Stories for July 2013

Wednesday, July 31

Avery Dennison To Move to Glendale

Avery Dennison Corp. on Wednesday said that it will move its headquarters from Pasadena to Glendale.

Green Dot Shares Soar on Improved Outlook

Shares of Green Dot Corp. jumped nearly 16 percent on Wednesday, a day after the prepaid debit card provider reported a better-than-expected earnings and raised its full-year guidance.

'Croods' Success Boosts DreamWorks' Quarter

DreamWorks Animation SKG Inc. beat analyst expectations for profit and revenue in the second quarter, helped by box office results for its spring release “The Croods."

True Religion Gets New Management

The new owner of True Religion Apparel Inc. has named a new leadership team for the Vernon premium denim maker.

United Online Reports Mixed Quarter

United Online Inc. reported second-quarter profit that beat Wall Street forecasts, but revenue was lower than expected.

Crown Media Sees Stong Profit Growth

Crown Media Holdings Inc., operator of The Hallmark Channel and Hallmark Movie Channel, said its second quarter net income rose 22 percent.

Mixed Quarter for Wesco

Wesco Aircraft Holdings Inc. beat analyst estimates in revenue for the second quarter but fell short on earnings.

Nasdaq Gains; S&P, Dow, LABJ Fall

In Wednesday trading, the Dow Jones industrial average closed down 21 points to 15,499. The Nasdaq rose 10 points to 3,626. The S&P 500 fell less than 1 point to 1,686. The LABJ Stock Index fell less than 1 point to 168.

Warner Bros. Graduates Media Camp Startups

The demo day was the culmination of the 12-week startup mentorship program.

ZestFinance Raises $20 Million

The company uses data analytics to evaluate when a lender should offer loans to people with low credit.

Proposal Opens Door to Ride-Sharing Firms

State regulators on Tuesday proposed allowing ride-sharing companies that connect passengers to drivers via smartphones to continue operating in California if they comply with basic safety rules, the Los Angeles Times reports. Check out the Los Angeles Business Journal's earlier coverage.

Academy Elects First African-American President

Cheryl Boone Isaacs, a longtime marketing and publicity executive who is African-American, on Tuesday was elected president of the Academy of Motion Picture Arts and Sciences, The Wrap reports.

Delay in Obamacare Mandate to Cost Billions

The Congressional Budget Office said Tuesday that Obamacare’s price tag has just gone up by $12 billion, due to the White House’s decision to delay the employer mandate until 2015, the Washington Post reports.

‘Spy Team’ Is Weapon Against Insider Traders

At the Financial Industry Regulatory Authority, analysts sift through billions of Wall Street stock trades each day. The Los Angeles Times reports that these are the analysts who found Bryan Shaw, an Encino jewelry store owner who thought the stock tips he was getting from a KPMG auditor would go unnoticed.

Porn Maker Settles with Ben & Jerry's

A North Hollywood pornography studio Caballero Video has agreed to stop releasing products with titles and packaging that take inspiration from Ben & Jerry's trademark ice cream flavors, the Los Angeles Times reports.

Startup's Plasma Lights Help Turn Film Shoots Green

Hive Lighting in downtown L.A. makes energy-saving plasma lights that are becoming part of a conservation movement within the film and TV production industry, the Los Angeles Times reports.

SpaceX Wins Canadian Launch Contract

Hawthorne rocket and spacecraft maker SpaceX won a launch contract from a group that helps the Canadian government with maritime and Arctic surveillance, disaster management and ecosystem monitoring, the Daily Breeze reports.

George Soros Goes Long on Herbalife

The hedge fund battle over Herbalife intensified on Wednesday as George Soros has taken a large long position in the nutritional supplements maker, sources told CNBC on Wednesday. Soros' position in Herbalife is one of his top three holdings.

Herbalife to Stop Calling Customers 'Distributors'

Herbalife Ltd. is responding to criticism about its business model by changing the way it classifies certain customers. From now on, those who buy Herbalife products only for personal use will be called “members” instead of “distributors,” the Los Angeles Times reports.

Airline Fined for Fare Advertising Violations

The federal government has fined Southwest Airlines $200,000 for violating its full-fare advertising rules, by promoting certain deals without offering the lower prices on a "reasonable" number of seats, the Dallas Morning News reports.

Bloomberg Loses in Sugary Drinks Fight

A state appellate court on Tuesday unanimously affirmed an earlier decision to block New York City from banning the sale of large sugary drinks in restaurants and other venues, a blow to the Mayor Michael Bloomberg public-health initiative, the Wall Street Journal reports.

Slow Growth Aside, Jobs Data Suggest Improvement

The economy grew at a slow 1.3 percent in the first six months of the year, but private sector jobs data for July hold out hope for an improved second half, CNBC reports.

Markets Rising

In Wednesday morning trading, the Dow Jones industrial average was up 80 points to 15,600. The Nasdaq rose 19 points to 3,636. The S&P 500 rose 9 points to 1,695.

Tuesday, July 30

Matt Edelman Out as CEO of Glossi

Matt Edelman, who spent the last three years transforming struggling fashion website ThisNext into digital publishing startup Glossi, is stepping down as chief executive of the Santa Monica company.

Occidental Core Earnings Fall

Occidental Petroleum Corp. reported a second quarter profit that was unchanged from a year earlier, as increased oil production in California and Texas was offset by lower global oil prices.

Amgen Profit Lower Than Expected

Despite a gain in revenue, biotech giant Amgen Inc. reported a quarterly profit that missed analysts’ expectations,

DineEquity Profits Beat Expectations

Shares of DineEquity Inc. gained more than 6 percent on Tuesday after the restaurant chain announced second quarter profit and revenue that beat analyst expectations.

Big 5 Shares Fall on Earnings

Shares of Big 5 Sporting Goods Corp. fell nearly 12 percent in after-hours trading Tuesday after the specialty retailer reported lower-than-expected second quarter revenue.

Profit Rises at PS Business Parks

PS Business Parks Inc. reported higher second-quarter profit that still narrowly missed analysts’ expectations.

Acquisition of True Religion Apparel Completed

True Religion Apparel Inc. said Tuesday that TowerBrook Capital Partners L.P. had completed its $824 million acquisition of the Vernon designer denim maker.

S&P, Nasdaq Up; Dow, LABJ Index Fall

In Tuesday trading, the Dow Jones industrial average closed down 1 point to 15,520. The Nasdaq closed up 17 points to 3,616. The S&P 500 rose 1 point to 1,686. The LABJ Stock Index fell less than 1 point to 168.

JustFab Sues Fab.com Over Similar Name, Business

JustFab, the El Segundo subscription e-commerce site, has filed a trademark infringement suit against New York online retailer Fab.com.

Time Warner Briefly Pulls CBS Programming

The tense negotiations for a new distribution deal between CBS and Time Warner Cable turned bizarre Monday night as the pay-TV distributor started to pull down networks owned by CBS, only to stop the process after a few minutes, the Los Angeles Times reports.

Piolin Departure Followed Harassment Allegations

Spanish-language radio personality Eddie "Piolin" Sotelo's departure from Univision's airwaves last week came after a performer on his nationally syndicated program accused him of sex harassment, according to documents obtained by the Los Angeles Times.

Forum Remodel Aims to Rock Rival Staples

The Forum hopes to make a comeback, the Los Angeles Times reports, with its owners expected today to announce a multimillion-dollar face-lift for the historic Inglewood arena.

Winfrey’s Cable Channel Turns Around Financially

After several grueling years, Oprah Winfrey’s cable channel OWN has turned the corner toward profitability six months ahead of a previously stated goal, the New York Times reports.

JPMorgan Settles Power Market Manipulation Case

JPMorgan Chase today agreed to pay a record $410 million to the Federal Energy Regulatory Commission, settling accusations that traders in the bank's Houston offices manipulated electricity markets in California and Michigan, the New York Times reports.

Making Money Off the Weiner Scandal

If there was ever a political scandal made for porn, it’s the Anthony Weiner debacle in New York City's mayoral race. Forbes reports on how L.A.'s porn industry hopes to make money off the steamy headlines. The Wrap also reports on how one TV comedian is having a field day with the scandal.

Inside the Sale of Digital Domain

The acquisition of Digital Domain 3.0 by a Hong Kong-based scrap-trading company is in reality the public face of a complex deal financed by a mysterious Chinese investor and an investment bank that wants to turn DD into Hollywood’s gateway to China, Variety reports.

WeHo Bars Plan Russian Vodka Protest

Protesters in West Hollywood plan to dump the contents of Stolichnaya Vodka bottles into a gutter this week to raise awareness about recent anti-gay laws in Russia, the Los Angeles Times reports.

Malls See Growing Appetite for Fine Dining

McDonald's and Hot Dog on a Stick are out, and Fig & Olive and Cucina Enoteca are in. The Los Angeles Times reports on how shopping centers around the nation are moving from fast food to fancy food.

Are Limbaugh and Hannity Overpaid?

Bombastic right-wing talk might could be getting cheaper, Bloomberg BusinessWeek reports. Cumulus Media, the nation's second-largest broadcaster, appears to be at an impasse with talk-radio stars Rush Limbaugh and Sean Hannity and reportedly is shopping for replacements.

Bitcoin Enthusiasts to Launch Self-Regulatory Group

A group of companies promoting virtual currencies such as bitcoin are expected to announce today they have set up a self-regulatory organization to promote common rules, the Wall Street Journal reports.

NFL Amps Up Digital Media

Fantasy Genius is one of several new offerings from the NFL Digital Media team in Culver City, which the Los Angeles Times reports is overseeing the league's online and mobile presence.

Saudi Prince Voices Concern on Shale

Saudi billionaire Prince Alwaleed bin Talal warns that the kingdom's oil-dependent economy is increasingly vulnerable to rising U.S. energy production. The Wall Street Journal says the prince is breaking ranks with officials in Riyadh who have played down shale’s impact.

Nokia Seeks Broader App Offerings

Nokia Corp.'s head of smart devices said the handset maker and its software partner Microsoft Corp. are more closely collaborating on the marketing and engineering of Nokia's Lumia smartphones for Windows, the Wall Street Journal reports.

Survey: Deficit Fears Fade on Wall Street

CNBC's monthly Fed Survey finds that concern with the deficit on the street has reached a seven-month low on Wall Street, with a majority of respondents for the first time saying reducing the nation's red ink is no longer urgent.

Market Rising

In Tuesday morning trading, the Dow Jones industrial average was up 9 points to 15,531. The Nasdaq rose 20 points to 3,619. The S&P 500 rose 4 points to 1,689.

Monday, July 29

Report: Venture Capital on Road to Recovery

After a sluggish start to the year, Los Angeles County companies raised $247 million during the second quarter, according to a report from City National Bank.

Herbalife Profit Jumps 30 Percent

Shares of Herbalife Ltd. rose nearly 6 percent in after-hours trading Monday after the nutritional supplement maker reported better-than-expected second-quarter profit and raised its full-year guidance.

Pantages Naming Rights for Sale

Naming rights for Pantages Theatre in Hollywood are on the block.

Markets Down at Close

In Monday trading, the Dow Jones industrial average closed down 37 points to 15,522. The Nasdaq fell 14 points to 3,599. The S&P 500 fell 6 points to 1,685. The LABJ Stock Index fell less than 1 point to 169.

Omnicom, Publicis to Merge

Advertising titans Omnicom Group in New York and Publicis Groupe in France announced Sunday that they will merge, creating the world's largest ad agency, the New York Times reports. The Wall Street Journal says the 'merger of equals' could be a tough balancing act.

Brown Seeks Overhaul of Unemployment Insurance

Fresh from forging a compromise on overhauling California's workers' compensation insurance system, Gov. Jerry Brown now wants to fix the state's financially ailing unemployment insurance program, the Los Angeles Times reports.

State's Landmark Regulations Under Federal Fire

Companies are going through Congress to fight California's stricter workplace, consumer and environmental laws, and the Los Angeles Times reports that beltway gridlock and sympathetic Republicans in the House could work in their favor.

Could Vivendi Unload Universal Music Next?

As French conglomerate Vivendi works to get out from under a roughly $15.5 billion debt pile, its deal last week to cut loose Activision Blizzard could be a prelude to a sale of Universal Music Group, BuzzFeed reports.

Pending Home Sales Pull Back as Rates Rise

Contracts to purchase previously owned U.S. homes fell in June, suggesting rising mortgage rates were starting to dampen home sales, Reuters reports.

Home Flipping Frenzy Returns

With Southern California home prices rising in a fast-paced recovery, home flippers have returned to the market in force, the Los Angeles Times reports.

A 'Toxic Tour' of Los Angeles

A series of 'toxic tours' past rail yards, smokestacks and refineries aims to show officials the consequences of their decisions in low-income, predominantly Latino communities in southeast L.A., the Los Angeles Times reports.

Digital Domain's New CEO on Runaway VFX

Digital Domain's Daniel Seah said he will lobby California lawmakers to create incentives so that visual-effects work can stay in Los Angeles, The Wrap.com reports.

SAG-AFTRA Challenger Looking for Surprise Knockout

Esai Morales, who is running for president of SAG-AFTRA, thinks he's got a slugger's chance, but TheWrap.com reports that he's considered a longshot against incumbent Ken Howard in the entertainment industry unions' first combined election.

Jackson’s Earning Potential at the Heart of Wrongful-Death Suit

Michael Jackson’s importance to music and his continuing earning potential have been on display in a L.A. courtroom this summer as members of his family battle with the promoter of his final concerts over who was responsible for his death -- a question that may be worth more than $1 billion, the New York Times reports.

Investor Made Losing Bet on Herbalife

William Ackman, the activist hedge fund manager who shorted 20 million shares of Herbalife stock last year has seen his position drop $169 million to date, the Los Angeles Times reports.

