Monday morning headlines

Market taking off: Optimism returns to Wall Street (we'll see how long it lasts). The Dow is up almost 300 points in early trading.

Grim ad forecasts: This isn't likely to encourage the folks at Tribune. Several forecasts being released this morning show big cuts in total ad spending next year, though predictions vary widely. From the WSJ:

In addition to weakness in spending from automotive and financial advertisers, GroupM predicts that retailers will be under pressure following the critical holiday sales season. It says that while it has yet to see wholesale cancellations among its clients, advertisers are now watching every penny. Spending cuts probably will be most severe for newspapers, magazines and radio as advertisers shift dollars to digital media. One bright spot continues to be Internet, which will keep on growing, albeit not as quickly as in recent years.

Big layoffs at Yahoo: Look for 1,500 firings on Wednesday, reports Kara Swisher at All Things D. The cuts have been expected for weeks.

SAG meeting tonight: This could provide some indication of rank-and-file support for a strike authorization vote. Ballots are expected to be sent out around Christmas, with the results announced sometime in mid-January. (Variety)

Christie Hefner quits: The long-time chairman and CEO of Playboy Enterprises stepped down in a surprise announcement this morning. "Just as this country is embracing change in the form of new leadership, I have decided that now is the time to make changes in my own life as well," she said. (THR)

Eight over 80: The Business Journal asks several older L.A. bizguys how and why they keep at it. “I’m confident I’ll pick up clients till the end,” says PR man Julian Myers, who is 90.

Plans for port park: The proposal would cover 94 acres in Wilmington, and cost around $160 million. From the Daily Breeze:

The first phase, set for completion in 2015, calls for building a Red Car museum at Fries Avenue and West C Street, along with a nearby one-acre Railroad Park and 58,000 square feet of commercial development one block south of Harry Bridges Boulevard between Avalon Boulevard and Marine Avenue. Plans also call for building a pedestrian bridge that would connect the development's northern area to a four-acre waterfront park.