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Wall Street opens lower: Lots of data to sort through this morning - and also some profit-taking after yesterday's big gain. Dow is down about 20 points in early trading.
Retailers still upbeat: Home Depot raised its full-year expectations and had a better-than-expected third quarter (though earnings still fell). Target had a decent third quarter as well, but was cautious about the holiday outlook. (AP)
Magic's new venture: Magic Johnson Enterprises is teaming up with L.A. money manager TCW Group to provide credit to middle-market businesses. The venture would be an extension of what TCW already does. (LAT)
Good news at Port of L.A.: Exports in October were up for the first time this year - and Chinese consumers were behind the gains. But don't look for any quick turnaround. From the LAT:
"Trade volumes have begun to creep up," said Paul Bingham, managing director of the global commerce and transportation practice for IHS Global Insight. "You are seeing some strengths in the Chinese economy from the positive effects of their stimulus package. They are buying more, and not just raw materials but also finished goods in electronic equipment and automotive equipment."
Maguire gets foreclosure notice: Bank of America is seeking foreclosure on one of the real estate company's prime Irvine office buildings near John Wayne Airport. Maguire had said that it would stop making payments on that property and six others. From the LAT:
After being stuck in place for nearly 18 months, the business of buying and selling properties such as offices, warehouses and shopping centers is expected to begin a purge in the months ahead as owners and lenders accept losses and move on. Office and retail properties will take the biggest hit as worried consumers curb spending and companies delay rehiring, according to a study released this month by consulting firm PricewaterhouseCoopers and the Urban Land Institute, a real estate industry trade group and think tank. The pain could spread far enough to be a fresh drag on the nation's economy.
More delinquencies: For the three months ended Sept. 30, 10.2 percent of California mortgage loans were 60 or more days past due (the first step toward foreclosure), according to TransUnion, up from 5.8 percent last year. (AP)
Paul Allen has lymphoma: The Mircrosoft co-founder and now an active private investor received the diagnosis of diffuse large B-cell lymphoma, and is undergoing chemotherapy. (DealBook)
South Bay holding its own: The area economy has weathered the recession better than the county or state as a whole, according to a new forecast. Still job growth next year is expected to be less than one percent. (Daily Breeze)
MySpace nearing deal: The Bev Hills-based social networking site is close to purchasing the music streaming service iMeem. From Tech Crunch:
This is another blow for free streaming music lovers. iMeem and MySpace Music were among the last free streaming services in the U.S. And MySpace Music, we've heard, will soon be forced to turn to subscriptions to manage costs.
Gas prices slip slightly: Don't spend it all in one place: An average gallon of regular in the L.A. area fell about a penny, to $3.009, according to the government survey.
Lacter on radio: This morning's business chat with KPCC's Suzanne Whatley (Steve Julian is on vacation) looks at a new study on job growth in L.A. and the latest concerns on California's budget problems. Also on kpcc.org and on podcast.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.