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Stocks extend losses: Investors prepare for what could be a disappointing earnings season. Dow is down 60 points.
Long wait for bullet train?: Between lawsuits and funding, it could be a while before California's high-speed rail project takes shape. From the WSJ:
Actual construction of the line--which state officials have hoped would begin this year--could be delayed in part by farmers who object to the California High-Speed Rail Authority's plan for the construction of the first phase of the 800-mile route through their fields in the state's Central Valley. The farm bureaus in Merced and Madera counties in June filed suit in state Superior Court in Sacramento asking a judge to nullify an environmental-impact report the rail authority certified as one of the final steps toward breaking ground on a 60-mile stretch between Merced and Fresno.
L.A. firm cuts deal with Boeing: Air Lease is ordering 75 of the manufacturer's redesigned 737 aircraft called MAX. Contract is worth $7.2 billion. From AP:
Los Angeles-based Air Lease, which buys planes and leases them to airlines, also has the right to purchase an additional 25 of the planes. The order will take several years to deliver. ALC has ordered a total of 170 airplanes from Boeing. Although the order has a list price of $7.2 billion, purchasers rarely pay the full price for an order of this size. "The 737 MAX is an excellent addition to our portfolio and the ideal complement to our growing fleet of Next-Generation 737-800s," said Steven Udvar-Hazy, chairman and CEO of Air Lease. "The 737 MAX represents a step-change improvement that our airline clients need to compete in the future."
IndyMac lawsuit settled: The class-action suit alleges that executives of the former Pasadena-based lender engaged in securities fraud. From the WSJ:
In a settlement outlined in U.S. District Court in Los Angeles, IndyMac's insurers will pay $6.5 million in cash to investors who had sued the company's leaders for securities fraud as the nation's housing bubble collapsed in the spring of 2008. IndyMac shareholders sued [ex-Chief Executive Michael Perry] and former finance chief Scott Keys in June 2008 over allegations they had misled investors about the failed mortgage lender's deteriorating financial condition. The following month federal bank regulators seized and closed IndyMac's thrift, IndyMac Bank.
O'Malley family close to Padres deal: Purchase price, according to Fox Sports, is $800 million,including $200 million for a portion of the team's equity stake in FOX Sports San Diego.
Box office recap: "Amazing Spider-Man" was tops over the weekend, grossing $65 million. After that came "Ted" ($32.6 million), "Brave" ($20.2 million), and "Savages" ($16.2 million). (THR)
Dodger attendance is up: At the All-Star break, attendance is averaging 41,000, up about 5,000 from last season. (KPCC)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.