. He co-founded and captained the first American team to race in the Tour of Italy, and is a two-time United States Professional Champion.


John Hoberman: Is it possible to acquire a conscience overnight?


The report that Lance Armstrong choked up during his apology to Livestrong Foundation employees earlier this week would seem to mark an abrupt departure from the cold, calculating and manipulative personality he has displayed throughout his celebrated athletic career.


Having closely followed the Armstrong saga as a doping researcher, I have come to doubt whether this is man is capable of genuine contrition. One can only imagine the apologetic telephone calls he has been making to the former teammates and other victims he persecuted, threatened, bullied and slandered over so many years.



John Hoberman

John Hoberman



Is it really possible to acquire a conscience overnight? Can a person who has long-demonstrated reckless self-assertion, a lack of empathy, coldheartedness, egocentricity, superficial charm and irresponsibility suddenly repent after months of hostile intransigence?


One is tempted to say no, since this ensemble of traits bears a disturbing similarity to the psychopathic personality. Let us hope that Armstrong is capable of leaving his old self behind and building a healthier personal identity.


Any lifting of his lifetime ban from officially recognized competitions should be made contingent on his absolute and total cooperation with the United States Anti-Doping Agency and the World Anti-Doping Agency. Armstrong must demonstrate some good faith by revealing everything he knows about the illicit trade in doping drugs as well as the cynical and opportunistic doctors who have profited from these corrupt arrangements.


John Hoberman teaches at the University of Texas at Austin and is the author of "Mortal Engines: The Science of Performance and the Dehumanization of Sport." He was a consultant in 2005 for the SCA Promotions of Dallas, the insurance company demanding that Lance Armstrong repay a total of $7.5 million it paid to him in Tour de France bonuses.


Shawn Klein: If he cooperates, maybe the lifetime ban could be reduced


After years of adamant denials and protestations of his innocence, Lance Armstrong has reportedly come forward to admit his use of prohibited performance enhancing drugs. If Armstrong is sincerely contrite and forthright in his apology, most people, including myself, will forgive him for his use of prohibited drugs.



Shawn Klein

Shawn Klein



He cheated in a sport known for its widespread cheating; that doesn't justify his use but it does put his actions into an understandable context that makes it easier to excuse the use. Further, if Armstrong cooperates with the U.S. Anti-Doping Agency, his lifetime ban from cycling ought to be reduced to something more reasonable.


The more troubling aspects of the Armstrong case are the allegations that he harassed and intimidated team members and potential whistle-blowers. Violating the arbitrary rules of a sport shows a character flaw and poor judgment, but it is hard to see who else is truly harmed by such actions. But to threaten, intimidate and coerce others (either to use performance enhancing drugs themselves or to cover up his team's use) causes real harm.


Even if only some of these reports are accurate, Armstrong will have to do more than sit on Oprah's couch to earn forgiveness. 


Shawn Klein teaches at the Department of Philosophy and Center for Ethics and Entrepreneurship at Rockford College in Illinois and writes the Sportsethicist blog.


What do you think? Comment below and join us on Friday for a live chat on Twitter @CNNOpinion about Lance Armstrong.


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of the authors.






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Bears name Trestman next head coach

Chicago Tribune sports columnist David Haugh breaks down the Bears' hiring of Marc Trestman. (Posted on: Jan. 16, 2013.)









The Bears took a swing for the fences by choosing Marc Trestman to be the 14th head coach in team history, an NFL source told the Tribune early Wednesday.

The Bears made it official with a news release shortly after 4 a.m. Trestman will be introduced Thursday at a 10 a.m. news conference.






Trestman is a somewhat unconventional choice, having been out of the NFL for eight years. But he also is a proven winner, having won back-to-back Grey Cup championships as coach of the Montreal Alouettes in the Canadian Football League. Trestman has a 64-34 record in five years as a head coach.

In addition to having head coaching experience, Trestman is a quarterback guru who has spent most of his professional life coaching passers. Clearly, he is being brought to the Bears to get the most out of Jay Cutler and whoever else lines up under center during his tenure.

