Stories for August 2007
Wednesday, August 29
Senator Charles Schumer (D-N.Y.) said Wednesday that Countrywide Financial Corp. should stop paying brokers higher commissions for steering borrowers to adjustable rate subprime home loans.
Monday, August 27
Los Angeles was long considered an architectural wasteland. But the city's reputation has changed thanks to a series of major projects.
It's demand that drives the increasing need to build more condos and offices in Los Angeles, writes Harold Katz.
The stock of Fremont General Corp. gained nearly twice as much as the second-biggest gainer on the LABJ Stock Index of 200 local companies. Why was there so much interest in the Santa Monica-based lender?
The architects, builders, contractors and landscapers who brought L.A.'s newest landmarks from drawing board to reality.
The architects, builders, contractors and landscapers who brought L.A.'s newest landmarks from drawing board to reality.
The architects, builders, contractors and landscapers who brought L.A.'s newest landmarks from drawing board to reality.
Los Angeles businesses have been taking their products organic, their meat free-range and their buildings "green" for years now. The trick has been making sure that the money keeps rolling in.
WPT Enterprises Inc., producer of the televised World Poker Tour, is making headway in a huge gaming frontier: It is heading to China this fall.
Janet Reardon wants to hire a senior engineer for her company's Los Angeles office -- but first she has to send him to Canada.
A new office complex is being planned in Santa Monica, where international developer Hines just purchased a shuttered industrial plant on Olympic Boulevard.
After 20 years, the Los Angeles Dodgers' Spanish-language radio broadcast will switch stations to Burbank-based Liberman Broadcasting Inc.'s KHJ-AM (930) next season.
Shares in local companies touched by the housing and real estate markets fell Monday after the National Association of Realtors reported that home sales fell in July for the fifth-straight month, leaving the U.S. housing market with its biggest glut of un
Business news from around L.A. County.
Innovo Group Inc. said Monday that it has named Hamish Sandhu as the company's new chief financial officer.
VCA Antech's CEO sells $4.3 million in stock.
With members of the Writers Guild of America possibly heading
Aerovironment Inc. announced last week that its renowned founder, Paul MacCready, is retiring due to a serious health problem.
A Los Angeles city plan that would make it easier for residential developers to put up bigger buildings is being decried by a county supervisor as a trigger for a "demolition derby" that would reshape the face of the South Valley and Westside.
Charles Crumpley tries to understand L.A.'s resistance to big box stores, but he can't. If you can, tell him.
A rash of national firms have opened micro-outposts in downtown and Century City, under the theory that a small office in L.A. is better than none at all.
Longo Toyota continues to thrive amid the popularity of Camrys, Corollas and Priuses. Meanwhile Galpin Ford's sales have slipped.
Mayor Antonio Villaraigosa is pushing for more big box stores in Los Angeles in order to boost the city's sales tax revenue. But he faces significant hurdles.
Promotions, hirirngs and kudos.
Ballard Spahr Andrews & Ingersoll LLP of Philadelphia set up shop downtown last week with two attorneys from the local office of Baker & Hostetler LLP.
The forthcoming Playa Vista office and retail project is attracting tenants to the Marina del Rey area.
Blue Microphones in Westlake Village is making low-cost microphones to capture not just low notes, but the low-end of the market.
As the buildings above Broadway's mercados turn into luxury condos, residents may want national chain coffee chops and book stores.
On its way to becoming the nation's largest mortgage lender, Countrywide Financial Corp. encouraged its sales force to court customers over the telephone with a seductive pitch, often misleading customers, former employees said.
The three-wheel gasoline-and-electric hybrid car looks like something the Jetsons might have in their garage.
The architects, builders,
When Vani Kumar won a jackpot at a Vegas slot machine, she knew immediately what she would do with the cash: open a discount women's suit store.
Looney Bins/Downtown Diversion is building on regulations designed to reduce landfill tonnage.
What explains last week's 78 percent gain for Santa Monica-based lender Fremont General Corp. shares, which had been beaten down dramatically in the subprime meltdown?
Topps Co. said Monday that it has postponed a shareholder vote on a proposed $385 million buyout from a group led by former Walt Disney Co. Chief Executive Michael Eisner.
Robert Pisano did stints at Paramount and the Screen Actors Guild. He's now in a leadership role at the Motion Picture Association of America.
Friday, August 24
While phrases like "credit concerns" and "subprime mess" are still chief concerns on Wall Street, the Business Journal's index of 200 local companies still managed to gain 1.8 percent for the week.
As a glut of global capital gave way this year to a financing drought, Bank of America Chairman Kenneth Lewis was on the watch for deals.
