Stocks keep moving up: Not-so-great job news isn't having much of an effect. Dow is up 150 points.
Jobless claims jump: After steady declines for much of the year, weekly filings jumped 13,000, to 380,000. The previous week's figures were also revised higher. (AP)
Mixed report on foreclosures: March filings were up 14 percent from a month earlier, according to RealtyTrac, despite a 4 percent drop nationwide.
Gas update: L.A. area prices fell almost a penny from Wednesday, with an average gallon now at $4.268, according to the Auto Club. That's down more than 12 cents from a month ago.
Amazon cuts e-book pricing: Soon after the government announced that it was going after Apple and several major publishers, the online retailer said it would reduce some major titles to $9.99 or less from $14.99. From the NYT:
But publishers and booksellers argue that any victory for consumers will be short-lived, and that the ultimate effect of the antitrust suit will be to exchange a perceived monopoly for a real one. Amazon, already the dominant force in the industry, will hold all the cards. "Amazon must be unbelievably happy today," said Michael Norris, a book publishing analyst with Simba Information. "Had they been puppeteering this whole play, it could not have worked out better for them."
MLB still not happy with Dodgers: League officials have discussed their concerns about the sale with a court-appointed mediator, though it doesn't intend to derail the $2.15-billion purchase, which is expected to be completed by the end of the month. From the LAT:
The league has asked for details about the source of the additional $505 million, and about the joint venture that McCourt and Guggenheim formed to own the Dodger Stadium parking lots. The Dodgers have declined, claiming the structure and financing of the deal remains the same as approved by MLB -- all cash plus debt assumption, with no new team debt and no new financial partners.
Workers comp overhaul?: Business and labor groups are working on a package of reforms that could provide more care to injured workers without raising premiums. From the LAT:
The negotiations are focused on squeezing waste from California's $15-billion system, which, while huge, often delays or denies compensation and medical care that could get injured workers back on the job. Average compensation paid to California workers in cases of permanent partial disability was $12,000 last year. That's down more than half from $25,000 in 2004, according to the UC Berkeley Survey and Research Center.
Slow start on Oaktree IPO: The L.A.-based investment firm sold fewer shares than expected, and the offering was priced at the bottom of the expected range. From DealBook:
Oaktree's underwriters also cut the size of the offering, to nine million shares from 10.3 million shares, said these person, who spoke on condition of anonymity. That means that the firm raised $387 million from its market debut. The pricing represents an inauspicious start for Oaktree's new life as a public company. It is following in the footsteps of rivals like the Blackstone Group, Kohlberg Kravis Roberts and Apollo Global Management.