Stories for October 2013
Thursday, October 31
Billionaire Patrick Soon-Shiong's tech holding company NantWorks has agreed to buy Alcatel-Lucent’s digital multimedia business.
Shares of Green Dot Corp. jumped more than 12 percent in after-hours trading Thursday after the prepaid debit card company reported third quarter adjusted profit that met analysts' expectations. It also announced an expanded distribution deal with longtime partner Wal-Mart.
The initial public offering of Marcus & Millichap Inc. went to market at a lower price than expected on Thursday, but then the Calabasas real estate brokerage saw its shares gain nearly 12 percent on their first day of trading.
Dole Food Co. stockholders on Thursday approved the sale of the company to its 90-year-old chairman and chief executive by the narrowest of margins.
Real estate investment trust Thomas Properties Group Inc. has called a special meeting for Dec. 17 so shareholders can vote on the company’s proposed acquisition by Parkway Properties Inc.
In Thursday trading, the Dow Jones industrial average closed down 73 points to 15,546. The Nasdaq fell 11 points to 3,920. The S&P 500 fell 7 points to 1,757. The LABJ Stock Index fell less than 1 point to 176.
The video streaming site is lowering the broadcaster's take from 70 percent of advertising revenue to 45 percent, considered standard for most YouTube channels.
The Hollywood Internet company announced Thursday that is has purchased EPA Cloud, which provides secure email services such as email hosting and archiving.
The company signed a lease in June for 6,000 square feet at 63 Market St. in Venice and has moved some if its staff to the site, a block from the beach.
Federal aviation regulators on Thursday unveiled measures to lift restrictions on fliers' electronic devices. Tablets, e-readers and other gadgets generally can be used during all phases of flight by the end of this year, the Wall Street Journal reports.
Time Warner Cable lost 306,000 TV subscribers over the past three months, in part due to a month-long blackout of CBS in markets that included Los Angeles, the Hollywood Reporter says.
State Sen. Ron Calderon accepted about $88,000 in bribes from an undercover FBI agent posing as a film studio owner and a Southern California hospital executive during a wide-ranging probe into his conduct as a legislator, Al Jazeera America reports, citing a 124-page affidavit.
San Francisco developer MacFarlane Partners plans to build a mid- and high-rise mixed-use complex at a site it is acquiring that overlooks Pershing Square, the Los Angeles Times reports.
The cost to banks of cleaning up past misdeeds has soared over $100 billion globally, and is leaving lenders running scared from areas that put them in potential danger of upsetting regulators, Reuters reports.
The architect of a recent legal crackdown on Wall Street’s dubious mortgage practices was a 69-year-old career prosecutor, toiling away in anonymity in Los Angeles for much of his career, the New York Times reports.
The possibility of a walkout affecting a wide array of public services loomed larger Wednesday after the union representing most Los Angeles County government employees broke off negotiations, charging that county officials have been unresponsive to their demands, the Los Angeles Times reports.
Delays in training enrollment counselors and insurance agents are slowing health policy sales, the Los Angeles Times reports, but Covered California says it's moving swiftly to address shortcomings.
The estimated 149 million Americans under age 65 who get their health insurance through their employers could be the next group to feel the impact of the Affordable Care Act, according to claims made in 2014 open enrollment documents reviewed by CNBC.
Some small manufacturers facing soaring costs for employee health insurance say they are likely to continue coverage for their workers, even though they won't be required to under the Affordable Care Act, the Wall Street Journal reports.
Real estate brokerage CBRE's staff in downtown L.A. now has no assigned desks or offices, with employees roaming freely, the Los Angeles Times reports, and executives view the move as an example for other white-collar firms.
Ten years after Congress gave the go-ahead to modernize the nation’s air traffic control system, one of the government's most ambitious and complex technology programs is in trouble, the Associated Press reports.
Demand is falling for the renowned jumbo jet introduced more than 40 years ago as airlines switch to smaller, more fuel-efficient aircraft, the Los Angeles Times reports.
The currency known as bitcoin — a much-hyped type of digital cash — has mostly attracted attention for its popularity in the black market. But the New York Times reports that some entrepreneurs, investors and even merchants are eyeing mainstream use.
Dr. Mehmet Oz is firing back at criticism by a Los Angeles Times columnist who contends that Oz is shilling for the NFL at a time when the sports league is struggling with medical, legal and image problems from the player-concussion issue, Ad Age reports.
In Thursday morning trading, the Dow Jones industrial average was down 54 points to 15,565. The Nasdaq fell 5 points to 3,926. The S&P 500 fell 4 points to 1,760.
Wednesday, October 30
DC Comics will move its operations from New York City to the Warner Bros Studios lot in Burbank in 2015, according to media reports.
Shares of Big 5 Sporting Goods Corp. rose 16 percent on Wednesday, after the retailer reported higher third quarter profit.
Chinese electric bus manufacturer BYD Co. Ltd. has hired an international law firm to represent its U.S. division in an ongoing investigation by the California Department of Industrial Relations into workplace violations, the company said Wednesday.
In Wednesday trading, the Dow Jones industrial average closed down 62 points to 15,619. The Nasdaq fell 22 points to 3,931. The S&P 500 fell 9 points to 1,763. The LABJ Stock Index fell less than 1 point to 177.
Irwindale has filed a suit against Huy Fong Foods, charging that the odors at the company’s new Sriracha hot sauce plant are a public nuisance and asking a judge to halt production, the Los Angeles Times reports.
PricewaterhouseCoopers on Wednesday said that it plans to bolster its advisory business by acquiring the consulting firm Booz & Co., its biggest acquisition in several years, the New York Times reports.
Los Angeles public schools chief John Deasy will continue to lead the nation's second-largest school district through June 2016, the district's legal counsel announced Tuesday, ending days of speculation about his future, the Los Angeles Times reports.
Although MTV and Disney are encouraging binge viewing in the Netflix vein, they're doing it to benefit their TV businesses, Ad Age reports.
Los Angeles County supervisors voted unanimously on Tuesday to oppose Matrix Oil's proposal to drill on publicly owned parkland. But as the Los Angeles Times reports, the project may still go ahead because the city of Whittier already approved the project and does not recognize county authority there.
The world's largest commercial real estate brokerage, CBRE Group Inc., turned a $94-million profit in the third quarter, led by growth in lease activity in the United States and the overall real estate recovery in Europe, the Los Angeles Times reports.
Tom Wheeler was confirmed on Tuesday as the next Federal Communications Commission chairman after U.S. Sen. Ted Cruz yielded, the Wrap reports.
Peter Lee, head of Covered California, tells the Los Angeles Times that the state's new insurance exchange is adjusting its marketing to emphasize that it's separate from the troubled federal Internet site.
Allergan Inc. has struck a deal to sell its troubled lap-band obesity-intervention business to Apollo Endosurgery Inc. for as much as $110 million, the Wall Street Journal reports.
BlackBerry and Facebook executives met last week about a possible bid for the smartphone maker, sources tell the Wall Street Journal.
Four academics at Stanford and Harvard universities are calling for more scrutiny of and transparency from Institutional Shareholder Services, the proxy advisory firm that many mutual-fund managers rely on when exercising their voting powers as corporate shareholders, Barron's reports.
