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Stocks are sinking: Dow is down almost 100 points in early trading after a weaker-than-expected forecast from technology bellwether Cisco.
Dip in California foreclosures: October filings were down 11.6 percent from the previous month and 22.2 percent from October 2009. The month-to-month drop is probably due to the suspension of foreclosure activity due to the robo-signing controversy. (press release)
Ship is about to dock: Just a few miles from San Diego, the disabled Carnival Splendor should be in by about noon (maneuvering a powerless 952-foot vessel will not be easy or speedy). After that, it'll take several more hours for passengers to disembark. (LAT)
State budget shortfall much worse than expected: Surprise! The projected deficit of $25.4 billion compares with the $12 billion that legislative leaders had been predicting. From the Sacramento Bee:
That $86.6 billion general fund budget assumed the state would receive $5.4 billion in new federal aid, a figure considered wildly optimistic even when the governor signed the budget plan. The legislative analyst believes the state will receive only about $1.9 billion of that money. The analyst said other areas are too optimistic. He believes the state won't save $780 million in prison health care reductions, nor will it save $185 million by reducing the inmate population.
Wal-Mart offers free shipping: Also, no minimum purchase requirement. It's part of the online war that the retail giant will be waging against Amazon and other mass merchants as the holiday shopping season gets underway. (AP)
A380 mishap identified: An oil leak triggered last week's engine fire during a Qantas flight, and new maintenance requirements have been issued. From the WSJ:
Investigators' preliminary findings point to leaking oil that may have pooled undetected inside the engine and caught on fire, starting the chain of events leading to an engine blowout on the Qantas jet a few minutes after it left Singapore enroute to Sydney. The events caused an engine disc to fail, spewing out flames and a trail of debris. the metal pieces damaged portions of the wing and other airplane hardware, including systems to shut off the neighboring engine.
GE to buy 25,000 electric vehicles: The purchases, meant to provide a boost for the fledgling industry, will begin next year with 12,000 Chevy Volts. (CNNMoney)
Judge rebukes prosecutors in Karatz case: The line about there being two tiers of justice didn't go down well at yesterday's sentencing hearing of the former KB Home CEO. Federal judge Otis Wright called the government's sentencing memorandum "mean-spirited and beneath this office." (LAT)
"Biggest Loser" crew goes on strike:The International Alliance of Theatrical Stage Employees is leading the walkout after the reality show's producers rebuffed an effort by the production staff to join the union. Show is filmed in Calabasas.(LAT)
Socal office rents a bargain: L.A. failed to crack the top 50 most expensive office markets in the world, according to CB Richard Ellis. The average rental price in downtown L.A. is $29 a square foot, compared with $194 in London's West End. (LAT)
Huge opening for "Black Ops": Activision's latest version of the "Call of Duty" series pulled in $360 million for its first day of sales. Another title is in the works for 2011. (USA Today)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.