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Nine days running?: The market has been on a roll for eight straight sessions, but this could be a volatile day because it's "quadruple witching hour," when contracts for stock index futures, stock index options, stock options and single stock futures all expire. Dow is down a bit in early trading.
Boost in March car sales: Perhaps another sign of a more confident consumer (at least the ones with jobs). Lots of incentives aren't hurting either. From the WSJ:
"Buyers are starting to feel better," said Jeff Schuster, J.D. Power's director of forecasting. "While the incentives helped this month, we are looking for strong sales to continue throughout the year as access to credit and leasing continue to grow." For the year, J.D. Power expects U.S. sales to reach 11.7 million vehicles. It had previously forecast 11.5 million. In contrast, annual sales exceeded 16 million before the recession.
Deadline day for MGM: Time Warner remains interested, though its second round bid is expected to be in the $1.2 billion to $1.5 billion range, well below what the studio's creditors had been looking for. The alternative to an outright sale would be a restructuring. (Bloomberg)
Disney delays Miramax sale: Today was supposed to have been the deadline for a second round of bids, but apparently there isn't much interest (save for the Weinstein Company and Tom Gores' Platinum Equity), so maybe Disney is hoping the extra time will bring out a new player. (The Wrap)
Lax oversight of Southwest: Federal watchdogs faulted FAA managers for letting the airline fly jets that hadn't undergone mandatory maintenance work. From the WSJ:
The U.S. Office of Special Counsel--which investigates whistleblower complaints by federal employees--disclosed Thursday that Southwest failed to complete certain required maintenance involving rivets around the window frames of 55 of its Boeing 737 aircraft. The special counsel faulted FAA managers for what it said was a cozy relationship that permitted the airline to violate rules while avoiding punishment.
JetBlue expands at LAX: The airline's service to NY will be bumped up from two a day to four a day. At the same time, JetBlue will pull two of its nonstops from Long Beach to the East Coast. (Press-Telegram)
Bergstein on the ropes: Creditors have filed an emergency petition to force the film financier and his partner Ron Tutor into Chapter 11. The filings accuse Bergstein of financial mismanagement. Bergstein tells the LAT that "This filing is a farce."
DWP rate hikes moving along: On a 4-0 vote, the utility approved a rate increase of 0.8 of a cent per kilowatt hour. It's the first of four increases planned over the next year that's aimed at using more renewable power. (LAT)
Teen unemployment shoots up: The state jobless rate for 16-to-19-year-olds hit 32.2 percent in January, up from 25.2 percent a year earlier. (OC Register)
Gas prices level off: An average gallon in the L.A. area is $3.072 per gallon, according to the Auto Club, essentially unchanged from last week.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.