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Wall Street calm: The one-year anniversary of the market bottom is starting out on the slow side. Dow is up about 8 points.
Fewer jobs cut: Nearly two out of three Socal employers surveyed by Manpower expect no change in their hiring plans from March to June, which means not many layoffs but also not many hires. Only 17 percent expect to add to their payrolls, though at least that's improved over the previous three months. (CNNMoney.com)
Northrop fallout: The aerospace company's decision to back out of a giant refueling contract could mean the loss of several thousand local jobs. Rival Boeing becomes the sole bidder. (LAT)
CA's muni sale: We'll see how much demand there is for the $2 billion sale, but look for tax-free yields in the range of 2.6 percent to 4.2 percent on bonds maturing between five and nine years. Proceeds will be used to finance voter-approved infrastructure projects. (LAT)
Karatz trial gets started: The former CEO of L.A.-based KB Home is accused of illegally backdating his own stock options and those of other executives. His lawyers say that Karatz never thought he was committing a crime. From the WSJ:
A key witness for prosecutors will be Gary A. Ray, KB Home's ex-head of human resources, who agreed to cooperate after pleading guilty to a conspiracy charge in 2008. According to documents filed with the court, Mr. Ray said he initially went along with the false story about the options granting process, but later informed Mr. Karatz he couldn't tell KB Home's outside lawyers "the same lies" he had given to the top internal lawyer.
All-Star joins Jamie's team: Famed trial attorney David Boies has been retained by Jamie McCourt in her divorce from Dodgers owner Frank McCourt. The legal fees in this case are running into the millions. (LAT)
Another jump in gas prices: An average gallon of regular in the L.A. area is up another few pennies, to $3.072, according to the government's weekly survey. Higher oil prices and the annual switch to more expensive summer gasoline are behind the increase
Venture shakeout: Firms are struggling to raise new cash in the face of poor investment returns. From the WSJ:
There were 794 active venture-capital firms in the U.S. at the end of 2009, meaning they have raised money in the last eight years, down from a peak of 1,023 in 2005, according to Thomson Reuters and the National Venture Capital Association.
MGM update: Six remaining bidders, reports The Wrap's Sharon Waxman, including Time Warner, Lions Gate and Liberty Media. News Corp. has dropped out. Second-round bids are due March 19.
Caruso targets LAX: He's hired a former director of concessions at the Atlanta airport to go after the local airport business. A call for bids goes out later this year. (Daily Breeze)
Lacter on radio: This morning's business chat with KPCC's Steve Julian looks at executive compensation and the increase in bankruptcy filings. 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.