Trestman, 57, was Bernie Kosar’s quarterbacks coach at the University of Miami in 1983, when the Hurricanes won the national championship. In the NFL, Kosar, Steve Young, Scott Mitchell, Jake Plummer and Rich Gannon played well under Trestman’s guidance. Gannon won the 2002 Most Valuable Player award while being coached by Trestman on the Raiders.

“The skill set that Marc has, being an offensive mind, and then his great relationships that he's had with quarterbacks historically in the NFL and the work he's done with them makes him a good fit for the job,” Alouettes general manager Jim Popp said.

“A lot of guys want to be head coaches. Some leave the NFL to go to NCAA schools, and then once they've proven themselves, all of a sudden those college coaches are some of the hot commodities to be an NFL coach. It's no different. Coach Trestman has run a professional team as a head coach for five years. He's had a winning record for five years. He's proven himself as a head coach at a professional level. You can call it what you want, but on-hand training as a head coach and proof goes a long way, goes a real long way. You can't replace that.”

Trestman should know what he is getting into with Cutler. As a consultant, he worked with Cutler to prepare him for the 2006 combine. Among other players he worked with before their drafts are Jason Campbell and Tim Tebow.

Trestman’s appointment should not come as a surprise to Fox analyst Jimmy Johnson, who was Trestman’s boss at the University of Miami. Johnson tweeted Jan. 11 that it “looks like” Trestman would be getting the Bears job.

Trestman was one of 13 known candidates to be interviewed for Lovie Smith's old position. While Trestman, Colts offensive coordinator Bruce Arians and Seahawks offensive coordinator Darrell Bevell received second interviews, Emery's final decision is believed to have come down to Trestman vs. Arians. Eight of the candidates had offensive backgrounds.

Trestman's final interview was Monday. Arians and Bevell met with Emery on Tuesday. None of the coaches knew Emery's decision until early Wednesday morning.

Interestingly, Smith nearly hired Trestman in 2004 when he was looking for an offensive coordinator. Instead, Smith settled on Terry Shea, and Trestman became Dave Wannstedt’s quarterbacks coach with the Dolphins.

Trestman also interviewed for the Browns’ head coaching vacancy this month, as well as the Raiders’ offensive coordinator position. Last year, he interviewed for the Colts’ head coaching job.

Trestman is known for a cerebral, measured approach.

“One thing about him that is a strength is his ability to listen,” Gannon said. “He takes feedback. Marc has always been the type of guy who can sit down with you and talk about things. What do you like about this? What don’t you like? His feedback is excellent. And he has an ability to be honest with you. Somebody needs to be honest with Jay Cutler.”

ESPN.com reported that Saints offensive line coach Aaron Kromer will serve Trestman both in that role and also as offensive coordinator, which suggests that Trestman will call the plays. Kromer served as the Saints' interim head coach for the first six games of the 2012 season due to the suspensions of Sean Payton and Joe Vitt.

Trestman’s plans for the defense are unknown, but there’s a good chance he will retain coordinator Rod Marinelli and some of the other defensive assistants. Quarterbacks coach Jeremy Bates also is a possibility to stay. Trestman previously worked with Bates’ father, Jim.

Trestman played quarterback at the University of Minnesota and Minnesota State-Moorhead. He was with the Vikings for two training camps as a defensive back.

Trestman also graduated from the University of Miami School of Law and has been a member of the Florida bar since 1983. He took a few years away from coaching in the early ‘90s to practice law. He is the author of the book “Perseverance: Life Lessons on Leadership and Teamwork.”

Trestman and his wife, Cindy, have two daughters, Sarahanne and Chloe.

bmbiggs@tribune.com

Twitter @BradBiggs

dpompei@tribune.com

Twitter @danpompei



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Pakistan government digs in as cleric keeps up pressure


ISLAMABAD (Reuters) - Pakistan will not bow to the demands of a Muslim cleric who has brought thousands of protesters to the heart of the capital Islamabad calling for the resignation of the government and electoral reforms, the information minister said on Wednesday.


