Follow LA Observed on Twitter here
Stocks are slipping: After the Asian markets really took it on the chin, the Dow was up more than 100 points in early trading. Now it's pulled back (again). Meanwhile, Citigroup and Merrill Lynch reported big losses.
Inflation under control: Plummeting gas prices have made a big difference in September. This should provide more breathing room for the Fed to lower interest rates still further (not that it seems to be doing much good). (AP)
Such a deal: California has gotten such a strong response to its short-term debt offering that Treasurer Bill Lockyer has boosted the amount sought, from $4 billion to $4.5 billion. With greater-than-expected demand comes a lower yield. Lockyer has set the preliminary rates at 3.75 percent for the seven-month notes and 4.25 percent for the eight-month notes. And it might be lower still once the institutional buyers are brought in today. (LAT)
Traffic drops at ports: It's been pretty much the same story all year - and it speaks volumes about the staggering economy. Cargo traffic at the Port of L.A. fell 6.7 percent in September from a year earlier; at the Port of Long Beach, traffic fell 8.5 percent. (Daily Breeze)
Paramount makes cuts: With DreamWorks gone and parent company Viacom on the ropes, the studio will release fewer films, consolidate some operations and lay off a couple of dozen workers. Just not having DreamWorks will save $50 million in overhead. (LAT)
Obama pushes back Series: Major League Baseball has agreed to delay the start of Game 6 - if there is a Game 6 - by about 15 minutes to accommodate a paid address by the Democratic nominee the week before the election. Obama is also buying time on CBS and NBC; the campaign is still talking to ABC. (THR)
Disney's new adventure: The Mouse House's $1 billion makeover of that other theme park in Anaheim will center on a 1920s theme, which ties to the period when Walt Disney first came to Hollywood. That includes a re-creation of the Carthay Circle Theatre where Disney premiered the movie "Snow White and the Seven Dwarfs" in 1937 (the theater is the centerpiece of the new entrance). From the LAT:
The stakes for Disney go beyond an obvious desire to boost attendance at California Adventure, which has always been overshadowed by neighboring Disneyland, and prolong the length of time visitors stay at its Anaheim parks. The plans unveiled Wednesday provided the most detailed look yet at the expansion announced a year ago. Taken together, the updates and additions seek to tackle the most persistent criticism of California Adventure: its generic, done-on-the-cheap feel.
What, no carving knives?: We knew Macrovision was anxious to unload TV Guide - but a dollar? That's how much Bev Hills private equity firm OpenGate Capital paid for the entertainment magazine. But wait - there's more. To sweeten the deal, Macrovision is loaning OpenGate up to $9.5 million, at 3 percent interest.(Ad Age)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.