Stocks bouncing back: There's very little logic to what's happening on Wall Street this week, but at least the market is back on the plus side this morning. So far. Dow is up 250 points.
Jobless claims hit 4-month low: Weekly filings fell to 395,000, dipping below the over-watched 400,000 mark. More good news. (AP)
Drop in California foreclosures: July filings fell 16 percent from a year earlier, according to RealtyTrac, though some of that decline is due to a logjam in the system. The extent of that logjam is a matter of debate. (press release)
Companies holding cash: Way more than they had in 2008, though the stockpile isn't exactly helping the economy. From the WSJ:
As recently as July 26, Moody's Investors Service predicted that companies would begin spending their cash "at an increasing pace." No more. "Undoubtedly, companies will take a little pause," Moody's analyst Steven Oman said Wednesday. "They will be more likely to hang onto the cash along with the heightened uncertainty."
JP Morgan CEO is optimistic: Jamie Dimon's interview on CNBC yesterday is getting lots of attention, perhaps because he's one of the few leaders out there who actually sounds like a leader:
We have the best universities, best military, best rule of law, most innovation, the hardest working ethic of all. Those thing will be here for decades. They aren't going away. The strength in the system will blow your socks off when it gets out of this malaise we're in.
L.A. holds onto redevelopment agency: The City Council voted to move almost $100 million out of the agency - and away from Gov. Jerry Brown, who wants access to those funds. From the LAT:
Under a compromise, redevelopment agencies across the state can stay put if they turn over $1.7 billion to other agencies this year and more money in future years. Even with those reductions, L.A.'s redevelopment agency will have $1 billion to spend between now and 2016 on a list of projects that was hurriedly compiled to keep the money out of state hands.
Unami Burger expands nationwide: A flagship location will open in the Grove later this year, and financial backing from Sam Nazarian's SBE hospitality group will help launch 35 stores in the next three years. Unami Burgers currently has five locations. (LAT)