A terminal operator at the Port of Los Angeles will lose three customers that move about $40 million in cargo each year when those shipping lines shift their business to the neighboring Port of Long Beach in November, officials said Thursday.
Shares in local mortgage lenders dipped Friday as credit concerns and tight lending standards outweighed a surprising up-tick in national home sales for the month of July.
Maguire sells Irvine tower; Farmer Brothers names new CEO; Herbalife expands buyback.
Can a 65-year-old former Old Media lion recast himself as an online power player? He can if he's got 40 years of entertainment contacts, more than $1 billion from cashed-in Disney options, and, most important, the hunger to prove wrong the critics who hou
Thursday, August 23
Aecom acquires Canadian consulting firm.
Space Exploration Technologies, the El Segundo-based developer of experimental low-cost rockets, says it plans to add another 150-250 people to its work force by December 2008 as part of an expansion plan that parallels the company's strong revenue pictur
Teen Goth apparel retailer Hot Topic Inc. reported lower second-quarter earnings late Wednesday, sending shares tumbling nearly 9 percent Thursday.
One day after putting to bed another budget, California's political leaders began mulling ways to fix a "fatally broken" spending schedule that tends to keep them up late at night -- sometimes until the crack of dawn.
The relationship between Live Nation and Ticketmaster seems to be over; opening the door for the world's largest concert venue operator and promoter to launch its own ticketing operation.
The relationship between Live Nation and Ticketmaster seems to be over; apparently opening the door for the world's largest concert venue operator and promoter to launch its own ticketing operation.
Angelo Mozilo, chief executive of Countrywide Financial Corp., said Thursday that the housing market is showing no signs of improving and that could lead to a recession.
Wednesday, August 22
California's 51-day budget impasse ended Tuesday when Senate Republicans who had been blocking a spending plan gave up their fight, accepting largely symbolic concessions on a few pet issues.
Brokerage firms have prospered along with commercial-real-estate markets in the past few years, reaping record profits.
IndyMac Bancorp said Wednesday that it will resume issuing "jumbo" home loans after temporarily halting their sales amid turmoil in the mortgage market.
Seizures of counterfeit imports at the nation's trade gateways rose by 22% in number -- and by 141% in value -- during the first half of fiscal year 2007, federal officials said Tuesday.
The Upper Deck Co. withdrew its offer to buy rival baseball card maker Topps Co. Tuesday afternoon, apparently clearing the way for Michael Eisner's investment firm to try to take it over.
Tuesday, August 21
Advisory firm Institutional Shareholder Services recommended that shareholders of Topps Co. vote against the takeover bid proposed by former Walt Disney Co. chief Michael Eisner's investment firm.
An emerging deal on the overdue state budget stalled in the back rooms of the Capitol on Monday night, apparently over a handful of unresolved issues, including a proposal to give more money to suburban school districts.
Reliance initiates stock buyback; ESPN buys rugby Web site.
Tribune Co. shareholders approved an $8.2 billion deal Tuesday to take the media company private, but deep concerns remain about the debt-laden deal as credit markets continue to be jittery.
The format war over next-generation DVDs appeared to have a clear winner, but the picture just got fuzzier.
Word that billionaire investor Warren Buffett may try to acquire a piece of beleaguered mortgage lender Countrywide Financial Corp. sent the company's sharers up more than 10 percent Tuesday, marking the first increase in the stock in two weeks.
Monday, August 20
A recent import ban has stalled some aftermarket auto parts manufacturers, but at least one is fighting back.
Business nws from around L.A. County.
Low Impact Living LLC has a Web site with a list of green retailers and services so homeowners can more easily achieve environmental friendliness.
Charles Crumpley used to be impressed with the Japanese practice of ongoing improvement, but he's decided that American entrepreneurship is superior.
AVP Inc.'s beach volleyball tour is taking its bikini-clad stars to the nation's Snowbelt.
This week's Featured Newsmaker: Mark Kolpack
When "High School Musical 2," the sequel to the hit 2006 made-for-television movie, made its debut on the Disney Channel on Friday night, it was a highly anticipated moment for millions of children across the nation.
PC Mall Inc. said Monday that it will acquire information technology firm SARCOM Inc. for about $55 million in cash and stock.
East West Bancorp Inc. said Friday that it has completed the acquisition of Victorville-based Desert Community Bank for $143 million in cash and stock. The deal was announced at the end of April.
Dial-up dinosaur United Online Inc. is spinning off its revenue-generating media Web sites into a separate public company.
