Stocks open higher: More good earnings results and Egypt is getting back to normal. Dow is up about 80 points.
Strong profits, no rush to hire: With three-quarters of the S&P 500 stocks having reported results, earnings are up 28 percent from a year earlier. So why aren't there more jobs? From the WSJ:
The lack of significant job gains 18 months after the recession was declared over isn't such a mystery when considering how companies were able to return to strong profit growth in a relatively short period. They mainly relied on aggressive job cuts, and with companies now pleased with their revitalized earnings and demand still choppy, they seem to be in no hurry to add to their payrolls.
Rep. Jane Harman to resign: Surprise announcement - the South Bay Democrat will take over as director of the Woodrow Wilson Center. Her husband Sidney is the guy who just bought Newsweek. (Washington Post)
Some specs on AOL-Huff Post deal: AOL figures that the Huffington Post will earn $10 million on sales of over $50 million this year - still making it a fairly small business. Also, look for cuts stemming from overlapping operations. (All Things Digital)
Famous last words?: During a conference call this morning Huffington says, "I want this to be the last act of my life. Anything I want to do I can do here." (All Things Digital)
Huge ratings for Super Bowl: Figure around 110 million viewers, up from last year's not-too-shabby 106.5 million. Seven out of 10 households that had their TVs on were tuned to the big game (Adweek)
Roski remains hopeful: The L.A. billionaire doesn't take shots at the rival downtown stadium idea, but he remains committed to his proposed facility in the City of Industry. But allegiances seem to be forming: Roski watched the Super Bowl from the Cowboys Stadium stands, while AEG head Tim Leiweke sat in the suite of Cowboys owner Jerry Jones. (LAT)
KB Home faces big payout: A Las Vegas-area housing project has been forced into bankruptcy, perhaps leaving the L.A.-based homebuilder with a bill of $180 million. From the WSJ:
KB Home bought its stake in Inspirada, a 2000-acre project in Henderson, Nev., at the height of the market, joining in plans to build 14,500 homes. A consortium of lenders, including J.P. Morgan, Wells Fargo & Co., and Credit Agricole, lent $585 million to the project developers--banded together as South Edge LLC--to buy and develop the land, while the city of Henderson floated bonds to help pay for roads and sewers. But the builder group, which included KB Home, Toll Brothers Inc., Meritage Homes Corp. and several smaller private, Nevada-based builders, defaulted on the land loan.