News Roundup: Laugh Factory, PacWest, American ApparelWednesday, July 18, 2012
LAUGH APP: The Laugh Factory is launching an app on the PlayStation3 platform that provides streaming access to live performances at the famous Hollywood comedy club, as well as archived video of comedic greats such as Richard Pryor, Robin Williams and Rodney Dangerfield. For a promotional period, the app will be free via the PlayStation Network between Sept. 1 and Dec. 1, and then available for 10 cents a day.
EARNINGS: PacWest Bancorp reported a 21 percent increase in second quarter net income, which the Los Angeles bank holding company attributed to significant expense reductions, a lower loan-loss provision and contributions from acquisitions. Net income was $15.6 million or 42 cents a share. Wall Street analysts on average had expected profit of 46 cents a share, but shares lost less than 1 percent to close at $24.74 on the Nasdaq.
ONLINE EXPANSION: American Apparel Inc. announced the launch of an online store serving Singapore: store.americanapparel.sg. Singapore is second to Hong Kong as a market in Southeast Asia for the trendy downtown Los Angeles apparel company, which the company said made it a prime candidate for its own web store. Shares closed down 2.3 percent to 88 cents on the Nasdaq.