Tuesday morning headlines

Stocks are slipping: A weak report on housing and disappointing earnings from IBM and Goldman get trading off to a glum start. Dow is down more than 100 points.

Bearish on Social Security: USA Today/Gallup Poll finds that a majority of retirees (56 percent) expect their current benefits to be cut, and six of 10 non-retirees predict Social Security won't be able to pay them benefits when they stop working.

CA has 3rd highest jobless rate: Nevada is tops at 14.2 percent, followed by Michigan, 13.2 percent; California, 12.3 percent; and Rhode Island, 12.0 percent. (BLS)

Toyota receives subpoenas: Federal grand jury in NY is looking into steering-related defects. No specifics provided on model or type of defect. (NYT)

DVDs get boost: Revenue fell 3.3 percent in the first half of the year, but it would have been worse without the strong sales of "Avatar." (LAT)

No action in Bell: The City Council took no action last night on the Chief Administrative Officer Robert Rizzo and his nearly $800,000 annual salary. The Council, citing legal concerns, ordered a staff report on salaries of top city officials. From the LAT:

"We're asking for your patience," Councilman Lorenzo Velez said over the shouts of "Fire Rizzo now!" and "Recall, recall!" Rizzo did not attend the meeting. "You're either with us or against us - and if you've been earning $100,000 a year, you're against us," said Cristina Garcia of the community group "Bell Assn. to Stop the Abuse."

Gas prices edge higher: An average gallon in the L.A. area $3.147, up about two cents from last week, according to the government's survey.

What is UltraViolet?: It's the brand name for the Digital Entertainment Content Ecosystem, made up of tech and entertainment companies that are creating a system to show movies and TV shows on a variety of devices - and without the current hassles. (All Things Digital)


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
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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
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