Friday morning headlines

Stocks open lower: A worse-than-expected forecast from Dell isn't helping. Dow is down a few points in early trading.

Job numbers: As we posted earlier, the state's unemployment rate in October rose to 12.5 percent from 12.2 the previous month. But in the separate payroll survey, California gained 25,700 jobs. (BLS)

More knocks on Goldman: This time it's coming from the bank's own shareholders, who want the size of the bonus pool reduced so that, well, they can make more money. From the WSJ:

Their complaints in private conversations with the company and at analyst meetings show how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay. One frustration: Despite record net income and compensation at Goldman as markets rebound and the firm outmuscles weakened rivals for business, analysts expect its 2009 earnings per share to be 22% lower than in 2007 and roughly equal to its 2006 earnings, according to Thomson Financial.

Oprah fallout: So how will KABC and the other big ABC stations replace the talk show queen? One idea would be to have "The View," another strong ratings generator, lead into the local news. Another possibility, reports Variety, is that the ABC stations would try to grab "Ellen," whose deal with NBC stations is also up in 2011.

Burkle buying into Barney's: The Bev Hills billionaire, through his Yucaipa investment arm, has picked up a large part of the company's debt - at about 60 cents on the dollar. Istithmar, a unit of Dubai's state-owned Dubai World, paid $942.3 million for the company in 2007, but the retailer took on a bunch of debt in the process. From the WSJ:

One person familiar with the matter said he and his investment fund "have had a great relationship with Dubai for a long time." Mr. Burkle has previously invested in businesses alongside an entity connected to Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum. Mr. Burkle also has fashion experience, holding stakes in Sean Combs' Sean John clothing lines, specialty retailer Scoop and designer label Zac Posen.

More immigration audits: Federal officials have told 1,000 companies that they will be reviewed to see if illegal immigrants are being hired - just as happened at L.A.-based American Apparel a few months back. The companies weren't identified, though the language of the order suggests that retailers and manufacturers are not being targeted. (NYT)

Doctor groups merge: Burbank-based Lakeside HealthCare was acquired by Heritage Provider Network Inc. of Northridge, a deal that will impact more than 600,000 patients in the SFV. Lakeside apparently was on the verge of filing for bankruptcy. (LAT)

Vivendi-GE haggling: The two companies are at least $1 billion apart in their valuation of the French group's stake in NBC Universal. This could become a stumbling block in Vivendi's exit and the arrival of Comcast as majority owner of NBCU. From the FT:

GE's negotiating position is understood to be that current media sector multiples would imply a price of $4bn-$5bn. Independent analysts' estimates vary, but Bernstein Research has valued NBC Universal at $27bn, suggesting Vivendi could expect $5.4bn for its holding.

Bloodbath at Business Week: About a third of the workforce was cut, including 60-70 in editorial. The business magazine has been taken over by Bloomberg. ((NY Post)

Gas check: Prices keep edging downward. An average gallon in the L.A. area is $2.96, a couple of cents below last week, according to the Auto Club survey. Demand normally drops off this time of year.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
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
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: CA jobless rate is up

Next story: L.A. jobless uptick

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
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
LA Observed on Twitter and Facebook