Friday morning headlines

Stocks in zigzag: First up, then down, then up, now down - Dow is off about 110 points.

Early reaction to jobs report: Generally positive, but unenthusiastic. From Bloomberg:

"This report suggests an economy that is still growing, so we're not in a recession, but one that is definitely sub-par," Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, said today in an interview on Bloomberg Television. "The bottom line is that we're not really seeing any signs that we're in a recession just yet."

Trade deal could help economy: Agreements with Colombia, Panama and South Korea could pump as much as $14 billion into the U.S. economy and add more than 250,000 jobs, say proponents. From the LAT:

The South Korean agreement is seen as the most substantial of the three pacts, opening overseas markets not only to U.S. exports, including popular American beef, but also to professional services in law, finance and accounting. It also deepens U.S. diplomatic ties with the Asian region at a time when China is an ascendant political force, experts said.

Gas remains stable, for now: L.A.-area gas prices are basically unchanged from last week, according to the Auto Club, with an average gallon running $3.816. But given the big drop in oil this week (around $86 a barrel at last check), that number is likely to fall.

Mattel ordered to pay MGA $310 million: That covers damages, fees and other costs in connection with the long-running Bratz case. A federal judge also rejected El Segundo-based Mattel's bid for a new trial. In April, a jury found that Mattel stole MGA's trade secrets. (Bloomberg)

Southwest to cut back on flights: Higher fuel prices have led to several fare increases, but the carrier now says that it will cut back on seats. That could mean exiting certain airports. From the WSJ:

"We have pushed fares about as much as we should right now to be productive," Southwest Chief Executive Gary Kelly told investors during an earnings call. While the carrier isn't planning on an economic recession, revenue growth is "slowing," said Mr. Kelly. He added that the airline has seen "softening" business travel this summer.

Sports Club/LA to unload locations: Equinox is buying its competitor's gyms in L.A., Bev Hills, and NY for about $125 million. Sports Club/LA members will not have to reapply for membership, and there are no plans to increase fees. (LAT)

Celebrity magazines are struggling: People saw a 10 percent drop in single-copy sales during the first six months of the year. InTouch was down 16 percent, Life & Style down 22 percent, and the Star down 17 percent. (NY Post)

Hollywood office tower sold: CIM is selling the property at 6922 Hollywood Blvd. (formerly known as the TV Guide Hollywood Center) to Hudson Pacific Properties, which owns Sunset Bronson Studios and Sunset Gower Studios. Purchase price is about $92 million. (THR)