Friday morning headlines

Stocks sag: A sharp drop in GE earnings plus only so-so results for Bank of America get things off to a shaky start. Dow is down 100 points in early trading.

B of A misses forecast: The $2.24 billion loss for the third quarter puts the banking giant well behind Goldman Sachs and JP Morgan in the pecking order of big banks. From the NYT:

The losses at Bank of America, with its big consumer-lending and mortgage business, reflect the troubles still roiling the broader American economy. In the third quarter, Bank of America added $2.1 billion to its reserves to cover more credit losses as unemployment surges and households struggle to keep up on their loans. Its net charge-offs grew to $9.6 billion as people defaulted on their credit-card debts.

NBC numbers jump: Parent company General Electric had a tough quarter because of problems in its financial unit, but the broadcast/media side posted a 13 percent profit. Credit a $283 million after-tax gain on the sale of its stake in the A&E cable channel. From MarketWatch:

The NBC Television Network has slashed costs by eliminating primetime dramas in the 10 p.m. hour this season, installing former "Tonight Show" host Jay Leno in that time period five nights a week. Though critics have not been kind to the show, Sherin said its ratings are exceeding NBC's estimates so far. In recent seasons, NBC has been the least-watched of the four major broadcast networks.

Troubles for Ticketmaster deal: Justice Department is resisting a proposed merger of Live Nation and Ticketmaster that would create a powerhouse in the music business - and with it, a less competitive marketplace. NY Post reports that the feds want to see one of the ticketing operations sold off.

Two sources close to the situation said the DoJ is concerned that keeping both ticketing divisions under the same roof could harm consumers by resulting in higher prices for concerts. Britain's Competition Commission last week ruled against the proposed merger on similar grounds, but suggested that approval could be gained by selling one of its ticketing operations in the UK.

Insider trading alleged: Hilton Hotels and Google are among the companies cited by prosecutors as the founder of the Galleon Group, a big New York hedge fund, is charged on Friday.

Gas falls slowly: An average gallon of regular in the L.A. area dropped another 3.5 cents, according to the Auto Club, but it's still over $3 a gallon. Meanwhile, oil has jumped to $77 a barrel, so look for pump prices to begin rising.

Mattel profit declines: Weak international Barbie sales and a lack of entertainment-inspired toys are behind an 8 percent drop in sales. The per-share results matched Wall Street expectations. (AP)

Pink's in OC: L.A.'s venerable hot dog stand opens a location at Knott's Berry Farm, though you won't have to enter the gates to partake. (OC Register)

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
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Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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