Monday morning headlines

Stocks are wobbly: More positive signs of U.S. growth and more concerns about Europe. Dow is down about 30 points.

Euro jitters: The shared currency traded near four-year lows on Monday as European leaders worry that the $1 trillion loan for debt-plagued governments might not be enough. (AP)

More flights canceled: London's Heathrow and Gatwick airports and Amsterdam's Schiphol Airport are still operating, but they're expecting delays because of the volcanic ash. (AP)

GM posts profit: It's the first time the automaker was in the black in a quarter since 2007. The company earned $865 million compared with a loss of $6 billion a year earlier. From the NYT:

G.M. intends to have a public stock offering as soon as the fourth quarter of this year. Federal officials now project the Treasury will recover most of the money given to G.M. and argue that any loss that results was less costly than the damage that a collapse of the company would have inflicted on the country's economy. In preparation for that action, executives are considering reentering the auto financing business, a move that could increase sales by expanding the pool of consumers who can qualify for attractive loans.

Bleak outlook: Cal State Long Beach economist Joseph Magaddino says the country may not return to its pre-recession employment levels until 2018. Too many layoffs and too few new jobs being created. (OC Register)

Council scrambles to avoid layoffs: Members are set to vote today on a budget proposal to lay off 761 city employees and furlough thousands more starting July 1. (KPCC)

Tax woes in many states: April was a lousy month for collections in California, but it was also pretty bad in Pennsylvania, Kansas and a bunch of other states. (WSJ)

Networks announce schedules: Today it's NBC and Fox; ABC on Tuesday; CBS on Wednesday. Expect to see more new shows this fall. From the NYT:

Analysts forecast that the 2010-11 upfront market will be much more robust than last year, with ad revenue for the broadcasters as much as 15 to 20 percent higher than in 2009, although that would bring the total back to only around where it was in 2008, before the recession took its toll.

Sitrick update: Allan Mayer has joined in a lawsuit against the L.A. crisis manager. The litigation accuses Sitrick of manipulating an employee stock ownership plan before his firm was sold. A lawyer for Sitrick says the complaint is "based on mistakes of fact." (NYT)