The government has also been rocked by a Supreme Court order on Tuesday to arrest Prime Minister Raja Pervez Ashraf within 24 hours on a corruption investigation. However Ashraf remained a free man since officials said the National Accountability Bureau (NAB), which would carry out the arrest, had not yet received direct orders.


The officials said the NAB chief would go the Supreme Court on Thursday to discuss the issue.


The cleric, Muhammad Tahirul Qadri, who played a role in backing a military coup in 1999, is calling for the immediate resignation of the government and the installation of a caretaker administration to oversee electoral reforms.


His sudden appearance at the forefront of Pakistan's political scene has fueled speculation that the army, which has a long history of meddling in politics, has tacitly endorsed his campaign in an effort to pile more pressure on a government it sees as inept and corrupt.


Qadri and the military deny this.


The ruling Pakistan Peoples' Party (PPP) shows no sign of caving in to Qadri's demands and hopes the protests will disperse over the next few days, easing pressure on a government faced with an abundance of challenges, from a Taliban insurgency to a weak economy.


At a press conference near the federal parliament, where many of the protesters are gathered, Information Minister Qamar Zaman Kaira said general elections will take place as scheduled sometime between May 5 and 15, and suggested action would be taken if the protests drag on.


"All political parties are happy with the Election Commission and elections will happen on time," he said.


"There is nothing wrong with raising your concerns and protesting. But if you try to hold the capital hostage and disrupt the lives of its people, the law will take its course."


The main opposition party, the Pakistan Muslim League led by former prime minister Nawaz Sharif, has also rejected Qadri's call for the military to play a role in the formation of a caretaker government to oversee the run-up to elections.


"Tahirul Qadri is working on somebody's agenda to derail democracy in Pakistan and we reject all of his demands." Sharif told a news conference, in an apparent reference to the military.


The ruling coalition led by the PPP has a majority in parliament and, to continue to hold office, lawmakers can simply elect another prime minister if Ashraf is ousted.


In June, Ashraf replaced Prime Minister Yusuf Raza Gilani, who was disqualified by the Supreme Court in a previous showdown between the government and the judiciary.


But Qadri's appeal to thousands of supporters has injected fresh uncertainty into the governments' s bid to cement Pakistan's transition to democracy by becoming the first civilian administration to complete a full term.


The military has ruled Pakistan for over half of its 65 years since independence. But current chief General Ashfaq Kayani has vowed to keep the military out of politics.


(Writing by Michael Georgy; Editing by Raju Gopalakrishnan)



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Wall Street knocked lower by debt limit worries, Apple

NEW YORK (Reuters) - U.S. stocks fell on Tuesday on worries over the debate brewing in Washington over raising the U.S. borrowing limit, while Apple's stock extended its fall on concerns of weaker demand for its products.


Economic data offset some of the negative tone after retail sales rose more than expected in December. But manufacturing activity in New York state contracted for the sixth month in a row in January.


On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.


Resolving the debt ceiling debate is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.


"The concern is just the uncertainty and the negotiating going down to the last minute," said John Fox, co-manager of the FAM Value Fund, in Cobleskill, New York.


Apple fell for the third day in a row, weighing on the Nasdaq after reports on Monday of cuts to orders for iPhone parts. Apple was down more than 2 percent at $491.96. The stock fell below $500 for the first time in almost a year on Monday.


The Dow Jones industrial average <.dji> slipped 29.55 points, or 0.22 percent, to 13,477.77. The Standard & Poor's 500 Index <.spx> fell 4.35 points, or 0.30 percent, to 1,466.33. The Nasdaq Composite Index <.ixic> gave up 18.82 points, or 0.60 percent, at 3,098.68.


Although Tuesday's economic data was mostly positive, reaction in the market was likely to be limited since investors' attention centered on the negotiations over the debt ceiling and spending cuts, said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, NY.


"'Fiscal Cliff Two' is now the principal focus of investors," he said.


