Wednesday morning headlines

Stocks back up: Topsy-turvy week continues, with traders looking at Europe and earnings reports. Dow is up about 50 points.

Europe update: They're still trying to nail down details of a debt deal that will involve a huge writedown on Greek bonds. From CNBC:

While there appears to be broad consensus on the need for around 110 billion euros ($150 billion) to be injected into the European banking system to help it withstand a potential Greek debt default and wider financial contagion, there is little clarity on either of the other two critical parts of the plan.

Earnings report: Boeing beat estimates, but Amazon came in below estimates and the company offered a disappointing outlook for the current quarter. (Reuters)

Feds land big fish: Rajat Gupta, a former Goldman Sachs director, surrendered to authorities this morning to face charges of insider trading. From DealBook:

In charging Mr. Gupta, the government will attempt to tie up one of the biggest loose ends resulting from the investigation into the Galleon Group, which began nearly five years ago at the Securities and Exchange Commission. Raj Rajaratnam, the Galleon co-founder, was sentenced to 11 years in prison this month for making tens of millions of dollars by trading on confidential tips.

Newhall Ranch development approved: County Board of Supervisors voted 4-0 to endorse plans for Mission Village, to be built on 1,200 acres Interstate 5 and 126 Freeway. Ground-breaking is set for 2013 or 2014. (Daily News)

Car washers unionize: Workers at the Bonus Car Wash in Santa Monica will now be part of the United Steelworkers union. Contract calls for wage increases and health and safety protections. From the Daily Press:

Organizers still have their work cut out for them to inform the 30 employees of Bonus what it means to be a union. Yesenia Sanchez, a cashier at Bonus, came to work after the signing. "I don't really even know what it means," Sanchez said. "I don't know if they know what it means. I just got here, and saw everyone here. They said we're going to become a union."

Kicking can down the road: As noted yesterday, the City Employees' Retirement System board voted to cut its expected investment return from 8 percent to 7.75 percent. But the panel agreed to spread the cost of that change to the city over the next five years. (LAT)

Medical marijuana initiative proposed: The idea is to impose state oversight of California's pot industry. Advocates are looking at a Colorado-style regulatory system, with state inspections and licensing. (Sacramento Bee)