Thursday morning headlines

Stocks taking off: So much for worries about oil - a big drop in jobless claims is helping lift the market. In early trading, the Dow is up almost 170 points.

Jobless filings tumble: Initial claims fell to 368,000 last week, the lowest level since May 2008 (economists had expected an increase). The more reliable 4-week moving average was 388,500. It's a very good sign for the economy. (Bloomberg)

Oil prices still high: Crude is trading at around $101 a barrel in NY, about $10 higher than before the Libyan crisis broke. (AP)

Retailers post decent gains: Macy's, Kohl's, and J.C. Penney were among the chains that had a good February. There is concern, though, about how higher gas prices (and higher clothing prices) might impact Easter sales. (Reuters)

Brown, Republicans talking about deal: A group of state senators may support the governor's plan to ask voters for extended tax increases in exchange for changes to the public-pension system, more favorable business regulations, and a cap on state spending. From the WSJ:

The Republicans are now working to craft language for their proposals, people familiar with the matter said. They see Mr. Brown's wish for a ballot measure and his willingness to negotiate as an opportunity to win policy changes which Republicans have pushed for years, and which they feel would ease the state's perpetual fiscal crises. To be sure, the talks between the group and Mr. Brown are in an early stage and could fall apart. And it is unclear which GOP members of the Assembly would vote for his plan, if any.

DirecTV's plan freaks out theater owners: The El Segundo-based satellite company is in advanced talks to launch an early video-on-demand service in which customers would pay about $30 to rent a movie 60 days after it opens in theaters. Movie chains say they would lose business. From the LAT:

DirecTV is looking to introduce its product by the end of June with movies from 20th Century Fox, Sony Pictures and Warner Bros. Walt Disney Pictures is also in talks to join the initiative, the people said, while Paramount Pictures and Universal Pictures are not expected to participate initially.

Kenneth Starr off to prison: The one-time money manager for the likes of Martin Scorsese and Uma Thurman was sentenced to seven and a half years after pleading guilty to charges of fraud and money laundering. "I did acts that in retrospect I can't believe I did," said Starr. "I lost my moral compass." (DealBook)

Ralphs gets fined for overcharging: The supermarket chain was ordered to pay more than $67,600 and was placed on three years' probation after pleading no contest. City prosecutors alleged that undercover inspections at 14 stores found customers were being gouged. (AP)

Council dabbles at cell phone cut: Instead of trimming cell phone usage by 60 percent, as proposed by City Controller Wendy Greuel, the Council approved a 10 percent reduction. (Daily News)

Sony Music gets new CEO: Universal Music's Doug Morris makes the switch. Morris has been sparring with Sony for an ever dwindling share of the music dollar. (The Wrap)