Thursday morning headlines

Stocks lower: Disappointing news on jobless claims and investors' tepid response to the Citigroup offering might be playing a role. Dow is down about 80 points in early trading.

At last, a CEO: Brian Moynihan doesn't expect any big changes when he takes the helm at Bank of America, replacing Ken Lewis. His promotion ends a months-long search that was complicated by pay restrictions. (AP)

"Tentative leader": Bank of America watcher Tony Plath, a finance professor at the University of North Carolina, isn't impressed. From Deal Journal:

"I watched him testify in front of Congress (last month). He didn't know who the bank's largest investor was. That scares me. He has to look over at Gifford (a BofA board) member looking for approval to answer the questions. He has to be in the same league now as Jamie Dimon. I don't know if he's there yet. I don't know if he's even in the same league as Vikram Pandit."

Approval reaches new low: Just 27 percent of Californians are okay with the job that Gov. Arnold Schwarzenegger is doing. The legislature fared worse in a poll by the Public Policy Institute of California, at 17 percent. From the LAT:

More than 60% of respondents said the economy and jobs topped their list of concerns. State budget problems were the second most cited worry, with 13% calling the budget the most important issue facing the state. Answering a separate question, 88% said the state's budget situation was a big problem.

Watch that pothole: Ah yes, another claim to fame: L.A. roads are the roughest in the nation, according to a new report, with 92 percent of major arteries in the metro area in poor or mediocre condition. From the press release:

Among the most deteriorated roads in the Los Angeles area are Highland Avenue from Santa Monica Boulevard to Franklin Avenue in Los Angeles, and Route 5 from Beach Boulevard to the Los Angeles County Line in Buena Park. A total of one-third of Los Angeles area bridges and overpasses are structurally deficient or functionally obsolete.

Maguire sells showbiz offices: It's the Lantana Media Entertainment complex in Santa Monica, home to a bunch of production companies (and the L.A. Farm restaurant). Buyers were an investment group and the Recording Academy. From the LAT:

The deal, valued at more than $200 million, was the largest office property sale of the year in Los Angeles County, real estate brokers said. Selling some properties such as Lantana and defaulting on others is part of a strategy by Chief Executive Nelson Rising to relieve debt and keep the company solvent. Maguire posted a $46.8-million third-quarter loss last month as the weak economy continued to drag down office rents.

Trades taking huge hit: The Wrap's Sharon Waxman hears that the studios aren't willing to spend much money on award season ads this year. Those ads have been propping up both Variety and THR. Her sources say that this year's haul will be under $5 million, down from a peak of around $20 million.

Tiger update: Several reports about Woods' wife hiring L.A. divorce attorney Sorrell Trope to renegotiate the terms of a prenup and end the marriage. She apparently wants to file in CA, where they have a home, because of the state's no-fault divorce laws. Never mind that they live in Florida. (NY Post)

Pepsi drops Super Bowl: After 23 years, the soft drink giant is moving in another direction that relies less on event-based advertising. From the WSJ:

Pepsi, based in Purchase, N.Y., will plunge into the crowded field of cause-related marketing in coming weeks with a campaign to kick off "Pepsi Refresh Project." Under the program, Pepsi will award grant money for community projects proposed and selected by consumers, such as helping high-school students publish books to develop their writing skills. Pepsi says it has earmarked $20 million of its ad dollars for the grants next year. The company is hoping the new campaign will help reinvigorate sales of some of its top North American beverage brands.

Layoffs at NYT: Some familiar bylines are on a NY magazine list.