California's oil industry is challenging the state Air Resources Board's aggressive mandate requiring all gasoline sold in the state to contain at least 10 percent ethanol by 2010.
The Bush administration has reversed course on its pledge to fix the country's broken policy on immigration laws, writes Shikha Dalmia.
Robert Hertzberg, Dario Frommer, Phil Recht, Darry Sragow & Pete Wilson
John Quinn, Seth Aronson, Joseph Coyne, Tom Girardi, Marshall Grossman, Stuart Liner, Andy Lundberg, Louis (Skip) Miller, Miles Ruthberg, Jeff Scott, Robb Scoular & Maurice Suh
Richard Marmaro, Tom Holliday, Mark Holscher, Janet Levine, David Schindler, Brian Sun & Debra Wong Yang
As Tribune Co. shareholders prepare to convene in Chicago on Tuesday to vote on an $8.4-billion buyout led by investor Sam Zell, the noise in the background is Wall Street traders chirping that the deal might never get done -- at least as proposed.
Eli Broad was one of the investors who put money into a flagging Goldman Sachs'fund.
A $300,000 patented technology was rolled out in South Korea this spring by TICS Inc., a decade-old software producer for the telecom industry.
Brian Farrell heads video game maker THQ Inc., a company with more than $1 billion in revenues thanks to titles such as "Destroy All Humans."
Local shoe designer Shannon Hanna scored a multi-year licensing deal with NASCAR to make a high-end line of race-car themed footwear for women.
Alan Brunswick, William Cole, Robert Millman, Richard Simmons & Fram Virjee
Jesse Sharf, Linda Bozung, Lewis Feldman, Michael Meyer, George Mihlsten, James Rishwain & Doug Snyder
Combined Properties Inc. has mixed-use plans for Santa Monica Boulevard.
Morgan Chu, Wayne Barsky, Mark Flagel, Russ Frackman, Ron Johnston & Bob Krupka
The stock prices of Korean banks are plummeting as a wave of nonperforming loans surprised investors; Hanmi Financial Corp. has quadrupled the amount of money set aside for bad loans.
Although disasters such as the Minneapolis bridge collapse are rare, complacency is dangerous, according to Richard G. Little.
Billboard ads have made the difference for Big Boy, the L.A. radio personality who just signed with ABC for a nationally syndicated morning program
Shares in Countrywide Financial Corp. dropped more than 6 percent Monday after the troubled firm was downgraded by Keefe, Bruyette & Woods after announcing it was laying off some of its sales force.
Keystone Automotive Industries Inc. said Monday in a regulatory filling that Rockhampton Management UK LLP will vote against the proposed takeover of the company by Chicago-based LKQ Corp. because it undervalues the company.
Some L.A. toy companies wouldn't be surprised by a consumer backlash due to last week's Mattel recall.
Kudos, hirirngs and promotions.
The spreading credit crunch is moving out of the housing sector and is making it more difficult and more expensive for Angelenos to buy and sell businesses.
Traditional media may be shrinking, but there's good news for information junkies who participate in virtual, or simulated, online communities.
Stacy Phillips, Patricia Phillips & Sorrell Trope,
Check out the Business Journal's profiles of the 81-most prominent attorneys in the Los Angeles area.
DirecTV Group Inc. is putting its marketing muscle behind a deal to make broadband Internet available through electrical outlets.
Franchise: Chain to open four restaurants in Acapulco and Mexico City.
Anheuser-Busch Cos Inc. said Monday that it has reached an agreement to distribute and market Borba LLC beverages internationally, the St. Louis beer company said. The terms of the agreement were not disclosed.
Burton Mitchell, Leah Bishop, Paul Frimmer & Stuart Tobisman
In order to avoid embargos expected on imports of Chinese clothing, L.A.'s apparel companies are moving production elsewhere.
Countrywide Financial Corp., the nation's largest mortgage lender, has begun laying off staff as part of its effort to ride out the credit crunch that has rocked the home loan industry, according to a report published today.
Larry Braun, Gordon Bava, Bob Cooper, Henry Fields, Joshua Grode, John Hartigan, Bill Gould, Robbin Itkin, Jonathan Layne, Jennifer Bellah Maguire, Alison Ressler & Paul Tosetti
Kenneth Ziffren, Theodore Boutrous, Jay Cooper, Bonnie Eskenazi, Bert Fields, John Frankenheimer, Marty Katz, Dale Kinsella, Mickey Mayerson, L. Lee Phillips, Kelli Sager, Alan Schwartz, Larry Stein, Lawrence Ulman & Howard Weitzman
Friday, August 17
Investors gave a jolt to shares of Grill Concepts Inc. Friday after the company reported robust sales but a quarterly loss.
Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.
The Federal Reserve's early morning cut of a key interest rate put a charge in shares of local lenders and real estate investment firms. Many of the firms had been sustaining stock losses because of a suffocating credit crunch.
L.A. County's unemployment rate fell to a seasonally adjusted 4.8 percent in July from 4.9 percent in June, though it was slightly above the 4.6 percent recorded in July 2006, according to figures released Friday by the California Employment Development D
As office space rates climb in the business centers of West Los Angeles, a number of companies are looking at El Segundo as a new home.
The Business Journal's index of the 200 largest public companies was virtually unchanged this week quite a different story from the national markets. The Dow Jones industrial average, which Thursday was down 400 points, closed the week down 157 points
Thursday, August 16
A deal to move a hazardous tank farm off San Pedro's waterfront cleared the Los Angeles City Council on Wednesday, all but assuring its final approval.
The $200-million sale of one of Hollywood's most famous film lots, the former Columbia Pictures headquarters, has closed and is now in the hands of a new Los Angeles investment company.
United Artists Entertainment LLC said Thursday that it has secured $500 million in financing through Merrill Lynch to cover production for 15 to 18 films over the next five years.
Countrywide Financial Corp. borrowed $11.5 billion from a coalition of 40 banks in order to be able to fund more loans, a move many see as a sign the nation's largest lender is in financial trouble.
Despite a recall that included more than 20 million toys, the effect on Mattel Inc.'s ratings or outlook has been minimal, according to a Standard & Poor's Ratings Services report that was released Thursday.
Shares in Anworth Mortgage Asset Corp. dropped nearly 20 percent Thursday after concerns of meltdowns in the mortgage and credit markets made investors uneasy.
In the wake of Mattel's recall of millions of toys, local companies are scrambling to revise tests used to ensure the playthings they make are safe.
Wednesday, August 15
Amgen Inc. said Wednesday that it plans to reduce staff worldwide by 12 to 14 percent and close some production facilities in response to lower sales of its flagship anemia drugs, which have been hit by safety concerns.
With its reputation bruised by the second major recall of Chinese-made toys tainted with lead paint in a matter of two weeks, Mattel Inc. on Tuesday defended the measures it has taken to ensure the safety of its toys.
Save the Queen LLC has acquired for $43 million Queen's Seaport Development Inc., owner of the famed ship Queen Mary, in an auction Tuesday afternoon.
With a growing number of homeowners facing potential foreclosure in a slowing housing market, Los Angeles officials agreed Tuesday to study creating a special emergency loan fund.
DirecTV Group Inc. said Wednesday that it has entered into an agreement with Current Group LLC to provide high-speed Internet service through electric-power lines.
Shares in Countrywide Financial Corp. dropped more than 6 percent Wednesday after Merrill Lynch & Co. downgraded the stock to a "sell," raising concern that the lending giant might need to seek bankruptcy protection.
Chicago real estate tycoon Sam Zell remains committed to taking Tribune Co. private, a source close to the transaction said on Tuesday, countering.
Guidance Software Inc. narrows second-quarter loss while AdStar Inc.'s loss nearly tripled.
Tuesday, August 14
Grill Concepts Inc. said Tuesday that it has finished its review of its accounting regarding its $2.8 million purchase last fall of Hotel Restaurant Properties Inc., and it made several changes as a result.
Save the Queen LLC has acquired Queen's Seaport Development Inc., owner of the famed ship the Queen Mary's, in an auction Tuesday afternoon for $43 million.
Less than two weeks after Mattel Inc. recalled 1.5 million Chinese-made toys because of lead paint, the toy industry is bracing for another blow that could give parents more reason to rethink their purchases just before the critical holiday shopping seaso
A month after winning an Academy Award for scientific achievement this year, the longtime president of Pacific Title & Art Studio, a Hollywood post-production house, was fired from his job.
Shares in several local real estate firms and investment trusts dropped Tuesday after the world's largest real estate broker was downgraded by Standard & Poor's because of concerns over rate increases for commercial real estate financing.
Countrywide Financial Corp. said Tuesday that it made far fewer loans in July than the month before, although its lending was up 6 percent from a year earlier. At the same time, delinquencies and foreclosures increased in July.
United Online is planning an Initial Public Offering for its Classmates Media unit, according to a Security Exchange Commission filing.
Computer Sciences Corp. said Tuesday that it will not file its first-quarter results on time because it has not finished an accounting review.
Mattel Inc. issued recalls Tuesday for nearly 9 million more Chinese-made toys that contain dangerously small magnets and lead paint.
