Stocks still falling: They've been down all but one day this month and today is looking like more of the same. Dow is off 40 points.
Jobless claims steady: Weekly filings were unchanged at 370,000, another sign that for whatever reason employment growth has slowed. (Reuters)
Mortgage rates fall to 3.79 percent: That's a record low for a 30-year fixed rate. Rates have been below 4 percent since early December. (AP)
Facebook insiders are cashing out: That's why so many more shares have been added to Friday's IPO. Among the sellers: Goldman Sachs, Tiger Global Management, and Facebook director Peter Thiel. From the WSJ:
The planned large sales by Facebook holders send mixed messages to potential investors just before the company prices its shares, expected on Thursday. Some investors welcomed the idea that more shares would be for sale. But others sounded a note of caution, saying the willingness to shed so much stock could indicate sellers think now is a good time to take gains.
L.A. foreclosures fall: April filings were down 28.2 percent from a year earlier and 10.8 percent from March, according to RealtyTrac. That's one foreclosure filing per 412 housing units. In Riverside/San Bernardino, it's one per 213.
JPMorgan's trading loss keeps rising: The original estimate of $2 billion has been topped by at least $1 billion, reports the NYT, citing sources.
The underlying problem is that while these sharp swings are expected at a big hedge fund, they should not be occurring at a bank whose deposits are government-backed and which has access to ultralow cost capital from the Federal Reserve, experts said. "JPMorgan Chase has a big hedge fund inside a commercial bank," said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner. "They should be taking in deposits and making loans, not taking large speculative bets."
Big payday for Dodger owners?: By purchasing the team through former owner Frank McCourt - and not Major League Baseball - the Guggenheim investment group apparently can avoid sharing millions of revenue dollars with other teams. From the LAT:
The Dodgers are expected to pursue a regional sports network, on their own or in partnership with Fox, Time Warner Cable] or another television outlet. Guggenheim could establish a media company separate from the Dodgers, then have the company pay the team in accordance with the proposed Fox contract and keep the remaining revenue. The difference could be tens of millions each year, according to media analysts. With broadcast outlets fighting fiercely over rights to live sporting events, the annual value of the Dodgers' next television contract is expected to start well above $84 million.
Split over medical marijuana: Councilman Paul Koretz wants some dispensaries to keep operating, while Councilman Jose Huizar is pushing for a total ban (though allowing patients to grow their own marijuana or share it through collectives). From the Daily News:
"Two weeks ago, in closed session, we had a very level-headed discussion and a good decision on the direction our city attorney should take," Huizar said. "Now, they jumped hoops and waved out this new proposal that is an aggressive attempt to undo the direction we were going in." The new proposal from Councilman Paul Koretz would allow some dispensaries to continue to operate if they agreed to a set of city regulations. "They might call it a gentle ban, but I call it a vicious, heartless ban," Koretz said of Huizar's proposal.
Activision, EA settle: The two videogame giants came to terms in a dispute involving EA's funding of a new studio headed by the two co-creators of "Call of Duty." Activision's lawsuit against the two is set to go to trial this month. (LAT)
Downtown Long Beach goes upscale: Average household income is $50,472, significantly higher than the $30,048 in 2000, according to a new report. (Press-Telegram)