Monday morning headlines

Veterans Day: Government offices, bond markets and banks will be closed, but the stock market is open.

Stocks still hovering: Little sign of a rebound after last week's big losses. Dow is down about 20 points.

Tax-related selloff: Investors have been bailing out of concern about higher taxes on capital gains. From the WSJ:

Peter Disch, a wealth adviser, has been helping his stable of 90 clients, who collectively have entrusted about $140 million to his firm, sell stocks in recent weeks. "Tax rates are going up, and if you don't plan to hold these stocks for a long time, now is the time to take advantage of the lower tax rates," Mr. Disch says he has told his clients. The wave of selling is a twist on the usual year-end rush among financial advisers, who typically help their clients sell their losing stocks to offset gains from other investments.

Young voters saved Prop 30: They made up 28 percent of those who supported Gov. Brown's measure that increases taxes. Among the 18-29 bracket, two-thirds voted for the initiative. From AP:

College students and the parents of school-age children had the most at stake with the initiative. If it failed, Brown and state lawmakers were poised to cut $6 billion from K-12 schools and higher education. Faced with the prospect of more tuition hikes, students rallied for Proposition 30 on social networking sites and breathed new life into the Democratic governor's plan to stabilize state finances.

Box office wrap: James Bond dominated the weekend - the debut of 007's "Skyfall" brought in $87.8 million. The film is also doing huge business overseas. "Wreck-It Ralph" was second, at $33.1 million, and "Flight" was third, at $15.1 million. (THR)

Studio power struggle: The plan by Time Warner CEO Jeff Bewkes to have three senior executives compete for the top spot at Warner Bros. isn't working out very well, reports the LAT.

The three competing candidates -- Television Group President Bruce Rosenblum, Motion Pictures Group President Jeff Robinov and Home Entertainment Group President Kevin Tsujihara -- do not work as a unit. They rarely meet as a trio or get involved in one another's businesses, according to several people associated with the studio who were not authorized to speak publicly. And although Bewkes said anyone jockeying or politicking for the job of Warner Bros.' chairman would "eliminate themselves" as contenders, the three men have been maneuvering for position while their subordinates quietly advertise their bosses' qualities and rivals' shortcomings.

Villaraigosa's trade mission: Along with executives of the Port of Los Angeles, Los Angeles World Airports, and L.A. Tourism and Convention Board, the mayor will be traveling to Chile, Brazil and Colombia later this month. (KPCC)

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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