Wednesday morning headlines

Stocks waggle around: Looking for direction, as they say. Dow is up about 50 points.

Mixed jobs data: Private employers added 91,000 payroll jobs last month, according to ADP, which was a bit higher than expected. But announced firings jumped more than 200 percent that same month, partly due to planned reductions at Bank of America and in the military. Government numbers for September come out Friday. (Bloomberg)

Greece shut down: Civil servants walked off their jobs today to protest the nation's austerity measures that have resulted in thousands of government layoffs. From AP:

Air traffic controllers joined the 24-hour strike, grounding all flights to and from Greek airports. State hospitals were running on emergency staff, while lawyers, teachers and tax officers also didn't work. Public transport employees were holding work stoppages in the morning and evening, and state television and radio pulled news programs off the air.

European banks facing huge losses: They're holding a ton of Greek debt that undoubtedly is worth less than its face value. From DealBook:

As Europe's debt crisis continues to fester, financial firms exposed to troubled sovereign debt face a brutal fallout. Weaker banks are moving closer to the embrace of their governments. Shares of Dexia -- which held more than 21 billion euros of Greek, Italian, Spanish and Portuguese bonds at the end of last year -- collapsed in recent days. The situation led the Belgian and French governments, three years after originally bailing out Dexia, to guarantee the bank's future financing needs.

NBA preseason canceled: And Commissioner David Stern says that regular season games will be scratched if the impasse with players continues into Monday. Both sides say they're far apart. From the Washington Post:

National Basketball Players Association president Derek Fisher predicted the day before that Tuesday's meeting would be "huge" with regards to saving an 82-game season but told reporters that it "was not the day for us to get this done." "We were not able to get close enough to close the gap," Fisher said. "We find ourselves where we expected to be: a lockout that may jeopardize a part, or our whole season." Union executive director Billy Hunter was asked when the owners and players might convene again and replied: "Maybe a month. Two months. Your guess is as good as mine."

Protesters disrupt OC meeting: A group called ReFund California burst into a Balboa Bay Club ballroom during a meeting of the California Bankers Association and chanted "Make banks pay!" From the LAT:

The bankers listened as protesters accused them of causing the economic meltdown by peddling bad loans, accepting government bailouts and then doing little to compensate for the damage inflicted. Police stood by as protesters were ushered back to West Coast Highway, where members of the Service Employees International Union and the liberal group MoveOn.org chanted, "Shame, shame, shame!" "You've made your point. Now get out," Balboa Bay Club security chief Drew Witthuhn said as the group shuffled out into the rain.

Movie museum coming to LACMA: Location will be the site of the old May Co. store that's now owned by the L.A. County Museum. The Academy of Motion Picture Arts and Sciences has worked out a memorandum of understanding with LACMA, but no details were offered. (The Wrap)

Checks going out to Madoff victims: They better not spend it all in one place: Just $312 million is being paid to 1,230 account holders, which works out to less than a nickel on the dollar. More money is expected to be distributed. (Bloomberg)

Air fares are cheaper than you think: The average airline ticket, adjusted for inflation, has actually fallen 16 percent since 1995, according to government data - and that includes fees. From the WSJ:

The business is capital-intensive, labor-intensive, highly leveraged and fiercely competitive. It is also vulnerable to external shocks, including terrorism, oil-price spikes, waning consumer confidence and high taxes. Even though the industry generates billions of dollars in annual revenue, it rarely is able to cover its huge expenses, much less show a decent return on invested capital.

Disney adds to 3D lineup: After its success with "The Lion King," the Mouse House plans 3D versions of "Finding Nemo," "The Little Mermaid," and other hits. (AFP)