Thursday morning headlines

Stocks still in plus column: But the Dow is well off its high as Fed Chairman Ben Bernanke remains cautious about intervention. Dow is up 70 points.

Fed prepared to act: Chairman Ben Bernanke, testifying on Capitol Hill, said that the European debt crisis poses significant risks to the financial markets. But he didn't say much more and gives no hint about stimulus. (AP) (Full text of testimony)

Drop in jobless claims: The number of Americans lining up for unemployment benefits fell 12,000 to 377,000. That's the first time since April weekly filings have fallen - and perhaps an indication that the job market isn't as bleak as April's report would suggest. (Reuters)

Another record low on mortgages: The average rate on the 30-year loan fell to 3.67 percent, down sharply from 3.75 percent last week. (AP)

Tribune Co. close to bankruptcy exit: Today's court hearing could set the stage for final approval of a reorganization plan for the parent of the LAT. From the Chicago Tribune:

The Chicago-based media company and its creditors must appear before U.S. Bankruptcy Judge Kevin Carey for a confirmation hearing starting Thursday afternoon in Wilmington, Del. But unlike a year ago when a group of junior bondholders led by New York hedge fund Aurelius Capital Management waged all-out war against a restructuring plan proposed by the company and its senior creditors, this plan has drawn little new opposition, and most observers expect Carey to approve it.

Nasdaq covering some Facebook claims: The exchange is pledging $40 million for losses suffered by brokers during the company's disastrous first day of trading. From DealBook:

Nasdaq has already explained what lay behind the problem. As Nasdaq's systems were setting Facebook's opening price, a wave of order modifications forced the exchange's computers into a loop of constant recalculations. The firm was forced to switch to another system, knocking out some orders and delaying many trade confirmations. The net effect was investors left guessing as to whether they held any Facebook shares at all. For days afterward, traders claimed that they still did not know how many Facebook shares they held, while others argued that the technical problems left them holding stock that quickly plummeted in value on Friday and days afterward.

Feds target pot dispensaries: Warning letters have been sent to 34 L.A. County establishments that have been flouting California law on medical marijuana, according to the government. From City News Service:

Prosecutors contend that California's compassionate use laws do not permit dispensaries to operate on a for-profit basis. A total of 12 marijuana-related asset forfeiture complaints have been filed by the U.S. Attorney's Office in the seven-county Central District of California. Combined with the warning letters, federal prosecutors have targeted a total of 220 dispensaries and growing operations in the district, according to Birotte.

Westfield wins LAX concessions: The Australian-based real estate giant will be operating the shops and eateries at Terminals 1, 3 and 6. In turn, Westfield agrees to make $78.6 million worth of improvements to the three terminals, followed by another $15.7 million investment halfway through the deal's 17-year term. (Daily Breeze)

eHarmony is hacked: The attack involves 1.5 million passwords, and it's believed to involve the same hacker who stole 6.5 million passwords from LinkedIn. The Pasadena-based dating site notified users with instructions on how to reset their passwords. (LAT)

Best Buy chairman might sell stake: Company founder Richard Schulze also said he was resigning as chairman, effective immediately. Schulze owns 20.1 percent in the electronics retailer. (Reuters)