An expected lackluster earnings season also kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.9 percent from a year ago, Thomson Reuters data showed.


Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock fell 2.2 percent to $40.11 on worries that growth in orders was slowing.


Shares of Dell rose 3.1 percent to $12.67 the day after sources said the company is in talks with private equity firms on a potential buyout.


Facebook added 0.6 percent to $31.11 ahead of a major news event at its headquarters. The secretive nature of the event has triggered a guessing game about what the company could unveil.


(Editing by Kenneth Barry)



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Oprah: Lance Armstrong admitted doping


AUSTIN, Texas (AP) — Lance Armstrong has finally come clean.


Armstrong confessed to doping during an interview with Oprah Winfrey taped Monday, just a couple of hours after a wrenching apology to staff at the Livestrong charity he founded and has now been forced to surrender.


The day ended with 2 1/2 hours of questions from Winfrey at a downtown Austin hotel, where she said the world's most famous cyclist was "forthcoming" as she asked him in detail about doping allegations that followed him throughout his seven Tour de France victories.


Speaking on "CBS This Morning," Winfrey said Tuesday she had not planned to address Armstrong's confession before the interview aired on her OWN network but, "by the time I left Austin and landed in Chicago, you all had already confirmed it."


"So I'm sitting here now because it's already been confirmed," she added.


The session was to be broadcast on Thursday but Winfrey said it will now run in two parts over two nights because there is so much material.


Winfrey would not characterize whether Armstrong seemed contrite but said he seemed ready for the interview. "I would say that he met the moment," she said.


"I don't think 'emotional' begins to describe the intensity or the difficulty he experienced in talking about some of these things."


The confession was a stunning reversal for a proud athlete and celebrity who sought lavish praise in the court of public opinion and used courtrooms to punish his critics.


For more than a decade, Armstrong dared anybody who challenged his version of events to prove it. Finally, he told the tale himself after promising over the weekend to answer Winfrey's questions "directly, honestly and candidly."


The cyclist was stripped of his Tour titles, lost most of his endorsements and was forced to leave Livestrong last year after the U.S. Anti-Doping Agency issued a damning, 1,000-page report that accused him of masterminding a long-running doping scheme.


The International Cycling Union, or UCI, issued a statement on Tuesday saying it was aware of the reports that Armstrong had confessed to Winfrey. The governing body for the sport urged Armstrong to tell his story to an independent commission it has set up to examine claims it covered up suspicious samples from the cyclist, accepted financial donations from him and helped him avoid detection in doping tests.


Armstrong started Monday with a visit to the headquarters of Livestrong, the charity he founded in 1997 and turned into a global force on the strength of his athletic dominance and personal story of surviving testicular cancer that had spread to his lungs and brain.


About 100 Livestrong staff members gathered in a conference room as Armstrong told them "I'm sorry." He choked up during a 20-minute talk, expressing regret for the long-running controversy tied to performance-enhancers had caused, but stopped short of admitting he used them.


Before he was done, several members were in tears when he urged them to continue the charity's mission, helping cancer patients and their families.


"Heartfelt and sincere," is how Livestrong spokeswoman Katherine McLane described his speech.


Armstrong later huddled with almost a dozen people before stepping into a room set up at a downtown Austin hotel for the interview with Winfrey. The group included close friends and lawyers. They exchanged handshakes and smiles, but declined comment.


Winfrey has promoted her interview, one of the biggest for OWN since she launched the network in 2011, as a "no-holds barred" session, and after the voluminous USADA report — which included testimony from 11 former teammates — she said she went into the session with 112 questions ready to go. Not all of them were asked, she said, but many were.


USADA chief executive Travis Tygart, a longtime critic of Armstrong's, called the drug regimen practiced while Armstrong led the U.S. Postal Service team "the most sophisticated, professionalized and successful doping program that sport has ever seen." USADA did not respond to requests for comment about Armstrong's confession.


For years, Armstrong went after his critics ruthlessly during his reign as cycling champion. He scolded some in public and didn't hesitate to punish outspoken riders during the race itself. He waged legal battles against still others in court.


