Stocks open lower: September, which can be a volatile month, remains fairly quiet. Dow is down 25 points.
Apple sells out of iPhones: More than 5 million of them have been purchased since Friday's launch (though some analysts had expected a bigger number). Online delivery times are up to four weeks. (AP)
Facebook still too pricey?: Shares are probably worth $15, says Barron's writer Andrew Barry. The stock was at $21.42 this morning.
At its current quote Facebook trades at 47 times projected 2012 profit of 48 cents a share and 36 times estimated 2013 earnings of 63 cents. Compare that with Google and Apple, two proven technology growth stories, which both trade for about 16 times estimated 2012 earnings. Facebook is valued at $61 billion, or $53 billion excluding its estimated $8 billion in cash. That's more than 10 times estimated 2012 revenue of $5 billion. Google trades for half that valuation.
Free checking gets expensive: Average minimum balance is $723, up 23 percent over last year,according to Bankrate Inc. From the WSJ:
Banks have raised fees on automatic teller machines, overdrafts and checking accounts for customers who don't meet new standards tied to account balances or regular deposits. A public outcry last year over the prospect of new monthly fees for using bank debit cards forced big banks to retreat from the idea. But a soft economy, low interest rates and new government rules that followed the financial crisis are prompting banks to flex their muscles on existing fees.
Riordan preparing pension plan: L.A.'s former mayor wants a ballot measure that's far more substantive than the proposal being pushed by the current mayor. From LAT columnist Jim Newton:
If labor prevents Riordan from prevailing with a ballot measure to drastically reform pensions, the city could face insolvency in the next few years. And then it's possible that a judge would curtail pension benefits even more sharply or demand greater sacrifices of current employees than Riordan is proposing. Recognizing that threat, labor leaders may reason that it's better to let Riordan take heat from union members than for those same leaders to participate in pension cuts or contribution increases that make them complicit.
Stadium vote expected: A Council committee is expected to sign off on an agreement with AEG - despite the uncertainties connected with the sports-and-entertainment company being up for sale. AEG head Tim Leiweke will testify this morning. (KPCC)
Emmy wrap-up: "Homeland" and "Modern Family" lead the way. (AP)
Weekend box office: "End of Watch" and "House at the End of the Street" tied for the top spot, each grossing $13 million. Clint Eastwood's baseball drama, "Trouble with the Curve," brought in $12.7 million. (LAT)
Trader Joe's recalls peanut butter: The retailer's Creamy Salted Valencia Peanut Butter is tied to a potential salmonella contamination. The Centers for Disease Control and Prevention is investigating the outbreak. (LAT)