Ashton Kutcher: Project Engineer. That's not the name of his next TV show, but the actor and tech entrepreneur's new job title at computer maker Lenovo. Ad Age looks at how all this came about.
In Wednesday morning trading, the Dow Jones industrial average was up 5 points to 15,685. The Nasdaq rose 3 points to 3,955. The S&P 500 rose less than 1 point to 1,772.
Tuesday, October 29
Occidental Petroleum Corp. said that its third-quarter profit rose 15 percent, as the company benefited from an increase domestic oil and natural gas production and higher U.S. energy prices.
Billionaire entrepreneur Al Mann has sold his Sylmar battery technology company, Quallion LLC, for $30 million to EnerSys, an industrial battery maker in Reading, Pa.
Ixia has agreed to purchase Net Optics Inc., a Northern California network monitoring software company, for $190 million in cash.
Shares of DineEquity Inc. hit an all-time high on Tuesday as the restaurant operator beat analysts’ earnings estimates and saw same-store sales rise at its IHOP chain.
Revenue and earnings fell at DreamWorks Animation SKG Inc. in the third quarter, as the high-profile movie “Turbo” failed to meet expectations.
In Tuesday trading, the Dow Jones industrial average closed up 111 points to 15,680. The Nasdaq rose 12 points to 3,953. The S&P 500 rose 10 points to 1,771. The LABJ Stock Index fell less than 1 point to 177.
The series C round was led by Menlo Park venture firm Tenaya Capital and includes existing investors Mayfield Fund and Benchmark, both also in Menlo Park.
Called Channel+, the service provides clients with a dedicated team to oversee the day-to-day operation of the brand's YouTube channel.
The House this week is scheduled to vote on two bills that would undercut new financial regulations, handing Wall Street a victory, the New York Times reports.
Critics warn that the Fed's bond-buying binge could put the central bank's finances at risk if interest rates were to rise sharply, the Los Angeles Times reports.
More charges were filed against Los Angeles County Assessor John Noguez and tax consultant Ramin Salari, alleging they illegally lowered taxes on additional commercial buildings, the Los Angeles Times reports.
The Obama administration knew millions of Americans who buy their insurance individually would not be able to keep their health insurance as the Affordable Care Act took hold, NBC reports.
Hollywood-based film and television production firm Deluxe Entertainment Services Group Inc. is leasing a former Santa Monica warehouse that is being converted to office space by landlord Hudson Pacific Properties Inc., the Los Angeles Times reports.
Gov. Jerry Brown signed a new pact Monday to formally align California's clean energy policies with those of Oregon, Washington state and British Columbia, the Los Angeles Times reports.
Home prices in the nation’s largest metro regions jumped sharply in August, posting yearly gains not seen since the last boom, according to a leading gauge, the Los Angeles Times reports.
Internet speeds are about to double for Time Warner Cable's premium customers in Los Angeles, the Los Angeles Times reports.
The Conference Board says U.S. consumer confidence fell sharply in October as consumers turned gloomier in their outlook for the future, Reuters reports.
U.S. businesses increased their stockpiles in August, a sign that they expected stronger demand for their products, the Associated Press reports.
Keith Carradine has become the latest to wrap up a civil lawsuit against notorious P.I.-to-the-stars Anthony Pellicano, whom he accused of spying on him amid contentious divorce proceedings about 15 years ago, the Hollywood Reporter says.
Facebook is doing more to disconnect than connect brands to their customers, says CNBC, according to a critical report on the social media site.
Customers might not like them, but airlines sure do. In fact, airlines are on track to collect a record $42.6 billion in ancillary revenue, CNBC reports.
In Tuesday morning trading, the Dow Jones industrial average was up 57 points to 15,626. The Nasdaq rose 4 points to 3,944. The S&P 500 rose 5 points to 1,767.
Monday, October 28
Herbalife Ltd. late Monday raised its full-year profit guidance after reporting that its third-quarter profit jumped 35 percent.
Vic Alston resigned as chief executive of Ixia after having been found to have falsified parts of his resume.
Nutritional supplement maker Natrol Inc. has been awarded $3.3 million by a federal court jury in Fort Lauderdale, Fla. in a case that stemmed from an FDA product recall of protein powder in 2011.
Mercury General Corp. on Monday said net income fell 41 percent in the third quarter, as the auto and property insurer saw higher expenses and lower investment income. The results still exceeded Wall Street expectations.
In Monday trading, the Dow Jones industrial average closed down 1 point to 15,569. The Nasdaq fell 3 points to 3,940. The S&P 500 rose 2 points to 1,762. The LABJ Stock Index rose less than 1 point to 178.
The company's domain registry business has been approved as a registrar for the dot dance and dot democrat top-level domains, known as gTLDs, by the Internet Corporation for Assigned Names and Numbers (ICANN).
Noting that tablet computers like the iPad are increasingly the “first screen” for preschool viewers, Disney executives said they would make the first nine episodes of “Sheriff Callie’s Wild West," available on mobile devices first, the New York Times reports.
Twitter Inc. plans to go public at a value of $11 billion, without a profit. Venture capitalists just valued Pinterest Inc., which generates no revenue, at nearly $4 billion, and revenue-deprived Snapchat Inc., is angling for a similar price tag. But the Wall Street Journal says we're not quite on the cusp of another dot-com bust.
Manchester Square, once a thriving working-class neighborhood near LAX that is now an urban void of unkempt buildings, desolate streets and residential lots scraped bare where thousands used to live. It’s the result of airport growth, the Los Angeles Times reports.
The new president of L.A.'s pre-eminent private high school is striving to make its push for excellence less suffocating, the Los Angeles Times reports.
AMC Networks Inc., cable channel parent of AMC, WE and IFC, has struck a deal to acquire Liberty Global's Chellomedia for more than $1 billion, the Los Angeles Times reports.
Fusion, an English-language joint venture between Walt Disney Co's ABC and Univision Communications Inc. that launches tonight, will combine hard news, satire and pop culture aimed at the hard-to-reach "millennial" Hispanic audience, Reuters reports.
U.S. Sen. Tom Coburn, who recently filed a bill to revoke the NFL's tax exemption, argues that working folks are subsidizing a special break for a sports league that's brought in more than a half billion dollars since 2010 that is untouchable to the Internal Revenue Service, CNBC reports.
Valencia's Wesco Aircraft, among the world's biggest sellers and distributors of aerospace parts and components, has focused on drumming up business in the commercial and civilian sectors to keep growing, the Los Angeles Times reports in a business profile.
Nielsen next fall will begin counting television programs watched on mobile phones and tablets within its traditional TV ratings, the Associated Press reports.
Financially struggling media companies are racing to add conferences, festivals and other live events to their business strategy, convinced they can provide a reliable revenue stream and expand the reach of their brands, the New York Times reports.
You want pumpkin filling in that Sufganiyot? Local merchants are gearing up for what's been dubbed “Thanksgivukkah,” an extremely rare convergence of Thanksgiving and Hanukkah on Nov. 28, the Los Angeles Daily News reports.
In Monday morning trading, the Dow Jones industrial average was down 16 points to 15,554. The Nasdaq fell 10 points to 3,933. The S&P 500 was up less than 1 point to 1,760.