At least one of his opponents, the London-based Sunday Times, has already filed a lawsuit to recover about $500,000 it paid him to settle a libel case, and Dallas-based SCA Promotions, which tried to deny Armstrong a promised bonus for a Tour de France win, has threatened to bring another lawsuit seeking to recover more than $7.5 million awarded by an arbitration panel.


In Australia, the government of South Australia state said Tuesday it will seek the repayment of several million dollars in appearance fees paid to Armstrong for competing in the Tour Down Under in 2009, 2010 and 2011.


"We'd be more than happy for Mr. Armstrong to make any repayment of monies to us," South Australia Premier Jay Weatherill said.


Betsy Andreu, the wife of former Armstrong teammate Frankie Andreu, was one of the first to publicly accuse Armstrong of using performance-enhancing drugs. She called news of Armstrong's confession "very emotional and very sad," and choked up when asked to comment.


"He used to be one of my husband's best friends and because he wouldn't go along with the doping, he got kicked to the side," she said. "Lance could have a positive impact if he tells the truth on everything. He's got to be completely honest."


Betsy Andreu testified in SCA's arbitration case challenging the bonus in 2005, saying Armstrong admitted in an Indiana hospital room in 1996 that he had taken many performance-enhancing drugs, a claim Armstrong vehemently denied.


"It would be nice if he would come out and say the hospital room happened," Andreu said. "That's where it all started."


Former teammate Floyd Landis, who was stripped of the 2006 Tour de France title for doping, has filed a federal whistle-blower lawsuit that accused Armstrong of defrauding the U.S. Postal Service. An attorney familiar with Armstrong's legal problems told the AP that the Justice Department is highly likely to join the lawsuit. The False Claims Act lawsuit could result in Armstrong paying a substantial amount of money to the U.S. government. The deadline for the department to join the case is Thursday, though the department could seek an extension if necessary.


According to the attorney, who works outside the government, the lawsuit alleges that Armstrong defrauded the U.S. government based on his years of denying use of performance-enhancing drugs. The attorney spoke on condition of anonymity because the source was not authorized to speak on the record about the matter.


The lawsuit most likely to be influenced by a confession might be the Sunday Times case. Potential perjury charges stemming from Armstrong's sworn testimony in the 2005 arbitration fight would not apply because of the statute of limitations. Armstrong was not deposed during the federal investigation that was closed last year.


Armstrong is said to be worth around $100 million. But most sponsors dropped him after USADA's scathing report — at the cost of tens of millions of dollars — and soon after, he left the board of Livestrong.


After the USADA findings, he was also barred from competing in the elite triathlon or running events he participated in after his cycling career. World Anti-Doping Code rules state his lifetime ban cannot be reduced to less than eight years. WADA and U.S. Anti-Doping officials could agree to reduce the ban further depending on what information Armstrong provides and his level of cooperation.


___


Litke reported from Chicago. Pete Yost in Washington also contributed to this report.


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New Brain Cell Linked to High Blood Pressure






High blood pressure has just gotten a new culprit: a newly discovered brain cell.


While the usual suspects of heart risk — weight problems, stress, smoking, those salty slices of bacon — do contribute to high blood pressure, researchers think they’ve discovered a new cluster of neurons that also play a role.






Researchers from Sweden spotted the previously unknown cluster of nerve cells in the brains of mice, finding the cells affected the animals’ blood pressure and other cardiovascular functions. If these neurons also exist in human brains, scientists and doctors may have a new avenue for tackling hypertension (chronically high blood pressure) and other heart problems.


These cells, which are part of a family of nerves known as parvalbuminergic neurons, are located in the hypothalamus of the mouse brain, a region that helps control involuntary functions such as thirst, body temperature and blood pressure.