Hudson's Bay Buys Saks for $2.4 Billion

Saks Inc. agreed to be bought by Lord & Taylor's owner, Hudson's Bay Co., for $2.4 billion in an all-cash deal that is probably as much about high-end real estate as luxury clothes, the Wall Street Journal reports.

Amazon Touts Role as Engine for Jobs

As American technology companies like Apple are criticized for outsourcing manufacturing to China, Amazon is calling attention to the thousands of working-class jobs it’s creating in the United States, the New York Times reports.

Markets Slide

In Monday morning trading, the Dow Jones industrial average was down 62 points to 15,496. The Nasdaq fell 15 points to 3,598. The S&P 500 fell 8 points to 1,683.

Billionaire’s Bid Fails to Raise Toymaker’s Game

MANUFACTURING: Jakks shares fall despite buy-up by Patrick Soon-Shiong.

Billionaire Patrick Soon-Shiong bought toymaker Jakks’ stock as it was skidding.

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Disney’s World

SPECIAL SECTION: Largest and Most Profitable Companies

Entertainment giant Disney made record strides in leading publicly traded L.A. companies’ rise in valuation.

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Unbridled?

Coast firms try to head off galloping regulators

Coastal property owners and business groups battle bill that would let state commission levy fines without a court’s OK.

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High Oil Prices Pump Up Concern

Narrowed field helps oil companies run up prices, according to Charlie Feder.

Amazon Deal Big Production

Real Estate: Online giant to open studio on Westside.

Amazon.com is sold on Westside office space as a home for the online retailer’s entertainment unit.

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Inexpensive Console Makes Play for TVs

VIDEO GAMES: Shortage of titles could stymie Ouya’s rollout.

Lack of titles could impede Ouya’s drive to score sales for its low-cost console.

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In Bed With Meditation

Intentions linen line sports comforting, healing words to foster relaxation.

Armella Stepan has meditation covered with her Intentions linen line that sports relaxing words.

Ball Rolling

ENTERTAINMENT: Young Hollywood hopes to use Brazil’s World Cup to draw international focus to its celebrity coverage.

Young Hollywood hopes its celebrity coverage translates to next year’s World Cup in Brazil.

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Too Easy of a Score

OP-ED: Out-of-state pro athlete’s workers’ comp claims put stress on California’s system.

Out-of-state athletes are scoring healthy workers’ comp payouts in California, warns Gary L. Toebben.

Hotelier Finds Room in China

HOSPITALITY: SBE takes upscale brand into market.

SBE checks into China with plans for four branded SLS Hotels.

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Grill Maker Hopes New Brand Fans Flame of Sales

COOKING: Lynx turns heat down on customers with lower-price Sedona.

Lynx Grills looks to light a fire under its sales with its lower-priced Sedona line.

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Studio’s Equity Star Rises on Hit Films

SPECIAL SECTION: Largest and Most Profitable Companies

Hit movies help rewrite studio Lions Gate’s profitability story.

Pair of Office Sales Pumps Up South Bay Market

ACQUISITIONS: Torrance properties purchased for combined $77.5 million.

The South Bay office market is heating up.

Data Bank

Calendar and Events

News of the Week

Last week’s major news from labusinessjournal.com and other sources

Lenders’ Parent Bulks Up With Big L.A. Names

GROWTH: Eric Holoman and Antonio Villaraigosa to help crack market.

Irvine bank holding company Banc of California is raising its profile in Los Angeles, adding two big local names to its corporate ranks in the past two weeks.

Cleanup, Safety Services Stay in Fashion District

Government: L.A. OKs downtown area’s Business Improvement District.

Trash and crime don’t wear well with downtown L.A.’s fashion businesses. Last week, the L.A. Fashion District Business Improvement District, which provides cleanup and safety services to more than 100 square blocks downtown, was approved for a fifth term.

Mag for Wealthy Consumers Again Rich in Appeal

PUBLISHING: Ad pages for Robb Report climb as economy recovers.

Robb Report proves its worth as the ad count rises for the consumer magazine for the super wealthy.

Regional Report

News and notes from communities across Los Angeles County

Hollywood Didn’t Sign Off

Chamber wins court case to stop German shop from using trademarked icons.

Chamber lowers curtain on German shop looking to trade on trademarked Hollywood imagery.

Back to Roots – the Long Way

Call it the ultimate road trip.

Friday, July 26

AeroVironment Gets OK to Sell Drones for Commercial Use

AeroVironment Inc. late Friday said that it received certification from the Federal Aviation Administration that allows its Puma unmanned aircraft to be used for commercial purposes.

The Fight to Keep Coastal Commission Fines Under Judicial Review

Hundreds of property owners in California’s coastal zone have joined with business groups and trade associations to defeat a bill that would allow the state’s Coastal Commission to impose and collect fines without the court approval now required.

Health Net Shares Slide on Lower Profit

Health Net Inc. shares dipped Friday, a day after the company reported second quarter profit below analyst expectations.

1st Century Bank, Entravision Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies was nearly flat this week as investors in the broader markets digested mixed earnings reports.

Markets Gain

In Friday trading, the Dow Jones industrial average closed up 3 points to 15,558. The Nasdaq rose 8 points to 3,613. The S&P 500 rose more than 1 point to 1,692. The LABJ Stock Index rose less than 1 point to 169.

Vivendi Deal Boosts Activision Stock

The Santa Monica video game publisher announced late Thursday night that it will buy 429 million of Vivendi's shares for $5.8 billion, or $13.60 a share.

Activision to Buy Out Vivendi

Activision Blizzard Inc. and a group led by Chief Executive Bobby Kotick plan to buy out most of Vivendi SA’s stake in the nation's biggest video-game publisher for $8.17 billion, Bloomberg News reports.

Report: Carl's Jr Owner Explores Sale

CKE Inc., owner of the Carl's Jr and Hardees fast food chains, now is exploring a potential sale after postponing its initial public offering last year, sources tell Reuters.

DWP's Unlimited Sick Pay Policy Costs Millions

Los Angeles' Department of Water and Power has paid thousands of employees a total of $35.5 million since 2010 in extra sick days under an unusual program that's vulnerable to abuse, the Los Angeles Times reports.

Garcetti Faces Early Test in Proposed DWP Deal

A powerful DWP union leader who's been foe of new L.A Mayor Eric Garcetti is trying to persuade council members to endorse a new salary agreement that the mayor opposes, the Los Angeles Times reports.

DineLA Helps Los Angeles Rise in the Fine-Food Chain

Los Angeles now proudly boasts hundreds of restaurants that can sate everyone from celebrities to star athletes to visitors from around the world. But that wasn't always the case, and many industry experts attribute the city's rise to dineLA's restaurant week, the Los Angeles Daily New reports.

Long Beach Grocers Brace for Gelson's Arrival

The pending arrival of a Gelson's market in November promises tougher competition among grocers serving affluent customers in Belmont Shore, Naples and Seal Beach, the Long Beach Press-Telegram reports.

Moca, Post-Deitch, Presents Major Challenge for Successor

The house of MOCA is a real fixer-upper. And that could be a problem as downtown's Museum of Contemporary Art seeks a new director to replace Jeffrey Deitch, the Los Angeles Times reports.

DirecTV, Other Cable Companies Oppose Gannett-Belo Merger

Several public interest groups representing newspaper and cable TV concerns, including DirecTV and Time Warner, have asked the Federal Communications Commission to either deny the deal or impose conditions on Gannett's $2.2 billion deal to buy Belo and become a TV station super group, AdWeek reports.

Fed May Sharpen its Easy-Money Message

The Federal Reserve is on track to keep its $85 billion-a-month bond-buying program in place, but the Wall Street Journal reports that officials next week will debate changes on the way the central bank describes its plans for the program and for short-term interest rates.

Katzkin Leather Turns to Cutting-Edge Tech

Montebello firm Katzkin Leather is betting that its new Lectra Versalis cutter, which wastes less material, will boost productivity and sales, the Los Angeles Times reports. Also check out the Los Angeles Business Journal's earlier coverage of the company.

Targets of Opportunity

Beginning in 2005 and ending last summer, the computer systems of Nasdaq OMX Group, J.C. Penney Co, and about a dozen other companies were breached by hackers, resulting in the loss of hundreds of millions of dollars, federal prosecutors alleged Thursday, according to the Wall Street Journal.

Who Isn’t Being Left Behind?

While the economy has been in recovery mode for the past several years, many groups have been said to be “left behind” — essentially the entire middle class. But as Time reports, it’s not the only demographic that’s been categorized as missing out.

Why Hollywood's Plastic Surgeons Decamped to Dubai

Kim Kardashian's nose, J.Lo's butt and Angelina's eyes are a gold mine for Beverly Hills plastic surgeons now targeting patients in the Middle East, the Hollywood Reporter says.

Boeing to Move Some Work from Seattle to Long Beach

Boeing plans to shift modification work done by 375 people in the Seattle area to its Long Beach plant over the next 18 months, the Los Angeles Times reports.

Atty. Gen. Probes Car Sales at Petersen

California Atty. Gen. Kamala Harris has launched an inquiry into a recent sale of vehicles by the Petersen Automotive Museum, the Los Angeles Times reports.

Dunkin' Donuts to Open 45 Stores in L.A., O.C.

Dunkin’ Donuts has signed agreements to open 45 new stand-alone Dunkin’ Donuts stores in Orange County and Los Angeles starting in 2015, the Los Angeles Times reports.

Market Falls

In Friday morning trading, the Dow Jones industrial average was down 125 points to 15,430. The Nasdaq fell 18 points to 3,587. The S&P 500 fell 12 points to 1,678

Thursday, July 25

Reliance Steel Profit Falls 27 Percent

Reliance Steel & Aluminum Co. said Thursday that weaker-than-expected demand and pricing contributed to a decline in second quarter earnings, missing Wall Street expectations.

CBRE Profit Falls on Charges

CBRE Group Inc. saw a decline in second-quarter earnings as the global real estate services provider experienced softness in its European business, and took charges related to debt refinancing and acquisitions.

Activision to Make SpongeBob Games

Santa Monica video game publisher Activision Blizzard Inc. on Thursday said that it will bring SpongeBob SquarePants to gaming consoles though an expanded deal with Nickelodeon.

Lower Costs Help Dole's Quarter

Dole Food Co. on Thursday said lower-than-expected expenses for fruits and vegetables boosted its second quarter results.

Strong Quarter at Teledyne

Teledyne Technologies Inc. on Thursday reported second quarter earnings and revenue that beat Wall Street forecasts.

Market Gains at Close

In Thursday trading, the Dow Jones industrial average closed up 13 points to 15,556. The Nasdaq rose 26 point to 3,605. The S&P 500 rose 4 points to 1,690. The LABJ Stock Index rose nearly 2 points to 169.

Guess Co-Founders to Turn Masonic Lodge Into Museum

Denim moguls Maurice and Paul Marciano have bought a building with plans to turn it into a private art museum that will house their art collections, the Los Angeles Times reports.

L.A. May End Parking Tickets at Broken Meters

The L.A. City Council on Wednesday began examining whether the city's policy of ticketing cars parked at broken parking meters should change, the Los Angeles Daily News reports.

Board Seeks Replacement as Moca Head Resigns

Jeffrey Deitch has made it official: He'll be stepping down after a stormy three years as director of L.A.'s Museum of Contemporary Art, the Los Angeles Times reports. Moca's board said it had launched a search for his successor.

Kaiser's Rising Premiums Spark Employer Backlash

For years, Kaiser Permanente has won accolades for delivering high-quality care at an affordable price. Now, some of Kaiser's biggest customers are complaining that the company is no longer a bargain and, even worse, standing in the way of controlling healthcare costs, the Los Angeles Times reports.

Herbalife Musters Troops to Avert FTC Probe

Nutritional supplement giant Herbalife Ltd. is recruiting its independent distributors to an attempt to head off a possible probe by the Federal Trade Commission, the New York Post reports.

The Recovery Is Real in Lancaster

Investment blog Seeking Alpha takes a look at the recovering fortunes of the North L.A. County community of Lancaster and what that may mean for the rest of the state's economy.

Facebook Shares Soar on Earnings Surprise

Traders are finding plenty to like this morning in Facebook Inc.'s quarterly results, the Wall Street Journal reports.

U.S. Files Criminal Charges Against SAC

The federal government has launched a rare criminal prosecution of a major Wall Street firm: SAC Capital Advisors, a hedge-fund operator that investigators have long suspected of illegally trading on inside information, the Wall Street Journal reports.

Art Ginsburg of Art's Deli Dies at 78

Art Ginsburg, the proprietor of Art's Deli in Studio City, a community hangout on Ventura Boulevard for decades, has died at age 78, LA Observed reports.

Supplement Designer Has History of Dangerous Products

A USA Today investigation examines the track record of sports supplement designer Matt Cahill, who has faced criminal charges related to weight-loss pills and body-building steroids.

Grumpy Cat Sparks Feline Frenzy at Kitson

Fans turned out by the hundreds to see burgeoning Internet media star Grumpy Cat this week at Kitson's Santa Monica store, TheWrap.com reports.

L.A. Power Couple Buys David Spade's Malibu Beach House

David Spade finally can hang that "sold" sign on his beachfront house, which has been purchased for $10.2 million by Netflix executive Ted Sarandos and his wife, Nicole Avant, former ambassador to the Bahamas, the Hollywood Reporter says.

Dow, S&P Down, Nasdaq Up

In Thursday morning trading, the Dow Jones industrial average was down 73 points to 15,468. The Nasdaq rose 1 point to 3,580. The S&P 500 fell 6 points to 1,680.

Wednesday, July 24

Council OKs Giant Towers Next to Capitol Records

Paving the way for a major change to the city’s skyline, the Los Angeles City Council on Wednesday approved the controversial development of two skyscrapers that will tower over Hollywood’s famed Capitol Records building.

