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Stocks slide lower: Wall Street is following the latest developments in Europe very closely. At last check, the news was not so hot. Dow is down about 100 points.
Jobless claims drop to 9-month low: Weekly filings tumbled by 23,000, to 381,000. It's an encouraging number, but the key is having it stay below 375,000. (AP)
Republicans block Obama's consumer pick: Senate Democrats couldn't reach the 60-vote threshold to override a Republican filibuster on the nomination of Richard Cordray. He was to have been director of the Consumer Financial Protection Bureau. (Business Insider)
Pac Sun closes up to 200 stores: The Anaheim-based retailer also says it's received new financing - despite reporting its 13th straight quarterly loss. No word on which stores will be shutting down. (LAT)
Macy's not happy with Martha: The department store giant is reviewing its contract with Stewart after her company announced a partnership with J.C. Penney. Apparently, the deal took Macy's executives by surprise. From NY magazine:
Many in the business are wondering what [Ron] Johnson, the Penney CEO, is thinking. An exciting executive appointment given his background at Apple and Target, the industry was eagerly waiting to see what he'd do with the struggling JCPenney, which has been losing market share to stores like Macy's and Kohl's. Johnson said he wants to reinvent JCPenney, but "is Martha Stewart really the way to go?" WWD asks, noting, "his moves so far have left the industry puzzled, unimpressed -- or both."
Ridley-Thomas scores free tickets: The county supervisor, also a member of the Coliseum's governing commission, did not report receiving $560 worth of tickets to Carolina Panthers games, reports the LAT:
After The Times obtained Coliseum records about the purchase, Ridley-Thomas reimbursed the agency -- two years after he received the tickets -- officials said. The transaction is the first to tie a commissioner directly to a questionable expense at the Coliseum, whose finances have been the subject of 10 months of Times reports. The conflict-of-interest scandal has involved top managers and others at the stadium and companion Sports Arena. Several no longer work there as a result, and the reports have spurred two investigations and a city audit.
Edison president apologizes: Ron Litzinger wrote an open letter to customers who had been without power for days after last week's windstorm. As of last night, only a few hundred people were still not back online. (AP)
NBA players vote on deal: Ratification of the 10-year labor agreement is almost guaranteed. If that happens, training camps will be opened on Friday. Season starts Dec. 25. (Bloomberg)
Angels get Pujols: The 10-year deal for the St. Louis slugger is worth $250 million to $260 million, Yahoo Sports is reporting.
The contract value is the second or third highest in baseball history, behind the contract Alex Rodriguez(notes) signed with the New York Yankees in 2008 ($275 million) and perhaps higher than the one Rodriguez signed with the Texas Rangers in 2001 ($252 million). Clearly of the mind to change direction after failing to reach the playoffs in back-to-back seasons, the Angels will put Pujols in the middle of their lineup, steal more thunder from the limping Los Angeles Dodgers, and attempt to catch the prospering Texas Rangers in the AL West.
Bad news for THQ: The Agoura Hills-based videogame company is lowering its sales projections for the holiday season, citing disappointing results for its uDraw Game Tablet. (AP)
Big year to invest in electric cars: VC funding in the state totaled $467 million during the first half of the year - more than two-thirds of the entire category worldwide, according to a study. California is tied with Michigan in the number of patents filed for electric vehicle technology. (LAT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.