Stocks move lower: Word of a big writedown at HP is bringing downthe market. Dow off about 30 points.
HP takes huge charge: The company discovered "serious accounting improprieties" and "outright misrepresentations" at Autonomy, a British software maker that it bought for $11.7 billion. From DealBook:
The [$8.8 billion] charge essentially wiped out its profit. In the latest quarter, H.P. reported a net loss of $6.9 billion, compared with a $200 million profit in the period a year earlier. The company said the improprieties and misrepresentations took place just before the acquisition, and accounted for the majority of the charges in the quarter, more than $5 billion.
Best Buy reports loss: It's another lousy quarter for the struggling electronics retailer. (AP)
Cap-and-trade auction raises $290 million: State regulators sold all available greenhouse gas pollution credits, though the price per credit came in lower than what analysts and traders had expected. From the LAT:
Polluters initially get 90% of their needed credits free, but they are required to buy more if they plan to release carbon dioxide and other greenhouse gases above allotted levels. Pollution credits start at a minimum price of $10 for the right to emit 1 metric ton of greenhouse gases. Glendora cement maker CalPortland Co., for example, expects its plants in Colton and near Mojave to produce 1 million tons of greenhouse gases this year.
Pasadena council approves NFL plan: Despite neighborhood opposition, city officials have agreed to temporarily accommodate a pro football team at the Rose Bowl. From KPCC:
Leanne Wagoner, with the Pasadena Chamber of Commerce, said the money would benefit many businesses. "Restaurant, retail, and hotels and motels will see a significant increase in business resulting from 10 weekends of NFL activity per year, said Wagoner. But many people who live in neighborhoods near the Rose Bowl said they do not need more traffic jams, noise, and rowdy football fans.
TV Guide.com for sale:Lionsgate is in serious talks to unload the site for about $20 million. Among the interested parties is Yahoo. Lionsgate bought TV Guide in 2009. (ATD)