Stocks bouncing back: Financial firms are leading the way as investors shrug off yesterday's downgrades by Moody's. Dow is up 60 points.
Spain to ask for aid next week: The money is needed for the nation's banks, which have suffered big losses. The euro zone has promised Spain as much as $125.4 billion. From the Economist:
If denial was the first stage of grief, Spain still has anger, bargaining and depression to get through before finally accepting the sorry state of its banking system. The cleanup of its banks after a colossal property boom and bust will take some time. But the country at least has moved on from denying that it has a problem to starting to address it. A first step is its effort to shed light on the size of the problem.
Checking in on Facebook: It's still below the $38-a-share offering price, but the gap is narrowing. Stock is trading at a shade under $33.
Affair leads to demotion at plane leasing company: L.A.-based International Lease Finance has a new executive chairman after CEO Henri Coupron admitted having a relationship with another employee. In addition, Coupron will take a $1 million pay cut, to $3.4 million. From Aviation Week:
A source with knowledge of the situation says the company retained Courpron because of the value he provides to the company and the progress it has made under his watch, including a recent Moody's credit upgrade and $3.3 billion in refinancing this year, and is hoping that the new corporate structure and experience that Koellner brings will help retain that momentum.
Breaking down California budget agreement: Cuts for welfare, child care, home care, Medi-Cal, prisons, courts, and state employees. LAT has a summary of what's getting the ax.
Tesla's next step: The Palo Alto-based maker of electric cars will deliver its first mass-market, five-seat sedan on Friday. Tesla is headed by Elon Musk. From AP:
The Model S carries a starting price of $49,900 after a federal tax credit - about the same as a Lexus RX hybrid crossover. Models top out at $101,550, or about the same as a hybrid Fisker Karma sports car. A car that's half the price of the Roadster lets Tesla break into a bigger market, but those customers will take a hard look at the value they are getting. This isn't a trophy car to park on Rodeo Drive. It's a sedan for hauling kids and groceries. The high price will limit sales, says Rebecca Lindland, an analyst with IHS Automotive. She doubts Tesla will reach its goal of selling 20,000 Model S sedans in 2013. Nissan has sold just under 30,000 all-electric Nissan Leaf sedans since they went on sale at the end of 2010. But the Leaf is little more than half the price of a Model S.
Today's pot hearing postponed?: The City Council had been scheduled to consider a ban on all medical marijuana dispensaries in the city. But it might not happen today, at least according to a radio news report. There's been speculation that council members are working on a compromise deal that would allow some pot shops to stay open.
Ramp Jam begins tonight: The westbound Wilshire onramp to the northbound 405 and the northbound 405 offramp to westbound Wilshire will be closed, the first phase of a yearlong effort to rebuild the interchange. (LAT)