Thanks to Isaac for the tip off. CBS2 News is reporting that a mountain lion was tranquilized and removed from a yard near Pine Street and Fair Oaks. According to CBS, sheriff's Sgt. M. Jacobs said that Edison Elementary School was locked down as a precaution.
Read the CBS News story (has good video)
NBC4 News has the story too with pictures and video:
Read the NBC News story
NBC Slide Show 1
NBC Slide Show 2
NBC Video (Windows IE only)
The story and pictures are showing up on national outlets like CNN and Rueters.
Also LA Times has a good picture of the cat getting an ear tag.
[added: 2/28 10am]
Pasadena Star News came out with the story and a great slide show.