Stocks push higher: A mish-mash of economic data leaves the indexes going nowhere fast. At last check, the Dow was up about 40 points.
CA unemployment jumps: May joblessness shot up to 11.5 percent, its highest level since current record-keeping began more than three decades ago. April's revised rate was 11.1 percent. Only four states have higher unemployment rates. (LAT)
$3 gas: An average gallon of regular in the L.A. area is running $3.023 per gallon, according to the Auto Club, which is still $1.60 less than a year ago but 50 cents higher than last month.
Lining up for iPhones: The latest model - speedier and with a few more features - goes on sale this morning, leading to lines outside Apple and AT&T stores. But it's not the kind of mania that accompanied the initial rollout. From AP:
This year, Apple and AT&T Inc., the phone's U.S. carrier, defused the drama by taking pre-orders for the new phone online. That means fewer prospective buyers had a reason to stand in line, and it sped up the activation process. Apple also released its software update for previous customers two days early. There were only scattered reports of problems with that upgrade.
Will bank CEOs ever learn?: Some of them receiving government bailout money are taking the corporate jets for destinations near resorts or executives' vacation homes, including spots in Europe, Mexico, the Caribbean, south Florida and Aspen, Colo. Many of the flights were over holidays or weekends, so it's a pretty good bet this was not for business travel. From the WSJ:
At Citigroup, two days after the bank canceled the jet order Mr. Obama criticized, former Chief Executive Sanford Weill boarded a Citigroup-owned plane for a flight to a small airport at Saranac Lake in New York state's woodsy Adirondack region. Flight records show it was the seventh trip a Citigroup plane had made to Saranac Lake, near where Mr. Weill has a vacation home, since the bank first received federal aid last fall. The flight returned to its point of origin, in Westchester County north of New York City, on Sunday, Feb. 1. That same day, Mr. Weill announced he was waiving his contractual right to use Citigroup aircraft.
Broad withdraws listing: L.A.'s billionaire philanthropist took his NY co-op off the market after the asking price had been cut from $15 million to $10.95 million. The apartment takes up the entire 33rd floor of the Sherry-Netherland Hotel, with views of Central Park and access to hotel amenities. (WSJ)
CB Richard Ellis raises money: Looking to stay solvent, the L.A.-based commercial property brokerage borrowed $450 million at an interest rate of 11.625 percent. From the LAT:
Like other commercial property brokerages, CB Richard Ellis suffered a decline in revenue from brokering sales and lease transactions as the credit crunch and subsequent recession stalled the international real estate market. Before its stock offering last week, the company had $2.4 billion in debt, including $400 million maturing this year and next. The bond and stock sales will enable the company to pay off "a significant portion of loans coming due in the next two years," Chief Financial Officer Robert Sulentic said.
Vibe production halted: It's a Pontiac, which GM is shutting down - and it's the only car the automaker still manufactures in California. The last of the Vibes will roll off the NUMMI assembly plant in Fremont at the end of August. NUMMI also makes Corollas and Tacomas. (LAT)