Skechers Returns to Profit, Beats Expectations

Skechers USA Inc. on Wednesday said that it moved from a loss to a profit in the second quarter, boosted by higher margins and double-digit percentage sales gains in its international wholesale business and at company-owned retail stores.

Ryland Sees Strongly Profitable Quarter

As the home-building market continues its recovery, Ryland Group Inc. on Wednesday announced a second quarter profit that significantly beat analysts’ expectations.

Cheesecake Factory Misses Quarterly Forecasts

Shares of Cheesecake Factory Inc. fell nearly 6 percent in after-hours Wednesday after the upscale casual restaurant chain reported second quarter results that narrowly missed Wall Street expectations.

Dow, S&P, LABJ Down, Nasdaq Up Slightly

In Wednesday trading, the Dow Jones industrial average closed down 25 points to 15,542. The Nasdaq rose less than 1 point to 3,579. The S&P 500 fell 6 points to 1,686. The LABJ Stock Index fell 1 point to 167.

Encino Teen Launches Messaging App

Thirteen-year-old Daniel Singer hopes the free app will hook users by offering up clues about the messenger's identity.

Moca Chief Set to Step Down After Rocky Tenure

The departure of the director Los Angeles Museum of Contemporary Art is expected to be announced today, the Wall Street Journal reports. The Los Angeles Times says relationship between Jeffrey Deitch and Moca had become an oil-and-water mix.

Consumer Bureau Sues Murdock-Backed Mortgage Lender

The Consumer Financial Protection Bureau on Tuesday sued billionaire David Murdock's Castle & Cooke Mortgage, accusing it of paying illegal bonuses to employees who steered home buyers toward higher-interest loans, the Los Angeles Times reports.

What's Hollywood's Trouble With China?

Movie executives are frustrated and wary of unscrupulous business partners in China, a country that had been the source of boundless optimism in Hollywood, TheWrap.com reports.

YouTube-Focused Music Label Launched

Music entrepreneurs Russell Simmons and Steve Rifkind, together with film and TV producer Brian Robbins, have partnered with Universal Music Group to launch All Def Music, a label created expressly to sign, develop and promote YouTube artists, Billboard reports.

Apple Beats Low Expectations But Profits Slump

Investors breathed more easily this morning after Apple Inc. turned in a quarterly report with a pleasant surprise in iPhone sales. But Wall Street is fretting about the company's sliding margins and a dramatic revenue drop in China, Reuters reports.

Time Warner Cable-CBS Dispute Heats Up

Time Warner Cable Inc. and CBS Corp. are playing a high-stakes game of chicken that could leave consumers without access to the most-watched broadcast network, starting Thursday, the Los Angeles Times reports.

Munger Helps Triple Publisher’s Value

Daily Journal Corp., the Los Angeles-based law journal publisher that counts billionaire Charles Munger as its chairman, has more than tripled in value since 2008, when the company jumped into stocks during the financial crisis, Bloomberg News reports.

Forest Lawn Takes Marketing to the Mall

Shoppers who have visited some of Westfield's Southern California mall properties in recent days have probably noticed a new tenant -- Forest Lawn Memorial-Parks & Mortuaries, the Los Angeles Daily News reports.

Report on California Foreclosure Filings Mixed

New California foreclosure filings rose considerably in the first quarter over the second, according to real estate firm DataQuick, but were still down 53 percent from the same period a year earlier, the Los Angeles Times reports.

How Retailers Lose Track of Factories

The spread of poorly regulated subcontractors — many that don't meet safety standards — is one of the main problems in a garment trade that has suffered deadly accidents, the Wall Street Journal reports.

Poll: Most Americans Say Nation Is Headed Off Track

NBC.com reports that the American public's dissatisfaction with Washington has reached new heights, according to the latest NBC News/Wall Street Journal poll, as the political world continues to fight the same intractable battles over the budget, health care and immigration.

Dow, S&P Fall, Nasdaq Rises

In Wednesday morning trading, the Dow Jones industrial average was down 18 points to 15,549. The Nasdaq rose 15 points to 3,594. The S&P 500 fell 2 points to 1,690.

Tuesday, July 23

Hobbyist Startup Raises $1.6 Million

Panjo said it will use the financing to grow its marketplace and expand its partner network.

Edmunds.com Takes on Texas Firm Over Fake Reviews

Car review and shopping website Edmunds.com Inc. has sued a Texas company for allegedly creating fake accounts to post reviews of car dealers on the Edmunds website.

BBCN Hikes Dividend on Strong Quarter

Koreatown bank BBCN Bancorp reported better-than-expected revenue and earnings for the second quarter and increased its dividend.

Avery Dennison Has Better-Than-Expected Quarter

Avery Dennison Corp on Tuesday said that its second-quarter profit per share rose nearly 10 percent as sales picked up at both of its remaining business units.

Ryland Acquires Philadelphia Homebuilder

Ryland Group Inc. said that it has acquired the assets of Cornell Homes, a Philadelphia homebuilder.

L.A. Port Launches Grant Program

The Port of Los Angeles announced it was starting a grant program to help fund organizations benefiting the Harbor area.

Shareholders Approve Power-One's Sale

The acquisition of Camarillo solar equipment manufacturer Power-One Inc. by a Swiss company has been approved by its stockholders, the company said Tuesday.

Dow Gains; S&P, Nasdaq, LABJ Fall

In Tuesday trading, the Dow Jones industrial average closed up 22 points to 15,568. The Nasdaq fell 21points to 3,579. The S&P 500 fell 3 points to 1,692. The LABJ Stock Index fell 1 point to 168.

PacWest to Buy CapitalSource for $2.3 Billion

Century City’s PacWest Bancorp announced a blockbuster deal, disclosing plans to buy CapitalSource Inc., the downtown L.A. parent of industrial lender CapitalSource Bank, the Los Angeles Business Journal reports.

Thomas Properties Wants to Buy Out Joint Venture

Thomas Properties Group Inc. has struck an agreement with the California State Teachers’ Retirement System, that would allow Thomas to take full ownership of downtown's City National Plaza and other properties, the Los Angeles Times reports.

Nacional Records Founder Accused of Sexual Harassment

Two former employees charged in a lawsuit Monday that Tomas Cookman, founder of North Hollywood's Nacional Records, leered at female employees, touched them inappropriately and made crude sexual remarks, the Los Angeles Daily News reports.

Univision Cancels 'Piolin'

Univision Radio Network has dropped of L.A. radio personality Eddie Sotelo's nationally syndicated Spanish-language morning radio talk show, the Los Angeles Times reports.

Opponents: Hollywood Skyscrapers Too Close to Fault

Questions surrounding a nearby fault and the Millennium project's safety come as the L.A. City Council considers a vote on the development, the Los Angeles Times reports.

New Paramount TV Chief a Longtime Digital Advocate

When Paramount announced Monday that Amy Powell would run its new TV division, TheWrap.com says it also sent a message to the rest of Hollywood: Embrace digital or die.

Fox Viewers Graying, but Their Passion Still Pays

Fox News continues to be near the top in cable television in terms of the number of viewers it attracts, and as the New York Times reports, it is near the top in another category, too: the median age of its audience is among the oldest in television.

UPS Profit Falls as Customers Go Cheap

United Parcel Service on Tuesday reported a smaller quarterly profit as customers, especially on international routes, chose slower, cheaper shipping services, CNBC reports.

Visual-Effects Firms Get Boost from Video Games

As movie studios cut back on releases, the video-game industry is picking up some of the slack at visual-effects houses, the Los Angeles Times reports.

Hedge Funds Smell Profit in 'Shadow' Lending

Private investment funds, facing diminished returns in some other areas, have moved into the business of lending to struggling companies, part of a so-called shadow-lending system that the Wall Street Journal says operates under different rules than commercial banks.

Workplace Injuries Drop, But Retaliation Claims Rise

The number of workplace injuries recorded by the federal government has dropped by 31 percent over the past decade, but the Wall Street Journal reports that improvement may not be what it seems.

Charles Manson Embraced Dale Carnegie Classes

In his new book, author Jeff Guinn writes that Dale Carnegie Training courses transformed Charles Manson from a low-level pimp into a sociopath who led a cult of killers in the late 1960s, Bloomberg BusinessWeek reports.

S&P, Nasdaq Down, Dow Up

In Tuesday morning trading, the Dow Jones industrial average was up 10 points to 15,556. The Nasdaq fell 15 points to 3,586. The S&P 500 fell 3 points to 1,692.

Monday, July 22

PacWest to Buy CapitalSource for $2.3 Billion

Century City’s PacWest Bancorp announced a blockbuster deal, disclosing plans to buy CapitalSource Inc., the downtown L.A. parent of industrial lender CapitalSource Bank.

Wilshire Bancorp Profit Soars

Wilshire Bancorp Inc. late Monday reported a 94 percent jump in second-quarter profit as the Koreatown bank holding company continues to consolidate Korean-American banks throughout the nation.

Analyst: DreamWorks Could Take $50 Million Charge on 'Turbo'

Shares of DreamWorks Animation SKG Inc. fell nearly 5 percent Monday after an analyst said the company’s movie “Turbo” could cause a $50 million write down.

Herbalife Sponsors Swedish Soccer Team

Herbalife becomes the sponsor of Swedish soccer team Hammarby under an agreement reached today between the Los Angeles nutrition company and AEG.

Disney to Re-Release Music via Amazon

Walt Disney Records has signed a deal with Amazon.com to release out-of-print titles and certain classic Disney film soundtracks on CD through Amazon's manufacture-on-demand service CreateSpace.

Dow, S&P, Nasdaq Rise; LABJ Dips

In Monday trading, the Dow Jones industrial average closed up 2 points to 15,546. The Nasdaq rose 13 points to 3,600. The S&P 500 rose 3 points to 1,696. The LABJ Stock Index fell less than 1 point to 169.

U.S. Growth Stuck in Neutral?

A series of disappointing reports have dashed economists' hopes that the U.S. was entering a phase of solid, self-sustained growth, the Wall Street Journal reports.

The Good, the Bad and the Seedy

The Hollywood and Highland area has been revitalized but still has rough edges, as some recent high-profile crimes illustrate, the Los Angeles Times reports.

Oil Brings Sheen of Divisiveness

Residents of Hermosa Beach are bracing for the possibility their town could be opened to oil drilling for the first time in more than 80 years, the Los Angeles Times reports.

Obama to Unveil New Agenda for Economy

With major battles looming in the fall over the federal budget and the debt ceiling, President Obama is trying to regain the initiative, embarking on a campaign-style tour of the Midwest this week the New York Times reports.

Hasbro, Disney Extend Merchandising Relationship

Hasbro today said that it will guarantee an additional $80 million in royalty payments to Walt Disney Co. to extend Marvel licensing pact for two years, to 2020, and also will pay Mouse House up to $225 million extra for Star Wars merchandising rights, Variety reports.

Anworth Mortgage Yields Robust Rewards

Anworth Mortgage Asset, a Santa Monica real estate investment trust, has endured numerous challenges and returned high dividend yields as the market has recovered, the Los Angeles Times reports.

CNBC’s ‘Money Honey’ Exploring Her Options

Longtime CNBC anchor Maria Bartiromo is shopping herself to other cable channels including CNN and Fox Business, the New York Post reports.

Clones Rule as Hollywood Beats Drum at Comic-Con

After Comic-Con, the San Diego pop culture convention that concluded Sunday, the New York Times asks whether serving up more of the same is wise as this summer's big-budget films go thud at the box office. Plus, TheWrap.com provides five takeaways from the four-day the event.

How Bill Chait Became Downtown’s Most Important Non-Chef Restaurateur

A lot of people have had an impact on the blossoming downtown Los Angeles food scene, but as the Los Angeles Downtown News notes in this profile, one thing in particular sets apart prolific restaurateur Bill Chait: He’s not a chef.

Los Angeles Preps for Special Olympics

More than 7,000 world-class athletes and 500,000 spectators will descend on Los Angeles in two years for the biggest sporting event in the region since the 1984 Summer Olympic Games, the Los Angeles Daily News reports. Check out the Los Angeles Business Journal's earlier coverage.

Royal Baby Watch Reaches Climax

Employers, expect a drop in productivity this morning: Kate is in labor. The Hollywood Reporter looks at the media frenzy.

Markets Gain This Morning

In Monday morning trading, the Dow Jones industrial average was up 30 points to 15,574. The Nasdaq rose 13 points to 3,601. The S&P 500 rose 5 points to 1,697.

Tri-Cities: Sale and Lease Activity Up; Vacancies, Asking Rates Relatively Flat

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

San Gabriel Valley: Quarter Sees Activity Increase From Smaller Properties, Owner-Users

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

San Fernando Valley: Entertainment Production Buoys East; Insurer’s HQ Bolsters West

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Wilshire Corridor: Miracle Mile’s Attraction Lets Landlords Boost Asking Rates

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Westside: Santa Monica, Century City, Beverly Hills Stoke Hot Submarket

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Hollywood: Rising Rents Expected to Stick Around After More Space Opens

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Downtown L.A.: Hotel-Office Development to Add Even More Space to Submarket

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

L.A. County: Rising Tide in Hollywood, Westside Can’t Lift Static County Numbers

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Developers Nail Down Construction Projects

REAL ESTATE QUARTERLY

Climbing property values and asking rates spur a surge in ground-up projects.

Beverly Hills Sees Nightlife Role for Theater Venue

NON-PROFIT: Boosters say new center won’t hurt other local institutions.

Boosters hope Beverly Hills enters a new stage of nightlife after a performing arts center opens in the fall.

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Veggie Restaurant Looks Out of State To Beef Up Chain

Veggie Grill chain sees healthy expansion opportunity in better-for-you food movement.

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Crowning Inspiration

Furniture designer credits royal pregnancy for new product line.

