Thursday morning headlines

See-saw market: Big gain on Tuesday, big loss on Wednesday and so far this morning the Dow has pulled back from a strong opening. There are lots of cross-currents - higher Treasury yields, decent economic news, the pending GM bankruptcy.

Last days of Hollywood Park?: The Inglewood City Council votes tonight on a proposal that would replace the historic race track with a $2-billion retail and residential development. Owners say that the track is no longer a viable business. From the LAT:

Developers have avoided the area in the past, even though it is in a densely populated area of Los Angeles County. It has few civic amenities, especially since the Los Angeles Lakers left in 1999. Wilson Meany Sullivan has met with local residents, business owners and religious leaders more than 100 times in the last few years, said Gerard McCallum, the company's project manager in Inglewood. The public meetings were intended to find out what residents wanted in a new development.

Time Warner OKs AOL spinoff: The board signed off on a plan for the Internet company to operate as a separate, publicly held company. Unloading AOL would bring to a close what is considered one of the worst mergers in U.S. corporate history. (DealBook)

Jump in Valley home sales: The April median price in the SFV fell 24 percent from a year earlier, to $355,000, but it's a 3 percent bump from March. That's the third month in a row that the price has increased. (Daily News)

Trouble for UCLA surgeon: Jeffrey Wang, chief of spine surgery, didn't inform the school of $459,500 he was paid by companies from 2004 through 2007. University researchers are required to disclose any financial ties to nongovernmental entities funding their work. From the WSJ:

UCLA said it paid him $775,000 last year, including $400,000 in salary and $375,000 for treating patients at its facilities. In a disclosure form to UCLA dated Jan. 10, 2007, Dr. Wang checked "no" when asked if he received income of $500 or more from Medtronic. On Jan. 4, 2007, according to [Sen. Charles Grassley]. Medtronic's records show it paid Dr. Wang $14,600 for "lecture and teachings at spine meetings and universities in Korea for one week." Medtronic was at the time funding Dr. Wang's study of a company spinal-repair system, according to UCLA records.

Kerkorian tightens grip: The billionaire investor is getting one of his lieutenants in the top spot at Delta Petroleum Corp. Daniel Taylor, an executive at Kerkorian's Tracinda investment arm, will replace chairman and CEO Roger Parker. Kerkorian paid $19 a share for a 35 percent stake in Delta; the stock is now at under $2. (WSJ)

Toys 'R' Us buys F.A.O. Schwarz: No purchase price is announced. Toys "R" Us says it will operate the famous toy retailer as a separate entity. Besides the landmark location on NY's Fifth Avenue, there is a store in Vegas. Some years back, F.A.O. Schwarz was in The Grove. (NYT)