ACQUISITION: Thor buys Robertson Boulevard site in $27 million deal.
A major New York landlord is paying top dollar to make inroads in L.A.’s retail real estate.
Current plants should be amped up to offset the loss of San Onofre, according to John T. Young Jr.
Evolve Media division gives Web videos 3-D effects without need for glasses.
SpringBoard looks to maintain viewers’ focus on online video with 3-D effects that don’t need glasses.
ENERGY: Need to secure power could give Coda batteries inside lane.
State electricity-storage ruling could charge up business for battery maker left over from Coda Automotive.
OP-ED: Mayor Eric Garcetti shouldn’t wait to ditch the city’s gross receipts tax and costly union work rules.
Mayor Eric Garcetti shouldn’t wait to ax the city’s gross receipts tax and bad union work rules, writes Arthur F. Rothberg.
The problem with Demand Media is that it treated content like a pawn, not a king, Charles Crumpley believes.
SPORTS: Santa Anita seeks stable relationship with Breeders’ Cup.
Santa Anita hopes to be permanently saddled with hosting the Breeders’ Cup.
Automotive: Balqon yet to turn around electric fleet’s fortunes.
Balqon continues to spin its wheels as financial woes mount for the L.A. port-hired maker of electric trucks.
INTERNET: Software by Maker Studios tracks viewership in real time.
Maker Studios pitches its service as a platform for video stars to make more money off their creations.
Two Chinese chains pick L.A. market to launch restaurants.
Two Chinese chains look to get things cooking in the United States with initial outposts in Los Angeles.
NUTRITION: Prolacta to open plant to increase baby formula production.
Prolacta Bioscience has unveiled its headquarters and a manufacturing plant for the company’s human milk-based nutritional products.
DINING: Rise in earnings for Cheesecake Factory defies industry trend.
Cheesecake Factory serves up a surprising rise in earnings as the rest of the sector struggles.
AVIATION: New products also provide lift for shares of AeroVironment.
Defense contractors’ strong earnings help small-aircraft maker AeroVironment’s shares take wing.
DINING: Duo purchase Chianina livestock to feed need at namesake eatery.
Restaurateurs take the bull by the horns and buy their own Chianina cattle to serve at namesake restaurant.
MANUFACTURING: Jakks’ stock climbs on back of healthy earnings report.
Investors make a play for Jakks’ stock after the toymaker reports a strong third quarter.
EXERCISE: Former Olympian now tests mettle as operator of swim academy chain.
Olympian Lenny Krayzelburg dove into opening swim academies when his sporting career began to dry up.
Tif Sigfrids always wanted her own art shop, and finally opened a gallery two weeks ago in Hollywood.
Two firms will team up to prepare Crystal Cathedral for Catholic ceremonies.
Two architecture firms meet at the alter in the change-over of the evangelical Crystal Cathedral to a Catholic church.
Arbitrators order Wedbush to pay its former broker $4 million for pushing bad bonds.
Friday, October 25
Amgen Inc. on Friday confirmed that 100 employees had been notified earlier this week that their jobs were being eliminated due to the company’s restructuring or outsourcing efforts.
Avery Dennison Corp. on Friday reported a lower third-quarter profit, largely due to expenses related to the sale of two units, but adjusted results beat Wall Street expectations.
Mayor Eric Garcetti has signed an ordinance to waive fees for the filming of television pilots in Los Angeles, the mayor’s office announced Friday.
Ryland Group Inc. announced Friday that it has opened a residential development in Texas.
The Los Angeles Business Journal’s index of largest local public companies rose for the week, as the markets recovered from declines earlier in the week.
In Friday trading, the Dow Jones industrial average closed up 61 points to 15,570. The Nasdaq rose 14 points to 3,943. The S&P 500 rose 8 points to 1,760. The LABJ Stock Index rose less than 1 point to 177.
Branded efforts from Maker stars highlight the YouTube network's ongoing journey to mine gold in online videos outside of traditional video ads.
A report from tech blog AllThingsD on Friday indicates that the company is considering raising hundreds of millions in funding that would value the company at $3.6 billion.
Chief Executive Mike Hopkins has appointed Elaine Paul as chief financial officer, effective Monday.
Nikki Finke announced plans to leave the Deadline website she founded, now owned by Jay Penske’s media group that includes Variety, and start over again at NikkiFinke.com, the Wrap reports.
Los Angeles schools Superintendent John Deasy, who has led the nation's second-largest school system since 2011, has told some top district officials that he could be leaving in coming months, the Los Angeles Times reports.
The city of Los Angeles sent a request Thursday formally asking a UC Berkeley engineering professor for a list of concrete buildings that could be at risk of collapsing in a major earthquake, the Los Angeles Times reports.
California, New York and six other states said on Thursday that they would work jointly to adopt a range of measures to spur lackluster sales of electric cars, the New York Times reports.
Just days after Demand Media co-founder Richard Rosenblatt announced his resignation as chief executive, the Santa Monica-based digital-media company has laid off all 15 members of the research and development unit, including chief innovation officer Byron Reese, sources tell Variety.
Twitter set a price range for its initial public offering Thursday, putting a conservative valuation of at least $10 billion on its business to try to avoid pitfalls suffered last year by rival social-media company Facebook, USA Today reports.
Safeway Inc. shares have climbed for two straight days on speculation of a buyout offer, the Los Angeles Times reports.
Variety looks at how Steve Burke's latest moves at NBCUniversal have shaken up staff and raised questions about the chief executive’s style, if not his strategy, in running the media giant.
The problems plaguing the federal Obamacare website were a function of poor management and implementation, Dr. Ezekiel Emanuel, former special adviser on health policy to President Barack Obama, told CNBC.
City National Bank’s corporate parent reported solid earnings late Thursday, with profits higher than analysts expected, the Business Journal reports.
Bank of America is cutting thousands jobs as it responds to changes in the housing market, echoing moves by other banks, the Associated Press reports.
In Friday morning trading, the Dow Jones industrial average was up 24 points to 15,534. The Nasdaq rose 12 points to 3,940. The S&P 500 rose 3 points to 1,755.
City National Bank’s corporate parent reported solid earnings, with profits higher than analysts expected.
Thursday, October 24
Scott London, the former KPMG auditor who has pled guilty to insider trading, deserves three years in prison and a $100,000 fine, according to a confidential report from the U.S. Probation Office.
The California Institute of Technology on Thursday said that Thomas F. Rosenbaum, provost and physics professor at the University of Chicago, has been named the Pasadena university’s ninth president.
Reliance Steel & Aluminum Co. on Thursday said weaker metals pricing contributed to a 6 percent decline in third-quarter profit despite higher sales.
In Thursday trading, the Dow Jones industrial average closed up 96 points to 15,509. The Nasdaq rose 22 points to 3,929. The S&P 500 rose 6 points to 1,752. The LABJ Stock Index rose more than 1 point to 177.
BloomNation announced Thursday that it has raised $1.65 million from Menlo Park's Andreessen Horowitz, Boston's Spark Capital, San Francisco's CrunchFund and Santa Monica's MuckerLab.
