Thursday morning headlines

Stocks in a see-saw: Dow opened on the up side, then went down, then went back up. Volume remains light-ish.

Drop in jobless claims: This tends to be an unreliable indicator, but in the interest of good news - any good news - initial claims fell by 31,000, the first decline in a month. (Bloomberg)

Shareholders get leverage: The SEC voted 3-2 to make it easier to oust directors on corporate boards - and thus make companies more accountable to executive pay and other sensitive decisions. From the Washington Post:

Critics of the proposal say average investors, who don't participate in large numbers in the affairs of companies whose stock they own, will not benefit from the rule. Rather, they say, large shareholders with specific interests, such as labor unions and pension funds, will seek to use these new powers to press their agendas. "This special-interest-driven rule is a giant step backwards for average investors," said David Hirschmann, a top official with the U.S. Chamber of Commerce.

Venture Capital in free-fall: That's the conclusion of Mercury News columnist Chris O'Brien, who notes that the closely watched 10-year investment return took a nosedive during the first quarter of 2010.

But the larger problems plaguing the venture industry are really about how the world has changed since the dot-com bust. The venture industry's financial model was built on having a significant number of their portfolio companies hold initial public offerings of stock. Venture firms depend on windfalls from these IPOs to overcome failed investments and to deliver healthy returns to investors. But except for a couple of years, the IPO market has been comatose this past decade.

Big drop in pot stores: Only 41 medical marijuana dispensaries can remain in business under the city's restrictive ordinance. But other shops will be allowed to operate until lawsuits against the city are settled. (LAT)

Plastic bag backers pushing hard: In advance of the state legislature's vote to phase out plastic grocery bags, the American Chemistry Council has launched a TV and radio ad campaign against the bill and it's contributing to the campaigns of key lawmakers. From the Sacramento Bee:

This month alone, at least seven state senators - including four Democrats whose votes could prove crucial - have received campaign donations directly from the council or council affiliates Exxon and the South Carolina-based bag manufacturer Hilex Poly Co. Hilex Poly Co. also gave $10,000 to the Democratic State Central Committee of California on Aug. 5. The next day, Exxon gave the Republican Party $10,000, among other donations it has made.

Watch out for Century City: Union organizers are staging a march and rally today that will close off Avenue of the Stars, Century Park East and Constellation Boulevard from noon to 6 p.m. They're marching on behalf of 16 janitors who were laid off at a Century City office building. (CNS)

More trouble for David Bergstein: The IRS has filed a claim for $433,000 in unpaid business taxes against one of the Hollywood producer's companies that creditors are trying to force into bankruptcy. Bergstein has not paid payroll or other business taxes on his companies for the past couple of years - or personal income taxes for three years. (THR)