Thursday morning headlines

Stocks head higher: Dow is up almost 70 points in early trading. The stock market is closed tomorrow for Good Friday - the same day that the March employment report is coming out - so perhaps some of the action we would have seen tomorrow will happen today. From the WSJ:

The jobs report is big this time. The market is bracing for a watershed number, anticipating strong private-sector job growth--an addition of 200,000 positions--with the potential to alter the outlook for interest rates, now at historic lows. "I've never heard of putting such a big number out on a day when you can't do anything about it," said Ralph Fogel, investment strategist at Fogel Neale Partners, who manages a portfolio of stocks as well as bonds. "Anytime that I can't address a problem in our portfolios, I'm not a happy camper."

DWP soap opera: As Kevin posted last night, the utility's board of commissioners voted for a higher rate hike than the city council signed off on. The council then voted to kill the commission's rate. So the whole mess goes back to the commission - or Villaraigosa.

Speaking of the mayor: In a WSJ story on how budget deficits are forcing cities to take on the unions, deputy chief of staff Matt Szabo, says "Unions have priced themselves out of a job." Villaraigosa wants to re-open contract talks with 45,000 cops, firefighters, librarians and other city employees.

Rich get richer Dept. Hedge fund manager David Tepper picked up $4 billion last year by betting that the government would not let the big banks fail. Many (though not all) of the top hedge funders did really well. From the NYT:

In a startling comeback, top hedge fund managers rode the 2009 stock market rally to record gains, with the highest-paid 25 earning a collective $25.3 billion, according to the survey, beating the old 2007 high by a wide margin. The minimum individual payout on the list was $350 million in 2009, a sign of how richly compensated top hedge fund managers have remained despite public outrage over the pay packages at big banks and brokerage firms.

Eli Broad to defend Karatz?: He's on the list of character witnesses in the backdating trial involving the former CEO of KB Home. Also on the list is former mayor Richard Riordan. From the Daily Journal:

It appears the defense strategy will be to cast the prosecution's witnesses as unreliable and weave a counter-narrative that the defendant and other executives made a series of honest mistakes. Parading character witnesses such as Broad, the KB Home co-founder and former CEO, who has sprinkled his multi-billion dollar fortune on civic institutions throughout Los Angeles and the country, may be the capstone to arguments that the defendant lacked criminal intent.

Closing day for Nummi: The last Corolla will be rolling off the Fremont assembly plant today. Toyota decided to shut down the plant after partner GM pulled out last year. Labor economist Harley Shaiken says as many as 20,000 workers will be impacted by the closure. (NPR)

Burkle teaming with Weinsteins?: The L.A. billionaire could be the financial muscle to help Bob and Harvey become the winning bidder for Miramax. The Weinsteins are also talking to others about helping finance the deal. Disney has extended the bidding until April 5. (LAT)