In a major win for the U.S. government, a jury Wednesday found Bank of America Corp. liable for fraud related to loans its Countrywide Financial Corp. unit sold to mortgage-finance giants Fannie Mae and Freddie Mac in a program called the "Hustle" in 2007 and 2008, the Wall Street Journal reports.
Emboldened by the intense public criticism surrounding the rollout of the online insurance exchange, Republicans in Congress are refocusing their efforts from denying funds for the health care law to investigating it, the New York Times reports. Even Democrats who support Obamacare suggest that parts may need to be postponed if changes aren't made quickly, the Los Angeles Times reports.
Bambi Holzer, a Beverly Hills financial broker, has been suspended from practicing after dozens of consumer complaints dating back more than two decades, the Wall Street Journal reports.
Los Angeles City Controller Ron Galperin on Wednesday unveiled an online site, Control Pane L.A., that opens the city's financial records to the public, Southern California Public Radio reports.
A motion to appeal California's new rules for ride-sharing services failed by one vote Wednesday at a Los Angeles City Council meeting, capping months of debate about the city's role in regulating the new taxi competitors, the Los Angeles Times reports.
99 Cents Only Stores Inc. has laid off about 160 workers as the company sought to streamline costs and stay competitive, the Los Angeles Times reports.
YouTube is poised to launch a subscription music service as soon as December, positioning it to compete with Spotify, Rdio and other digital offerings, the Los Angeles Times reports.
Newly built homes are getting pricier as better-heeled buyers have rebounded more quickly from the recession than entry-level buyers, spurring some home builders to go upscale to match the shift, the Wall Street Journal reports.
Apple Inc. famous for charging a premium for hardware, is embracing the marketing power of free. So the company surprised the industry this week by saying it would make many of its most-popular software programs, including the latest version of its OS X operating system, free to many users. The Wall Street Journal looks at the reasons behind the change.
Time Warner Cable, one of the country’s biggest cable operators, has agreed to carry Al Jazeera America, giving the Qatar-owned broadcaster exposure to millions more households as it seeks to build an audience in the United States, the New York Times reports.
For decades, the age of 40 was the point of no return for the majority of Hollywood’s leading ladies of film. But there’s been a seismic shift in the way the industry and moviegoers view “aging” top actresses, and today their clout and box-office muscle have never been greater, the Wrap reports.
Some of the largest pension funds in the world are worried that major fossil fuel companies may not be as profitable in the future because of efforts to limit climate change, and they want details on how the firms will manage a long-term shift to cleaner energy sources, the Associated Press reports.
For a company with almost no revenue, Pinterest Inc. sure is valuable. The popular site for “pinning” collections of online images said Wednesday it raised $225 million from Fidelity Investments and other investors in a round of financing valuing it at $3.8 billion, the Wall Street Journal reports.
The head of the world's biggest advertising firm by revenue warns that the spying scandals and extreme politics are damaging the reputation of the United States and are weighing on business confidence, CNBC reports.
Twitter has overtaken Facebook as the social media network that is most important to teens, the Business Insider reports.
In Thursday morning trading, the Dow Jones industrial average was up 80 points to 15,493. The Nasdaq rose 17 points to 3,924. The S&P 500 rose 4 points to 1,751.
Wednesday, October 23
Shares of Jakks Pacific Inc. jumped more than 25 percent on Wednesday after the toymaker reported a 20 percent rise in third-quarter profit, helped by lower expenses.
Charter flight firm Elite Aviation on Wednesday said that it has received $50 million that will go toward global expansion, fleet growth and acquisitions to complement its business.
Teledyne Technologies Inc. on Wednesday said that it signed a contract with Boeing Co. for avionics data and an information management system for updated versions of the 737, 747 and 777 jetliners.
Shares of Skechers USA Inc. fell 9 percent in after-hours trading Wednesday after the shoemaker’s third-quarter net income fell short of Wall Street expectations even though it rose 143 percent from last year.
The Los Angeles City Council gave final approval on Wednesday for the Warner Center 2035 Specific Plan.
In Wednesday trading, the Dow Jones industrial average closed down 53 points to 15,413. The Nasdaq fell 22 points to 3,907. The S&P 500 fell 8 points to 1,746. The LABJ Stock Index fell more than 1 point to 175.
Maker Max, which is available for all people in Maker's network, displays real time information about a video's views, the average time a viewer spends watching a video and which social networks are driving traffic to a video.
The proposed rules would limit the amount that a company can raise from non-accredited investors to $1 million a year.
Co-Chair Howard Marks said StartEngine wanted to move closer to the center of startup activity and tap into a broader community of entrepreneurs.
Bank of America Corp.’s Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them thousands of loans known to be defective, a U.S. attorney said in closing arguments in a lawsuit against the lender, reports Bloomberg News, which was also told by sources that Bank of America faces three more Justice Department civil probes over mortgage-backed securities.
Jeffrey Zients, a former acting director at the Office of Management and Budget and a familiar troubleshooter, has been enlisted to try to fix the government's health insurance website, the Los Angeles Times reports.
Apple is aiming to beat back Android tablet challengers this holiday shopping season with two new additions to its iPad family: a fifth-generation model called iPad Air and a new iPad mini outfitted with the higher-resolution Retina screen, Variety reports.
The Washington Post looks at Sen. Tom Coburn's (R-Okla.) assertion that the Affordable Care Act will put a burden on the nation’s finances of a breathtaking $128 trillion in unfunded liabilities.
It’s not clear yet how many Americans have secured new health insurance through Obamacare. But Time reports that some early statistics shows that the vast majority of people who have managed to navigate the sign-up process have enrolled in Medicaid, not private health plans.
Online retailers are shaking up their delivery offerings on the eve of the holidays, as eBay ramped up its rivalry with Amazon over same-day delivery with an acquisition, the Wall Street Journal reports.
Hollywood obsessed all summer over whether ousted Warner Bros. film chief Jeff Robinov would land at 20th Century Fox. But it turned out people were looking to the wrong man – or men, the Hollywood Reporter says.
Dramatic market changes are the main reason federal antitrust regulators are expected to approve the proposed merger of Office Depot and OfficeMax, the industry’s second- and third-largest competitors, respectively, without requiring divestitures, Bloomberg BusinessWeek reports.
Los Angeles Mayor Eric Garcetti on Tuesday completed his appointments to what will be a new five-member harbor commission, which will feature a majority of members living or working in the Harbor Area, the Daily Breeze reports.
Marijuana stocks sound like they may be the next big thing as some states move to legalize the drug, but Herb Weisbaum tells CNBC that you need to watch for signs you're getting scammed.
Can Starbucks Chief Executive Howard Schultz do the same thing for tea that he did for coffee with Starbucks? He thinks he can, and the first Teavana tea bar opens Thursday in Manhattan, USA Today reports.
In Wednesday morning trading, the Dow Jones industrial average was down 76 points to 15,392. The Nasdaq fell 36 points, or 1 percent, to 3,894. The S&P 500 fell 11 points to 1,742.
Tuesday, October 22
Video streaming service Hulu last week ended months of speculation with the announcement that Mike Hopkins has been named chief executive, replacing interim CEO Andy Forssell.
