Faltering stocks: Some not-so-wonderful economic news adds to the narrative that the market is in pull-back mode. Dow is down 50 points.
Weak jobless numbers: Weekly filings for unemployment benefits were up 10,000, to 424,000, which is too high for the job market to fully recover. (AP)
Economy muddles along: No change in the government's revised estimates on growth - the gross domestic product grew at an annual rate of 1.8 percent in the first quarter, below economists' expectations of 2.1 percent. Even that is low. (Reuters)
Supreme Court backs immigration law: This is the one that penalizes businesses for hiring workers who are in the U.S. In the 5-3 decision, the court rejected arguments that states have no role in immigration matters. From AP:
The decision upholding the validity of the 2007 law comes as the state is appealing a ruling that blocked key components of a second, more controversial Arizona immigration enforcement law. Thursday's decision applies only to business licenses and does not signal how the high court might rule if the other law comes before it.
McCourt says he'll meet May payroll: That will keep him in control of the team, at least temporarily. From the LAT:
McCourt needs about $9.8 million to meet the May 31 payroll, said a person familiar with the situation who spoke on condition of anonymity because of the potential for litigation. McCourt could obtain at least some of that money by accelerating payments the Dodgers were due later this season, one of the people briefed on the matter said. The amount of money needed to meet payroll will increase in June, when the Dodgers must pay Manny Ramirez more than $6 million in deferred compensation, according to two people familiar with the Ramirez contract. The payroll comes due on June 15 and 30, with the Ramirez payment slated for June 30, one of the people said.
Martha Stewart seeks partner or buyer: One possibility would be to take the struggling media and merchandising company private, as Playboy founder Hugh Hefner is trying to do. Stewart herself is playing a greater role in the company. (NYT)
Will Compton stay solvent?: Auditor's report says that the growing deficit raises "substantial doubt about the city's ability to continue as a going concern." From the LAT:
City Manager Willie Norfleet said it's premature to believe the city will go bankrupt, adding that he hopes cutbacks can keep the city afloat. "When one says, 'We question if you'll make it,' that's only if you don't do anything," Norfleet said. The city plans to slash its budget to $44 million next year, from $58 million. At that level, Norfleet said, projected revenues will support expenditures.
Universal Music in partnership with Tommy Hilfiger: The idea is to develop rock-'n'-roll lines for high-end boutiques and department stores. The collection will be branded by individual acts. (Variety)
Disney gives back Seals 6 branding: The Mouse House has withdrawn its patent applications that would have given the company the exclusive right to use the term "SEAL Team 6." Disney withdrew the application "out of deference to the Navy," a spokesman said. (WSJ)
Tribune fees adding up: More than $150 million has been spent on lawyers, advisers and bankers since the Chicago-based media company (and parent of the LAT) filed for bankruptcy. Law firm Sidley Austin has picked up almost $42 million. (WSJ)