Follow LA Observed on Twitter here
Stocks bouncing around: Dow opened the week lower, but has been coming back in the last hour or so. Lots of confusion.
Latest on state budget: Sacramento Bee looks at the areas of agreement and disagreement among lawmakers and the governor on how to close the $19 billion deficit. They're still quite a ways apart.
Hulu going public?: The rapidly growing online site for TV and movies (based in L.A., by the way) is preparing an IPO that could value the company at more than $2 billion. From the NYT:
Such a move would be one of the most prominent media offerings this year, building off its success in streaming popular shows like "Glee" and "Modern Family." But despite its status as a big player in online video, the company currently makes little in the way of profit. In May, it reported taking in more than $100 million in revenue last year, though it added that it was on track to make that amount again by the middle of this year.
Why Mark Hurd ticked off HP board: More conflicting accounts: One source says that directors were miffed about the ousted CEO settling a sexual-harassment-claim before they could determine how legitimate the claim was. Another source says that the board advised Hurd to settle. (WSJ)
Bren's child-support case goes to trial: The billionaire land developer is being sued by two of his children for being stingy on the child support. They want $400,000 each. From the LAT:
The potentially massive payments are deserved, their attorney says, given the $3 million to $5 million per month they contend Bren was spending during years he would have been paying formal child support. Bren's attorney disputed that amount. The bitter civil claim has proved to be a rare window into Bren's fortune. In court records, former girlfriend Jennifer McKay Gold described a luxurious lifestyle, including a fleet of five jets with two full-time pilots, a 240-foot yacht with a crew, lavish homes in Bel-Air and Orange County, a ranch in Idaho and a large staff of servants.
Oil prices follow stocks: The crude market is being influenced more by Wall Street than by its own inventory levels or demand patterns. That's not the way it usually works. From the WSJ:
The influence of stocks on oil became particularly evident in recent weeks as oil managed to rally despite its bearish fundamentals. Stockpiles of crude oil and petroleum products in the U.S. swelled to an all-time high in the week ending Aug. 6, while China, the primary engine of demand growth, cut back on its oil imports. Nevertheless, oil prices have gained 11% since late May.
Condo goes rental: New owners of a stalled project in Hollywood figure they're better off turning the place into an upscale apartment complex. (LAT)
Easing out of biz class: More than two-third of corporate travel departments surveyed say they're trying to limit the use of business-class air travel. (LAT)
L.A. hotels filling up: Occupancy was 71 percent in May, up from 67 percent a year earlier. But the average room rate fell, a sign that hotels must still use promotions to lure customers. (LABJ)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.