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Stocks plunge: Dow is down about 170 points at last check. No apparent reasons, though the economic news this morning was a bit sour.
Jobless claims jump: Filings for unemployment benefits rose by 26,000, to 397,000, and the more reliable four-week average increased to 392,250. These numbers tend to bounce around quite a bit. (AP)
CA foreclosures fall sharply: February filings were down 16 percent from the previous month and 18 percent from a year earlier. The decline was attributed to the continued logjam by lenders in processing foreclosures. (RealtyTrac)
Short sales not always the answer: Only three out of five ever close, according to a survey by the California Association of Realtors - even when there was an interested and qualified buyer. It's just too difficult getting all the parties together.
Californians getting nervous: Chapman University's consumer confidence index fell last month to 88.7 from 90.5 in November. Anything below 100 indicates pessimism. "They are just getting worried about what's coming down the road," said Chapman economist Esmael Adibi. (OC Register)
What about state budget?: Today was the deadline set by Gov. Jerry Brown to have a deal in place, but it's not going to happen. That means it's unlikely the state will be able to hold a special election on the tax extensions June 7 - assuming the legislature signs off on the vote. (Sacramento Bee)
Community college executive canned: Larry Eisenberg, who headed the district's $5.7-billion construction program, was at the center of the LAT's series on waste and inefficiency in the rebuilding of campuses.
Pot dispensaries ordered closed: The 141 operations being targeted in the city of L.A. did not file applications to participate in a lottery to choose which 100 stay open. A total of 228 applications have been received. From the LAT:
Asha Greenberg, the assistant city attorney who has overseen the enforcement efforts, warned in the letter that the city could sue violators and seek financial penalties, as well as pursue administrative actions "to discontinue the use and padlock the property." "The next step for us is to wait and see if these places close, and if they don't close, LAPD will investigate them, and we will take legal action against the ones that remain," she said.
AOL layoffs: A total of 900, including 200 in the U.S. (The Wrap)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.