Tuesday morning headlines

Stocks keep climbing: The government’s plan to buy stakes in the nation's major banks is probably having an effect, as are the other efforts to loosen credit. After less than an hour, the Dow is up 150 points.

California needs cash: The state begins its $4 billion sale of short-term notes, which only becomes a big deal if the money can't be raised (unlikely at this point). On Tuesday and Wednesday, state Treasurer Bill Lockyer will offer the notes to individual investors. He'll open up the sale to institutional buyers on Thursday. Without the short-term notes, California could theoretically run out of money by the end of the month. (Sacramento Bee)

Dodgers for sale: The team is working with the William Morris Agency to rename parts of Dodger Stadium and a planned $500 million addition (though not the stadium itself). From the LAT:

With player salaries soaring and all the obvious sources of revenue already being tapped, sports franchises are scrambling to squeeze revenue from their ballparks, stadiums and arenas -- even from such iconic destinations as Dodger Stadium and the new Yankee Stadium that will open next spring in New York.

Viacom, CBS in play?: Sumner Redstone's unexpected dumping of $233 million worth of stock in the two media companies could generate some outside interest - a development that Redstone can't be happy about. From the WSJ:

Of the two, Viacom may be the easier company to sell. While CBS is heavily exposed to aging broadcast TV and radio, Viacom owns cable networks such as Comedy Central, MTV and Nickelodeon that still have growth potential. Viacom's public debt also would mostly remain outstanding if the company were sold, making a deal easier to finance. Viacom has a hefty market capitalization of about $13 billion. But a buyer could get control for much less, by simply snapping up Mr. Redstone's 81.6% holding of Viacom's voting shares.

Chip bid dropped: Chip maker Vishay Intertechnology dropped its offer to buy El Segundo-based International Rectifier. Just too much opposition from the other side. (LAT)

Lacter on radio: This morning's business chat with KPCC's Steve Julian covers lower home prices and the state's sale of short-term notes. Also on kpcc.org and on podcast.