Stocks move sideways: The market is due for a pickup after several down days. Dow is up slightly in early trading.
Mostly bad retail month: Same-store sales in August fell for the 12th straight month, a further indication of the reluctance by consumers to spend. Still, the results at Target, Kohl's and Gap topped expectations - and the sales decline was smaller than July's. (AP)
American Apparel cuts workers: About 1,500 factory workers are being led go - not because of financial problems but because of questions about their immigration status. They all work in the company's downtown factory. From the LAT:
In a letter to employees, founder and Chief Executive Dov Charney said he was "deeply saddened" at having to let workers go. "Many of you have been with me for so many years, and I just cry when I think that so many people will be leaving the company," he wrote. "It is my belief that immigrants bring prosperity to any economy."
Pay raises at SAG: In a year when the Screen Actors Guild faced a nearly $6 million deficit (and had to lay off a bunch of folks in the process), several senior staffers saw their salaries boosted. From the LAT:
Among the guild's highest-paid staffers is Pamm Fair, deputy national executive director of policy and strategic planning, whose pay increased 31% to $291,152 in the fiscal year ended April 30, according to a recent filing with the U.S. Department of Labor. Another deputy national director, Ray Rodriguez, saw a 19% increase, bringing his pay to $231,968, according to the union's filing. Ilyanne Kichaven, executive director of the Hollywood division, was paid $184,556, up 17%, while general counsel Duncan Crabtree-Ireland's pay climbed 11% to $241,962. The figures include salary, bonuses and payments for accrued vacation time.
HMO turndowns: Five of the state's largest insurers rejected 31.2 million claims for medical care, or 21 percent of all claims, says the California Nurses Association. From the LAT:
The denial rates ranged from a low for Aetna of 6.5% to a high for PacifiCare of 39.6%, for the first half of 2009. Anthem Blue Cross, the state's largest for-profit health plan, and Kaiser, the state's largest nonprofit plan, each rejected 28% of claims during the first six months of this year, according to the study. And Cigna denied 33%.
iPhone static: Dropped calls and glacial download speeds are becoming a real problem for AT&T, which is the exclusive iPhone carrier in the U.S. Owners are using them like computers, which they really are, and the network isn't equipped to deal with the demands. From the NYT:
"It's been a challenging year for us," said John Donovan, the chief technology officer of AT&T. "Overnight we're seeing a radical shift in how people are using their phones," he said. "There's just no parallel for the demand."
Early boarding at Southwest: But it'll cost you. For an extra $10, the airline will automatically check passengers in and reserve a boarding spot for them within 36 hours of departure. They still have to wait for premium customers to board first. (CNNMoney.com)
Madoffs book a bust: The tell-all account by alleged ex-mistress Sheryl Weinstein, "Madoff's Other Secret," has sold just 2,000 copies. As of Wednesday night, it ranked No. 3,506 on Amazon.com. The other Madoff-related books aren't doing much better. (AP)
Puckish claims: The investors of an Internet venture started up by Wolfgang Puck and his wife Gelila have sued the couple, claiming that Wolfgang stopped promoting the effort and that his wife's "behavior became forceful, abusive, and erratic." From the suit (via Diner's Journal):
Gelila Puck, who has no technical background and met Wolfgang while she was answering phones at Wolfgang Puck's Spago restaurant in Los Angeles, began to tell her acquaintances that she was creating the "new Internet." She also frequently told friends, acquaintances, and business people that she was the "next Bill Gates."