Stocks open higher: Late-summer rally continues, with the Dow up about 150 points. Go figure...
Private sector adds 91,000 jobs: ADP's August employment report came in a little under analysts' already-modest estimates. The government's report comes out Friday and job gains are likely to be modest as well. (Reuters)
Villaraigosa's jobs plan: The mayor wants local workers to have an advantage when tens of thousands of transportation jobs are divvied out. From the LAT:
Federal rules prohibit local hiring preferences on federally funded transportation projects, under the premise that all U.S. taxpayers help to pay for the work and should have an equal shot at getting the jobs. The rule also stems from concern that making local hiring a factor in awarding contracts will increase the cost of projects. But with Washington jittery about unemployment heading into an election year, the mayor has received a positive signal from the administration. Hovering at 12%, California's unemployment rate is the second highest in the nation, behind Nevada's.
Icahn ends battle with Lions Gate: The activist investor and his son have agreed to sell their entire stake in the movie studio - 44.2 million shares at $7 a share - and end all litigation. From DealBook:
Mr. Icahn first sought to buy all of Lions Gate in March 2010, after the company rebuffed his proposal to increase his stake to nearly 30 percent. Since then, Mr. Icahn and Lions Gate have continued to skirmish, with him making several revised bids and conducting and losing a proxy fight to put his five nominees on the company's board in December.
AEG turns on the screws: The developer of the planned downtown stadium is desperately trying to build a case that the community wants this project, even if it means bringing on hired hands to do the "convincing." From the LAT:
With an extensive retinue of lobbyists and community organizers, AEG sent hundreds of construction workers, high school football players and hospitality industry workers to state and local hearings on the stadium, which has a planned opening date of 2016. The company also has retained Martin Ludlow, a former Los Angeles city councilman convicted five years ago in a felony campaign finance case, to build support among neighborhoods and youth sports teams.
Wedbush settles arbitration case: The brokerage house and one of its former employees have been ordered to pay almost $2.9 million after a panel found that a customer's account had been looted. From the LAT:
The investor alleged that Debbie Saleh, a Wedbush broker from 2004 to 2009, bought and sold annuities without the client's consent, a process known as churning, that generated huge commissions for her but drained his account. The three-person arbitration panel concluded that Saleh lied to the investor, Rick Cooper, about the value of his investments, sent him false monthly statements and forged his signature on important documents.
DWP warns of slower service: That's among the possibilities if proposed rate increases get delayed. The City Council wants to have a ratepayer advocate in place and that could take time. (Daily News)
Former Disney executive seeks financing: Dick Cook wants to make and distribute family-friendly films, and he's looking to raise $625 million from private-equity firms, hedge funds and wealthy individuals, (Bloomberg)
Tragic anniversary: Twenty-five years ago on this day an Aeromexico jet collided with a private plane over Cerritos and plunged to the ground, killing 82 people. A memorial ceremony will be held today at 11:30 at the Cerritos Sculpture Garden. (Daily Breeze)