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Stocks open higher: Not all that much has changed from the recent craziness, except perhaps a lessening of the fear factor. Dow is up 110 points.
Mortgage delinquencies are up: More homeowners missed at least one house payment in the second quarter, a troubling sign for an already troubled housing market. But California's longer-term delinquencies seem to be improving. From Calculated Risk:
Florida has almost 25% of all loans in the U.S. in the foreclosure process. California is 2nd with 10.6%, but the percent of loans in-foreclosure in California (3.62%) is actually below the national average (4.43%).
Community colleges getting squeezed: Students will face higher fees and fewer course selections - and things could get worse by the end of the year if the state is unable to meet budget projections. The Cal State system is also in big trouble. (LAT)
UCLA dispute over Lowell Milken gift: One of the school's professors objects to the $10 million donation, which would include naming a business law institute after Milken. Keep in mind that government charges against Lowell Milken were dropped. (NYT)
Ticketmaster to get competition: AEG will start selling tickets this weekend using a new Web site called AXS. The site was developed by Outbox Enterprises, a start-up whose co-chief executive is former Ticketmaster head Fred Rosen. From the NYT:
In its announcement, A.E.G. refers to several aspects of ticketing that Ticketmaster consumers have long complained about. Axs.com will display the full prices for tickets, counting all fees, and the company also says it will never charge to let people print their tickets at home. (Over the last year Ticketmaster has made efforts to disclose most of its fees up front and eliminate the print-at-home fee, although those changes have not been made throughout the entire site.)
Ron Burkle looking at American Apparel?: The L.A. billionaire, who already has a 6 percent stake in the struggling clothier, might be interested in taking over the company's $160-million debt load, reports the NY Post. He wouldn't do it through his investment vehicle, Yucaipa, but through Jason Taubman Kalisman, heir to the Taubman real-estate empire.
H-P tablet sold out: Good luck getting a TouchPad, at least without having to get on eBay. Many local stores are sold out after the company announced that it would stop selling the devices. (OC Register)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.