Monday morning headlines

Stocks higher, but....:Wall Street is looking a lot like the Lakers: ragged and lacking positive momentum. It's not just the severity of the decline that has investors concerned, it's the speed. The Dow fell 12.4 percent in just 42 days. (WSJ)

BP board meets today: Directors might suspend the company dividend and place it into a separate account until the cleanup bills are paid. (AP)

Misleading car sales: Turns out that much of the increase in the first five months are from rental car companies and other commercial fleets that all but stopped buying vehicles in 2009. From the WSJ:

Since 1992, retail customers have reliably accounted for sales of at least 10 million cars and light trucks a year in the U.S. That string ended last year amid the recession. According to analysis by AlixPartners, this year's sales may not surpass 10 million, either.

L.A. to proceed with layoffs: A coalition of city employee unions asked that this week's job cuts be held off, but the council refused. Under the current contract, layoffs would trigger a 5.7 percent pay raise for 20,000 remaining employees. (City News Service)

Hollywood slump: This weekend's box office was 11 percent higher than a year ago, but summer business is still down from 2009. From the NYT:

Kevin Goetz, chief executive of Screen Engine, a marketing and research consulting firm that specializes in entertainment, says viewers increasingly reserve their ticket purchases for pictures that promise something truly special, whether that means amazing visual effects or extraordinary reviews. "If you don't have a product that delivers in a unique and powerful way, then certainly the messaging has to do that," Mr. Goetz said.

Weinsteins back in Miramax hunt?: NY Post reports that Harvey and Bob are considering a new bid for the Disney-owned film studio. Mouse House is currently negotiating with producer David Bergstein and co-investor Ron Tutor.

E3 Expo opens: The videogame industry's annual gathering at the L.A. Convention Center comes in the midst of a months-long sales slump. The three big gaming manufacturers will be introducing new products that include motion-control inputs and 3-D systems. From the SF Chronicle:

While the E3 video game show has largely served as a showcase for packaged video games, the industry is increasingly evolving its businesses to include more online games, downloadable content, free-to-play models and games as a continuing service with frequent updates. The industry is acknowledging the growth of new gaming platforms and channels and the rise of free social games on Facebook and casual titles on the Apple iPhone.

Cable ad rates taking off: Now that the upfront season is wrapping up for the networks, advertisers are turning to fall's cable lineup. The new Conan O"Brien show and other high-rated offerings are one reason for the higher prices. (WSJ)

Record bid for Buffett lunch: Somebody will be paying $2.63 million to break bread with the Oracle of Omaha. Proceeds go to the San Francisco-based Glide Foundation. Last year's bid was $1.7 million. (Bloomberg)