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Choppy stocks:Greek default worries vs. higher auto sales. For now, Dow is down about 15 points.
Good month for automakers: Well, the economy isn't all bad - GM sales were up 20 percent in September compared with a year earlier and Chrysler was up 27 percent. (Bloomberg)
Factory activity picks up: The widely watched Institute for Supply Management was a little higher in September than in the previous month. But growth remains weak. (Reuters)
The mess in Greece: Once more Athens is on the brink of default. From the NYT:
Two bailouts have not been enough. Greek public debt continues to mount, and so does the pressure on the government to find more revenue and make more cuts. Europe's strategy, to the extent it can be discerned, is to put off restructuring Greece's debt as long as possible and build up enough backing for a bailout fund so that banks with large exposure to the sovereign debt of Greece and other troubled euro-zone countries, like Portugal, Ireland, Italy and Spain, can survive an all-but-inevitable Greek default. But the austerity-driven recession in Greece has made its budget deficit even worse than experts predicted, and the country has not kept all its promises to the "troika" -- the European Union, the International Monetary Fund and the European Central Bank -- that is keeping Athens afloat.
Insurer no longer covers cancer drug:Blue Shield of California is the first major insurance company to end payments for Avastin since a federal advisory committee recommended that the FDA rescind the drug's approval as a treatment for breast cancer. (NYT)
IMG wants to remove Ovitz: The one-time super-agent tried - and failed - to take over the sports management powerhouse, and acting CEO Mike Dolan is so ticked off that he's trying to push Ovitz off the board. (The Wrap)
Protesters still camped out at City Hall: They're mimicking the Wall Street demonstrations, and they plan to stay a while. From the LAT:
Tents and blankets dotted the lawn in front of City Hall on Sunday. Some people stood on the sidewalk holding signs or, in the case of one protester, playing a bagpipe, while others sprawled on blankets in the shade, painting signs, or circling up for impromptu strategy sessions. Passing cars honked in support. Supporters donated necessities such as pizza and portable toilets. The movement takes issue with corporate influence on government and the shift of wealth and political clout toward the richest 1% of the population. Many protesters carried signs with variations on the slogan "We are the 99%."
Jamie McCourt unloads home: Sale price of the 8,400-square-foot Holmby Hills property is $6.5 million, about what she and Frank McCourt paid in 2004. The estranged couple's main residence is next door: a 20,000 square-foot Palladian-style villa that they bought for $25 million. (LAT)
No break in NBA lockout: After a weekend of talks, the players and the league will meet again today and Tuesday. But it looks doubtful that the regular season will be starting on Nov. 1. (Boston Globe)
Impact of Santa Monica Airport: The facility boosts economic output by $275.2 million and supports nearly 1,500 full- and part-time jobs, according to a new report. Some nearby residents don't think it's so wonderful. (Daily Press)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.