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Stocks wobble: After yesterday's zigzag, the Dow is hovering around the line in early trading.
Local economy improving: Tourism, entertainment and international trade are leading the recovery, according to the Economic Development Corp.'s mid-year report. The real estate side, however, continues to be weak.
Good numbers for Wells Fargo:Second-quarter profit rose topped Wall Street expectations, and the bank wrote off fewer bad loans than in the previous three months. (AP)
Vote on unemployment: Looks like the Senate will finally pass the jobless bill today, restoring benefits to 2.5 million Americans. (Washington Post)
Liz Claiborne closes outlets: All 87 stores will be shuttered, including four in Socal. Company outlet stores for Juicy Couture, Lucky Brand, Kate Spade and Kensie are not impacted. (OC Register)
Anthem president steps down: Leslie Margolin got caught up in the furor over the health insurer's double-digit rate increases. From the LAT:
Anthem's rates became a national symbol of insurer excesses, and the company canceled the hikes in April after miscalculations were uncovered in its filing. Margolin herself was the target of much of the immediate public backlash. U.S. Health and Human Services Secretary Kathleen Sebelius wrote her in February, demanding that she justify the rate hikes. Weeks later, Margolin was called to testify in Sacramento and faced hostile questions by members of the Assembly, one of whom asked her, "Have you no shame?"
DWP defense: Several current and former managers took issue with an audit that said the city council was misled about the utility's financial health - and the circumstances behind it withholding $73.5 million from the city. (LAT)
Oakland approves pot growing: The plan calls for licensing four production plants where marijuana would be grown, packaged and processed. From AP:
The plants would not be limited in size -- one potential applicant for a license wants to open a plant that would produce over 21,000 pounds of pot a year -- but they would be heavily taxed and regulated. Those vying for one of the four licenses would have to pay $211,000 in annual permit fees, carry $2 million worth of liability insurance and be prepared to devote up to 8 percent of gross sales to taxes.
Northrop selects HQs: The aerospace giant, formerly based in L.A., has purchased an office building in Fall Church, Va. From the WSJ:
Northrop Grumman has California roots that can be traced back to 1939, when John Northrop set up shop in a Hawthorne, Calif., hotel. The headquarters' departure is a tough loss for Southern California, which is considered by many the aerospace industry's birthplace. Northrop plans to move some 300 executives to the new facility. In recent months, the company zeroed in on Virginia and winnowed down its list of potential locations.
iPad forecast gets raised: Research firm iSuppli expects almost 13 million of them to be sold this year, up from 7.1 million. That jumps to 36.5 million iPads in 2011 and 50.4 million in 2012. (All Things Digital)
Lionsgate counters: Shareholder Mark Rachesky, who held a 20 percent of the film company, is picking up additional shares as management tries to fend off a new offer by investor Carl Icahn. (LAT)
Court ends furlough days: Today is the last Wednesday that Superior Court will be shut down. The furlough days have saved the court more than $13 million, but resulted in huge delays. (KPCC)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.