Wednesday morning headlines

Stocks open lower: Fed's plan to revive the recovery, expected to be announced next week, might not be as robust as investors had hoped. Dow is down about 120 points this morning.

U.S. companies hoarding cash: They have almost $1 trillion on hand, but still no sign of big spending, says Moody's. (Reuters)

OC recovery on the upswing: UCLA economists expect gradual improvement in 2011 and then a pretty decent 2012. That includes 65,000 new jobs over the next two years (but still well below the levels of 2006). From the UCLA Anderson Forecast (via the OC Register)

Accelerating economic conditions should be observed by mid-2011 as consumers increase their spending to reload on worn out durable goods, and businesses hire more workers to meet rising demand for goods and services. The outlook for an expansion of the workforce shows momentum building into 2012. While the public sector remains weak, the private sector will do all the heavy lifting regarding job growth in 2011."

Same with OC real estate: The UCLA report projects a strong rebound in 2011 and 2012, with a jump in sales and prices. (OC Register)

L.A. chamber to make pitch: More than 200 of its members will push for pension reform and job creation during a City Hall session this morning with the mayor and council members.

Latest election polls: Five Thirty Eight's Nate Silver now gives Whitman a 6 percent chance of beating Jerry Brown next Tuesday, based on several recent polls. Carly Fiorina has an 8 percent chance against Barbara Boxer, also based on recent polling.

MySpace gets redesign: The new focus is on sharing videos, music, games and other media. The Bev Hills-based social networking site, now owned by News Corp., has been hammered by the popularity of Facebook. (WSJ)

Icahn offers to buy more MGM debt: The billionaire financier is willing to pay 53 cents on the dollar, an 8-cent increase from last week. The more debt he holds, the more leverage he might have in his efforts to merge MGM with Lionsgate. (THR)

"Avatar" the sequel: Oy, not again. Fox plans a December 2014 release for "Avatar 2," with the third film tentatively slated for release the following year. (The Wrap)