Jens Mittag, a molecular biologist at Sweden’s Karolinska Institutet, and his team focused on mice that had mutations in a cell receptor for thyroid hormone. This defect prevented their hearts from responding normally to stressful stimuli, such as environmental temperature changes. [10 Odd Facts About the Brain]


Thyroid hormone problems have been known to affect the heart directly in humans. To determine whether the hypothalamus also played a role, Mittag and his team scanned the brains of the mutated mice, finding the hypothalamus was missing a significant number of parvalbuminergic neurons.


Here’s what the researchers think is happening: The thyroid hormone, produced by the thyroid gland in the brain in the neck, is partly responsible for making these special neurons. Mice with a lack of thyroid hormone activity didn’t successfully form these parvalbuminergic neurons during embryonic development.


The researchers confirmed the role of these neurons in another experiment in which they destroyed these cells in other mice with the help of a virus. This action led to hypertension and heart-rate problems in the presence of temperature changes.


“There’s lots of anatomical areas in the brain that we know regulate the control of cardiovascular function. These are the first neurons in the hypothalamus on the cellular level that we know regulate these parameters,” Mittag told LiveScience.


“I have no idea why no one has stumbled over these cells before,” he added. “I guess we were lucky to be the first to describe them.”


Before scientists can think about targeting these neurons for hypertension treatment in humans, further studies are needed to confirm that these cells are present in human brains and perform the same jobs.


In the meantime, Mittag said the study underscores the importance of making sure that pregnant women produce a sufficient amount of thyroid hormone. Without it, the brain of the fetus may not develop properly and, according to this study, cardiovascular issues from a lack of parvalbuminergic neurons may be just one more problem for the fetus that can be caused by insufficient thyroid hormone production in the mother.


The research was detailed online Dec. 21 in the Journal of Clinical Investigation.


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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Police locate mother of boy found on streets of West Englewood













Police locate boy's mother


Police have located the mother of a young boy who was found running down the sidewalk in the West Englewood neighborhood overnight.
(Chicago Police Department / January 15, 2013)



























































Police have located the mother of a young boy who was found running down the sidewalk in the West Englewood neighborhood overnight.


Police issued an alert after someone called police shortly before 11:30 p.m. Monday and reported finding the boy in the 7200 block of South Hermitage Avenue, police said. The mother arrived at the Englewood police station this morning and was speaking with detectives, police said.


"The tears are flowing," a police official said.





The boy, believed to be about 3 or 4 years old, was evaluated at a hospital and released into the custody of the Illinois Department of Children and Family Services. He was not able to tell police what his name is or who his parents are, Chicago Police Department News Affairs Officer Ron Gaines said.


The boy was wearing a black down coat, a red Nike hooded sweatshirt and a black winter hat with the word "Obama" on it. He was also wearing black and white Adidas gym shoes and blue jeans inscribed with the words "D.J. Bottoms," police said.


It was unclear how long the boy had been outside, police said. But despite the bitter cold -- it was 19 degrees at Midway Airport at 11 p.m., according to the National Weather Service -- the boy was determined to be in good condition.


chicagobreaking@tribune.com


Twitter: @ChicagoBreaking






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Pakistan turmoil deepens as court orders PM's arrest


ISLAMABAD (Reuters) - Pakistan's Supreme Court ordered the arrest of the prime minister on Tuesday on corruption allegations, ratcheting up pressure on a government that is also facing street protests led by a cleric who has a history of ties to the army.


The combination of the arrest order and the mass protest in the capital Islamabad led by Muslim cleric Muhammad Tahirul Qadri raised fears among politicians that the military was working with the judiciary to force out a civilian leader.


"There is no doubt that Qadri's march and the Supreme Court's verdict were masterminded by the military establishment of Pakistan," Fawad Chaudhry, an aide to Prime Minister Raja Pervez Ashraf, told Reuters.


"The military can intervene at this moment as the Supreme Court has opened a way for it."


However, the ruling coalition led by the Pakistan Peoples' Party (PPP) has a majority in parliament and lawmakers can simply elect another prime minister if Ashraf is ousted. In June, Ashraf replaced Prime Minister Yusuf Raza Gilani, who was disqualified by the Supreme Court in a previous showdown between the government and the judiciary.