Amgen Inc. late Tuesday reported a 25-percent profit increase in the third quarter, boosted by a jump in sales of its infection-fighting drugs. The biotech giant also raised its full-year revenue forecast.
Beverly Hills private equity firm OpenGate Capital announced Tuesday it has launched a new division to focus on media and publishing acquisitions.
Gov. Jerry Brown on Tuesday went to Bell Gardens to help campaign contributor Bicycle Casino celebrate the pending construction of its new luxury hotel.
Teledyne Technologies Inc. on Tuesday said that it acquired C.D. Ltd., a marine engineering company in Aberdeen, Scotland.
BBCN Bancorp has reported growing profits, with net income of $23.5 million for the quarter ended Sept. 30.
Aerospace supplier Ontic has signed a licensing agreement with Curtiss-Wright Controls Inc. for heat and thermal management products used on missiles, blimps, and other military and commercial aircraft.
In Tuesday trading, the Dow Jones industrial average closed up 75 points to 15,468. The Nasdaq rose 10 points to 3,930. The S&P 500 rose 10 points to 1,755. The LABJ Stock Index rose 2 points to 177.
Former Los Angeles Mayor Antonio Villaraigosa is becoming a senior adviser to the global public affairs division of public relations giant Edelman, Politico reports.
Months before the Los Angeles streetcar project's additional expenses became public, City Hall staff members quietly warned the cost estimate was not detailed and could rise, the Los Angeles Times reports. But the warnings were suppressed over concerns they could imperil the project.
U.S. employers added far fewer workers than expected last month, suggesting a loss of momentum in the economy that will likely add to the Fed's caution in deciding when to trim its monthly bond purchases, reports Reuters.
In a matter of months, Hollywood has seen the closest thing to a clean sweep of top studio marketing executives the likes of which hasn’t happened in recent memory, the Wrap reports.
Tour vendors fear that new restriction on sightseeing ticket sales along the Walk of Fame on Hollywood Boulevard will cut into sales, the Los Angeles Times reports.
Los Angeles and New York employees at Universal Pictures' Focus Features -- known for "Brokeback Mountain" and "The Kids Are All Right" -- were told Monday whether they would lose their positions, though it is not known how many jobs will be cut, Variety reports.
The Justice Department's potential $13 billion settlement with JPMorgan may go a long way toward appeasing consumers' anger at big banks for the financial crisis, but CNBC reports that it probably won't help those same consumers get a mortgage.
The House committee responsible for Obamacare oversight last week asked for expert guidance about the troubled launch of the federal Healthcare.gov site from John McAfee, the eccentric tech legend once suspected in the murder of his neighbor in Central America, CNBC reports.
Nokia has unveiled its first tablet and large-screen smartphones, which will form part of Microsoft's global push to become a leading player in consumer devices when it takes over the Finnish company's handset business, Reuters reports.
The clearinghouse that handles all U.S. options trading was hit with wide-ranging criticism of the way it manages risk and handles compliance, after an examination by the Securities and Exchange Commission, the Wall Street Journal reports.
A breakthrough transplant technique that can generate human hair growth shows promise for treating baldness in men and women, NBC News reports.
Arizona start-up Paragon Space Development Corp. wants to develop high-altitude balloons to send thrill seekers to the edge of Earth's atmosphere. The trips would cost less than other proposed space jaunts, about $75,000, the Wall Street Journal reports.
In Tuesday morning trading, the Dow Jones industrial average was up 50 points to 15,442. The Nasdaq was down 3 points to 3,917. The S&P 500 rose 5 points to 1,750.
Monday, October 21
Edison International’s bankrupt Edison Mission Energy has been acquired by New Jersey electric utility NRG Energy Inc. in a stock-and-cash deal valued at $2.6 billion.
Global Eagle Entertainment on Monday announced it had acquired Travel Entertainment Group Equity Ltd. for $36 million.
Year-over-year cargo volume at the Port of Long Beach climbed in September, rising 14.7 percent over last year’s activity, according to figures released Monday.
Cathay General Bancorp said Monday its third quarter profit rose a better-than-expected 15 percent and loans grew across the board.
An independent advisory firm has given its stamp of approval to the offer by Dole Food Co. Chairman and Chief Executive David Murdock’s to take the company private for $13.50 a share.
In Monday trading, the Dow Jones industrial average closed down 7points to 15,392. The Nasdaq rose 6 points to 3,920. The S&P 500 rose less than 1 point to 1,745. The LABJ Stock Index fell less than 1 point to 175.
Los Angeles Councilman Paul Koretz wants his colleagues to appeal a recent decision by the Public Utilities Commission to allow taxi-like ride-sharing companies such as Lyft and Sidecar to operate under regulation at the statewide level, the Los Angeles Times reports. Check out the Business Journal's earlier coverage.
The Obama administration said Sunday that it has enlisted additional computer experts from across the government and from the private sector to help rewrite computer code and make other improvements to its glitch-plagued online health insurance marketplace, the Washington Post reports.
California motorists – rather than oil companies – will pay more than $200 million to build up to 100 hydrogen fueling stations across California over the next decade, under a new law approved by Gov. Jerry Brown, the Los Angeles Daily News reports.
The social network Facebook was hit with an intermittent outage this morning that left some users unable to post status updates and "like" posts, CNBC reports.
In bad news for Hollywood and overseas TV companies seeking a foothold in China, that country's media watchdog has cut back the number of foreign TV formats allowed to be broadcast in the country, the Hollywood Reporter says. The new order is aimed at pushing domestically-produced and "morality-building programs."
J.P. Morgan Chase reached a tentative deal this weekend to pay $13 billion to end a number of civil investigations into its sale of mortgage securities before the 2008 financial crisis, but a separate and potentially more serious criminal probe into the bank and its executives will continue, the Wall Street Journal reports.
Regional air pollution regulators have moved to shut down Exide Technologies' troubled battery recycling plant in Vernon, citing public health risks from its repeated emissions of lead and arsenic, the Los Angeles Times reports. Check out the Business Journal's earlier coverage.
While Demand Media has diversified its business, it remains exposed to changes in Google's search methodology, the Wall Street Journal reports in a look the company's likely direction in the wake of co-founder Richard Rosenblatt’s abrupt resignation as chief executive. Check out the Business Journal's coverage.
France on Monday demanded that the United States respond to new allegations of "unacceptable" spying on French citizens and companies, thrusting privacy and espionage to the top of the agenda as Secretary of State John Kerry arrived in Paris for a scheduled visit, the Wall Street Journal reports.
Tellabs Inc. which helps telecommunications carriers manage traffic on their networks, said it agreed to be bought by private equity firm Marlin Equity Partners for $891 million, Reuters reports.
Although some insurers have taken a cautious approach to the Affordable Care Act, the Woodland Hills managed care provider Health Net Inc. is actively seeking to cover thousands of previously uninsured people under the new healthcare system, the Los Angeles Times reports in a company profile.
A recent gallery show in Santa Monica allowed visitors to meet their favorite Instagram artists and learn about Instacanvas, an online marketplace for the cellphone-produced images, the Los Angeles Times reports.
Lou Scheimer, who founded the Filmation animation studio that became a Saturday-morning cartoon powerhouse with characters such as Fat Albert, He-Man and the Archies, has died at his home in Tarzana, the Los Angeles Times reports. He was 84.
