Stocks open lower: Weak economic reports. Dow is down 70 points.
Manufacturing index tumbles: This is not good - the Institute for Supply Management's June reading was 49.7, down from 53.5 a month earlier. It's the first contraction in the index since the recession ended in 2009. (Bloomberg)
Eurozone unemployment keeps rising: The jobless rate among the 17-country bloc was 11.1 percent in May, up slightly from the previous month. In Spain, the rate was 24.6 percent while in Germany it was 5.6 percent. (AP)
Gas update: The recent price drop seems to be slowing down - an average gallon of regular in the L.A. area is $3.746, according to the Auto Club, down a dime from last week.
Thousands rally against Walmart: Led by several unions, the Saturday protest was over the chain's plans to open a grocery store in Chinatown. From KPCC:
Many sporting labor union tshirts and signs complained that Walmart's treatment of workers and low wages would disturb the unique charm of Chinatown. "The cultural and historic nature of this neighborhood must be saved," Congresswoman Judy Chu told the crowd who had marched to the Chinatown Gateway. "When Walmart comes into town it destroys local businesses that cannot compete with its megapower," she added.
Weighing the future of Fresh & Easy: The CEO of British parent Tesco told shareholders that the company would give up on the Socal-based grocery chain "if we see there is no chance of success." Tesco is under fire because Fresh & Easy has not been profitable. (FT)
Facebook to stay on Nasdaq: Executives concluded that moving to another exchange would do more harm than good - despite the bungling of the IPO. From the WSJ:
The bungled IPO rattled investors who had already begun to question the $100 billion valuation the company gave itself in its debut. Facebook had $3.7 billion in revenue in 2011, and expectations for 2012 growth are subdued. Specifically, the company has come under criticism for its limited ability to make money on its mobile site, where more than half of its 900 million users access it. Last week, research analysts at banks that worked on the Facebook IPO came out with tepid views on the value of shares of the social network.
Dish drops AMC: The satellite service and the cable channel can't even agree on what the dispute is about. The cutoff means that AMC has lost access to 14 million homes. (LAT)
Box office update: "Ted" topped the weekend movies, opening at $54.1 million. "Magic Mike" finished second at $39.2 million and "Brave" was third at $34 million. From the NYT:
"Ted" may mean the most to its financier, a quiet firm called Media Rights Capital. With roots stretching back to 2003, this production company -- built to give directors, writers and stars more earning power and control of their projects -- was starting to look like a tepid experiment. Releases like "Bruno" and "The Adjustment Bureau" were profitable in the end, but only slimly so. "We've had singles and doubles, but 'Ted' is our first big, fat home run," Mordecai Wiczyk, co-chairman of Media Rights, said by telephone on Saturday. "What we are trying to do has been validated, especially for partners like Universal who believed in us from the early days."