Stocks take small dip: Market remains directionless. Dow is down about 10 points in early trading.
August home sales stabilize: A nationwide increase of 7.6 percent from July, which is just above expectations and at least an improvement from July's disastrous results. (press release)
Brown, Whitman tied: They each have 41 percent support, according to the latest Field Poll. Eighteen percent of respondents said they were undecided.
Budget deadlock - Day 85: Gov. Arnold Schwarzenegger and legislative leaders met in Santa Monica yesterday, and they plan to resume talks this morning.
Local stations clean up from election: Political spending will reach $2.5 billion in 2010, which would be a 25 percent gain over the midterm elections in 2006, says an SNL Kagan forecast. (Broadcasting & Cable)
Blockbuster files Chapter 11: The troubled video chain plans to keep its stores and kiosks open during the reorganization, which has been pre-arranged with bondholders. (AP)
Succession questions at Warner Bros: Barry Meyer will stay on as chairman and Alan Horn will be replaced by three co-presidents, but what does that really mean? From the LAT:
[Time Warner CEO Jeff] Bewkes is taking a cautious but canny approach to the studio succession conundrum. It's a management strategy that could be right out of an episode of "The Sopranos," which became a huge hit when Bewkes was still running HBO. If you have a trio of ambitious gunslingers, let 'em have some rope, take their shots and see, in a very Darwinian way, who ends up accumulating the most power and influence. Bewkes figures that when he looks at how the three executives have handled their newfound authority over the next 18 months, his decision will be made for him. No one expects Bewkes will wait until mid-2013 to figure out what to do. The results of the bake-off will be evident a whole lot sooner.
C-17 deal is close: India could help boost prospects for the Boeing plant in Long Beach with its planned purchase of 10 cargo planes. Any sale requires congressional approval. From the Press-Telegram:
Production of India's planes could keep the Long Beach plant open at least a year beyond the now-scheduled closing in early 2013. More international orders could push production beyond mid-decade.
Real estate investor indicted: Ezri Namvar has been accused of five counts of wire fraud in connection with sheltering proceeds from real estate transactions. Here's the Business Journal story, which has covered the case extensively, and here's a snippet from the the LAT:
Namvar's exchange company held clients' money obtained from real estate sales until they needed it for new acquisitions. This helped shelter the clients from income tax. But prosecutors allege that Namvar diverted money from five of the clients without their permission, said a source familiar with the case. Namvar has not been arrested. Harris said he is working with federal prosecutors to set a date for Namvar to voluntarily appear in court for arraignment.
Mayor announces small business team: Yet another effort by the city to make it easier for businesses to cut through red tape and have access to municipal services. (Daily News)