Britain’s royal pregnancy delivers inspiration for new furniture line to designer Ann Kirchofer.

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3-D Technology Company Loses Box-Office Focus

FILM: RealD shares fall after format’s lost luster yields slow ticket sales.

3-D technology company RealD loses investors’ focus after disappointing box-office performance.

Internet Postage Firm’s Shares Enveloped by Doubt

ONLINE: Stamps.com’s stock tumbles after analyst issues ‘hold’ rating.

Stock of Internet postage business Stamps.com fails to stick with investors after analyst’s downgrade.

Building Momentum

REAL ESTATE QUARTERLY: Investors flock to L.A.’s rebounding office market, driving deal volume and prices to highs not seen in years.

Building buyers are moving into Los Angeles to get in on the ground floor of the office market’s nascent recovery.

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Chinese Check In

High-powered hotel buyers turn to low-key Frank Yuan for help.

Former apparel importer fashions career out of helping Chinese investors buy U.S. hotels.

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Electronics Company Pedals Image

Belkin name hits road with sponsorship of Tour de France team.

Belkin hopes its Tour de France sponsorship puts the router company on the road to a higher profile.

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Dialed In

INTERNET: Provider of mobile online service FreedomPop closes funding round with $5 million as it prepares to launch its own phone.

FreedomPop’s low-cost wireless service connects with investors in a $5 million fundraising round.

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Visual Effects Firm Sees Future in Diversification

ENTERTAINMENT: 3-D conversion and foreign markets lift Prime Focus. market

Overseas work and diversification play big roles in sustaining visual effects firm Prime Focus World.

Eatery Owner’s New Chapter

Lemonade founder’s cookbook may be step in expanding chain.

Lemonade owner’s new cookbook could feed cafeteria chain’s expansion plan.

Busted Homes Break Up Beverly Hills Buddies

INVESTMENT: Ray Irani sues friend over megamansion mess.

Ousted oil exec Ray Irani says he’s owed millions for pumping up his friend’s real estate business.

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Giving It a Rest

PAGE 3

A recent visit from media mogul Arianna Huffington to the Miracle Mile offices of media-buying agency Universal McCann has had the firm buzzing, about – of all things – getting more ZZZ’s.

Residential Developer Has Lot to Work With in L.A.

REAL ESTATE: Associated Estates to break ground on Miracle Mile apartments.

Residential building developer Associated Estates moves into Los Angeles with projects on Miracle Mile and in Arts District.

Keeping L.A. in the Headlines

OP-ED: Local ownership would help ensure regionally focused, high-quality Times coverage.

Alan Rothenberg writes that local ownership of the Los Angeles Times will keep the area’s interests above the fold.

Take State Franchise Act Off Menu

OP-ED

Fatburger CEO Andy Wiederhorn finds proposed changes to the state franchising law tough to swallow.

South Bay: Vacancy Rate Sinks on Flood of Activity at Long Beach, L.A. Ports

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

Santa Clarita Valley: Region Remains Tenants’ Market Despite Boost in Asking Rates

REAL ESTATE QUARTERLY

Main events in Los Angeles County’s submarkets.

News of the Week

Last week’s major news from labusinessjournal.com and other sources

Data Bank

Calendar and Events

Regional Report

News and notes from communities across Los Angeles County

Friday, July 19

American Homes 4 Rent Hopes to Raise $794 Million in IPO

American Homes 4 Rent said it will seek to raise $794 million in its upcoming initial public offering.

Rexford Industrial Realty Goes Public

Rexford Industrial Realty raised $224 million in its initial public offering Friday after pricing shares at $14, the midpoint of the expected range.

Venture Capital Spending Picks Up Locally

Los Angeles companies raised nearly a quarter billion dollars from venture capital firms in the second quarter, an increase over a sluggish start to the year, according to a report from accounting firm PricewaterhouseCoopers and the National Venture Capital Association.

Jakks, Joe’s Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies saw gains for the second week in a row, with shares of most companies on the list rising.

Markets Mixed at Close

In Friday trading, the Dow Jones industrial average closed down 5 points to 15,544. The Nasdaq fell 24 points to 3,588. The S&P 500 rose 3 points to 1,692. The LABJ Stock Index rose 1 point to 170.

Long Road Ahead for Detroit

Detroit's federal bankruptcy is a new low for a city that once defined industrial America's might but was hollowed out by the flight of residents and businesses, the Wall Street Journal reports. The largest municipal-bankruptcy proceeding in U.S. history will take months to resolve and the only short-term guarantee is more pain, Time reports.

Anthem Spurns State's Small-Business Exchange

Health insurance giant Anthem Blue Cross won't participate in California's new insurance market for small businesses, which the Los Angeles Times reports is a surprising move that could hamper the state's ability to enroll businesses.

County Jobless Rate Rises to 9.7 Percent

L.A. County’s jobs recovery stalled in June as the unemployment rate edged up to 9.7 percent and payroll employment levels remained unchanged, the Los Angeles Business Journal reports.

Latino Groups Seek Herbalife Probe

Latino worker groups and public advocacy organizations this week met with officials from the Federal Trade Commission to ask for an investigation into Herbalife's operations, particularly its handling of its huge network of distributors, the Los Angeles Times reports.

No Rodeo Drive by the Sea?

Malibu residents are weighing whether to regulate the influx of upscale retail chains that are driving quaint mom-and-pop stores out of business, the Los Angeles Times reports. Also check out the Los Angeles Business Journal’s earlier coverage of the controversy.

Moody’s Upgrades U.S. Outlook to Stable

Moody's Investors Service upgraded the outlook for U.S. government debt to 'stable' from "negative" and affirmed the government’s blue chip Aaa rating, citing a surprising drop in the federal deficit, Bloomberg News reports.

Google Search-Ad Prices Drop

Google Inc.'s second-quarter profit and sales continued to climb, but deceleration in the growth of its main business of selling search advertising is reigniting concerns about the impact of mobile devices, the Wall Street Journal reports.

Weak PC Market Catches Up to Microsoft

Microsoft's fourth-quarter earnings and sales missed expectations by a wide margin as the PC market slowdown and a write-down of Surface RT inventory painted a bleak picture, the New York Times reports.

Body Glove Wants to Get its Hand in New Market

Redondo Beach's Body Glove International, known worldwide for its wet suits and other surf and swim products, is entering uncharted waters with its new Body Glove Surge energy shot, the Daily Breeze reports.

JPMorgan May Settle Energy Market Manipulation Case

California utility customers may eventually split more than $100 million if federal regulators settle with JPMorgan Chase & Co. over allegations that the nation's biggest bank manipulated the state's energy market, the Los Angeles Times reports.

How the U.S. Can Live Up to its Energy Potential

The country’s energy policy sends the wrong signals and prevents the United States from reaching its full energy production potential, says Bernard Weinstein, associate director of the SMU’s Maguire Energy Institute, the Dallas Business Journal reports.

Eight Business Lessons From Whitey Bulger

Bloomberg BusinessWeek looks at how James “Whitey” Bulger, the 83-year-old South Boston mob boss now accused of masterminding at least 19 murders, ran his business like a highly skilled CEO.

Markets Fall on Earnings Misses

In Friday morning trading, the Dow Jones industrial average was down 27 points to 15,521. The Nasdaq fell 24 points to 3,587. The S&P 500 fell 1 point to 1,688.

Thursday, July 18

County Jobless Rate Rises to 9.7 Percent

L.A. County’s jobs recovery stalled in June as the unemployment rate edged up to 9.7 percent and payroll employment levels remained unchanged, according to state figures released Thursday afternoon.

City National's Quarter Beats Expectations

Downtown bank holding company City National Corp. boosted loans and profits in the second quarter, beating analysts’ estimates.

OC Investor Takes Interest in U.S. Auto Parts Network

Shares of U.S. Auto Parts Network Inc. rose 8 percent on Thursday on news that a Laguna Beach investment company had accumulated a more than 5 percent stake in the aftermarket auto parts retailer

FTD Cos. Refinances Ahead of Spinoff

Flower-delivery company FTD Cos. Inc. has received a $350 million five-year revolving credit line to refinance its senior secured debt as it prepares to go public.

Markets on Rise at Close

In Thursday trading, the Dow Jones industrial average closed up 78 points to 15,549. The Nasdaq rose 1 point to 3,611. The S&P 500 rose 8 points to 1,689 The LABJ Stock Index rose two points to 169.

EdgeCast Raises $54 Million

The equity and debt investment, EdgeCast's series D, was led by Greenwich, Conn., private equity firm Performance Equity Management.

S&P, Dow Hit Records on Good Earnings Reports

The Dow Jones industrial average and S&P; 500 scaled fresh heights Thursday morning, boosted by some better-than-expected earnings reports and prospects for what Fed Chairman Ben Bernanke might say during a second day of congressional testimony, Reuters reports.

California May Issue Digital License Plates

California may become the first state to issue digital license plates that can be registered electronically and record tolls, the Sacramento Bee reports. Privacy advocates are concerned the plates could become tracking devices for law enforcement.

Sale of Downtown's One Wilshire Sets Record

Widely regarded as the single most important telecommunications hub in the Western United States, One Wilshire has sold more than $437 million, which the Los Angeles Times says makes it one of the most valuable buildings in the city.

Amgen Settles Federal Kickback Allegations

Amgen Inc. has paid the United States more than $15 million to resolve allegations that the Thousand Oaks biotech giant provided illegal financial incentives to physicians and physician groups to induce them to prescribe the bone drug Xgeva, LawFuel.com reports.

Edison Blames Mitsubishi for San Onofre

Southern California Edison is seeking to hold Mitsubishi Heavy Industries Ltd. and Mitsubishi Nuclear Energy Systems liable for defective steam generators that have forced the closure of the San Onofre nuclear power plant, the Wall Street Journal reports.

Disney Shakes Up ABC Studios

In the wake of ABC finishing in third place in viewers and fourth place among the crucial adults 18-49 demographic, Barry Jossen is leaving as the head of television production arm ABC Studios, the Los Angeles Times reports.

Disney Phases Out Perks in Iger Profit Push

Walt Disney Co. is eliminating certain perks, including executive car allowances, as the world’s biggest entertainment company looks to further boost profitability, Bloomberg News reports.

DreamWorks Falls on 'Turbo' Projections

Shares of DreamWorks Animation SKG Inc. fell Wednesday after box office forecasters said the Glendale studio's animated film "Turbo" could disappoint at the box office, the Los Angeles Times reports.

Dell Delays Buyout Vote

Dell has delayed Thursday's vote on founder Michael Dell's plan to take the slumping computer maker private — a sign the board needs more time to rally support, the Associated Press reports.

Pension Funds Sue to Block Detroit's Bankruptcy Filing

Two Detroit pension funds sued the city’s emergency manager and the governor of Michigan, arguing that a bankruptcy filing would conflict with the state’s obligation to pay pensions, Bloomberg News reports.

Verizon Announces Installment Plans for Phones

Verizon Wireless, the nation's largest cellphone carrier, today announced that it is joining AT&T; and T-Mobile in providing installment plans for its phones to satisfy customers who want to upgrade their phones faster or avoid paying the full upfront cost, the Wall Street Journal reports.

Icahn Thanks Ackman for Herbalife Investment

Billionaire investor Carl Icahn said he’s had a change of heart about hedge fund manager Bill Ackman, with whom he’s engaged in a widely publicized rift about the merits of Herbalife Ltd., the Los Angeles Times reports.

Gupta Fined, Banned in SEC Case

Former Goldman Sachs Group director Rajat Gupta was ordered to pay a $13.9 million civil penalty and banned from serving as an officer or director of a public company after having illegally passed corporate secrets to a former hedge fund manager, Reuters reports.

Nice Ride. Now Where Does My Phone Go?

Car makers can design marvels of engineering, like vehicles that self-park and brakes that sense a crash. But creating the perfect spot for a handbag or a cellphone? That's challenging, the Wall Street Journal reports.

Markets Continue Gains

In Thursday morning trading, the Dow Jones industrial average was up 111 points to 15,582. The Nasdaq rose 14 points to 3,624. The S&P 500 rose 12 points to 1,693.

Wednesday, July 17

Jakks Cuts Outlook, Plans Layoffs

Toy maker Jakks Pacific Inc. reported a second quarter loss on lower sales on Wednesday. It also cut its full-year forecast and announced plans to cut jobs, driving shares down 22 percent in after-market trading.

Hedge Fund Takes Interest in AeroVironment

AeroVironment Inc. shares jumped 14 percent Wednesday on news that an activist Newport Beach hedge fund had acquired a 5.1 percent stake in the Monrovia maker of unmanned drone aircraft and electric-car charging stations.

Bankruptcy Judge OKs Sale of THQ Assets

A federal judge has approved video game publisher THQ Inc.'s sell-off of its game titles and development studios and clears the way to end the bankrupt company's estate.

Profitable Quarter for East West

East West Bancorp Inc. reported 5 percent growth in second quarter profit Wednesday, as Los Angeles County’s second-largest locally based bank continued to increase its production of higher quality loans.

Cathay General Profit Grows 8 Percent

Cathay General Bancorp on Wednesday reported solid second quarter earnings, backed by a growing loan portfolio.

MPG Stockholders Approve Brookfield Merger

MPG Office Trust Inc. said shareholders on Wednesday approved the merger of the troubled downtown L.A. commercial landlord with New York's Brookfield Office Properties Inc.

Markets Make Slight Gains

In Wednesday trading, the Dow Jones industrial average closed up 19 points to 15,471. The Nasdaq rose 12 points to 3,610. The S&P 500 rose 5 points to 1,681. The LABJ Stock Index was unchanged at 167.

PageWoo Launches Mobile Ad Platform

On Wednesday the company rolled out NearWoo, a platform that lets small businesses advertise on mobile phones through location technology.

