Wednesday morning headlines

Stocks keep slipping: Earnings season starts with only so-so results from Chevron and Alcoa - two companies on the Dow Index. Dow is down 50 points.

Gas barely budges: The average price of regular in the L.A. area actually fell overnight, but only by half a penny, to $4.701, according to the Auto Club

Chinese companies invest in California: About $1.3 billion came into the state between 2000 to 2011, including $560 million last year alone, according to a study. But in total dollars California ranked only fifth. From the LAT:

California isn't doing as well as might be expected in attracting Chinese investment, considering its size, its location on the Pacific Rim and its large population of Chinese immigrants, according to the study's authors, Daniel Rosen and Thilo Hanemann. China's direct foreign investment into California could soar to as high as $60 billion by 2020, the report said. But the state will need a focused strategy to do so. "California ... is in a position to lead the nation in attracting Chinese investment in the decade to come," the authors wrote.

Space X capsule hooks up: The unmanned vehicle docked with the International Space Station this morning. It's the first regular cargo mission in commercial space. From Bloomberg:

The three astronauts aboard the station in coming weeks will unload almost 1,000 pounds of cargo from the craft, including food, clothing and science experiments, and refill it with twice as much gear for the journey home, including frozen samples. Three more astronauts are scheduled to arrive in two weeks, bringing the crew to six. SpaceX's craft is designed to bring back a significant amount of experiments, much like NASA's shuttle. Other cargo vessels developed by Orbital and the governments of Europe, Japan and Russia don't bring anything back because they're built to burn up during re-entry.

How bad was Variety doing?: The Hollywood trade is expected to earn $6 million this year, according to the LAT, citing a source. That compares with $33 million in 2006. The paper is being sold to Penske Media for about $25 million.

Wells Fargo accused of lying about mortgages: U.S. prosecutors are charging the banking giant with recklessly issuing mortgages and then falsely stating their condition to the Federal Housing Administration. From DealBook:

The action against Wells Fargo came after many civil lawsuits were filed by the government against large banks related to their lending practices. A number of the banks have settled the cases, including Deutsche Bank, which paid more than $200 million to resolve civil fraud charges; Citigroup's Citimortgage unit, which settled claims for $158 million; and Bank of America, in a settlement connected to its Countrywide Financial business, for $1 billion.

True Religion up for sale: The Vernon-based maker of high-end jeans has hired financial advisers and is exploring its options. Company says it's received interest from potential buyers. From DealBook:

Founded in 2002, True Religion was one of the first sellers of high-end artfully tattered jeans that cost upwards of $300, and it drew an array of celebrity customers. But the brand has since been eclipsed in the market by newer rivals and cheaper alternatives, leading the company to miss expectations for second-quarter sales and reduce its earnings forecast for the rest of the year.