In Monday morning trading, the Dow Jones industrial average was down 22 0points to 15,340. The Nasdaq was up 7 points to 3,921. The S&P 500 fell 1 point to 1,743.
REAL ESTATE QUARTERLY: Downtown L.A.
The downtown L.A. vacancy rate inched modestly higher in the third quarter, reaching 18.4 percent, while at the same time asking rents rebounded to $3.22 a foot, according to research compiled by Jones Lang LaSalle Inc.
Many celebrities lose their pounds of flesh to plastic surgery for little gain.
Michael Levine gets under stars’ skin as he slices and dices Hollywood’s love of plastic surgery.
REAL ESTATE QUARTERLY: South Bay
The South Bay industrial market remained tight in the third quarter as improved port activity continued to lift the market.
INTERNET: SHFT.com will work with BBMG to create branded content.
On the TV show “Entourage,” Adrian Grenier played an actor who brought his friends along for the ride.
PUBLISHING: Goldhirsh stays positive after firing editorial staff.
Ben Goldhirsh says he has his do-gooder-focused magazine doing well financially.
REAL ESTATE QUARTERLY: Wilshire Corridor
Miracle Mile usually leads the news out of Wilshire Corridor, which stretches from Beverly Hills to downtown Los Angeles, but it was the less swanky Park Mile and Wilshire Center to the east that made headlines in the third quarter.
ENERGY: Occidental to continue drilling efforts despite Chevron’s exit.
Occidental Petroleum sees its Monterey shale oil projects doing well enough to stay put.
REAL ESTATE QUARTERLY: Hollywood
Office vacancies in Hollywood climbed slightly, up to 15.4 percent in the third quarter from 14.2 percent the prior period, and a full 5 points higher than the same period a year earlier. More than 25,000 square feet came back onto the 2.3 million-square-foot market in the quarter, according to data from Jones Lang LaSalle Inc.
Mark Paolucci loves art enough to gut a portion of his office space to create a gallery.
Ice Cream Heads looks to clean up with shampoos, conditioners for kids.
Ice Cream Heads looks to scoop competitors with a line of scented shampoos and conditioners for kids.
PUBLISHING: Duo forms paper to cover and unite scene in Los Angeles.
The frothy L.A. craft beer industry has a new print publication, Beer Paper LA.
REAL ESTATE: Urban Outfitters lease lifts retailers’ morale in Westwood Village.
Urban Outfitters’ double-lease deal raises hopes that Westwood Village is back in fashion.
INTERNET: Awesomeness looks to add viewers to Seventeen’s video channel.
Media Temple’s acquisition has some users afraid of being stuck with inferior Web-hosting services from new parent GoDaddy
ONLINE: Some users of Media Temple critical of new parent GoDaddy.
Awesomeness teams with Seventeen to improve the numbers for the teen girl magazine’s YouTube channel.
DINING: Porto’s plans to bring its popular fare to West Covina, Anaheim.
Porto’s Bakery chain cooks up plans for additional locations.
REAL ESTATE QUARTERLY
Parking space remains a driving issue for developers.
ENGINEERING: Aecom gets jobs on developments it co-funds.
Aecom builds up its project list by co-funding developments through its investment arm.
REAL ESTATE QUARTERLY
Culver City got projects moving in part by focusing on its transportation advantages such as a Metro line stop.
INTERNET: Shakeup in management fails to boost Demand Media stock.
Demand Media CEO loses job but Wall Street remains pessimistic about content company’s future.
REAL ESTATE QUARTERLY: Tri-Cities
Slow and steady growth characterized the Tri-Cities real estate market in the third quarter, but increased activity might be on the near horizon.
REAL ESTATE QUARTERLY: Santa Clarita Valley
Average asking rates for office space in Santa Clarita continued to yo-yo like the SlingShot ride at Magic Mountain in the third quarter.
REAL ESTATE QUARTERLY: San Gabriel Valley
The vacancy rate dropped by 8 basis points in the San Gabriel Valley industrial market in the third quarter, driving average asking rents up from 42 cents to 45 cents.
REAL ESTATE QUARTERLY: L.A. County
Leasing activity remained generally lackluster across Los Angeles County in the third quarter as the countywide vacancy rate saw the slightest of dips and net absorption inched toward positive.
Hollywood veterans stage haunted houses
Hollywood connections play big role in live horror productions.
REAL ESTATE QUARTERLY: Westside
One of the Westside’s trophy properties hogged the spotlight in the third quarter. The 97 percent-leased Lantana Entertainment Media Campus, at Olympic and Exposition boulevards in Santa Monica, traded for a whopping $328.4 million in July.
First Beverage taps maker of tea drink kombucha for its debut investment.
First Beverage Ventures sees kombucha maker Health-Ade as its cup of tea.
Friday, October 18
Occidental Petroleum Corp. announced on Friday it intends to sell part of its Mideast operations and part of its stake in a domestic pipeline company, as part of a planned restructuring.
Agricultural biotech Ceres Inc. said in a regulatory filing that it will lay off 17 workers and terminate the employment of a high-level executive.
American Homes 4 Rent on Friday priced secondary offering of preferred shares at $25 a share.
The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week, as the markets rebounded from earlier losses.
In Friday trading, the Dow Jones industrial average closed up 28 points to 15,340. The Nasdaq was up 51 points to 3,914. The S&P 500 rose 11 points to 1,744. The LABJ Stock Index rose less than 1 point to 175.
Chill Chief Executive Brian Norgard said that the company has laid off its entire entertainment team and some engineers, cutting down to nine employees.
L.A. County companies raised nearly $349 million during the quarter, up from $277 million during the second quarter.
The city of Los Angeles has filed suit against companies responsible for building a runway that is now allegedly riddled with cracked concrete and exposed steel bars, the Los Angeles Times reports.
Insurers say the federal health-care marketplace is generating flawed data that is straining their ability to handle even the trickle of enrollees who have gotten through so far, the Wall Street Journal reports.
Bank of America Corp. is considering a plan to introduce a checking account that wouldn't permit customers to overdraw their balances under certain circumstances, sources tell the Wall Street Journal, even though such a ban could eat into the billions of dollars in revenue the bank collects in overdraft fees each year.
The California Public Employees' Retirement System on Thursday said that it would appeal an August court ruling granting Chapter 9 bankruptcy protection to the city of San Bernardino, Reuters reports.
Fox chief marketing officer Oren Aviv has been fired and the Century City studio promoted its two international chiefs, Paul Hanneman and Tomas Jegeus, to run worldwide marketing and distribution operations. The Wrap looks at some of the reasons behind the shake-up.
Steven Spielberg's partner Stacey Snider tells the Hollywood Reporter about the cost cuts and new financial partners at the DreamWorks studio that will get its first big test with "The Fifth Estate."
Move over Goldman Sachs. Forbes says Morgan Stanley is the new winner on Wall Street, with the financial giant posting better-than-expected third quarter earnings from continuing operations mostly due to a 50 percent jump in revenue.
China's growth accelerated in the third quarter, putting to rest for now fears that the world's No. 2 economy was headed for a sharp slowdown that would rattle world markets, the Wall Street Journal reports.