A second glitch in as many days with the U.S. Customs' screening system stalled international passengers headed in and out of Los Angeles International Airport early Monday morning, according to federal and city officials.
The Daily Journal Co. reports third-quarter results.
Monday, August 13
Airlines struggled to clean and refuel planes where passengers had been trapped for hours because of a computer crash, leading to additional delays Sunday at Los Angeles International Airport.
Former LAPD Chief Daryl Gates is now CEO of a struggling surveillance technology company.
Former LAPD head Daryl Gates is back in a full-time role as chief but as chief executive of a struggling City of Industry surveillance technology company.
The Culver City Redevelopment Agency is negotiating privately with developers of a mixed-use project rejected by the Planning Commission earlier this year.
Denver-based Summus Works Inc. said on Monday that it has acquired substantially all the assets and business operations of Sun Valley-based BioPharmetics Inc. for an undisclosed amount.
The collapse of a Minneapolis bridge this month is proving to be a boost to several local engineering and construction companies.
Media Temple is a Culver City-based Web hosting company that has developed technology that can handle traffic spikes when servers get overwhelmed with responses.
Panda Restaurant Group Inc., well known for its Panda Express quick-serve restaurants, is going back to its roots in fine dining with the opening of its first sit-down restaurant in 15 years.
A ban on older executive jets would hurt charter and service companies at the Van Nuys Airport.
Pfizer Inc.'s problems with its insulin inhaler are making investors in MannKind Inc.'s similar product more than a little nervous.
Lions Gate Entertainment Corp. had high hopes for two horror movies, but they scared up next to nothing at the box office. The studio also reported a net loss.
Carol Poon was a civil engineer, then she ran a flower shop. Now she's the publisher of Bride & Bloom, which has built circulation to 50,000 copies in its first year.
Scavenger's Paradise, an antique reliquary in North Hollywood, anticipates a downturn with the housing market. So it's offering itself as a film and party location.
An owner of a Chinese toy factory at the center of a major recall of lead-tainted toys by Mattel Inc. earlier this month apparently committed suicide just days after the American toy giant identified his company as the toys' manufacturer.
Amid the sales swoon, home prices in Los Angeles County went up in July and matched the all-time peak.
Who was Merv Griffin? Surely the affable Hollywood tycoon would have considered this too easy for Jeopardy!, a show he created along with Wheel of Fortune, which he proudly called "America's games."
One cause of homelessness in L.A. is a social policy that has led economic migrants to the smallest and cheapest housing stock, according to Wayne Lusvardi.
Napster showed higher revenue, lower losses per share.
The Bank of Manhattan has opened in El Segundo executives say the back half of the bank is in Manhattan Beach to serve small businesses in the South Bay.
IndieVest Corp. offers investors a choice of film projects they can finance.
Starr Surgical Co.
Shares in Computer Sciences Corp. jumped about 10 percent Monday even though cold water was tossed on a long-running rumor that the company would go private.
ValueClick Inc. got a boost Monday after a JPMorgan analyst upgraded the stock following a recent decline in stock price.
Two weeks after reporting double-digit increases in profits and sales, shares in Ducommun Inc. got a 12 percent boost Monday after the 158-year old company was upgraded.
Broadway Federal announces sponsorship of L.A. Sparks.
Northrop Grumman Corp. secured five separate deals to begin the month that could be worth close to $2 billion combined.
Promotions, hirings and kudos
Another parent has sued Mattel Inc and its Fisher-Price Inc unit after the company recalled some 1.5 million units this month due to their lead paint content, according to a court filing.
Educational toy maker Small World Toys has filed for Chapter 11 bankruptcy protection.
The law firm Loeb & Loeb LLP announced last week the formation of a practice group focused specifically on the apparel and luxury goods industries.
Free lunches for employees take a $150,000 bite out of Laserfiche's bottom line, but executives say serving them is a great recruiting tool.
IHOP Corp. appointed Greggory Kalvin its new controller; Electro Rent Corp. reports fourth quarter earnings.
If MySpace is for carefree teens, then TheWhole9 is home to the creative class of metropolitans who collect art, dine out and buy season tickets to the Hollywood Bowl.
Tentative pact covering craft workers appears to be an exception.
Although Caltrans insists that the thousands of bridges it maintains are safe, the agency has identified 228 spans that officials say should be at the top of the list for repairs.
Harbor Truckers for a Sustainable Future supports clean air, but wants a solution that won't hurt truckers and trucking companies, writes Roger Ramirez.
