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Market sinks again: Not-so-hot earnings and housing news could be giving investors another reason to cool it on stocks. Dow is down about 80 points.
New inquiry on mortgage securities: Bank of America, Goldman Sachs and Morgan Stanley are being asked for information by the NY attorney general. From the NYT:
The inquiry appears to be quite broad, with the attorney general's requests for information covering many aspects of the banks' loan pooling operations. They bundled thousands of home loans into securities that were then sold to investors such as pension funds, mutual funds and insurance companies.
Election Day for Jane Harman's seat: L.A. City Council member Janice Hahn and Secretary of State Debra Bowen are the top contenders for the 36th Congressional District. This is the first time a congressional election is being held in California without a party-based primary. (Daily Breeze)
Harman's new role: The former congresswoman and widow of Newsweek Daily Beast investor Sidney Harman appears tonight in NY at the Deadline Club's annual awards dinner. Harman will replace her husband on the media company's board. (NY Post)
Mixed results at Wal-Mart: The retail giant reported better-than-expected earnings, but U.S. stores posted their eighth straight quarter of revenue declines. The second-quarter outlook is cautious. (AP)
Big boost in LinkedIn IPO: The networking website has raised the price range for its initial public offering, lifting the potential valuation to as much as $4.25 billion. At the new top end of the range, LinkedIn would raise $405.7 million. (Bloomberg)
Digital Domain goes public: The Venice-based special effects house plans to raise up to $115 million. A previous effort to go public failed to gain much interest. (LAT)
Kim Kardashian scores venture funding: She and business partner Brian Lee are getting a $40 million infusion for Santa Monica-based ShoeDazzle.com, their online footwear and accessories site. The money will be used for expansion. (WWD)
Airport Commission approves concession contracts: That means Campanile, La Provence, The Counter and Yogurtland will be coming to LAX next year, part of a 10-year deal. A protest by losing bidder SSP America was turned down. From the Daily Breeze:
SSP America had been recommended last year for the largest dining contract at LAX. Rival bidder HMS Host successfully got the proposal tossed out after lodging its own protest and alleging a perceived conflict of interest involving SSP America and an airport consultant. Airport officials then broke that large package into three smaller, separate deals that were announced April 26. SSP America was shut out while contracts were recommended for HMS Host, Delaware North and the joint venture of CMS Hospitality with Camacho's Cantina.
LAX FlyAway losing money: The system's Westwood route has been a significant money drain, but two more regional routes are scheduled to open later this year. From the Daily Breeze:
Airport officials have struggled over the past several years to pare down the shuttle's deficit from $6 million in 2009 through a series of fare and scheduling adjustments. Despite the losses, LAX is required to have a total of nine FlyAway routes by 2015 under the terms of a legal settlement reached in February 2006 with the county, three cities and a community group opposed to airport expansion.
Universal Studios chief offered extension: But no agreement has been reached with longtime head Ron Meyer. Parent company Comcast is offering a shorter extension than Meyer would like, says the LAT.
KIIS-FM still tops: The pop station widened its ratings lead in the latest Arbitron survey. Talk station KFI-AM moved into second place overall, followed by adult-contemporary station KOST-FM. (LAT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.