The Tribune Co.

‘s debt rating was cut to junk Thursday by Moody’s Investors Services. The cut from Ba1 from Baa3 would raise the cost of the company’s proposed $2 billion share buyback, which is opposed by the Chandler family, the company’s second biggest stockholder. The family, which sold the Times Mirror Co. and its flagship Los Angeles Times newspaper to Tribune in 2000, is seeking a change of management at the Tribune and a possible breakup of the company, which has seen a 40 percent decline in its stock price.

99 Cents Only Stores

announced it would not be filing its annual report for the year ended March 31 on time, because it had not finished its financial statements. It stated that its independent accounting firm had not completed its audit. The Los Angeles discount retailer, which reported in May that its December quarterly profit had slipped, saw its shares fall 18 cents to $10.03.

Calabasas Software developer

NetSol Technologies Inc.

announced it reached an agreement to raise $5.5 million through a private placement of convertible notes and warrants with institutional investors. The notes, which mature one year from the date of issuance, will be converted into preferred stock upon shareholder approval. NetSol’s shares closed the day at $1.68, up a penny.

Gov. Arnold Schwarzenegger called for an investigation into why California consumers paid $132 million more for gasoline from April 19 through May 9 that in other states, as documented by a California Energy Commission report to be published tomorrow. The governor, in remarks to reporters in Sacramento, did not call the increase price gouging but did remark “something very unusual” was going on.