Friday, August 10
The era of imported disinflation may have come to an end for the U.S. as U.S. import prices swelled for a fifth-straight month in July on higher energy prices and another record increase in the prices of products from China
Shares of Hi-Shear Technology Corp. surged Friday after the company reported a 49 percent increase in net income for the fiscal year ended May 31.
Los Angeles-area stocks that moved the most during the week ending August 10.
Countrywide Financial Corp. and Washington Mutual Inc. warned Thursday that turbulent mortgage market conditions were likely to hurt operations in the near term.
Shares in Abraxis BioScience Inc. hit the bottom of a rollercoaster ride, dropping nearly 13 percent Friday after gaining 24 percent earlier in the week.
Spanish-language media giant Univision is preparing to sell its record label and publishing operations, according to the New York Post.
Shares in California Pizza Kitchen Inc. lost 5 percent Friday after the company reported an increase in second-quarter earnings but warned that results for the rest of the year would fall short of expectations because of inflated costs.
Shares in 99 Cents Only Stores dropped more than 5 percent Friday after the discount retailer reported earnings that missed estimates, even though the earnings were up big.
Shares in Live Nation Inc. shot up nearly 10 percent Friday after the company reported strong earnings on robust ticket sales.
Shares in four area lenders dropped significantly Friday in the wake of a global mortgage crisis that has spooked the financial world over the past week.
Thursday, August 9
Profits at Stater Bros. Holdings Inc. nearly tripled last quarter on record sales, with the company also citing a program aimed at reducing theft and product loss as a key component of its success.
Beverly Hills Bancorp Inc. reported a drop in both profits and net interest income and announced that its board is reviewing strategic alternatives which could include a possible sale of the company.
The first lawsuit against Mattel Inc. resulting from a batch of Fisher-Price toys that were manufactured in China and potentially contaminated with lead paint has been filed in Los Angeles federal court.
Edison International, parent of Southern California Edison, reported a drop in profit Thursday as debt retirement costs stung earnings.
Superior Industries, Southwest Water report second-quarter earnings.
In Thousand Oaks, Amgen Inc. rules. It's the biggest private employer in town. Its 8,300 local employees, known as "Amgenites," make an estimated average annual salary of $162,000.
Crown Media Holdings Inc. narrowed its second-quarter loss thanks to increased advertising sales and a bump in subscriber fees.
Abraxis BioScience Inc. said Thursday that it had swung back to a profit thanks to strong sales of its breast cancer drug Abraxane during the quarter.
DirecTV Group Inc. beat analysts profit estimates in the second quarter on a healthy jump in revenue, despite higher-than-expected operating costs.
A Los Angeles-based Latino record label has sued Univision Music for more than $10 million, claiming the Spanish-language company tried to financially crush the music firm.
Wednesday, August 8
Shares soar as PeopleSupport gets upgraded; Live Nation upgraded ahead of earnings; Overhill Farms stung by lower profit; Abraxis gets FDA approval; Disney revamps ESPN.360 site; Tetra Tech lands FAA contract; Aecom posts solid Q3.
The near collapse of the market for securities backed by sub-prime loans has sent aftershocks into the broader mortgage market, pressuring some companies to curtail their lending or stop making loans altogether.
Capstone posts deeper quarterly loss; Hot Topic same-store sales slip; Hallmark Movie Channel HD on the way.
Grill Concepts Inc. said Wednesday that it is restating some financial results to fix accounting regarding its $2.8 million purchase of Hotel Restaurant Properties Inc. last fall.
Warner Music Group Corp. shares got an 8 percent boost Wednesday after a Citi Investment Research analyst upgraded the stock a day after the music label reported a smaller loss than he expected.
Shares in Warner Music Group Corp. dropped in after-market trading after gaining more than 20 percent Wednesday when the New York Post reported that the business may be bought by its majority owners and taken private.
Hansen Natural Corp. reported double-digit jumps in profit and sales for its third-quarter and also said that the Securities and Exchange Commission ended its informal stock options probe and will take no further action. The company's stock surged after t
Mattel Inc. late yesterday identified the Chinese factory involved in the company's big toy recall last week, ending nearly a week in which critics complained that Mattel's unwillingness to do so highlighted a regulatory failure.
Tuesday, August 7
IndyMac Bancorp Inc. got some welcome news Tuesday when shares of the beleaguered lender surged more than 17 percent after it was upgraded by a Roth Capital Partners analyst.
The Consumer Product Safety Commission is looking into whether Fisher-Price let the agency know as quickly as it should have about lead paint found in 1.5 million Chinese-made toys that were recalled worldwide last week.
