Monday morning headlines

Yahoo turns down bid: Again. The company reiterated its view that the Microsoft offer “substantially undervalues” the company, though Yahoo’s two top executives left the door open if nothing better comes along. The offer was initially valued at $31 a share, but with the drop in Microsoft stock it's now worth $29. (NYT)

Circuit City for sale?: The struggling retailer has hired Goldman Sachs for advice, according to TheDeal.com. There's been lots of shareholder pressure to dump CEO Philip Schoonover and put the place on the block. The company has been a basket case for some time, having to close stores – many of them locally - and reduce its work force in the wake of a tough economy and competition from Best Buy.

Zell catch-up: The NYT lays out the now-familiar scenarios facing Tribune Co. and its CEO Sam Zell. One nugget: Zell might want to sell Tribune-property Newsday in a non-cash or possibly deferred transaction, most likely involving a real estate transfer. This would reduce the company's tax bill.

Speaking of Zell: Tribune's hiring of several Clear Channel executives, all former colleagues of No. 2 Randy Michaels, will no doubt shake the place up. Clear Channel is mired in a $19.4 billion buyout that might not end up happening, so it's not surprising that Zell would be sniffing around for recruits. Meanwhile, Chief Innovation Officer Lee Abrams, another former radio guy, pops up in a WSJ piece:

Mr. Abrams, who is known for developing FM radio formats like Album Rock, is planning to import some of his techniques to Tribune, including a "cliché buzzer" to ring when colleagues offer tired ideas. "We know how to have a good time. But we also know how to change and reinvent things, or at least motivate people to do that," he says.

UTA departures: Big story in Hollywood: Three partners at United Talent Agency are moving over to Endeavor - and presumably taking their client lists with them. They are Nick Stevens, Lisa Hallerman and Sharon Sheinwold, and they represent Ben Stiller, Jack Black, Owen Wilson and writer-producer Judd Apatow. UTA Chairman Jim Berkus said the tensions between Stevens, who ran the agency's talent division, and other partners finally came to a head. From Deadline Hollywood Daily:

Stevens had long professed his unhappiness with the direction that the board had taken the agency, including landmines of lawsuits and arbitrations and settlements which cost UTA millions of dollars over the years. Nick demonstrated that he didn't want to help run the tenpercentery any longer by retreating from the day-to-day business of the agency and not going to what he openly scorned as dumb meetings where office moves and overhead were discussed constantly.

Garment factories fined: State investigators found safety and labor violations at 21 apparel factories in L.A. County, issuing 35 citations totaling more than $163,000. Safety hazards included locked or blocked doors, exposed electrical panel boxes, and improper guarding for machines. Investigators said they talked to a worker whose finger was amputated during an accident with a pleating machine. Labor violations included failing to keep records and carry workers’ compensation insurance. (California Apparel News)

Still sluggish at ports: Container traffic in March should be up 1.1 percent, which is at least better than declines for each of the previous seven months. But the go-slow mode will likely continue through August, according to research firm Global Insight. April and May should be up slightly, followed by a big drop in June and a slight drop in July. The sluggish forecast reflects the way nervous retailers see the next several months. (California Apparel News)

Up next for Pellicano: Former superagent Michael Ovitz and reporters Bernard Weinraub and Anita Busch are expected to take the stand this week at the wiretapping trial of the Hollywood private eye. Busch set the case in motion when she was harassed while reporting a story about Steven Seagal for the LAT. She is expected to testify about the damage her career has suffered since Pellicano's investigations. (Variety)