Also, elections are due in a few months and President Asif Ali Zardari hopes to lead the first civilian government in Pakistan's 65 years as an independent nation that will complete its full term.


But power struggles will distract the unpopular government from tackling an array of problems - a Taliban insurgency, economic stagnation and growing sectarian tensions triggered by bomb attacks and tit-for-tat shootings.


The military, which sees itself as the guarantor of Pakistan's stability, has long regarded the PPP-led government as corrupt, incompetent and unable to prevent the nuclear-armed country from falling apart.


Pakistan's powerful army has a long history of coups and intervening in politics. But these days generals seem to have little appetite for a coup. Army chief General Ashfaq Kayani has vowed to keep the military out of politics.


But many believe top military leaders still try to exert behind-the-scenes influence, and any moves by the military in the latest crisis could not happen without a green light from Kayani, arguably the most powerful man in Pakistan.


"Extra-constitutional regime change, or "outside of the political calendar" if you will, is only possible in Pakistan with the tacit nod of the military, on account of it being a long-time stakeholder in Pakistani politics," said Shamila Chaudhry, an analyst at Eurasia Group.


"The Qadri march was like a trial balloon. The military indirectly sent it out to see if it would work."


Some politicians believe the military will try to dominate the caretaker administration that will oversee the run-up to the polls after parliament is dissolved, which is due to happen in March. An election date has yet to be announced.


The protest by Qadri and his followers has also been seen by commentators as being orchestrated by the military to add to the pressure on Zardari's government, although the military has denied any ties to the cleric.


PEOPLE'S MONEY


Thousands of followers of the populist cleric camped near the federal parliament cheered and waved Pakistani flags as television channels broadcast news of the Supreme Court's order to arrest Ashraf on charges of corruption.


"We don't want any of those old politicians. They just take all the people's money," said 19-year-old student Mohammed Wasim. "We congratulate the whole nation (on the Supreme Court's order). Now we have to take the rest of the thieves to court."


Government officials said they were baffled by the arrest order, which came hours after Chief Justice Iftikhar Chaudhry said elections should go ahead as scheduled.


"This was totally unexpected," an official in Ashraf's office told Reuters. "The prime minister and two or three of his friends were watching Qadri speak on television and this suddenly happened."


Pakistan's stock exchange fell by more than 500 points, or nearly three percent, on news of the court order, due to fears over fresh political turmoil, which comes against a backdrop of militant bombings and tension on the border with India.


Qadri, who played a role in backing a military coup in 1999, threatened to remain camped out near the federal parliament with thousands of supporters until his demands for the resignation of the government were met.


The fiery orator returned home from Canada less than a month ago to lead a call for electoral reforms to bar corrupt politicians from office that has made him an instant hit among Pakistanis disillusioned with the state.


In a speech from behind a bullet-proof shield in front of parliament, Qadri praised the military and the judiciary, the country's two other power centers.


"(The government) has wasted and brought a bad end to our armed forces, those armed forces who are highly sincere, highly competent and highly capable and highly professional," he said, alternating between Urdu and English.


"Even they can't do anything because the political government isn't able to deliver anything from this land. Judgments are being passed by our great, independent judiciary but the government is not ready to implement them."


Qadri is demanding that the government dissolve the legislature and announce the formation of a caretaker government to oversee the run-up to elections.


One senior military officer, who said he was speaking in a purely personal capacity, said there was no appetite in the military to repeat the coups seen in Pakistan's past, but added the stand-off could be resolved if the army played a role in the formation of a caretaker government as a "moderator".


"We should try as far as possible to abide by the constitution and law in looking for change. The army chief has made this clear," the officer told Reuters.


"But things seem to be moving beyond control," the officer added. "It is totally incorrect to say the army is behind Qadri. But if he brings thousands of people to the streets and things get worse, there may be very few options."


(Additional reporting by Matthew Green and Mubasher Bukhari in ISLAMABAD and Jibran Ahmad in PESHAWAR; Writing by Michael Georgy; Editing by Raju Gopalakrishnan)



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