Shares in PeopleSupport Inc. gained more than 7 percent Tuesday after the company announced strong earnings, a stock buyback and better-than-expected full-year guidance.
HomeBanc Mortgage said Tuesday that it is selling five of its retail branches plus a "significant" portion of its loan origination business to Countrywide Financial Corp.
Poor sales and expenses related to a proposed merger hurt Guitar Center Inc., sending shares down in after-hours trading.
Iris International names new CFO; port clerks begin ratifying new labor contract .
Soft domestic as well as overseas CD sales hurt Warner Music Group Corp.'s third-quarter earnings, sending shares down nearly 9 percent.
WPT Enterprises Inc. reports second-qaurert loss; United Online posts solid second quarter.
This summer is officially turning out to be the worst for U.S. air travel as nearly a third of all domestic flights in June were late, and passenger complaints shot up 43%.
DreamWorks Animation SKG Inc. said Tuesday that Microsoft Corp. co-founder Paul Allen plans to sell up to 12 million shares of the company's stock.
Countrywide Financial Corp. said Monday it has access to $46.2 billion in cash, credit lines and other investments, a move aimed at reassuring nervous investors the nation's biggest mortgage lender can weather a market downturn.
Monday, August 6
Buzznet.com is definitely creating a buzz in the increasingly crowded world of online social networking.
Kelly Watson's Career Partners aims to create time and flexibility for executives who want a different work-life balance.
Serial entrepreneur Kymberly Gold-Lubell, co-founder of True Religion Apparel Inc. has launched an upscale jewelry venture.
Ronco on Aug. 1 sold its assets for $6.5 million in a bankruptcy auction. Just two years ago, Ronco sold for eight times that amount.
Amgen Inc.'s Roger Perlmutter's blood was boiling last week.
Television shows and movies should be careful in their depictions of
Advertisers who worry that consumers will TiVO through their spots can now resolve or confirm their angst.
Culver Studios the landmark production facility where "Gone with the Wind" and "Citizen Kane" were filmed has been put on the market.
MannKind Corp., Occidental Petroleum Corp. downgraded, shares slip.
State officials have approved final regulations for the landmark sexual harassment training law and the biggest clarification: the law now applies to larger firms that hire contract workers.
Strong domestic sales boosted Obagi Medical Products Inc.'s second quarter earnings, sending shares up more than 7 percent Monday.
Cinema Electric has become a network that reaches 50 million viewers of mobile phone content.
J2 Global Communications Inc. posted a strong second quarter and held to its full-year guidance, sending shares up 7 percent.
There are better ways to encourage affordable housing than by making dubious connections to traffic reduction, according to Benjamin M. Reznik.
Promotions, hirings and kudos.
There are frightening implications to the spread of the subprime meltdown into the Alt-A sector, writes Charles Crumpley.
Mega-promoter AEG is expecting big things from newly christened exec VP Andrew Messick.
Internet music company Napster Inc. terminated its chief operating officer, Laura Goldberg, on Friday and announced that it had formed a partnership with Hewlett Packard Co.
ValueClick Inc., the nation's No. 1 independent online advertising network, stumbled last week after the company reported disappointing earnings.
Boxing's golden boy Oscar De La Hoya is purchasing the iconic Sears warehouse and store site in Boyle Heights that he frequented with his mother while growing up in the area.
The ongoing feud between truckers and environmentalists in San Pedro Bay is heating up as a critical vote by port harbor commissioners nears.
Regional business news from the L.A. area.
Antoine Boulin, the new chief executive of TG Publishing LLC.
Hot Topic shares dropped to a 52-week low following a "sell" rating by an
Herbalife Ltd.'s expansion into China helped the company post a record quarter but shares remained stagnant.
Shares of local mortgage lending giants were hit hard last week as the mortgage loan crisis spread to mainstream borrowers.
Changes to the weekly Industry eNewsletters.
Russel Wohlwerth's Ark Advisors conducts "reviews" of advertising agencies for companies considering whether to renew or change their contracts.
The L.A. Times may be having trouble with circulation and revenue, but it's doing great as a filming location.
China's export juggernaut is likely to show signs of slowing, but the shift is likely to come from a change in tax policy rather than from mounting concerns about the safety of Chinese goods, economists say.
Dominic Ng came to East West Bank when it was a struggling savings and loan and turned it into an international financial powerhouse.
If fans want those spiked heels that Wilhelmina wore on "Ugly Betty" or the under-wire bras worn by the Pussycat Dolls, they can get it all thanks to a new Web site.
