Monday morning headlines

Slow start: So far, the first trading day of November is a ho-hummer, with the Dow down about 15 points in early trading. Later today the automakers release their October sales numbers, which are expected to be ugly.

Waiting for returns?: You can assume that Wall Street is already anticipating an Obama victory, which means the markets might just shrug off tomorrow’s election results. While investors expect higher taxes on capital gains and dividends in an Obama administration, stocks won't necessarily respond sharply, one way or another. From the WSJ:

"Betting on how an election turns out makes no more sense than other investment fads," says Greg Carlson, a principal at Carlson Capital Management in Northfield, Minn., with about $750 million in assets under management. "Vote Tuesday, but don't change your portfolio strategy on Wednesday." One old saw Mr. Carlson dismisses as a myth no better than skirt lengths or Super Bowl winners in predictive value: that a Republican White House is always better for the market. The Dow fell during the presidencies of Republicans Richard Nixon (down 16.5%) and George W. Bush (off 12%) as of Friday. The best post-World War II performance came under Democrat Bill Clinton, with the Dow up 226.6%.

Circuit City closing 155 stores: That's 20 percent of all its U.S. locations, including those in City of Industry, Compton, Foothill Ranch, Pomona and Thousand Oaks. The stores will close between now and Dec. 31, resulting in the elimination of 17 percent of the domestic work force. Circuit City has had only one profitable quarter in the past year, and there's little sign of a turnaround, what with the upcoming holiday season shaping up to be a disaster. (AP, press release)

Redstones' options: Still lots of speculation about how Sumner and his daughter Shari will restructure the $1.6 billion in debt that faces family-held National Amusements. Some selling will be required, a prospect made more complicated by the unhappy relations between father and daughter. From the WSJ:

As their advisers explore options, two ideas have gained traction, people familiar with the situation say: selling part of the family's movie-theater chain, which Ms. Redstone runs and has expanded aggressively, or selling a stake in National Amusements, potentially diluting Mr. Redstone's control, or at least diluting his returns. Both alternatives could cause a tussle between father and daughter.

Trump project loses financing: The planned three-tower, Trump Ocean Resort, 10 miles from the international border, has yet to be built - and the SD Union-Tribune reports that it's unlikely a new lender will be secured anytime soon. Trump himself is not involved in the project - he just licenses his name.

A principal shareholder in the company developing the project said yesterday that there are still plans to complete the towers. However, after a construction loan of roughly $150 million from a German bank fell through in late summer, a new lender has yet to be found. “I don't need to describe the current state of the financial market,” said Adam Fisher, formerly senior managing director of Los Angeles-based developer Irongate, a partner in the project.

Caruso urged to enter race: A Downtown News editorial says it would be good to have a legitimate challenger to Villaraigosa (though the paper didn’t go so far as to endorse the local developer). "He would have the resources to challenge Villaraigosa, and his candidacy would force Villaraigosa to defend his record and perhaps to deliver evidence instead of sound bites," the editorial concludes.

Land for sale: Developers of the Plaza El Segundo shopping center are asking $35.4 million for an eight-acre site on the immediate corner of Rosecrans Avenue and Sepulveda Boulevard. They hope the land offer will spur interest by a larger retailer that's needed to anchor the Plaza's long-delayed second phase. (Daily Breeze)