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Stocks are higher, again: After a terrible start to 2010, the Dow is back to around even for the year.
GM sales are up: February saw an overall increase of 11.5 percent, but when including just the four surviving brands, sales were up 32.2 percent. Ford and the other carmakers report numbers later today.
GM recall: This one involves power-steering problems on 1.3 million Chevy Cobalts and three Pontiac models. A total of 14 crashes and one injury have been reported. (Bloomberg)
Trouble for un-recalled Toyotas: Supposedly safe Camrys built before 2007 have been linked to speed-control problems, according to the NYT. And all the automakers had complaints about sudden acceleration:
Anthem is sued: Consumer Watchdog accuses the Woodland Hills insurer of raising individual rates to force members into policies with higher deductibles and lower benefits. From the SF Chronicle:
San Rafael resident Mary McNamara Feller, a plaintiff in the suit, which was filed in Ventura County, said she had to do something after Anthem last month proposed raising rates on the policy covering her and her husband nearly 39 percent to $1,658 a month. She said the company offered her the option of switching to a policy with a higher deductible and skimpier benefits by a specific deadline, but also told her she could stay in her current policy. The company notified her of the enormous premium increases in her plan after the deadline had passed.
Creditors take over Panavision: The Woodland Hills-based camera-rental company, which has been controlled by billionaire Ron Perelman, was struggling with debt problems. From the LAT:
People close to Panavision say camera and lens orders for feature films, which account for most of the company's revenue, fell about 15% last year. The company's annual revenue for the fiscal year that ended June 30, 2009, was about $260 million, according to Moody's. The privately held company does not disclose its finances, but one person with knowledge of the company's finances said it still generated an operating profit.
ABC in cable dispute: The Disney-owned network wants Cablevision to start paying fees for its programming. The dispute involves cable service for much of the NYC area (but not Manhattan) and could leave customers in the dark on Oscar night. (NY Daily News)
Jump in gas prices: Government reports a seven-cent-a-gallon increase in the L.A. area over the last week, to $3.038
Ticket scheme: Four men operating under the name Wiseguy Tickets have been charged with hacking into Ticketmaster and other online sites and reselling tickets. They allegedly pocketed more than $25 million. (NYT)
Lacter on radio: This morning's business chat with KPCC's Suzanne Whatley (Steve Julian is away) looks at February car sales and the problems that homeowners are having in making mortgage payments. Also at kpcc.org and on podcast.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.