Friday morning headlines

Stocks moving higher: Wall Street trying to recover from yesterday's loss, but there are lots of cross currents. Dow is up about 50 points.

Upping forecast: Some economists now say that the current fourth quarter will be much stronger than expected, with growth expected to run around 3 percent. These are some of the same economists who were talking double-dip recession a few months back. But wait... B of A economists are lowering growth estimates for next year. (Bloomberg)

L.A. gas prices take small dip: But they're still higher than normal for this time of year. An average gallon of regular is $3.816, a nickel lower than last week, according to the Auto Club.

Occupy L.A. update: Yesterday's demonstrations downtown resulted in 72 arrests. This morning a Superior Court judge will consider a motion for a temporary restraining order to prevent police from breaking up the Occupy L.A. encampment around City Hall. (LAT)

Crystal Cathedral sold: An OC bankruptcy judge chose the Roman Catholic Diocese of Orange over Chapman University. Purchase price is $57.5 million. From the LAT:

In a day filled with drama and deep emotion, Chapman had pressed its case with a newly escalated bid of $59 million, only to complain that it had been blindsided by the Crystal Cathedral board, which came down firmly on the side of the Catholic Church. In the end, [Rev. Robert H. Schuller] himself gave his blessing to what once would have seemed unthinkable: the conversion of his sleekly modern masterpiece in Garden Grove, a place where fresh breezes blow through open walls and church services feature talk-show-style interviews, into a Catholic cathedral redolent of incense and ancient ritual.

Expect changes at the U-T: Look for a strong pro-business slant, including what sounds like unquestioned support for a new football stadium. From the Voice of San Diego:

[John Lynch, the former local radio executive who will become the newspaper's new president and CEO], wants that sports page to be an advocate for a new football stadium "and call out those who don't as obstructionists." "To my way of thinking," Lynch said, "that's a shovel-ready job for thousands." More changes will be evident after the deal closes between Nov. 30 and Dec. 15. Lynch said they want a stronger editorial page and to attract younger readers. Lynch hopes to bring other media into the building. He wants to be a newspaper industry precedent-setter. "You change now or you die," Lynch said.

Big drop at the Port of Long Beach: Inbound traffic fell 20.8 percent in October and outbound was down 21.4 percent. One reason for the drop: the facility is operating with six terminal operators instead of the seven it had in 2010. The Hyundai cargo terminal moved to the Port of Los Angeles. (LAT)

Wilshire/Barrington project to shrink: No longer a 28-story tower, as first envisioned in 2004, the developers are opting for a six-story mixed-use property with 78 units. (CurbedLA)

Staff shortage at LAX customs: No wonder people hate the airport - passengers are waiting for up to three hours to be processed for international flights. From the Daily Breeze:

Only 20 of the 60 federal inspection booths are typically staffed during peak arrival times at LAX's Tom Bradley International Terminal, triggering "alarming delays" for airline passengers, Gina Marie Lindsey, executive director of LAX, wrote in a letter delivered three months ago to the head of CBP. "The problem is immediate and present," Lindsey wrote to CBP Commissioner Alan Bersin in a letter obtained Thursday by the Daily Breeze.

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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