Hollywood Hit by Roaming Bands of Robbers

A dozen people were in custody Wednesday morning following a wild night of cat and mouse between Los Angeles police and marauding bands of youths who were robbing tourists and storefronts in Hollywood, the Los Angeles Times reports.

Mattel Profit Slumps as Costs Rise

Mattel Inc. this morning reported a far weaker than expected 23 percent drop in second quarter profit, as costs rose and Barbie sales fell for the fourth straight quarter, Reuters reports. Shares plunged as much as 7 percent in early trading before recovering somewhat.

Bernanke: Economy Still Faces Headwinds

Federal Reserve Chairman Ben Bernanke said this morning that the central bank’s asset purchases “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant, Bloomberg News reports.

Villaraigosa Becomes Advisor to Banc of California

Former Los Angeles Mayor Antonio Villaraigosa is making his first foray into the private sector, taking a post as a strategic advisor at Banc of California, an aggressively expanding community bank led by specialists in high finance, the Los Angeles Times reports.

Slow, Steady Economic Growth Forecast for L.A.

The Los Angeles County Economic Development Corp. says L.A. County’s economy will continue its broad but frustratingly slow improvement during the rest of this year and into next year, the Los Angeles Business Journal reports.

BeachMint Still Wants PandoDaily Retraction

A bitter feud between Santa Monica start-up BeachMint and tech blog PandoDaily rages on, with both sides still fighting over a PandoDaily report two weeks ago that said the e-commerce company was going under, the Los Angeles Times reports.

House GOP Seeks to Scrap Health Care Law

House Republicans, emboldened by President Barack Obama's delay of a key requirement of his health care law, are taking another run at scrapping his signature domestic policy, the Associated Press reports.

Too Many Tentpoles?

Three flops – "Pacific Rim," "The Lone Ranger" and "White House Down" – are leading studios to re-evaluate their plans as an overcrowded summer schedule leads to millions in losses. One analyst tells the Hollywood Reporter, "It's not worth the pain."

Google Pitches Online TV Service

Google is one of several technology giants trying to license TV channels for an Internet cable service, the New York Times reports.

Musk Morphs from Tony Stark to Henry Ford

Elon Musk inspired Robert Downey Jr.’s portrayal of comic-book billionaire industrialist Tony Stark in the “Iron Man” films. But the real role model for Musk, a billionaire industrialist, appears to be Henry Ford, Bloomberg News reports.

Tribune Names Real Estate Chief

As Tribune Co.'s president of real estate, Murray McQueen will assess whether the Chicago media company is making as much money as it can from its holdings, including downtown L.A.'s historic Los Angeles Times headquarters, the Times reports.

Treasury Secretary Defends Financial Overhaul

The Obama's administration's effort to reshape and fortify financial markets has ended the concept of "too big to fail" banks, Treasury Secretary Jacob Lew said Wednesday, taking direct aim at criticism that postcrisis changes remain insufficient, the Wall Street Journal reports.

Trading Revenue Boosts BofA's Profit

Bank of America Corp.'s second-quarter profit jumped 63 percent as the bank posted strong trading results and worked to cut expenses, the Wall Street Journal reports.

Despite Fears, Bond Market Functioning Fine

So how is the financial system faring after the turbulence that swept through the bond market? Pretty well, judging by the latest financial results from Wall Street banks, the New York Times reports.

Smartphone Upgrades Slow

Fewer people are upgrading their smartphones, the Wall Street Journal reports, a trend that could make it harder for companies from AT&T; Inc. to Apple Inc. to keep up the pace of revenue growth.

Irwin Held, Former Owner of Barney's Beanery, Dies

Irwin Held, who owned and operated the West Hollywood watering hole Barney’s Beanery for decades, died on Monday, the Los Angeles Times reports. He was 87.

Millennials Will Carry Economy to Next Level

As the oldest of an estimated 90 million American Millennials begin to turn 35, they will start to be counted on as the next leg in the bull market, Yahoo Finance's BreakOut Blog reports.

Markets Up Slightly on Bernanke Remarks

In Wednesday morning trading, the Dow Jones industrial average was up 27 points to 15,479. The Nasdaq rose 12 points to 3,610. The S&P 500 rose 6 points to 1,682.

Forecast: Slow, Steady Economic Growth for L.A.

L.A. County’s economy will continue its broad but frustratingly slow improvement during the rest of this year and into next year, according to a regional forecast to be released Wednesday.

Tuesday, July 16

Platinum Equity to Acquire CBS Outdoor International

CBS Corp. on Tuesday said that it will sell its CBS Outdoor International subsidiary to an affiliate of Beverly Hills private equity firm Platinum Equity for about $225 million.

USC Acquires First Community Hospital

USC has purchased Verdugo Hills Hospital and expects to spend at least $30 million to upgrade the Glendale facility.

L.A. Port Activity Fell Last Month

Cargo volumes through the Port of Los Angeles slid 7.2 percent in June compared with a year earlier, while the Port of Long Beach traffic remained basically flat.

Joe's Jeans Slumps on Earnings Miss

Shares of Joe's Jeans Inc. sank 21 percent Tuesday, a day after the designer denim maker reported a worse-than-expected 17 percent decline in second-quarter profit as well as an acquisition.

Markets Slip at Days End

In Tuesday trading, the Dow Jones industrial average closed down 9 points to 15,452. The Nasdaq fell 9 points to 3,598. The S&P 500 fell 6 points to 1,676. The LABJ Stock Index fell 1 point to 167.

Tinder Lights Fire for Android Users

Tinder on Tuesday announced that Android users can now find love through the app.

Startup Activity Slows in First Half

The report, which looks at the first six months of the year, found that 94 startups formed during the period.

Petersen Museum Takes Major Detour

The storied Petersen Automotive Museum has begun auctioning off nearly a third of its collection of about 400 classic cars to finance a major face-lift and reconfiguration of the institution, the Los Angeles Times reports. The Miracle Mile museum's new leadership wants a greater emphasis on motorcycles and French art deco vehicles.

Musk to Unveil Designs for ‘Hyperloop’

Tech mogul Elon Musk says he's working on a "fifth mode" of transportation that can zip you from Los Angeles to San Francisco in half an hour via an enormous pneumatic tube, Wired reports.

Dodgers Drop Deal with L.A. Fire Department

After criticism from union leaders and city fire commissioners, the Los Angeles Dodgers are dropping a deal with the Los Angeles Fire Department to provide emergency medical service at the team's home games, the Los Angeles Times reports.

Skechers Sends Out $40 Million in Refund Checks

More than half a million checks are in the mail to people who bought toning shoes from Skechers USA, CNBC reports. The $40 million payout is part of a settlement reached with the Federal Trade Commission last year.

Mixed Results in Health Pilot Plan

A key Medicare and Medicaid Services pilot program, designed to meet standards of the new federal health law, is finding that lowering health-care costs can be tougher than improving the quality of care, the Wall Street Journal reports.

Big Home Builders on Buying Spree

Large publicly traded home builders are snapping up privately held companies that made it through the housing slump but now are struggling to find financing, the Wall Street Journal reports.

Google, Yahoo Join Forces Against Pirate Sites

A handful of tech giants — including AOL, Google, Microsoft, and Yahoo — have teamed up with the Interactive Advertising Bureau and the White House to reduce the flow of ad revenue to operators of online sites engaged in significant infringement and counterfeiting, PC Magazine reports.

The Quiet Force at DreamWorks

Bill Damaschke, DreamWorks' chief creative officer, is increasingly calling the artistic shots as Jeffrey Katzenberg, focuses on other areas at the film studio, the New York Times reports.

Pimco's El-Erian: ‘New Normal' Still Not Over

Even with the recent spike in bond yields and Federal Reserve taper talk on an improving economy, the "new normal" of slow economic growth, high unemployment and government debt problems is persisting, Pimco chief Mohamed El-Erian told CNBC on Tuesday.

Study: Putting Off Retirement Cuts Chances of Dementia

A huge French study, presented Monday at the Alzheimer's Association International Conference in Boston, says that for every year you put off retirement, your chances of developing Alzheimer's disease or other types of dementia are cut by 3 percent, the Los Angeles Times reports.

Karabell: Stop Trading Off Bernanke Taper Talk

Yahoo Finance's Breakout blog calls on Zachary Karabell of River Twice Research to remind us that it's a huge mistake for most investors to play the game of buying or selling based on their interpretation of what Fed chief Ben Bernanke might say later this week.

Markets Off Slightly This Morning

In Tuesday morning trading, the Dow Jones industrial average was down 26 points to 15,458. The Nasdaq fell 9 points to 3,598. The S&P 500 fell 5 points to 1,682.

Monday, July 15

Parent of Gelson's Markets to Consider Sale

Arden Group Inc., owner of the tony Gelson's Market supermarket chain, said on Monday that it was it was considering strategic options, including a potential sale.

Wilshire Bancorp to Buy Saehan

Wilshire Bancorp Inc. said Monday that it has agreed to buy Saehan Bancorp, a competing Koreatown bank, in a stock-and-cash deal valued at more than $105 million.

Joe’s Jeans to Buy Hudson Clothing

Two Commerce premium denim companies have stitched together a plan to become one.

Former Dissident Shareholder Becomes Qualstar's Interim CEO

Steven Bronson, the investor who took control of Qualstar Corp. after a proxy fight, has been named its interim chief executive and president, the company announced Monday.

USamp Gets $15 Million in Private Equity Funding

USamp has received a $15 million investment from two private equity firms, which will be used to enhance the marketing company’s online services.

Markets Rise on Monday

In Monday trading, the Dow Jones industrial average closed up 20 points to 15,484. The Nasdaq rose 7 points to 3,607. The S&P 500 rose 2 points to 1,682. The LABJ Stock Index was unchanged at 168.

Freeway Fire Closes Interstate 5

Saturday's tanker-ignited inferno off the 2 Freeway will continue to force the closure of all northbound lanes and two southbound lanes of the 5 Freeway today, the Los Angeles Times reports. The closure, which affects an estimated 150,000 drivers, could last until Tuesday, the Los Angeles Daily News reports.

Gulf Oil CEO: Expect $50 Oil, But Not $2 Gas

Oil prices should be about half of today's $105 a barrel by the end of the year, Gulf Oil Chief Executive Joe Petrowski predicted on CNBC today. But it won't translate into $2-a-gallon gasoline because it still has to be refined and transported.

Business Inventories Barely Rose in May

Business inventories rose marginally in May as sales rebounded, adding to a raft of data that have pointed to a sharp slowdown in economic growth in the second quarter, Reuters reports.

Disney Settles Antitrust Suit over Recruiting from Rivals

Units of Walt Disney Co., the world’s largest theme-park operator, tentatively settled a lawsuit alleging they violated U.S. antitrust law by agreeing with competitors not to recruit one another’s employees, Bloomberg News reports.

Retail Sales Offer Cautionary Note

Retail sales rose less than expected in June, the latest sign of a slowdown in economic growth that could argue against the Federal Reserve's plan to start trimming its monetary stimulus later this year, Reuters reports.

Long Beach May Update Urban Agriculture Rules

Urban chicken, goat and beekeeping would be ushered into the 21st century under new rules that the Long Beach City Council will consider on Tuesday, the Long Beach Press Telegram reports.

Developers Building Trendy Homes on Tiny Lots

The Los Angeles Times details the latest in Los Angeles residential development: clusters of skinny single-family homes in the city's hippest neighborhoods, such as Silver Lake and Echo Park.

Rick Cole Brings His Experience to L.A.

Rick Cole, Eric Garcetti's new deputy mayor for budget and innovation, has served as manager and mayor of several smaller cities, including Pasadena and Ventura, the Los Angeles Times reports.

China Slump Ripples Globally

As the numbers pile up showing China's growth cooling down, industries world-wide—from German paper-cutter makers to Indonesian palm-oil exporters—are confronting an altered landscape, the Wall Street Journal reports.

Tennis Channel Asks for New Hearing

The Tennis Channel is asking a D.C. appellate court for a rehearing of its claim that Comcast unfairly placed the Santa Monica-based channel in a less desirable tier than Golf Channel and other similar channels, Variety reports.

Attention, Shoppers: Store Is Tracking Your Cell

Retailers from Nordstrom to Benetton are using video surveillance and signals from their cellphones and apps to decide on matters like changing store layouts and offering customized coupons, the New York Times reports.

New Restaurants to Replace ESPN Zone

The ESPN Zone sports bar and restaurant at L.A. Live closed over the weekend to make way for three new restaurants — operated by Consumer Concept Group of Denver — next to Staples Center, the Los Angeles Times reports.

BlackBerry Z10 Prices Drop to $49

Four months after launching BlackBerry Ltd.'s flagship Z10 smartphone, U.S. carriers and retailers are already discounting the device by as much as 75 percent, the Wall Street Journal reports.

Hiding Microsoft's Money-Losing Businesses

While there has been significant attention focused on how Microsoft's new realignment could affect the company’s technology and products, investors should also expect to see a rejiggering of the company’s financial reporting, the Puget Sound Business Journal reports.

Battle Flares Over Medical Malpractice Law

A coalition of consumer advocates, trial lawyers and the nurses union is gathering signatures for a state ballot initiative to raise the state's 38-year-old cap on certain medical malpractice damages, the Los Angeles Times reports. Also check out the Los Angeles Business Journal's earlier coverage of this effort.

TSA Considers 'Randomizer' for Screening Travelers

In the foreseeable future, fliers can expect to be “randomized” electronically so Transportation Security Administration officers can’t be accused of profiling passengers, the Los Angeles Times reports.

Pay TV Pushes Back on Rising Sports Costs

Cable and satellite TV providers have complained for years about the rising cost of sports programming. Now armed with new viewing data that show most subscribers aren't big fans, they're beginning to fight back, the Wall Street Journal reports.

