Friday morning headlines

Stocks are sinking: This is a joke, right? It's the 20-year anniversary of the '87 market crash and the Dow is down more than 200 points. Now granted, that's just a 1.5 percent drop, compared with a 22.6 percent plunge on Black Monday. But it's not just today; this has been a lousy week in general, with major banks coming out with terrible subprime-related numbers (Wachovia's third-quarter earnings, just out this morning, fell 10 percent). Also worrisome are higher oil prices, an ever-lower dollar, and the tensions in Turkey and Pakistan.

Still higher gas prices: There are other factors besides $90-a-barrel oil (refinery problems, higher wholesale prices), but the upshot is a 9-cent-a-gallon jump in just the past week, according to the latest Auto Club survey. The average price of self-serve regular in L.A. is $3.085, but in many parts of town you’ll be paying a bunch more.

WGA vote: There's little doubt that guild members have given their leadership the authorization to strike (results should be available later today), but what comes now? The WGA has agreed to return to the bargaining table Monday morning, though there's little sign that either side is ready to really negotiate. Nikki Finke is hearing that the guild won't necessarily call for a walkout right after the contract expires on Oct. 31. Rather, they might keep talking for several weeks and if there's no progress they'll pull the plug before the end of the year. But at this point it’s mostly guesswork. (Variety, Deadline Hollywood Daily)

Feds impacting Tribune deal?: FCC Chairman Kevin J. Martin wants to do away with those media ownership rules that prohibit companies from owning a newspaper and television station in the same market. Fine. Except that until his proposal comes to a vote he doesn't want to approve any temporary waivers that allow companies to circumvent the rule. Not so fine. Tribune needs the waiver. The company is pushing to complete its deal to go private by the end of the year, and the cross-ownership plan might not come to a vote in time. That means the Tribune deal would be in limbo into 2008 - and for various reasons that would make the sale a lot more expensive. Perhaps too expensive. It seems unlikely the FCC would allow this to happen, but the Tribune boys are beginning to sound the alarm. From the LAT:

To go private by the end of the year in a deal led by real estate mogul Sam Zell, the company needs the FCC by mid-November either to grant temporary waivers or to lift the cross-ownership ban, said Shaun Sheehan, Tribune's Washington vice president. Failure to do so would mean significant financial penalties. The new private company would not be eligible for tax-exempt status for 2008 and the $34-a-share offer would go up, based on an 8% annualized "ticking fee," until the deal closed. "I have enormous concern," Sheehan said. The deal probably would die if it was not approved by May 31, when financing commitments expire.

HMOs don't meet standards: What a surprise!!! A state report finds that the eight largest plans fail to ensure that their members are sufficiently tested and treated. Health Net and Kaiser Permanente scored highest for overall clinical quality, receiving a "good" rating, while Aetna Health, Blue Cross, Blue Shield, Cigna, PacifiCare and Western Health Advantage only got a score of "fair." From the LAT:

It found that almost one-third of middle-aged women hadn't had a mammogram to screen for breast cancer in the last two years, for example, and that almost half of plan members older than 50 hadn't been tested for colorectal cancer. "As standards of care, they pretty much should happen 100% of the time," said Ted vonGlahn, director of consumer engagement for the Pacific Business Group on Health, which helped prepare the report. "When you look at the averages, it's pretty sobering."

Trash strike: Waste Management workers walked off their jobs at 3 a.m. this morning when union representatives for 450 truck drivers and mechanics turned down the latest contract offer. Those employees service about 225,000 residential customers and another 29,000 commercial accounts, and there will be disruptions in service. Waste Management will have to bring in drivers from outside the area to work routes today. At issue are - what else? - wages and health benefits. (Daily Breeze/wires)

Fresh & Easy stores: The much-awaited opening of those smallish, Tesco-owned markets will be Nov. 8 in Eagle Rock, Arcadia, Anaheim, West Covina, Upland and Hemet. Nearly 1,000 people have applied for 170 Fresh & Easy positions at the first six stores. Tesco is the British-based retailer that’s making a major expansion into the U.S. More than 80 stores already have been announced. (Daily Breeze)

Seinfeld's not-so-secret tips: HarperCollins has a massive hit on its hands - Jessica Seinfeld's cookbook for feeding kids healthily (yup, she’s Jerry’s wife). It initially printed 200,000 copies and added another 140,000 in reserve. But after a recent appearance on "Oprah," demand is way outstripping supply (there's a three- to six-week wait on Amazon). There's also a little controversy; Missy Chase Lapine, the author of another children's nutrition book, has noted similarities between the two titles. From the WSJ:

The books by Ms. Seinfeld and Ms. Lapine feature similar recipes for macaroni and cheese that have vegetable purees mixed in. Both books also have recipes for chocolate pudding with pureed avocado. However, while the concepts are similar, the recipes differ in their specifics. "Our author is concerned that there are many significant similarities between 'The Sneaky Chef,' and the Seinfeld book," says David Steinberger, chief executive of Perseus, in an email. "We agree that the books appear to be very similar in many ways. But we don't know enough about how this happened to accuse anyone of wrongdoing. We have a bestseller in 'The Sneaky Chef.' We feel it is a terrific book and right now we are focused on selling more copies of it." In a telephone interview, Ms. Seinfeld, a mother of three, said that "I've never held that book in my hands, and I swear that on my life.”