Stocks keep struggling: The Dow plunged more than 200 points at the opening, and has been bouncing around ever since. At last check, index was off 130 points.
Bernanke testifies: And the Fed chairman is sounding glum: "The recovery from the crisis has been much less robust than we had hoped," he tells Congress, noting that, "The nation faces difficult and fundamental fiscal choices, which cannot be safely or responsibly postponed." (Bloomberg)
Greece update: Government apparently has enough money to last through mid-November, which should be calming world markets but isn't. Greece had previously said it would start running out of money in mid-October if it didn't get the next installment of its bailout package. (AP)
Apple to introduce latest iPhone: Look for a redesigned device, with a larger display, better camera, and new software. From the LAT:
Tuesday will mark the first time in more than a decade that Jobs, who recently resigned as the company's chief executive after a long health battle, will not be running the show. The spotlight will be on Apple's new chief executive, Tim Cook, whose performance is likely to be closely watched as he presides for the first time over a release of Apple's signature device.
Sprint makes huge bet: The No. 3 wireless carrier has committed to buy at least 30.5 million iPhones, even though it would likely lose money on the deal until 2014, the WSJ is reporting.
If Sprint has bet right, the iPhone will be the device that finally breaks the company's half-decade-long slide and keeps much larger rivals Verizon Wireless and AT&T from running off with the bulk of the wireless industry's subscribers and profits. If it's wrong, the iPhone deal will saddle the company with a costly albatross at a time when it is already stretching to manage an expensive network upgrade and cover debt payments.
Introducing the new MySpace: Recently purchased by OC ad agency Specific Media, the struggling social networking site will focus on music and videos from major-label and independent artists and unsigned acts. From the LAT:
Social media experts expressed skepticism that Myspace could orchestrate a successful second act -- a feat that has eluded other faded Internet titans such as America Online and Yahoo Inc. "I've been working in online since 1994, and there's no such thing as a comeback," said Jay Baer, president of Convince & Convert, a social media consultancy. "There are reconstitutions, there are name changes, there are strategic shifts. But in terms of somebody essentially committing user-satisfaction suicide and somehow sewing their wound shut, it's never happened."
Best Buy unloads Napster: The online music site Rhapsody plans to purchase some of Napster's assets and then phase out the name. Financial terms not disclosed. (SF Chronicle)
Gas lower but still not low: An average gallon of regular in the L.A. area fell six cents, to $3.855, according to a government survey. Given that oil is trading below $80 a barrel in NY, gas should be a lot cheaper.
LAX is quieter: Jet noise has fallen up to 6 decibels over the last two decades due to fewer flights and quieter engines. Federal laws have required airlines to reduce noise generated by plane engines. (Daily Breeze)
Airport Commission awards contract: LA Inc., the city's convention and visitor's bureau, picks up a $2.3 million, one-year award to provide overseas marketing for LAX. (Daily Breeze)
Tax scam allegations: Federal authorities are accusing two Inland Empire firms of seeking more than $250 million in bogus tax refunds. (Press-Enterprise)