Tuesday morning headlines

Stocks still dropping: More of the same worries about foreign and domestic debt and next year's economy. Dow is down about 20 points.

Economy revised downward: Third-quarter growth was only 2 percent, down from the initial 2.5 percent estimate, largely because companies cut back more sharply on inventory rebuilding. From AP:

Economists predict growth will strengthen to around 3 percent in the October-December quarter. Many raised their estimates after seeing encouraging October reports on retail sales and factory output. "While this report is disappointing, it is a look back in time," said Jennifer Lee, senior economist at BMO Capital Markets. "It is encouraging, to say the least, to see the October data coming in stronger, which is good news for the current quarter.

Sizable drop in gas prices: Just in time for the holiday: An average gallon of regular in the L.A. area is $3.819, down about seven cents from last week, according to the government survey. Last year at this time, it was at $3.184.

Mattel's CEO to retire next month: Replacing Robert Eckert as head of the El Segundo-based toy company will be Chief Operating Officer Bryan Stockton. Eckert served as CEO for 11 years. (LAT)

New site proposed for Occupy L.A.: City officials are offering a 10,000-square-foot office space near City Hall - as well as land for farming and housing. From the LAT:

It is unclear whether the protesters will give up their camp. The proposals were received with a mix of excitement, anger and disbelief among protesters, many of whom did not know that members of the camp were in negotiations with city officials. "I don't appreciate people appointing themselves to represent me, to represent us," one woman called out during the assembly. "Who was in those meetings?"

City Hall lobbyists seek PR work: They're competing for a consulting contract involving redistricting. Seriously. From the LAT:

The top three finalists are registered as lobbyists at City Hall, representing such interests as shopping malls, renewable energy developers and at least one billboard company. That has led some to question whether the tangle of interests between consultants and lawmakers will create a perception problem. "I don't think this will be viewed as a positive development," said Councilwoman Jan Perry, who alleged earlier this month that new maps were being drawn out of public view.