The budget fight that ended Wednesday night marked a new low in an increasingly dysfunctional capital. The Wall Street Journal looks at why the traditional back-channel negotiations and 11th-hour bartering that produce most legislative deals didn't happen.
The state Public Utilities Commission on Thursday voted to create a formal "energy storage target" of 1,325 megawatts, equivalent to the output of almost three modern, natural gas-fired power plants. The goal applies to three investor-owned utilities, including Southern California Edison Co., the Los Angeles Times reports.
The Department of Motor Vehicles this week mounted a sting operation that issued 241 citations statewide for improper use of disabled permits or illegal parking in handicapped spaces, the Los Angeles Daily News reports.
Gorden Wagener, Mercedes-Benz' youngest-ever design chief, is taking steps to boost the luxury brand's lagging global sales and woo younger affluent drivers, the Wall Street Journal reports.
"Gravity" is turning out to be the breakout hit of the year, appealing to a wide range of moviegoers. The Wall Street Journal looks at how conventional Hollywood wisdom almost kept the film from ever getting made.
In Friday morning trading, the Dow Jones industrial average was down 5 points to 15,367. The Nasdaq was up 35 points to 3,898. The S&P 500 rose 6 points to 1,739.
Thursday, October 17
Cinedigm Corp. late Thursday said that it will acquire the licensing and distribution business of Colorado media company Gaiam Inc. for $51.5 million.
Disney Consumer Products will showcase new selections of its Disney-branded fruits and vegetables at a trade show this week featuring Marvel and other characters, the company announced Thursday.
Unico American Corp. has purchased a two-story office building in Calabasas with plans to eventually make it the company’s headquarters.
In Thursday trading, the Dow Jones industrial average closed down 2 points to 15,371. The Nasdaq rose 24 points to 3,863. The S&P 500 rose 12 points to 1,722. The LABJ Stock Index rose 2 points, or 1 percent, to 175.
The dollar sank, U.S. Treasury prices rallied and gold shot higher after lawmakers reached a last-minute deal to avoid a U.S. debt default, as investors anticipated that lingering uncertainty in Washington would push back the Federal Reserve's plans to wind down stimulus efforts, the Wall Street Journal reports. CNBC looks at how the budget battle and resulting government shutdown has hurt the U.S. economy.
Dagong Global Credit Rating cut its credit rating for U.S. sovereign debt by one notch to A-minus from A on Thursday, saying the deal struck by Congress to raise the government's borrowing ceiling failed to solve the cause of its debt problem, Reuters reports.
Three weeks into open enrollment, the state's new health insurance exchange has pulled its online directory of medical providers after acknowledging serious problems with some of the information, the Los Angeles Times reports. The California Medical Association says it found mistakes such as obstetricians labeled as ophthalmologists and the wrong doctors described as fluent in Russian and Farsi.
Pasadena’s East West Bancorp Inc. late Wednesday reported higher earnings that were just shy of Wall Street expectations, the Business Journal reports.
Continental Development and Mar Ventures plan 15 diverse buildings in El Segundo, hoping to attract tech and media firms that want to buy, not lease, the Los Angeles Times reports. Check out the Business Journal's earlier coverage.
The lessons most Republicans draw from their defeat in the 16-day partial government shutdown — starting with how they approach budget talks set to produce an accord by Dec. 13 — will set the direction for the party, Bloomberg News reports. Tea Party Republicans, on the other hand, may still be winning, Bloomberg BusinessWeek says.
The budget stalemate that had the U.S. flirting with default has left business and the Republican Party, longtime political allies, at a crossroads, the Wall Street Journal reports.
In the wake of the Christian Grey casting debacle for “50 Shades of Grey,” Variety looks at whether Hollywood has a leading man crisis.
Real estate agents Marisa Zanuck (wife of producer Dean Zanuck and sometime star of The Real Housewives of Beverly Hills) and Ryan Serhant (Million Dollar Listing New York) are joining forces to open a Beverly Hills brokerage next month, the Hollywood Reporter says.
Flamboyant billionaire Mark Cuban on Wednesday was cleared by a Texas jury of using a private tip to avoid a big loss on his 2004 sale of Internet company shares, in a stinging rebuke for the U.S. government which had accused him of insider trading, Reuters reports.
According to a study of more than 1,600 arbitration cases, stockbrokers are being routinely allowed to scrub some customer complaints from their public records, leaving investors in the dark about potentially troubled advisers, the Wall Street Journal reports.
Most travelers know that airline fares change rapidly, often to a shopper’s chagrin. The same thing can happen when you use frequent-flier miles to book a hotel or rental car, although typically you catch a break the more miles you’ve amassed with the airline. But two members of United’s MileagePlus program say in a lawsuit that they had the opposite experience, Bloomberg BusinessWeek reports.
In Thursday morning trading, the Dow Jones industrial average was down 60 points to 15,314. The Nasdaq was up 6 points to 3,845. The S&P 500 rose 2 points to 1,724.
Pasadena’s East West Bancorp Inc. late Wednesday reported earnings just shy of Wall Street expectations.
Wednesday, October 16
AwesomenessTV announced Wednesday that it has joined with Hearst Corp. to relaunch the Seventeen YouTube channel and will create a multichannel network for the magazine's teen girl brand.
Strong global sales of its flagship Barbie and newcomer doll lines such as Monster High helped boost Mattel Inc.'s third quarter net income 16 percent.
Shares of Joe’s Jeans Inc. fell more than 8 percent Wednesday, a day after the apparel maker said it moved to a loss in the third quarter on declining sales of one brand and expenses related to an acquisition.
DreamWorks Animation SKG's AwesomenessTV unit and Hearst Corp. have formed a joint venture for a YouTube channel aimed at the readers of Hearst's Seventeen magazine.
In Wednesday trading, the Dow Jones industrial average was up 206 points, or 1 percent, to 15,374. The Nasdaq rose 45 points, or 1 percent, to 3,839. The S&P 500 rose 23 points, or 1 percent, to 1,722. The LABJ Stock Index rose 2 points, or 1 percent to 173.
Senate leaders in both parties this morning were putting the finishing touches on an agreement to temporarily raise the nation's debt ceiling and fully reopen the government as lawmakers raced to resolve their budget stalemate and calm anxious financial markets, the Wall Street Journal reports.
With its acquisition of some of the tallest skyscrapers in downtown Los Angeles finally completed late Tuesday, New York-based Brookfield Office Properties Inc. is now the dominant office landlord in the city's financial district, the Los Angeles Times reports.
Calling it a signal to the television industry that it seeks to halt runaway productions, the Los Angeles City Council on Tuesday approved a measure suggested by Mayor Eric Garcetti last year to waive all permit fees for television pilots filmed in the city, the Los Angeles Daily News reports.
A Los Angeles International Airport employee has been arrested in connection with dry-ice bomb explosions, the Los Angeles Times reports.
Confidence among the nation's home builders slipped more than expected in early October – a combination of continuing cost challenges in the market and the budget showdown in Washington, CNBC reports, which also says applications for government mortgage products dropped to a six-year low last week.
