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Another big market day?: Heck, why not? April inflation numbers turned out to be tamer than expected, which means that the Fed is less likely to raise interest rates - and Wall Street just loves it when interest rates don't rise. After 90 minutes of trading, the Dow was up around 90 points.
Amgen takes another hit: Will it ever end? Shares of the Thousand Oaks-based company are down almost 6 percent this morning on news that Medicare would only pay for anemia drugs under specified conditions. The drugs at issue are Aranesp and Epogen (also, Johnson & Johnson's Procrit ). At last check, Amgen stock was trading a little over $53; last October it was at $77. Ouch. Marketwatch
Villaraigosa goes green: L.A.'s mayor is proposing to cut greenhouse gases by expanding renewable energy sources and providing alternatives to driving. The goal is to reduce the city's carbon dioxide emissions 35 percent below the 1990 level by 2030 - quite a challenge considering that the city's population of 4 million will, of course, keep growing. Villaraigosa is scheduled to announce his plan at a meeting today in NY, where leaders from some of the world's largest cities are talking about how to combat climate change. LAT
It's ABC day: The Disney-owned network announces its fall lineup to advertisers in NY today - and it will be heavy with new shows. Of the 11 series on the schedule, four are comedies and seven are hour-long dramas (including buzz-heavy "Private Practice," which is a spinoff of "Grey's Anatomy." It stars Kate Walsh as a doctor who leaves Seattle Grace Hospital for a wellness clinic in L.A). Also getting talked about is "Pushing Daisies," about a young man who discovers that with a touch he can both raise the dead and send them back again. Right. NYT
Bancrofts still balking: The family that holds the key to Rupert Murdoch getting his hands on the WSJ held a conference call yesterday, but didn't respond to the media mogul's request for a face-to-face meeting. That suggests continued opposition to the $5 billion News Corp. offer (or at least enough opposition to nix the bid). You certainly have to give Murdoch an E for effort - he sent out yet another letter to family members, committing to give the Bancrofts a seat on the News Corp. board and pledging to safeguard the editorial integrity of the Journal. WSJ. The NYT, citing
people close to the family, said there was little new in Murdoch’s letter that would soften family members' opposition.
Reuters agrees on sale: Thomson plans to purchase the news agency for $17.2 billion, creating one of the world’s largest financial news providers. If it happens, that is. The deal is certain to go through a minefield of regulatory scrutiny, especially in Europe. An analyst told Bloomberg News that there's a 75 percent chance the deal would go through. Together, Thomson and Reuters would have 34 percent of the market for financial data, slightly above the 33 percent market share held by Bloomberg.
AIG buys rest of 21st Century: That's insurance giant American International Group, which already had a 61 percent stake in the Woodland Hills-based car insurer. Purchase price is $813 million, or $22 a share. That’s a 33 percent premium to the closing price on Jan. 24, before AIG initially offered $19.75. A group of 21st Century's minority investors had sued to block a takeover at the lower price. Bloomberg
Lacter on radio: This morning's business chat with KPCC's Steve Julian covers the supermarket talks, Amgen's continuing troubles and pay equality for women TV writers.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.