Wednesday morning headlines

Stocks rebound: New day and investors are less gloomy. Dow is up about 100 points in early trading.

Wells Fargo reports higher earnings: Third-quarter numbers topped analysts expectations, as loan losses eased. (NYT)

B of A resists buying back loans: Investors who bought mortgage-backed securities are claiming that the bank didn't meet underwriting guidelines, but B of A says not so fast. From the WSJ:

Chief Executive Brian Moynihan quickly vowed to push back on the repurchase requests. "We will diligently fight this," Mr. Moynihan told analysts Tuesday. A spokesman, responding to Monday's letter, added that "We're not responsible for the poor performance of loans as a result of a bad economy. We don't believe we've breached our obligations as servicer. We will examine every avenue to vigorously defend ourselves."

Another jump in L.A. bankruptcies: September filings for individuals and businesses were up 57.5 percent from a year earlier. OC filings were up 37.2 percent. From the OC Register:

We're still in uncertain times," said business bankruptcy attorney Evan Smiley of Weiland, Golden, Smiley, Wang, Ekvall & Strok LLP in Costa Mesa. "We're swamped. A lot of businesses are just holding on. I think (recovery) is going to be longer."

Brown maintaining lead over Whitman: He's up five points in the latest Fox News poll - and FiveThirtyEight's Nate Silver gives Brown an 82.4 percent chance of winning, compared with 77.2 percent last week. In the Fox News poll, Boxer is up four points over Fiorina.

Tribune CEO to resign: Randy Michaels is expected to be replaced temporarily by a four-member office of the president that will include LAT publisher Eddy Hartenstein. From the Chicago Tribune:

The sources said Michaels has willingly decided to make his exit, having concluded that it was best for the company under the circumstances. He and the board had determined that the turmoil is distracting employees, threatening to hurt business and complicating the company's efforts to emerge from an especially contentious bankruptcy process.

L.A. considers Hollywood tax breaks: The idea is to reduce the entertainment production tax paid by companies that shoot TV shows, feature films and commercials. Much of the push is coming from commercial producers, who work extensively in L.A. (LAT)

Report: Magic Johnson selling Starbucks franchises: The LAT reports that proceeds from the Starbucks and Lakers sales would amount to more than $100 million. Still no word on what he intends to do with the money.

More by Mark Lacter:
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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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