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Stocks open lower: Lots of selling after yesterday's big day. Could we be in for a stutter-step market?
Wall Street skeptic: MarketWatch's David Weidner says there was one important ingredient missing from July's rally: investors.
Consider that trading volume across the exchanges was at a low for the year in July. CME futures, ICE futures, NYSE Group Inc.'s (NYX - News) European futures all slumped. U.S. cash equity volume was 8.2 billion shares a day in July, down 12.2% from June and down 6.8% from July 2009. Though trading historically does slow during the month, the lack of activity is striking in an earnings month, according to a report issued Monday by analyst Richard Repetto at Sandler O'Neill & Partners.
Countrywide deal approved: A federal judge signed off on the $600 million settlement of several shareholder lawsuits stemming from the mortgage meltdown. The mortgage lender's accounting firm, KPMG, agreed to pay an additional $24 million. From the LAT:
By ending the lawsuits, the accord would benefit a number of former Countrywide executives and directors who were named as defendants in the litigation. They would not have to help fund the payments to shareholders. The defendants include longtime Countrywide Chief Executive Angelo Mozilo, former President David Sambol, former Chief Financial Officer Eric Sieracki and ex-board members including former California Treasurer Kathleen Brown, 12-time NBA all-star Oscar P. Robertson and onetime U.S. Housing Secretary Henry G. Cisneros.
Mexicana cancels LAX flights: The carrier has been forced to reduce service because of financial problems. That includes four of Mexicana's 15 daily flights from L.A. (Daily Breeze)
No Ontario airport sale: L.A. Mayor Antonio Villaraigosa wants to hold onto the facility, despite big drops in passenger traffic and little sign of a rebound. An outside consultant says the city should consider consolidating airline operations into a single terminal as a way of saving money. (Daily Bulletin)
Long Beach loses Boeing work: About 800 jobs are involved in the transfer of two programs to Oklahoma City. Some Long Beach employees will be able to relocate, but other positions will be filled in Oklahoma. (LAT)
Gap opens L.A. office: Designing denim will be the focus of the retail giant's new downtown operations. The idea is to roll out new styles more quickly. (LAT)
Handing out Lakers tickets: Ed Roski's Majestic Realty provided $400 playoff seats to Assemblymen Isadore Hall III and Charles Calderon and Sen. Ron Calderon. Last year, the legislature waived state environmental rules for Roski's proposed 75,000-seat football stadium in the City of Industry. (LAT)
Static gas prices: Average gallon in the L.A. area is $3.138, down a penny from last week, according to a government survey.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.