Thursday morning headlines

Retailers take dive: Sales plummeted last month after an already weak September - not a big surprise given the bloodshed in the financial markets. Even Costco, which had been holding up all year, posted disappointing numbers. Wal-Mart was the lone exception among the major chains, reflecting an effort by consumers to take the low-cost route (Wal-Mart is also helped by selling groceries). Here's the AP story and here are some of the numbers (all same-store sales):

Wal-Mart +2.4%
Target -4.8%
Costco -1%
Macy's -6.3%
Gap Inc. -16%
Limited Brands -9%
American Eagle Outfitters -12%
Abercrombie & Fitch -20%
Wet Seal -6.2%

Stocks lower again: Those retail numbers weren't surprising, but they're certainly not helping the mood of investors. The Dow is down about 100 points in early trading.

Wall Street bonuses to plummet: For top executives, the drop could be as large as 70 percent this year, according to a new survey. Of course, some would question whether there should be any bonuses. From the NYT:

Wall Street executives, even at banks like Goldman Sachs and Morgan Stanley, which produced decent profits this year, are increasingly aware that large bonuses could set off an enormous public reaction. Many executives and top bankers and traders gorged on huge bonuses during the boom years earlier this decade, in many cases on profits that later disappeared as the subprime mortgage meltdown bloomed into a crisis. Last year, financial groups paid out about $33.2 billion in bonuses, according to the New York State Comptroller.

Lowered expectation: News Corp. expects profit to fall significantly in the current fiscal year, with CEO Rupert Murdoch saying that the current downturn could turn into a "prolonged economic slump." Meanwhile, Time Warner CEO Jeff Bewkes says that “our businesses have proved to be resilient” in the challenging environment. TW lowered its outlook, but its most recent quarter was roughly equal to the same period last year (cable growth offset drops at AOL, Time Inc. and Warner Brothers film studio). (NYT)

Will egg prices rise? Probably not, according to the LAT - despite Tuesday's passage of Proposition 2, which requires farmers to improve the living facilities of their egg-laying hens. Why no impact? The measure doesn't take effect until 2015, and California imports a third of its eggs from out-of-state producers, which are not subject to the new regulations.

"There is no reason to expect any significant change in the price of any eggs. That applies to eggs from cage-free hens too," said Daniel Sumner, the primary author of the UC Davis study. Eggs from cage-free hens generally cost at least 25% more than conventional eggs, according to the study. (Spotted on Monday at Whole Foods in Brentwood: the basic, Chino Valley Ranchers cage-free eggs for $2.39.)

Bev Hills project in doubt: The measure to build two luxury condos and a Waldorf-Astoria hotel on the Beverly Hilton property is losing - but only by 68 votes. Thousands of votes by mail and provisional ballots remain uncounted, with updated figures to be announced after 2 p.m. on Friday. The measure was placed on the ballot after opponents gathered enough signatures to force a referendum on the City Council's 3-2 vote approving the project. (NBC Los Angeles)

Santa Monica defeats growth cap: Measure T, aimed at limiting development and curbing future traffic congestion, was opposed by nearly 56 percent of voters. Developers, including several from outside California, spent more than $800,000 towards defeating the measure. (LAT)