It's a tale worthy of a Disney classic: wicked plotters, oppressed workers, an uphill battle that leads, one hopes, to a happy ending. But this time the bad guy is in the mouse suit.
An office building in downtown Los Angeles that is the distribution hub for most electronic communications between Asia and the United States has been bought by a Texas investment company.
Mercury General Corp. beat Wall Street's expectations Monday when it reported a surge in profit helped by net investment income.
As part of Guess Inc.'s plans to further globalize the brand, the company has rolled out a line of jewelry in Europe, the Middle East and Asia.
Friday, August 3
Shares in local infrastructure and construction stocks continued to rise in the wake of the collapse of a 40-year-old Minneapolis bridge.
California hasn't suffered major earthquake damage since 1994 when the Northridge temblor's $44 billion in damages prompted a statewide insurance crisis.
Jittery home-mortgage lenders are cutting off credit or raising interest rates for a growing portion of Americans, extending well beyond the market for subprime loans for people with the weakest credit records.
The slide continued for a second week as 132 of the 200 companies on the LABJ Stock Index lost ground during the week. Stocks on the index lost 2.4 percent of their value for the week and 7.8 percent over the past two weeks.
Shares in Activision Inc. gained more than 3 percent Friday after the videogame developer bucked an industry trend and posted a quarterly profit.
DaVita Inc. shares gained nearly 8 percent Friday after the company reported profit had doubled on stronger revenue.
A Los Angeles jury Thursday awarded producers Alan Ladd Jr. and Jay Kanter precisely the $3.2 million in damages on their allocation claim against Warner Bros. that attorney John Gatti asked for in closing arguments Monday.
Shares in MannKind Corp. lost nearly 17 percent and hit a 52-week low Friday, after the company postponed its earnings report and said its supply of cash has fallen more than a third this year.
Thursday, August 2
Forty college athletics departments, from Georgetown to Auburn to Kansas to UCLA, were ensnared Wednesday in a New York state investigation of irregularities in the college loan industry.
Mattel Inc. said Thursday that it is recalling nearly one million toys in the U.S. due to the presence of lead paint.
Shares in Napster Inc. gained nearly 8 percent Thursday after the Internet music service announced it had cut its first quarter loss due to a big jump in paid subscribers.
Hollywood's film studios and television producers have reached a tentative accord with Hollywood's five basic crafts unions.
IndyMac Bancorp Inc. will be making "very major changes" to its lending requirements and may raise interest rates it offers on home loans because of a slump in mortgage securities, according to an e-mail to employees.
IndyMac to Tighten Lending; Cogent Gains on Earnings Report; Napster Narrows Loss.
In California, giant British retailer Tesco is carefully cultivating an image as a socially responsible grocer with good-paying jobs, fresh organic foods and the latest in environmentally friendly technology.
Cogent Inc. shares rose 8 percent after the company reported that second quarter profit nearly tripled.
Shares in Material Technologies Inc. gained more than 30 percent early Thursday after Wall Street took notice of the company in the wake of the deadly bridge collapse in Minneapolis.
Los Angeles City Councilman Richard Alarc & #243;n sought $5million in foreclosure assistance Wednesday for residents in danger of losing their homes as the housing market continues to unwind.
Wednesday, August 1
DreamWorks Animation SKG Inc. on Wednesday reported strong second-quarter earnings thanks to the success of its "Shrek the Third" release in May.
Manhattan Beach-based Kinecta Federal Credit Union has acquired Carson-based Navicert Financial Inc. for $45 million.
After holding an emergency auction, bankrupt wireless carrier Amp'd Mobile Inc. is seeking approval for 'very discrete asset sales' in a Wednesday, Aug. 1, hearing, according to a court schedule.
21st Century reports second quarter earnings; Abraxis acquires Phoenix manufacturing facility; Red Rocket acquires Indian business.
Shares in THQ Inc. dropped 5 percent Wednesday after the video game developer missed expectations on its first-quarter sales.
Shares in Maguire Properties Inc. dropped nearly 10 percent Wednesday after the company reported its fifth-straight quarterly loss.
One of the world's premier spots for movie premieres is about to change hands. Final bids are in for the purchase of the property beneath Grauman's Chinese Theatre in the heart of Hollywood.
Amgen Inc. said late Tuesday that it will challenge a portion of the new coverage policy issued by the agency that runs Medicare.
Seeking to exert control over flights at LAX, the Los Angeles City Council on Tuesday again delayed a decision on whether to back United Airlines' efforts to begin nonstop service to Shanghai, China.
Walt Disney Co. reported gains in revenues and profits on Wednesday as well as the purchase of a children-focused Web site.