Wednesday morning headlines

Stocks in retreat: More worries about Greece, though Apple's stupendous earnings report is helping tech issues. Dow is down 50 points.

About those Apple results: The company's profit more than doubled during the fourth quarter, thanks largely to sales of the iPhone 4S. From the NYT:

With the 37 million iPhones that customers snapped up over the holidays, Apple has sold 183 million of the devices since the product went on sale in 2007. Revenue from the iPhone and iPad -- neither of which could be bought five years ago -- now accounts for 72 percent of Apple's total revenue, underscoring the transformation of the company. And although phones based on Google's Android operating system had been gaining more customers in recent years, Apple has begun to chip away at some of the advantages of these phones, narrowing Android's lead in the United States over the holidays.

Interest rates on hold?: Looks like they'll stay at near zero for at least two more years, according to Federal Reserve forecasts. More appraisals of the economy are expected after the central bank meets today. (Reuters)

Another bad notice for bullet train: State auditor warns that the $98.5-billion project has become "increasingly risky" because of uncertainty about funding. From the LAT:

"The success or failure of the program" depends on obtaining up to $105 billion in additional funding, which has not been identified, the report says. It further mentions that the cost estimates for the initial phase do not include operating or maintenance outlays, which the auditor estimates could total roughly $97 billion between 2025 and 2060. Moreover, concerns have been raised about ridership projections that form the basis of the state financial plan for the system, including those of a group of experts hand-picked by the head of the rail authority, the state auditor said.

Dodger owner gets skewered: Former Fox executive Bob Daly, who was responsible for selling the team to Frank McCourt, tells LAT columnist T.J. Simers that "we didn't realize what a bad guy he was."

"When we were going through the process of selling the team, McCourt seemed like an OK guy. I sat down with him and told him people here were under contract, but they've been like a family and so if he wanted to make changes, do so with respect. "As everyone knows he didn't, so I told him off. It took five or six more years for a lot of other people to catch up to where I was with him. He did some good things, but inherently he was not a nice guy. He put himself before the Dodgers, and this is a team owned by the fans and the city of Los Angeles."

Big tourism year for L.A.: A record year, in fact, with 27 million visitors in 2011, a 4.2 percent increase over the previous year. Overseas visitors made a big difference, with Australia leading the way.(LAT)

"The Artist" moves into more theaters: The Oscar-nominated film that very few people have seen will be in an additional 700 theaters beginning Friday. To date, the film has only grossed $12 million. (THR)

Televisa turns to English: The Mexican TV giant is in partnership with Lions Gate to create English-language programs. Meanwhile, Nickelodeon announced plans to adapt a Televisa telenovela, "Alcanzar una Estrella" into an 80-episode English-language show. (WSJ)