How to Get to the Top of YouTube

Ben Relles, YouTube's head of programming strategy, talked with USA Today about the world's most popular video site's new "Playbook," a compilation of best practices for producers to get their video to rise to the top.

Markets Up in Early Trading

In Monday morning trading, the Dow Jones industrial average was up 7 points to 15,471. The Nasdaq rose 2 points to 3,602. The S&P 500 rose 1 point to 1,681.

Data Bank

Calendar and Events

Dolls Tuned Up For Multimedia

TOYS: Creator hopes Beatrix band is music to little girls’ ears.

Popstar Club hopes to stage a doll world coup with its Beatrix Girls rock band line.

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Game Over for ESPN-Branded Eatery at L.A. Live

DINING: Complex scores triple play with new restaurants to take space.

L.A. Live will sport three new eateries in the space occupied by the shuttered ESPN Zone.

Bad Math Left Hospital at Loss

HEALTH CARE: Trustee says accountant botched the books.

Downey hospital nursing sale while alleging its problems were caused by faulty accounting.

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Bank Parent Looks to Lock Up Recapitalization

LENDING: Broadway hopes to boost share price to remain on Nasdaq.

Broadway Financial seeks a capital idea to boost its share price and preserve its Nasdaq standing.

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Climbing Ladder

ALCOHOL: Fireman’s Brew drafts industry veteran to help guide the beer maker’s national expansion plan.

Beer company Fireman’s Brew has turned up the heat on an expansion strategy.

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Eateries Wade Into Bay Conservation

Non-profit, restaurants promote preservation with food giveaways.

Santa Monica Bay environmental group teams with restaurants to put conservation on the menu.

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Deli Chain Cuts Fat, Turns to Groceries to Beef Up Sales

DINING: Slimmer Jerry’s looks to add on-site market to its plate.

Jerry’s Deli hopes to add a side of groceries to its restaurant business with an on-site market.

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Real Estate Firm to Recast Talent Agency’s HQ

ACQUISITION: Property picked up for $66 million by Kennedy-Wilson.

Kennedy-Wilson Holdings Inc. has acquired the Beverly Hills office buildings that were once home to talent agency William Morris Endeavor in a $66 million deal.

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Chip Maker’s Turnaround Flips Switch on Wall Street

TELECOM: Vitesse’s new leadership and products power up share value.

Chip maker Vitesse hopes to raise its profile on the Wall Street circuit with new product lines.

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Homed In

Clothing maker shores up U.S. production, brand

Clothing maker Karen Kane has reeled in overseas production and now looks to boost sales with new lines.

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‘IGen’ Touchy, Tricky Demographic

Pushing the right buttons with the tech-savvy iGeneration is a challenge, writes Stefan Pollack.

Safeguarding Creativity

Helping businesses protect their intellectual property will pay off in California.

Mark Elliot and Leron Gubler urge businesses to take care of the intellectually property that buoys California’s economy.

News of the Week

Last week’s major news from labusinessjournal.com and other sources

Rivals’ Appeal Too Much for Downtown L.A. Firm

EMPLOYMENT: Recently merged Norton Rose loses 11 lawyers to competitors.

London’s Norton Rose Fulbright has lost 11 attorneys in its downtown L.A. office to rival firms this month, including the heads of its L.A. labor and employment and health care practices.

Public Broadcaster Channels Japanese Programs

TELEVISION: KCETLink pairs with NHK to offer English-language fare.

In yet another move to forge a new image, Burbank public TV outlet KCETLink made a deal last week to broadcast a 24-hour channel originating from Japan.

Cancer Drug Maker Passes Animal, Investor Tests

BIOTECH: CytRx shares rise on positive results for brain tumor product.

Positive test results for CytRx’s cancer drug yields healthy interest from investors.

Regional Report

News and notes from communities across Los Angeles County

Stepping Up On Carbon Footprint

Ad agency’s app lets users track impact on climate change.

Agency hopes smartphone users warm up to its climate change app.

Commercials Take Tunes For New Spin

MediaHorse cues up cover songs to pitch variety of products.

MediaHorse has commercials covered with its remakes of old songs.

Friday, July 12

Ceres Drops on Downgrades

Shares of seed company Ceres Inc. plunged 28 percent on Friday after analysts downgraded shares following a larger-than-expected loss in its fiscal third quarter and disappointing news about crop yields.

PennyMac Obtains $200 Million Credit Facility

PennyMac Financial Services Inc. has signed a $200 million revolving credit facility with Morgan Stanley to fund the purchase of mortgages.

Ceres, CytRx Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies closed up for the week, with most companies on the list seeing gains.

Markets Make Gains Friday

In Friday trading, the Dow Jones industrial average closed up 3 points to 15,464. The Nasdaq rose 23 point to 3,600. The S&P 500 rose 5 points to 1,680. The LABJ Stock Index rose 1 point to 168.

Hulu Will Not Be Sold

Owners NBCUniversal, 21st Century Fox and Walt Disney Co., have taken the site off the market. Instead, they announced Friday morning they will invest another $750 million the company.

Shareholders Approve US Airways-American Merger

US Airways Group Inc. moved a step closer to an $11 billion merger with AMR Corp’s American Airlines after its shareholders this morning approved the combination, Bloomberg News reports.

JPMorgan Quarterly Earnings Jump 31

JPMorgan Chase, the nation’s largest bank, reported a 31 percent surge in second-quarter earnings on Friday, the New York Times reports.

L.A. Settles Longstanding Mammoth Lakes Dispute

The Los Angeles Department of Water and Power and the Mammoth Lakes Community Water District announced Thursday that they have reached a compromise settlement over a water dispute, the Los Angeles Times reports.

Who Will Really Pay the Price in Hollywood Intern Lawsuit?

Are the "hush-hush" days of unpaid showbiz interns coming to an end? Many interns sure hope not, TheWrap.com reports.

Huge Federal Budget Surplus Reported for June

The U.S. government posted a budget surplus in June, which Reuters reports is the latest sign of rapidly improving public finances that could reduce the urgency for Congress to raise the nation's limit on borrowing.

Electric Car Makers Shred Sticker Prices

The price of an electric car seems to drop each year. But as Bloomberg BusinessWeek reports, this is more a cautionary tale than a story of a new product enthralling buyers and moving into the mass market.

Hedge Funds End Winning Streak

Hedge funds around the world saw negative returns in June to end seven months of straight gains amid a broad pull-back in equity markets, CNBC reports. Bloomberg BusinessWeek looks at what may be behind the industry's reversal of fortune.

Most Adults Always Have Smartphone Close By

We already know many people are addicted to their smartphones, but a new study gives a clearer idea of just how much users can get attached to their device, the Los Angeles Times reports.

Daily Fantasy Sports Sites Bet on Instant Payouts

Startups in the short-term fantasy sports field, in which payback is immediate, are gaining popularity and funding, the Los Angeles Times reports.

Stretched Car Loans Gain Traction

A record number of car buyers are taking out loans of six, eight or even 10 years in an era when cars last longer and have better warranties, the Los Angeles Times reports.

Lions Gate Stock Jumps on Sleeper Hits

Wall Street has stayed bullish on Lions Gate as the stock hit another record high in the wake of strong performances by sleeper hits “Kevin Hart: Let Me Explain” and “Now You See Me,” Variety reports.

More Schmoozing Than Dealmaking at Sun Valley

L.A. media mogul Haim Saban stretched out in an upholstered chair in the Duchin bar of Sun Valley Lodge and kicked off his shoes before chatting with News Corp.’s Chase Carey. That's typical of the tone at the Sun Valley conference, whose guest list is a barometer of power amongst media and technology’s elite, Variety reports.

Big Surge in the Biotech Sector Driven by Potential Deals

The feared “patent cliff” for brand-name drugs, which has caused billion-dollar blockbusters like Pfizer’s Lipitor and Bristol-Myers Squibb’s Plavix to lose ground to generic competition, has been driving Big Pharma to hunt for innovation among small biotechs, the New York Times reports.

Dow, Nasdaq Up, S&P Down

In Friday morning trading, the Dow Jones industrial average was up 2 points to 15,463. The Nasdaq rose 1 point to 3,580. The S&P 500 fell 1 point to 1,674.

Thursday, July 11

Governor Signs Laws Replacing Enterprise Zones With Tax Breaks

Gov. Jerry Brown on Thursday signed legislation sharply restricting enterprise zone tax credits and replacing them with a sales tax exemption on the purchase of manufacturing equipment.

State Companies Win in Workers Comp Insurance Disputes

California companies have won a legal victory as the state regulators forced a national workers’ compensation insurer to stop forcing employers to resolve insurance disputes out of state.

Stocks Surge

In Thursday trading, the Dow Jones industrial average rose 169 points, or 1.1 percent, to 15,461. The Nasdaq jumped 58 points, or 1.6 percent, to 3,578. The S&P 500 was up 22 points, or 1.4 percent, to 1,675. The LABJ Stock Index rose 3 points to 167.

FreedomPop Ends A Round With Another $5 Million

FreedomPop is polishing off its A round of funding with an extra $5 million from investors.

Microsoft Revamps

Microsoft on Thursday confirmed that it would dissolve its eight product divisions in favor of four new ones arranged around broader themes, the New York Times reports. Wired.com reports that the reshuffling marks another huge win for Julie Larson-Green, who will steward the company's core mission: hardware devices games, music, and entertainment

Rate Surge Catches Banks Off Guard

A rise in long-term interest rates is creating challenges and opportunities for the largest U.S. banks as they struggle to overcome lackluster loan demand, a weak economy and new regulations that crimp profits, the Wall Street Journal reports.

U.S. Brands Agree to Factory Safety Plan

Wal-Mart Stores Inc. and more than a dozen other North American retailers have struck a five-year deal to improve worker safety in Bangladesh following a deadly garment-factory collapse in April, the Wall Street Journal reports.

Home Repossessions Fall

Fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, the latest sign that the nation is shaking off its housing bust hangover, the Associated Press reports.

Santa Monica to Get More Lively Around City Hall

A once-sedate seaside stretch of downtown Santa Monica is about to get busy as a sprawling residential and retail complex and a 6-acre city park near completion along increasingly tony Ocean Avenue, the Los Angeles Times reports.

Fallout From Apple’s Loss on E-Books

A federal judge has ruled that Apple violated antitrust law in conspiring with publishers to raise prices of e-books, which the New York Times says may affect how the company cuts deals with media companies that help make its iPhones and iPads compelling.

Commercial Real Estate Development Surge Expected

Commercial real estate leaders expect California's nonresidential market to keep growing for the next three years but start to slow after 2016 or 2017. the Los Angeles Times reports.

Hackers Convention Ask Feds to Stay Away

The annual Def Con hacking convention has asked the federal government to stay away this year for the first time in its 21-year history, saying Edward Snowden's revelations have made some in the community uncomfortable about having feds there, Reuters reports.

Insiders Shift From 'Buy' to 'Sell' as Bankruptcy Nears

A Wall Street Journal review of thousands of trades by insiders in their own company's stock found the trades veering heavily toward selling rather than buying as bankruptcy filings drew nearer.

Yes, the Feds Hoards Raisins

The Supreme Court recently ruled in an obscure little case brought by a California raisin farmer, who claims that by requiring him to pay into a so-called "raisin reserve" the U.S. Department of Agriculture is illegally confiscating his private property, Bloomberg BusinessWeek reports.

Eisner Praises Iger, Plays Down Film Miss

Michael Eisner, who ran Walt Disney Co. for 21 years, minimized the financial fallout from box office bust “The Lone Ranger” and said successor Robert Iger should continue as chief executive, Bloomberg News reports.

Summer Box Office Entering Dud Zone?

Unless either “R.I.P.D.” or "Turbo" pulls off a major tracking turnaround by July 19, Hollywood will experience an unprecedented four straight weeks of megaflops among films that cost $100 million or more to make, TheWrap.com reports.

North Hollywood Woman Sues Her Psychic

A woman has sued her former psychic reader, alleging the soothsayer conned her out of nearly $11,000 with false promises that she could lift a curse on the plaintiff's love life, the Los Angeles Daily News reports.

Morning Boost for Markets

In Thursday morning trading, the Dow Jones industrial average was up 143 points to 15,435. The Nasdaq rose 42 points to 3,562. The S&P 500 climbed 18 points to 1,670.

Wednesday, July 10

L.A. Tech News

Startups looking to raise money will soon be able to shout it to the rooftops thanks to a new rule from the Securities and Exchange Commission that will make it easier for crowdfunding ventures. Read the Business Journal's story here. Now that Surf Air’s planes are flying, the Santa Monica company is already expanding its service. Surf Air announced Wednesday that it has added flights to and from Santa Barbara. Read the Business Journal's story here.

Nasdaq and S&P Up, Dow Down

In Wednesday trading, the Dow Jones industrial average was down 9 points, or one-tenth of a percent, to 15,292. The Nasdaq was up 17 points, or one-half of a percent, to 3,521. The S&P 500 was up less than a point to 1,653. The LABJ Stock Index was unchanged at 164.

SEC Lifts Ban on General Solicitation

Private companies venture capital funds and hedge funds will soon be able to advertise their fundraising efforts.

Surf Air Takes Off for Santa Barbara

Surf Air has added flights to and from Santa Barbara.

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Tribune to Split in Two

Ending months of speculation, Tribune Co. announced on Wednesday that it would spin off its newspapers, including The Los Angeles Times and The Chicago Tribune, into a separate division called Tribune Publishing, The New York Times reports.

Lyft Enthusiasts Rally to Save LA Ridesharing

Supporters of the rideshare company Lyft rallied Tuesday night to try to keep the company alive in Los Angeles, KABC reports. Check out the Business Journal's coverage of the rideshare controversy here.

