Tuesday morning headlines

Stocks fall: New worries from Europe and some less-than-rosy economic reports are bringing down the market. Dow is down about 60 points.

Netflix plummets: Really bad morning for shareholders of the movie rental company - the stock is down more than 36 percent, or $43 a share. Wowser! It's all about weak financial results and a poor outlook. (Barron's)

Disappointing home price report: The L.A. area saw a 0.4 percent drop between July and August, according to the Case-Shiller Index, which is a poor showing compared with the 20 metros surveyed. L.A.'s year-to-year decrease was 3.5 percent. (press release)

Consumer confidence resumes fall: The index stands at 39.8, down from 46.4 in September. Kind of surprising, given the recent batch of decent news. From Conference Board press release:

Consumer confidence is now back to levels last seen during the 2008-2009 recession. Consumer expectations, which had improved in September, gave back all of the gain and then some, as concerns about business conditions, the labor market and income prospects increased. Consumers' assessment of present-day conditions did not fare any better.

Small drop in gas prices: But unusually high for this time of year: An average gallon of regular in the L.A. area is $3.896, according to the government survey, down a couple of pennies from last week.

How much did McCourt "loot" from Dodgers?: Major League Baseball puts the price at $189.2 million. From the LAT:

The league alleged McCourt had broken 10 MLB rules -- any of them grounds for termination of his franchise -- including what MLB termed the "siphoning" of team revenue for non-baseball use. "The Dodgers are in bankruptcy because McCourt has taken almost $190 million out of the club and has completely alienated the Dodgers' fan base," the MLB filing read. In the filing, the league claimed McCourt funneled $73 million in parking revenue through Blue Land Co., a non-team related entity; used $61.16 million in team revenue to pay off personal debts; and took $55 million from team revenue for personal distributions.

Pension board to consider changes: This may not sound like much, but the City Employees' Retirement System board is scheduled to vote today on whether to lower the long-term projection of its investment return from 8 percent to 7.75 percent. A drop in the return would increase the city's payment to the fund by nearly $27 million next year. From the LAT:

Similar adjustments already have been made by other public pension agencies during the economic downturn. But Villaraigosa wants the decision delayed for one year to lessen the effect on the city budget. "This request is completely reasonable ... given our own financial situation," he said Monday.

Rand retracts pot study: Highly unusual move by the Santa Monica-based research organization. The study had suggested that marijuana dispensaries might actually help reduce crime in their neighborhoods, but the researchers made mistakes in compiling data. (LAT)

More passengers at LAX: Airport traffic was up 6 percent in September compared with a year earlier. Year to date, traffic is up 5.6 percent. At other airports, Ontario was down and John Wayne was up slightly. (Eye on L.A. Aviation)

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Aerospace stories:
Why they keep flying into Santa Monica airport
Morley Builders says CEO and son were in SMO crash
Deaths in jet crash at Santa Monica airport
Boeing to end C-17 production in Long Beach
How much longer can C-17 production last in Long Beach?

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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