Thursday morning headlines

Stocks struggling back: The market's zigzagging is about more than European debt. Jim Cramer is right (see post below). Dow is up about 60 points.

Good news on jobs: Weekly claims for unemployment fell to a 7-month low, to 390,000. Still high, but the trend line is moving in the right direction. (AP)

California jobless claims keep dropping: They fell to 522,388 in September, the lowest level in more than two years. From the OC Register:

The number of unemployed in the state remained painfully high at nearly 2.2 million. Many, however, no longer receive unemployment benefits or were self-employed, didn't earn enough money or were otherwise ineligible for aid. One of the biggest groups that no longer receives benefits is the so-call 99ers -- those people who have exhausted the maximum 99 weeks of unemployment.

Greece selects prime minister: Lucas Papademos is a respected economist, having what the NYT describes as "an avuncular style." His mission is to approve the terms of a European aid package. From the Guardian:

Born in October 1947, Papademos studied at Massachusetts Institute of Technology (MIT) in America during the 1970s. He holds a degree in physics, a masters in electrical engineering and a doctorate in economics. As he pointed out himself, he is an economist not a politician - having held academic positions at Columbia University, Harvard University and the University of Athens. He also worked for the Boston branch of the Federal Reserve. But Papademos's biggest job within Greece, until now, was to run the Bank of Greece between 1994 and 2002. That stint covered the period in which Greece prepared to join the eurozone (it was admitted at the start of 2001)

Big jump in foreclosures: California saw a 17 percent increase in filings last month compared with a year earlier, according to Realty Trac, which might be a good thing because it indicates that the months-long logjam is loosening up. One in every 243 housing units had a foreclosure filing during the month. (DJ)

NBA update: Some progress appears to have been made, but no one is ready to say that the end is near. Talks between the league and the players broke up early this morning in NY and they'll be back at it today. (ESPN)

Villaraigosa's roads plan: Mayor wants to essentially borrow 27 years worth of Measure R tax revenue and spend it repairing nearly 1,500 miles of streets. From the LAT:

The mayor's allies said the proposal could create 1,000 jobs and address one of the public's top priorities: paving roads and eliminating potholes. But Councilman Bernard C. Parks, who heads the budget committee, voiced concern about using up so much money in such a short period. And he pointed to the borrowing costs, which would probably exceed $600 million. "If you are going to consciously use 27 years of funding in two years, not only are you obligated to tell people what you're using it for, you're also obligated to tell people what's not going to be available going forward," said Parks, who was briefed on the proposal last week.

Brian Grazer to produce Oscar show: He replaces Brett Ratner, who resigned earlier this week after making a few dumb remarks. No word on the host- Eddie Murray withdrew yesterday in the wake of Ratner's departure. (THR)

James Murdoch testifies again: Rupert's son (and News Corp.'s CEO) denied misleading a parliamentary panel during an appearance in July. From the NYT:

Mr. Murdoch seemed combative and self-assured, repeatedly denying during the two-and-a-half hour interrogation that he had received evidence of "wider spread phone hacking" at a crucial meeting in 2008. "No, I did not," Mr. Murdoch replied after a committee member asked him if he had, in fact, given misleading testimony about what he knew and when he knew it. He did appear to alter one aspect of his account, acknowledging that he was made aware in 2008 of a damning e-mail that contained evidence that phone hacking was more widespread at one of the company's newspapers, The News of the World, than he has publicly acknowledged. But he insisted that its exact nature had not been made clear to him.

Wal-Mart to start sales at 10 p.m. Thanksgiving night: The retail giant is looking for an edge over other chains, which are opening at midnight. Most Wal-Marts will actually stay open on Thanksgiving. (NYT)

Speedier security checks: New federal program to be tested at LAX allows a faster screening process for passengers - provided they are willing to answer some pre-flight questions. From the Daily Breeze:

The TSA's "PreCheck" program allows travelers boarding American Airlines flights to voluntarily provide personal information, making them eligible to enter a special security line without removing their shoes or submitting to other stringent screening measures, TSA Administrator John Pistole told the Senate Committee on Commerce, Science and Transportation. The TSA launched the program as an experiment earlier this year at airports in Atlanta, Dallas, Detroit and Miami, where passenger feedback has been "favorable," Pistole said.