Wednesday morning headlines

Stocks bouncing around: A mishmash of economic news has Wall Street looking for direction and so far not finding it. The Dow is down about 20 points.

Retail sales flat in August: Some of the chain stores held up well, but overall consumer spending was lackluster at best - not a huge surprise given all the stock market fluctuations. Also, there was Hurricane Irene. (AP)

CA voters sour on Obama: The president's approval rating is 46 percent, down from 54 percent just three months ago, according to the Field Poll. From the Sacramento Bee:

Though a plurality of Californians remain inclined to re-elect Obama, his margin is slimmer than before. Forty-nine percent of California voters are inclined to re-elect him, according to the poll, five percentage points more than are inclined not to.

Planes to remain tight: The airlines will be cutting capacity next year (meaning fewer flights) as they try to avoid a pattern of money-losing fare reductions. From the WSJ:

United Continental Holdings Inc., Delta Air Lines Inc. and Southwest Airlines Co. all plan to maintain the capacity discipline that has helped the industry ride the latest increase in fuel prices, with most of the largest carriers expected to remain profitable this year, aided by cost cutting and gains from the extra fees introduced for services such as checked bags and assigned seats.

Investors gobble up California debt: Offering relatively high yields, state officials will have no problem selling its tax-free short-term notes. As of Tuesday, brokerages had orders for 56.5 percent of the planned $5.4-billion offering. (LAT)

Special stadium exemption is same old baloney: LAT columnist Mike Hiltzik doesn't buy into the claims of AEG supporters that the developer would still have to meet state environmental safeguards.

The most insidious aspect of these measures is that together they represent another step toward two-tier government: One tier for the wealthy and well-connected, one for the rest of us. "In a country and state governed by the rule of law, a multibillion-dollar influential corporation shouldn't be able to go to the Legislature and get a special law," says [Bruce] Reznik, of the Planning and Conservation League.

Boeing gets big contract: The $1.1 billion Air Force award covering satellite work is good news for the company's El Segundo division and its 5,500 workers - as well as for smaller subcontractors that supply parts for the massive satellites. (LAT)

Solar executives back out of House hearing: Officials at now-defunct Solyndra cite the demands of a complicated bankruptcy and a federal investigation. This morning's hearing is likely to focus on the role of the Obama administration in arranging a $535-million federal loan. (LAT)

TCW/Gundlach case goes to jury: The case centers on information that the superstar bond salesman took from the L.A.-based money management firm, and the circumstances behind Gundlach's firing. Whoever loses is certain to appeal. (LAT)

McCourt attorneys argue over spousal support: More rich people in court: The Dodgers owner is asking for a reduction in the amount of money he's paying his estranged wife Jamie, while lawyers for Jamie say that he has money to burn. (AP).

Bid for Malibu toy company: L.A. investment firm Oaktree Capital Management is offering about $670 million to take Jakks Pacific private after being rebuffed in earlier efforts. Jakks makes action figures, dolls, and electronic toys. (Bloomberg)