Friday morning headlines

Falling Dow: Keep an eye on the market today - decent but not great GDP numbers, decent but not great earnings, and the trouble in Egypt might all be having an effect. Technicians are worried. Dow is down about 70 points.

OK growth in fourth quarter: The nation's gross domestic product rose at an annual rate of 3.2 percent in the October to December period, That's up from 2.6 percent in the previous three months, but lower than the consensus forecast. From the NYT:

While that rate would be faster than last year's, it is still probably not robust enough to make a significant dent in the unemployment rate, which stood at 9.4 percent in December. In the couple of years before the Great Recession, which began in December 2007, the American jobless rate was less than half that. "We're still very much below the output growth rate needed to absorb the slack in labor market," said Prajakta Bhide, a research analyst for the United States economy at Roubini Global Economics. "We're expecting to end the year with an unemployment rate of 9 percent."

Ford profit plunges: Blame bad numbers from Europe and the high cost of getting new models into showrooms. Per-share earnings missed analyst expectations, and the stock is down almost 10 percent this morning. (Bloomberg)

Tesla plans an SUV: The Palo Alto-based electric car maker is calling it the Model X, with plans for a 2014 launch. Tesla continues to work on a sedan. (LAT)

Trader makes $5 billion in 2010: Yes, that's billion with a "b." John Paulson's one-year haul is likely the largest in investing history, topping the $4 billion he made in 2007 by shorting the subprime mortgage market. From the WSJ:

The enormous gains by Mr. Paulson and the other managers resulted from solid, though not spectacular, performance. Their personal gains came in part from the sheer scale of assets under their control. The largest hedge fund in Mr. Paulson's $36 billion investment portfolio, Advantage Plus, grew 17% last year, while another big one rose 11%, falling below returns for the broader stock market. Part of Mr. Paulson's more that $5 billion profit came from his firm's 20% cut of his funds' profits, known in the industry as the "performance fee." Those fees amounted to roughly $1 billion last year, according to a person familiar with the matter.

L.A. developer back in action: A telling sign of economic activity: Builder Jerry Snyder is planning a $150-million high-rise apartment complex at Wilshire and Vermont, the spot where he had wanted to put up a retail mall. From the LAT:

The recession killed that development, he said, but the apartment market is "very strong" and will soon be ready for new units. Construction has been rare, however, since the economic downturn began and this would be one of the largest new developments in the region. The Los Angeles apartment market is gaining strength as companies rehire workers, according to a report released Friday by apartment brokerage Marcus Millichap. The completion of new units in Los Angeles is expected to hit a 16-year low in 2011.

Little change in gas prices: An average gallon of regular in the L.A. area is $3.352, about the same as it was last week, according to the Auto Club.

Zucker courting Couric?: The now-former head of NBC Universal is talking about a syndicated talk show featuring the CBS News anchor. Couric is nearing the end of her five-year contract. (NY Post)

Edward Doheny descendants put estate up for sale: The Bev Hills property is made up of two lots spread across three acres and includes a 7,000-square-foot, four-bedroom, seven-bath house. Asking price is 28.5 million. (WSJ)