Monday morning headlines

Stocks open lower: Investors aren't all that impressed with Sunday's election results in Greece. Dow is down about 30 points.

Greeks begin coalition process: The leader of the winning New Democracy party expressed optimism about forming a pro-bailout majority. Others aren't so sure, which is why U.S. markets are down this morning. (NYT)

Spanish bond yields keep rising: Borrowing rates are reaching dangerous levels as doubts grow about the country's ability to pay off debts. From AP:

Spain has already requested a bailout for its banking sector, which is saddled with billions of euros in soured investments after the implosion of a real estate bubble. The country is expected to announce by Wednesday how much it will tap from a (EURO)100 billion ($126 billion) eurozone fund after two independent auditors complete evaluations of the banks' needs. But because the government is ultimately responsible for repaying the banks' bailout money, the deal has increased fears about the size of public debt. If the government cannot get the bailout money back from the banks, it will be saddled with the losses.

How new immigration policy will affect economy: Allowing young illegal immigrants to work in the U.S. could benefit as many as 800,000 people, but a Princeton University demographer doesn't expect much impact on the overall labor market. (Marketplace)

Gas prices fall below $4: An average gallon in the L.A. area is $3.988, according to the Auto Club, which is about 13 cents lower than a week ago and 41 cents lower than a month ago.

Microsoft to introduce tablet: The software giant is expected to team with Barnes & Noble on the new product. Announcement is expected this afternoon in L.A. (The Wrap, ATD)

Box office report: Holdovers "Madagascar 3: Europe's Most Wanted" and "Prometheus" were in the top two spots over the weekend, while newcomers "Rock of Ages" and "That's My Boy" did only modest business. (THR)

Greene & Greene building up for sale: Herkimer Arms is the only Pasadena apartment building designed by the renowned architects. From the LAT:

The building was slated for demolition when Heritage Housing and the city of Pasadena teamed up to make it part of the city's affordable ownership program. Heritage House moved the structure several blocks from a site at Fuller Theological Seminary on Union Street to Raymond Avenue, undid the damage caused by years of wear and tear, made a new, non-toxic wood stain that closely matched the color of the more toxic original, and revamped the former eight-unit building into two homes, one four-bedroom and one 31/2 -bedroom. The larger unit will sell for $399,900 and the smaller for $379,900, but only to qualified limited-income owner-occupants who do not own another home and who agree that it can be sold to others only under similar terms.

Three men arrested in alleged fraud: A federal grand jury indicted the men in connection with various schemes that caused more than $10 million in losses for homeowners, lenders, and real estate investors. (LAT)

New mayoral poll: The Los Angeles County Young Democrats survey of its members has City Controller Wendy Greuel leading at 32 percent and Councilman Eric Garcetti at 22 percent. But the numbers would change quickly if Supervisor Zev Yaroslavsky gets into the race. (Daily News)

Financial columnist dies: At one time Dan Dorfman's reports on the market were so widely followed that exchanges imposed regulations to limit the resulting price swings. He was 80. (Bloomberg)