Friday morning headlines

Stocks are fading: They'll try to somehow connect today's market activity with the February jobs report, but it looks like the same pattern we've been seeing for a while: A big selloff, followed by smaller gains from bargain hunting and then another pullback. At last check, the Dow was down 41.

Chutzpah Department: Here's how attorney John Keker, who is representing former KB Home CEO Bruce Karatz, responded to yesterday's indictment: "We are disappointed that during this economic collapse the government chooses to waste its resources on backdated options, an issue that has long ago been fixed at KB Home and generally in the corporate world." So it's the government's fault? From the WSJ:

According to the indictment, amid KB's internal probe of backdating in 2006, Mr. Karatz and another top KB executive cooked up a false story for its board, saying they hadn't deliberately looked backward to choose favorable dates on which to grant stock options. The allegation could be important in any possible trial on the latest charges, in which prosecutors likely would use it to try to show that Mr. Karatz knew his conduct had been wrong and deliberately tried to conceal it.

Shipper faces falling rates: AP Moller-Maersk, which owns the world's largest container shipping line and has a huge presence at the Port of L.A., says volumes shipped in January were down 20 per cent on a year earlier. Those declines, along with falling oil prices, mean that the company's profits will be sharply lower than in 2008. (FT)

Emission cuts proposed: California regulators issued a far-reaching plan to establish a low-carbon fuel standard. If approved by the state's Air Resources Board, the plan would restrict greenhouse gases produced by a fuel, from its source to its burning. From the LAT:

Air board chairwoman Mary Nichols said the proposed rule was a "comprehensive, cradle-to-grave approach" that would spur innovation and competition in the alternative fuels market. But some members of California's beleaguered renewable-fuels industry greeted the initiative with outrage. Tom Koehler, spokesman for Pacific Ethanol, said the proposal was "a perversion of science and a prescription for disaster."

Small gas dip: The average price for regular in the L.A. area is $2.211 per gallon, which is almost three cents lower than last week, according to the Auto Club. Prices have been zigzagging for several days.

Michael Jackson back on tour: A big payday for concert promoter AEG Live, part of the Philip Anschutz empire that might be vulnerable if the Live Nation-Ticketmaster merger goes through. The concerts — possibly followed by a 3-D movie — could end up netting Jackson more than $400 million, says AEG Live CEO Randy Phillips. (AP)

I-News at Daily News: MediaNews calls it "Individuated News," an experimental media-delivery system that will be tested this summer. The idea is to customize a newspaper according to each reader's interests (Dodgers, stock market, whatever). Readers would be sent a special printer to format the stories and print them or send them to a computer or mobile phone for viewing later in the day. From the Denver Post:

"You'll be able to choose the news you want about anything, whether you're a Detroit Red Wings fan or if you're green-oriented," said Mark Winkler, executive vice president of sales and marketing for MediaNews Group [and owner of the DN]. "You become your own editor and publisher." I-News gathers content not just from The Denver Post and other MediaNews papers but also from The Associated Press and other "scrapers of media," Winkler said. "We want to give the consumer exactly what they want," he said.

Sabans help Wilshire Theatre: The billionaire media mogul and his wife typically give to children's and women's health care causes - and to Israel - but they're shelling out $5 million to restore the Bev Hills landmark. The new name? Saban Theatre, of course. The Wilshire has been a venue for art films and live performances – as well as a home for the Temple of the Arts. (LAT)