Tuesday morning headlines

Market making gains: A good day on the European exchanges is spreading to the U.S. The Dow is up about 90 points in early trading.

New UCLA forecast: Same old, same old: Slow growth and stubbornly high unemployment statewide and in L.A. See earlier post.

Weak Best Buy results: Lots of cell phones being bought but overall the electronics giant missed earnings expectations in its just-released quarter. Part of the problem centers on sluggish sales for gaming, music, and movies. (AP)

Ad spending to grow: But it won't happen until next year, according to a PricewaterhouseCoopers forecast. From the NYT:

By 2014, ad spending in categories like the Internet, television and radio is expected to exceed the spending levels of 2009, according to the report, while ad spending in categories like consumer magazines, trade magazines, newspapers and directories is projected to be lower than it was in 2009. Newspaper ad spending is under pressure to the point, the report says, that the total amount of ad spending online will surpass the amount spent in newspapers this year.

DWP to start selling?: Interim General Manager Austin Beutner might decide to sell the utility's downtown headquarters (good luck getting a decent offer) and energy assets as a way of covering costs without the need for additional power rate increases this year. From the LAT:

"It's real simple. If you can't raise rates, what are you going to do?" Beutner said. "Do you want to own a building, or do you want to have renewable energy?" he said. "You pick. I don't care. If you like the building better, that's fine. You can't have both. So policy is about making an informed choice."

Goldman's L.A. loan program: The Wall Street bank will put up $20 million for a program aimed at helping thousands of area small businesses. It's part of a $500 million effort. Funds will be distributed to community development organizations that will make and underwrite the loans. (Bloomberg)

Tesla IPO is set: The California electric car company hopes to raise as much as $178 million in its public offering, set for June 29. The plan is to sell 11.1 million shares for between $14 and $16 per share. (WSJ)

Slight dip in gas prices: An average gallon in the L.A. area fell about 3 cents, to $3.07. Enjoy it while you can - oil is edging higher as U.S. demand increases. (EIA)

Movie futures trading approved: Traders will be allowed to bet on the ticket sales that a movie generates during its opening weekend. The entertainment industry had been opposed to the exchange. (LAT)

Sara Lee CEO suffers stroke: It happened a few weeks ago and was first announced on Monday. Brenda Barnes says she's recovering, but would not provide any details. From the Chicago Tribune:

Charles Elson, a corporate governance expert at the University of Delaware, criticized the company for issuing only partial information about something as potentially debilitating as a stroke. He said it's the same complaint he and many others had about Apple Inc., when the company reluctantly dribbled out information about CEO Steve Jobs' liver transplant. "Unfortunately, a CEO has become a public figure," Elson said. "Their health issues as they relate to their ability to carry out their duties have to be disclosed."

Lacter on radio: This morning's business chat with KPCC's Steve Julian looks at the new UCLA forecast and why Forever 21 keeps doing well. Also at kpcc.org and on podcast (Business Update with Mark Lacter)