Tuesday morning headlines

Stocks keep climbing: Who knows where this is coming from, but the Dow is up more than 100 points - the second straight day of strong gains.

Dodgers in bankruptcy court: Lawyers for owner Frank McCourt will ask a judge to approve interim financing and overrule the baseball commissioner's veto of a television rights deal with Fox - a deal that McCourt says he needs to keep operating. Hearing is set for 10:30 L.A. time. (LAT)

L.A. home prices edge higher: The increase from March to April was only 0.3 percent, according to the Case-Shiller index (and prices were down 2.1 percent from a year earlier), but the results in L.A. and elsewhere were considered encouraging. From press release:

"This month is better than last - April's numbers beat March," says David M. Blitzer, chairman of the Index Committee at S&P Indices. "However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the Spring-Summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.

Consumer confidence slips: Continued job worries are behind the drop. The Consumer Confidence Index is at 58.5 in June; a reading of 90 indicates a healthy economy. (AP)

Vote today on California budget: If the revised package is approved by the legislature and signed into law by Gov. Jerry Brown, members of the legislature would begin receiving pay for work starting today. (Sacramento Bee)

Sales tax drops by a penny: The new budget means the expiration of tax hikes approved in early 2009. That brings down the statewide rate to 7.25 percent, effective Friday. From the Sacramento Bee:

Gov. Jerry Brown and Democratic lawmakers wanted to extend the higher taxes beyond Friday, when the state's new fiscal year begins. But with Brown unable to secure the Republican votes needed for a two-thirds supermajority, the higher tax rates will expire. Democratic leaders have vowed to pursue a ballot initiative next year to raise the taxes again. But for the time being, at least, the lower taxes will save Californians an estimated $5.87 billion a year, according to Department of Finance spokesman H.D. Palmer.

AEG ratchets down stadium request: The revised proposal would ask the city to issue less than $300 million in bonds to fund the demolition and relocation of part of the convention center. That's down from $350 million. The savings would be realized by privately building and managing parking garages that the company had previously intended to be city property. (AP)

Dip in holiday travel: Higher gas prices a few weeks ago apparently put a damper on driving plans for the July 4th weekend. Travel is expected to be down 2.3 percent, according to the Auto Club.

Comcast extends Ron Meyer's contract: The Universal Studios head stays on the job through 2015. The new agreement replaces a previous one that would have expired in 2012. (LAT)

Tribune bankruptcy keeps dragging out: More hearings on Monday, but no clue on when the media conglomerate might emerge from Chapter 11. Two competing plans of reorganization are being considered by U.S. Bankruptcy Judge Kevin Carey. From the Chicago Tribune:

He could take weeks or even months to consider the evidence and write up a ruling to either confirm one of the plans or reject them both, leaving Tribune Co. in limbo until then. "If we get something this summer we should be happy," said one lawyer involved in the process who wasn't authorized to speak publicly.

NFL looking at Thursday nights: A package of prime-time games could start as early as the 2012 season. From the LAT:

The new eight-game package would be for the first half of the season. The NFL's own cable channel, the NFL Network, already has an eight-game schedule for the second half. Besides the NFL Network, other potential bidders include Comcast Corp., which owns the sports channel Versus; Turner Broadcasting, which owns TNT and other channels that could carry games; and News Corp., parent of Foxand the cable channel FX.