Monday morning headlines

Stocks open higher: Mishmash of news as investors wrap up their trades for 2011. Dow is down about 30 points.

Bracing for 2012: Big investors are raising their cash balances for the new year, according to Reuters polls, in part because of concerns about Europe. The surveys also show more willingness to hold stocks.

Holiday travel outlook: Number of folks on the move during the Christmas/New Year period will be up slightly from 2010. As usual, most travelers will be on the road. (Auto Club)

New delay on payroll tax cut: House Republicans are not happy with the short-term extension that was hatched in the Senate. If the two sides can't come to terms by the end of next week, millions of Americans will see a drop in their paychecks come January. From the NYT:

The surprising setback threatened the holiday plans of lawmakers and President Obama, deeply embarrassed Republican leaders in both chambers and raised the specter of a year-end tax increase that economists have warned could set back the already fragile economic recovery.

Saab files for liquidation: A takeover effort by Chinese investors never came together. The Swedish automaker is likely to be chopped up and sold in parts. (AP)

Gingrich slipping badly in Iowa: New PPP survey has Ron Paul in front, at 23 percent, followed by Romney at 20 percent, and Gingrich at 14 percent (down from 27 percent).

Ontario opposes closing terminal: Los Angeles World Airports, which operates the poorly performing facility, wants to save money, but Ontario city officials called the idea "impractical and unhelpful." From the Daily Bulletin:

Ontario officials have lobbied for local control, claiming they would be able to convert the medium-hub facility into a competitive regional airport. "It is clear that LAWA still has no plan to turn around ONT," said Ontario Councilman Alan Wapner, who has been the city's liaison on the issue. An updated economic analysis by the firm Oliver Wyman has found the decline in air service at ONT between 2007 and 2011 has meant a $495 million economic hit to the Inland Empire. The decline at ONT in the last four years has also meant a loss of 9,250 jobs to the region.