Judge Rules Against Apple in E-Books Trial

A federal judge on Wednesday found that Apple violated antitrust law in helping raise the retail price of e-books, saying the company “played a central role in facilitating and executing” a conspiracy with five big publishers, The New York Times reports.

Downtown Gets a New Sports Shop

Sport Chalet’s journey to opening a Downtown Los Angeles store this week is almost 15 years in the making, the Los Angeles Downtown News reports.

California Pizza Kitchen Tries a New Look

To know one California Pizza Kitchen restaurant was to know them all, the Los Angeles Times reports. Now, the 28-year-old mall staple is undergoing what its CEO calls a "de-chaining," upgrading its image and menu to be more individual, relevant and attractive to foodies.

For This Southern California Chauffeur Service, Bring Your Own Car

A few Southern California firms have carved out a niche for chauffeurs. They also charge less than traditional limousine service, the Los Angeles Times reports.

Film Set Signs Specialize in Misdirection

Many people in Los Angeles know that the posters popping up periodically in their neighborhoods mean a TV show or movie is being filmed nearby. What they may not know is that the production information on those signs is often misleading, the Los Angeles Times reports.

Legendary Entertainment Moves to NBCUniversal

Legendary Entertainment has found a new home: NBCUniversal, as it ends an eight-year relationship with Warner Bros., Variety reports.

Could the Rams Return to Los Angeles?

The NFL-to-L.A. carousel is spinning again, the Los Angeles Daily News reports. The St. Louis Convention & Visitors Commission informed the NFL's Rams it cannot, and will not, come up with the $700 million needed to renovate the Rams' home for the past 18 years. And the Rams are now free to leave after the 2014 season.

Dot-LA Domain Name Up for Grabs, Thanks to Go Daddy

Internet-domain company Go Daddy has launched the first big marketing campaign for its dot-LA suffix, focused on businesses of all types in the Los Angeles area, the Los Angeles Daily News reports.

Dow and S&P Fall, Nasdaq Up

In Wednesday morning trading, the Dow Jones industrial average fell 20 points, or one-tenth of a percent, to 15,280. The Nasdaq ticked up four points, or one-tenth of a percent, to 3,508. The S&P 500 dropped 2 points, or one-tenth of a percent, to 1,650.

Tuesday, July 9

UPDATED: L.A. Entertainment Company to Bring Back Classic Video Games

Writers' Group Film Corp. announced Tuesday that it will acquire Amiga Games Inc., which licenses and republishes video games originally created for Commodore PCs.

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Fullscreen Launches Creator Platform

The platform provides content creators and brands with apps that will help them build their audience and monetize their content.

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CytRx Shares Spike on Trial Results

Shares of cancer drug developer CytRx Corp. spiked Tuesday after the company announced positive results from a trial for one of its drugs.

Rexford Industrial Prices IPO

Rexford Industrial Realty announced the pricing range for its upcoming initial public offering

Summer Heats up American Apparel Sales

Clothing maker American Apparel announced Tuesday that sales were up last month due to strong demand for summer wear.

Ixia Shares Plunge on Lower Revenue

Ixia shares fell nearly 20 percent on Tuesday after the company reported lower-than-expected revenue and two analysts downgraded the stock.

Markets Go Higher

In Tuesday trading, the Dow Jones industrial average rose 76 points, or one-half of a percent, to 15,300. The Nasdaq was up 19 points, or six-tenths of a percent, to 3,504. The S&P 500 ticked up 12 points, or seven-tenths of a percent, to 1,652. The LABJ Stock Index gained 1 point to 164.

Factual Launches Data Analytics Products

Factual released two products Tuesday to help mobile app developers and publishers better understand the habits of their users.

Retired Longshore Workers Protest Over Benefits

A dispute over medical benefits erupted into a work stoppage at the Port of Long Beach on Monday as at least 200 longshoremen picketed the office of their employer, the Pacific Maritime Association, according to the Daily Breeze.

Garcetti Asks Top City Managers to Reapply for Their Jobs

In an attempt to increase efficiency at L.A. City Hall, Mayor Eric Garcetti on Monday asked the top managers of 35 city agencies and departments to reapply for their jobs, the Los Angeles Times reports.

Hulu Attracts at Least Three Bids

Streaming video site Hulu attracted binding bids from suitors including DirecTV, a partnership of AT&T; Inc. and Chernin Group and the tandem of Guggenheim Digital Media and private-equity firm KKR, The Wall Street Journal reports.

Miramax Chairman's Exit Adds Another Hurdle for Firm's Turnaround

The Miramax film company's attempts to reestablish itself as a Hollywood powerhouse hit another snag with the resignation of Chairman Richard Nanula, the Los Angeles Times reports.

Regulators Examining Sales of Early Financial Data

The financial industry is bracing for new scrutiny of services that give trading firms an advance look at market-moving data and news, The New York Times reports.

Sore Feelings as U.S. and Europe Begin Trade Talks

Negotiations over a trade deal encompassing nearly half the global economy kicked off on Monday, despite concerns that the United States has been spying on its European allies, The New York Times reports.

After 'Lone Ranger,' Disney May Not Be Willing to Take Risks

As Walt Disney Studio's "The Lone Ranger" limps off into the sunset after a bruising box-office encounter with the minions of "Despicable Me 2," it could be years before the studio gambles on a character unfamiliar to young moviegoers, the Los Angeles Times reports.

Fandango Strikes Deal to Sell Pacific Theatres' Movie Tickets

Fandango, the nation's largest movie ticket service, is ordering up more business in Southern California, the Los Angeles Times reports.

Director of MJ's Comeback Show Takes Stand

Kenny Ortega, the director of Michael Jackson's doomed comeback show, began his testimony Monday about what AEG Live executives did and said in Jackson's final days, CNN reports.

Funky Remix? How to Reach No. 1 on Billboard's DJ Chart

An unlikely song shot past Daft Punk's monster hit "Get Lucky" to the top of Billboard's "Dance/Club Play" chart last month. Called "People Like Us," it's by pop singer and former "American Idol" winner Kelly Clarkson, The Wall Street Journal reports.

Perelman Sues Old Friend Milken

The billionaire deal maker Ronald O. Perelman loves to litigate. Targets have included his former vice chairman, his onetime chief financial officer, the investment bank Morgan Stanley and his four former wives, The New York Times reports. Now he has begun a legal battle against a man who helped put him on the map: Michael R. Milken.

Markets Rising

In Monday morning trading, the Dow Jones industrial average climbed 56 points, or four-tenths of a percent, to 15,280. The Nasdaq rose 12 points, or three-tenths of a percent, to 3,497. The S&P 500 ticked up 8 points, or one-half of a percent, to 1,649.

Monday, July 8

Barrack Replaces Nanula at Miramax

Billionaire Tom Barrack, chief executive of Santa Monica private equity firm Colony Capital, is taking over as chairman of film and TV studio Miramax, the company announced Monday.

Response Genetics Shares Rise on Contract

Shares of Response Genetics Inc. rose on Monday after the Los Angeles diagnostic testing company announced Monday it signed a contract with health insurance company Blue Cross and Blue Shield of Illinois.

Markets Up at Close

In Monday trading, the Dow Jones industrial average was up 89 points, or six-tenths of a percent, to 15,225. The Nasdaq rose 5 points, or two-tenths of a percent, to 3,485. The S&P 500 climbed 9 points, or one-half of a percent, to 1,640. The LABJ Stock Index was up one point to 163.

Border 'Surge' Plan Would Be Bonanza for Companies, States

The Senate immigration bill that goes to the House this week includes a $46-billion "surge" of border security measures that would produce a financial bonanza for some of America's largest aerospace, technology and security companies, as well as some border states, the Los Angeles Times reports.

U.S.-EU Free Trade Talks Begin

The United States and the European Union, after nearly two years of preparation, start talks on Monday aimed at securing a free-trade agreement to squeeze new economic growth out of the world's largest trade and investment relationship, Reuters reports.

'Despicable Me 2′ Outdraws ‘Lone Ranger’ at Box Office

Tonto and Co. were trampled by “Despicable Me 2,” a Comcast Corp.’s Universal Pictures sequel that ended the five-day holiday weekend with a gross of $142 million, The Wall Street Journal reports.

Disney's 'Lone Ranger' Could Lead to $150 Million Loss

Disney's The Lone Ranger has ended up in the box office stockades, with the studio and even producer Jerry Bruckheimer facing a substantial loss after the meek opening of the Western in North America and in its first overseas markets, according to The Hollywood Reporter.

U.S. Office-Market Recovery Stalls as Rent Growth Slows

The U.S. office-market recovery struggled to accelerate in the second quarter as occupancy gains stalled and rent growth slowed, according to Bloomberg.

UCLA, Southwestern Law Students to Write Amicus Briefs

Two Los Angeles law schools are launching programs designed to give their students real-world legal experience by writing briefs on behalf of non-profit groups or other causes that professors deem worthy, the Los Angeles Times reports.

How Netflix Is Shaking Up Hollywood

TV and film studios once saw Netflix as a way to make some extra money licensing older shows and movies. Now, they view the streaming site as a potential financier, a launch pad for original shows and an aggressive buyer of some programming, The Wall Street Journal reports.

A Different Deal Mania Grips TV

After years of small-bore shifting and tweaking by media companies, big deals are back on the table. Using relatively cheap capital, companies in dire need of diversification away from wounded businesses like print are going shopping, The New York Times reports.

Company in Simi Valley Fireworks Disaster Has History of Accidents

Bay Fireworks, the company that conducted Simi Valley’s disastrous Fourth of July fireworks display, has been involved in other accidents in the past, according to KTLA.

Leather, Knee Highs, Wigs Highlight Anime Expo in Los Angeles

More than 50,000 fans attended the 2013 Anime Expo at the Los Angeles Convention Center over the weekend, the Los Angeles Daily News reports.

Markets Up

In Monday morning trading, the Dow Jones industrial average rose 78 points, or one-half of a percent, to 15,214. The Nasdaq rose 3 points, or one-tenth of a percent, to 3,482. The S&P 500 rose 8 points, or one-half of a percent, to 1,640.

Oil Company Digs Oklahoma

ENERGY: BreitBurn steps into state with $860 million deal.

BreitBurn moves into Oklahoma sooner, not later, with an $860 million deal for oil and gas fields.

Beer Crafter Hops Onto Crowdfunding

Dave Hodgins looks to tap Kickstarter to get Dry River flowing.

Beer maker bellies up to crowdfunding to get his brewery off the ground.

Crowdfund Site Taps Star Power

FundAnything hopes celebrity campaigns will help it stand out from the crowdfunding competition.

Design-Build Delivers in California

Mark Kempton warns that California could lose a design-build process that benefits projects.

How to Account for IRS?

Complicated code works for wealthy who have resources to avoid paying levies.

Grant Cardone writes that it pays to be rich when it comes time to avoid the IRS’ bite.

Postproduction Business Boosts Scene in Burbank

LEASE: Pivotal Post signs 10-year deal in market hit by Disney’s departure.

Postproduction company Pivotal Post is moving its headquarters to Burbank, a good omen for the media-driven city that was hit with high vacancy rates when Walt Disney Co. consolidated its offices earlier this year.

Data Bank

Calendar and Events

Scaling L.A.

Raul Anaya has worked on some major transactions as president of local market for Bank of America.

Texas transplant Raul Anaya has compounded his local interest as president of Bank of America’s greater L.A. market.

News of the Week

Last week’s major news from labusinessjournal.com and other sources

Developer Finally Stabilizes Medical Center Plan

REAL ESTATE: TriStar begins work on Tarzana lot purchased in 2008.

The road to turning the Tarzana site of a former Michaels arts and crafts store into a cancer treatment center has tested Daniel Kashani, chief executive of TriStar Realty Group in Pacoima.

Right Deal Crops Up for Gilmore and Grandpoint

ACQUISITION: Owner of Farmers Market sells one of county’s oldest lenders.

Gilmore Bank, a small Fairfax District lender and one of Los Angeles County’s oldest banks, will be acquired later this year by downtown L.A. bank holding company Grandpoint Capital Inc.

Internet Ad Network Gets Word Out on Staff Cuts

ONLINE: CityGrid casts hefty layoffs in terms of streamlining operations.

CityGrid Media chops around two-thirds of its staff as it maps out a leaner business model.

Paper’s Publisher Says He Has News for Long Beach

MEDIA: Aaron Kushner to bring his O.C. Register approach to L.A. County.

Freedom Communications looks to shore up daily coverage of Long Beach with a new local paper.

Long Beach Lands Big Benz Lease

AUTOMOTIVE: Industrial deal for former Boeing site is largest in a generation.

Mercedes-Benz revs up L.A. presence with massive lease deal for 1 million square feet.

Business Consultancy Gears Up as Bike Peddler

WHOLESALE: Centric to practice what it preaches as distributor of Durbans.

Collapsible bikes folded into retail consultancy Centric Industries’ business model.

Coast Not So Clear for Local Investment Trust

REAL ESTATE: Seattle portfolio purchase fails to stir Hudson Pacific shares.

Hudson Pacific Properties’ first portfolio pickup outside California fails to stir stock.

Rack or Ruin?

Apparel: Leylie Aghili knew filling her first large retail order could sow success or failure as clothing designer.

Clothing designer Leylie Aghili took a cautious, buttoned-down approach to filling her first large retail order.

Regional Report

News and notes from communities across Los Angeles County

YouTube’s Methods Channel Unrest

INTERNET: Content producers question promotion, revenue split.

YouTube’s promotional efforts and revenue-sharing model are giving some content creators pause.

Putting Some Silicon Beach Sand Into Volleyball

The yearly Silicon Beach Fest, highlighting the local tech community, might showcase L.A.’s business presence on the Internet, but a concurrent tradition shows off L.A. tech’s prowess at a different net.

Marketing Against Grain

PR exec doesn’t see handling gluten-free issues as stretch.

Amy Levy says her new gluten-free marketing unit isn’t about more dough.

Pursuing High-Water Mark

Beverly Hills 9OH2O hopes to make a splash in fine dining.

Bottled-water business seeks a place at the finer restaurant tables for its 9OH2O line.

Road Blocked

Catalina hotel fights Avalon for more golf carts

Feud over golf cart permits slowly picks up speed as a Catalina hotel takes Avalon’s City Council to court.

Wednesday, July 3

KB Home Buys 100 Acres Near Houston

Westwood homebuilder KB Home has purchased 100 acres near Houston to develop a new community.

The Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week ending Wednesday as the broader markets did the same.

UPDATED: BeachMint Founders Deny They've Been Fired

BeachMint, the three-year-old Santa Monica e-tailer, is denying a report that it had let go of its two founders and plans to return millions of dollars to investors.

Location Filming in L.A. up 9 Percent

Los Angeles area on-location filming increased 9 percent in the second quarter compared with the same period last year, fueled by a bounce in television production and Web-based shows, the Los Angeles Times reports.

Garcetti Names Perry Interim GM of Economic Development

New Los Angeles Mayor Eric Garcetti on Tuesday named former city councilwoman Jan Perry interim general manager of the city’s economic development department, the Los Angeles Business Journal reports.

Crucial Rule Is Delayed a Year for Obama’s Health Law

In a significant setback for President Obama’s signature domestic initiative, the administration on Tuesday announced a one-year delay, until 2015, in his health care law’s mandate that larger employers provide coverage for their workers or pay penalties, The New York Times reports.

Koch Brothers Angle for Bigger Role in Wall Street Deals

Conservative billionaire brothers Charles and David Koch made a splash by acknowledging an interest in buying newspapers. But Koch Industries also is looking at other possible investments, particularly in energy and agriculture-related businesses, The Wall Street Journal reports.

Divided LAUSD Board Elects Richard Vladovic as President

Signaling a seismic shift in focus, the Los Angeles Unified school board on Tuesday elected teachers union ally Richard Vladovic as its president, ending the six-year tenure of reformer Monica Garcia, the Los Angeles Daily News reports.

‘Despicable Me 2′ Should Trounce ‘Lone Ranger’

Fourth of July moviegoing is about to get animated, with Universal’s “Despicable Me 2” expected to trample Disney’s “Lone Ranger,” Variety reports.

In L.A., Trying to Woo Film Business Away

The Locations Show at the Los Angeles Convention Center has grown into the largest of its kind, an L.A.-based event that is also a stark reminder of the rising competition the region faces to keep its home-grown industry from leaving the state, the Los Angeles Times reports.

Jobless Claims Dip and Job Growth Picks Up

Three reports Wednesday morning all offer at least modestly good news about the U.S. economy, NPR reports.

'90210' Set Dresser Sues CBS for Sexual Harassment

Jamie Squillare says her employment was conditioned on having a relationship with the show’s leadman, according to The Hollywood Reporter.

Los Angeles is the 16th Snobbiest City in America

The City of Angels ranked behind San Francisco (voted the snobbiest in the country), New York, Boston and 12 other cities to rank 16th most snobbish, according to LAist.

Dow, Nasdaq Up; S&P Down

In Wednesday morning trading, the Dow Jones industrial average was up 9 points to 14,942. The Nasdaq was up 1 point to 3,435. The S&P 500 was down 4 points to 1,610

Tuesday, July 2

Garcetti Names Perry Interim GM of Economic Development

Jan Perry, who ran unsuccessfully for mayor in the March primary, will run the newly created department, which will focus on small business support, workforce development and job creation.

Criterion Free of Bebo, Not Its Litigation

The Beverly Hills financial advisory firm sold the company, which was operating under Chapter 11 of the bankruptcy code, back to Michael Birch, its founder, for about $1 million.

Disney Buys Rights to Four Marvel Titles

Burbank entertainment giant Walt Disney Co. announced Tuesday it has purchased distribution rights to four films from competitor studio Paramount Pictures.

Markets Fall Slightly

In Tuesday trading, the Dow Jones industrial average was down 43 points to 14,932. The Nasdaq was down 1 point to 3,433. The S&P 500 was down 1 point to 1,614. The LABJ Stock Index was unchanged at 161.

Burkle Sues Hotel Group Shareholders

Billionaire Ron Burkle has filed suit against the largest shareholder of Morgan Hotel Group Co., operator of the Mondrian in West Hollywood.

Medical Scrub Startup Raises $2 Million

FIGS announced Monday afternoon that it has raised $2 million in funding from Santa Monica's Karlin Ventures and others.

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Garcetti Opens Doors to Public on Day One

One his first day as mayor, Eric Garcetti met with residents and smaller business groups, the Los Angeles Daily News reports, but not with the big groups that represent business interests: Central City Association, the L.A. Chamber and Vica.

Scott London Pleads Guilty to Insider Trading at KPMG

Former KPMG auditing partner Scott London pleaded guilty to an insider-trading charge, and struggled afterward to explain why he jeopardized his career, reputation and freedom for money he didn't need, the Los Angeles Times reports.

Disney Chief to Hold Off on His Retirement Until 2016

Robert A. Iger will remain chief executive of the Walt Disney Company until July 2016, an extension of 15 months beyond his previously announced retirement date, The New York Times reports.

Univision Morning Show Looks Like an Awakening for Big Networks

Univision's zany "Despierta America" has experienced a jolt in the ratings, the Los Angeles Times reports. Ratings for the four-hour daily news and variety show have jumped 28 percent compared with last season, boosted by younger viewers.

Two Big Towers Planned for Palladium Parking Lots

There have been rumors about development at the site of the Hollywood Palladium for ages. Here they are, CurbedLA reports.

Freedom Hires Publisher for Long Beach Daily

Freedom Communications Inc. will expand to Long Beach with a yet-to-be-named daily newspaper on Aug. 1, the Orange County Business Journal reports.

Movie Producer to Fly Solo

Legendary Entertainment's partnership with Warner Bros. expires at the end of 2013 and is unlikely to be renewed, The Wall Street Journal reports. Legendary aims to step into the limelight as a big-budget producer in its own right, even as it is in talks to form a fresh partnership with another studio.

Effects Firm Has Cut L.A. Staff by 71 Percent Since Oscar Win

Visual-effects company Rhythm & Hues has shed more than half of its L.A. staff since it filed for bankruptcy protection in February, according to TheWrap.

TV Writers See Record Growth in Earnings

Television writers had a record year for earnings in 2012, the Los Angeles Times reports.

How Biotechs Got Hot

Biotechnology companies are enjoying their best run with initial public offerings in a decade, amid an upswing in new drug approvals and strong performance by some already public biotech firms, The Wall Street Journal reports.

Stocks Rising

In Monday morning trading, the Dow Jones industrial average was up 72 points, or one-half of a percent, to 15,047. The Nasdaq was up 16 points, or one-half of a percent, to 3,451. The S&P 500 was up 9 points, or one-half of a percent, to 1,624.

Monday, July 1

CityGrid Confirms Layoffs

According to a statement, the layoffs will "increase operating efficiency, reduce costs and have a meaningful impact on the company’s future profitability."

Uber Tweaks City With Garcetti Offer

All travelers in and around City Hall, where Eric Garcetti's inauguration was taking place on Sunday, were offered $10 off their ride.

Hudson Pacific Buys Seattle Portfolio

L.A. real estate investment trust Hudson Pacific Properties announced Monday it is buying a Seattle office portfolio for $368 million.

Air Lease Signs Deal for Two Airbuses

Air Lease Corp. in Century City announced Monday it has reached a deal to lease two planes to Monarch Airlines of London.

Markets Rise Slightly on Monday

In Monday trading, the Dow Jones industrial average was up 65 points, or four-tenths of a percent, to 14,975. The Nasdaq was up 31 points, or nine-tenths of a percent, to 3,434. The S&P 500 rose 9 points, or one-half of a percent, to 1,615.

Tribune Buys 19 TV Stations in $2.7-Billion Deal

Tribune Co. has agreed to purchase 19 television stations in a $2.73-billion deal expected to make it the largest television station group in the country, the Los Angeles Times reports.

Eric Garcetti Taking L.A. 'Back to Basics'

Eric Garcetti was sworn in Sunday night as Los Angeles' 42nd mayor, a position he said he would to use to bolster the city's economy and create jobs, the Los Angeles Daily News reports.

Onyx Rebuffs Amgen's Offer

Onyx Pharmaceuticals Inc., maker of the cancer drug Nexavar, said it is seeking potential buyers after rejecting an unsolicited acquisition offer from Amgen Inc. of about $8.7 billion, The Wall Street Journal reports.

Latest L.A. Times Layoffs Hit Ahead Of Potential Sale

Another round of layoffs has hit the LA Times as parent Tribune Co. looks to unload the newspaper along with seven others, Deadline reports.

L.A. Settles Deutsche Bank Slumlord Lawsuit for $10 Million

Lawyers for the city of Los Angeles called Deutsche Bank a slumlord two years ago and sought hundreds of millions of dollars, the Los Angeles Times reports. But a settlement only delivered $10 million.

Health Insurance Costs Set for a Jolt

Healthy consumers could see insurance rates double or even triple when they look for individual coverage under the federal health law later this year, while the premiums paid by sicker people are set to become more affordable, The Wall Street Journal reports.

Workers Feel Sting of Fees

A growing number of American workers are confronting a frustrating predicament on payday: to get their wages, they must first pay a fee, The New York Times reports.

A Comedown for Big-Budget Movies

Summer is supposed to be when spectacle rules the big screen. But David has been beating Goliath at the box office over the past month and is poised to do so in spectacular fashion this week, The Wall Street Journal reports.

With a Solid Hit, CBS Breaks the Summer Ratings Mold

Maybe this summer, cable is not going to own prime-time television, The New York Times reports. Borrowing heavily from the cable playbook, CBS has set out to reverse the trend with “Under the Dome.”

BET Awards Transformed in L.A. Event

The 12-year-old BET award show's first telecast from the Nokia Theatre in downtown Los Angeles transformed the annual show into a three-day festival called the BET Experience, the Los Angeles Times reports.

Why Americans Eat Fewer Hot Dogs

No day is better for hot dog consumption than the Fourth of July, when Americans are expected to eat about 150 million of them—enough to stretch from Washington, D.C., to Los Angeles more than five times, Bloomberg reports. But while those numbers are impressive, overall hot dog sales are declining.

Markets Start Week Higher

In Monday morning trading, the Dow Jones industrial average was up 155 points, or 1 percent, to 15,065. The S&P 500 was up 18 points, or 1.1 percent, to 1,625. The Nasdaq rose 46 points, or 1.4 percent, to 3,450.

Information Superhighway Crash

Charles Crumpley writes that the ride-share app companies will have a rough road in Los Angeles.

Westside Deal Thins Landlord’s L.A. Portfolio

SALE: Ocean West pays Jamison $54 million for Westwood Terrace building.

Jamison Services Inc., Dr. David Lee’s Koreatown real estate investment vehicle, has continued to pare back its holdings, striking a deal to sell Westwood Terrace for $54 million.

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Calendar and Events

News of the Week

Last week’s major news from labusinessjournal.com and other sources

Operator of Gossip Site Hopes to Speak to Males

INTERNET: Rev launches sports-focused TheFumble alongside site makeovers.

Rev New Media, a digital publisher that owns popular celeb gossip site Hollyscoop.com, has a new look.

Venture Capital Firm to Try New Name and HQ

INVESTMENT: Upfront sheds GRP moniker as it eyes Santa Monica digs.

A lot of changes are afoot at Century City venture capital firm GRP Partners.

Business Journals Win National and Local Honors

AWARDS: L.A. publication named Best Newspaper by group of industry peers.

Los Angeles Business Journal earns national and local honors including Best Newspaper.

Cable Station Owner Channels Investor Approval

TV: Shares of Crown soar on talk Hallmark may take company private.

Talk of Hallmark acquiring Crown Media gets warm greeting on Wall Street.

Regional Report

News and notes from communities across Los Angeles County

True Grit

Tech firms connect with downtown Arts District

Downtown L.A.’s gritty Arts District has clicked as a sister scene to the Westside’s Silicon Beach.

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Every Gracious Golfer Deserves a Drink

David Johnson, chief operating officer for Fireman’s Brew Inc. in Canoga Park, plays a game of golf the way he sips a cold beer: slow and steady, savoring the experience.

Ride-Share Services Hit City of L.A. Roadblock

TRANSPORTATION: Trio of companies accused of operating bandit taxis.

City of Los Angeles looks to put brakes on ride-sharing services but the companies vow to roll on.

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Wagering on Poker’s Draw

Irwindale chamber and eateries serve up chips in foodie promotion.

Irwindale Chamber of Commerce believes its poker tournament promotion will raise interest in local eateries.

3-D Firm Sees Big Opportunity

FILM: RealD looks to launch large-format theater chain.

3-D projection company RealD looks to widen its focus by creating a chain of large-format theaters.

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Maguire’s Debt Spurs Takeoff

Aviation: Developer says he has deal to sell airport operation.

Robert Maguire says he has landed a buyer for his debt-wracked Van Nuys Airport business.

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Slow Build-Up

development: City Ventures gets rolling on stalled residential project just as Pasadena condominium market takes off.

City Ventures has finally moved into constructing residences on a church’s former college campus.

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Overseas Presence Built Up by Irani May Soon Vanish

Occidental sees selling or spinning off international assets as the first step to power up its stock.

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Banks’ Commercial Customers Face Online Risks

Stan Stahl warns that businesses foot the bank bills when cybercriminals break into accounts.

Making Grade as Mentor

Fulfillment Fund program allowed executive to share in young man’s development into college student.

Entertainment exec Rob Evanko helped deliver a Hollywood ending to an aspiring high school student.