It's a rare case in which Los Angeles has demanded that property owners make old concrete buildings stronger. About 100 buildings converted into residences have been retrofitted citywide, most of them in downtown. But a Los Angeles Times analysis of city and county data found more than 1,000 risky buildings that are not required to be retrofitted until the owners change the building's use.
The Lion King is about to claim a big crown, the Hollywood Reporter says. The Disney musical that kicked off Broadway's obsession with movies is on pace to become the first show to reach $1 billion in cumulative gross this month.
Twitter Inc.’s decision to list on the New York Stock Exchange rather than the tech-laden Nasdaq is a victory for the Big Board, opening the door for more Internet listings, Bloomberg News reports.
Advance Auto Parts Inc. plans to buy General Parts International Inc. for just over $2 billion, a takeover that would create one of North America's largest aftermarket auto-parts providers, the Wall Street Journal reports.
Vornado Realty Trust grew from a small, New Jersey strip-center owner to a giant in real estate partly through its strategy of buying big stakes in retailers to get a piece of their valuable holdings of malls, stores and parking lots. But, as the Wall Street Journal reports, you would never know it from how the company fared in its latest deal, a failed investment in J.C. Penney Co.
Even though gay marriage is now legal in 13 states and the District of Columbia, gay divorce remains a difficult matter, CNBC reports. The first and biggest pitfall that awaits homosexual couples seeking a divorce is that they may not be able to get one.
In Wednesday morning trading, the Dow Jones industrial average was up 202 points, or 1 percent, to 15,370. The Nasdaq rose 45 points, or 1 percent, to 3,839. The S&P 500 rose 23 points, or 1 percent, to 1,721.
Tuesday, October 15
After the companies announced the merger, Keith Richman spoke with the Business Journal by phone about the name Defy Media, the new company's structure and why many digital media startups are now acquisition targets.
Cargo traffic at the Port of Los Angeles declined 4.5 percent in September compared with the same month last year, according to figures released Tuesday.
Banc of California Inc. on Tuesday announced the completion of the merger of its two banking subsidiaries, Pacific Trust Bank and Private Bank of California, into a single national charter bank called Banc of California.
Two of AOL Patch’s local editors in Los Angeles announced their departure from the site on Tuesday.
Eric Olberz, the son of Sport Chalet Inc. founders Norbert and Irene Olberz, has stepped down as a director amid a review of strategic alternatives by the La Canada Flintridge sporting goods chain.
The Los Angeles region is poised to create more manufacturing jobs but more needs to be done to get potential workers ready for those jobs, Mayor Eric Garcetti said Tuesday at the opening of the Westec manufacturing expo.
In Tuesday trading, the Dow Jones industrial average closed down 133 points to 15,168. The Nasdaq fell 21 points to 3,794. The S&P 500 fell 12 points to 1,698. The LABJ Stock Index fell 1 point to 171.
President Russell Reeder will stay with the company while Media Temple Chief Executive Demian Sellfors will step back into an executive consultant role.
Police said four dry ice bombs at Los Angeles International Airport, two that exploded and two that didn’t, are not connected to terrorism, the Los Angeles Times reports.
House Republican leaders are drafting a plan to rival the U.S. Senate’s efforts to break the stalemate over the shutdown and the debt ceiling, casting doubt on the prospect of a quick resolution, the Washington Post reports.
Gov. Jerry Brown vetoed legislation that would have authorized cities and counties to force developers to set aside units for low-income residents, the Sacramento Bee reports. Check out the Business Journal's earlier coverage.
At Warner Music Group, YouTube and its personalities have elbowed out radio, MTV, Yahoo and Myspace as the leading way to reach young music listeners, the Los Angeles Times reports.
The future of Burbank's Bob Hope Airport may include a new two-story terminal 68 percent bigger than the current 80-year-old facility, the Los Angeles Daily News reports.
Warner Music Group, the world’s third largest record company, is moving from its long-time headquarters at 75 Rockefeller Center to 1633 Broadway Tower, also known as Paramount Plaza, Billboard reports.
Disney is urging shareholders to reject an effort by Toronto-based TRC Capital to mount a “mini-tender offer” to buy up to 2 million shares at the below-market price of $61 a share, Variety reports.
Walt Disney Co. released a video that gives the first glimpse of planned attractions at Disney's Animal Kingdom in Orlando, Fla., based on the blockbuster movie "Avatar," the Los Angeles Times reports.
One of three American economists who won the 2013 economics Nobel prize on Monday for research into market prices and asset bubbles expressed alarm at the rapid rise in global housing prices, Reuters reports.
The California Assembly plans to hold a hearing as early as next month to probe the causes of a snafu at the Employment Development Department that caused tens of thousands of unemployment claim payments to be delayed, the Los Angeles Times reports.
Apple Inc. has hired Angela Ahrendts, chief executive of retailer Burberry, for the new position of senior vice president of retail and online stores, the Wall Street Journal reports. Henry Blodget at Yahoo Finance says Ahrendts - credited with Burberry’s turnaround - could become Apple's next CEO.
Jamie Dimon should be fired. That seems to be the conclusion of the pundit class about JPMorgan Chase’s beleaguered chairman and chief executive. But the New York Times reports that many of the people who count — investors, analysts, board members and, even regulators — firmly disagree.
Researchers at a German university say that chewing may diminish the effectiveness of film advertising, the Hollywood Reporter says.
In Tuesday morning trading, the Dow Jones industrial average was down 62 points to 15,239. The Nasdaq fell 5 points to 3,809. The S&P 500 fell 6 points to 1,704.
Favado compiles discount and sales information from more than 65,000 local grocery and drug stores.
Monday, October 14
The board has named Shawn Colo, who co-founded of the Santa Monica digital media company with Rosenblatt in 2006, interim president.
MannKind Corp on Monday said it had submitted a revised application to the U.S. Food & Drug Administration to allow the company to market its inhaled diabetes drug Afrezza. The submission includes results from two additional clinical trials required by regulators.
Superior Industries International Inc. on Monday said that Steven Borick will retire as chief executive of the aluminum wheel manufacturer at the end of March.
The new company will be headquartered in New York with production, technology, sales and marketing teams in Los Angeles and satellite offices in Chicago, San Francisco, Toronto and Detroit.
In Monday trading, the Dow Jones industrial average closed up 64 points to 15,301. The Nasdaq rose 23 points to 3,815. The S&P 500 rose 7 points to 1,710. The LABJ Stock Index rose 1 point to 172.
A trio of U.S. scholars on Monday won the Nobel Prize in economics for their research on the predictability of the price of stocks, bonds and other assets, Bloomberg News reports. The three laureates “laid the foundation for the current understanding of asset price."
People in California, Ohio and 15 other states found themselves temporarily unable to use their food stamp debit-style cards over the weekend after a routine test of backup systems by vendor Xerox Corp. resulted in a system failure, the Associated Press reports.
After a decade of delays, a $100-million real estate development in the heart of Chinatown is getting underway as the changing neighborhood catches a wave of investment sweeping through downtown Los Angeles, the Los Angeles Times reports.
Intense security on scripts has become standard operating procedure in Hollywood, where studios and producers no longer just worry about movies being pirated, the Wall Street Journal reports.
Los Angeles City Attorney Mike Feuer said his office is moving to shut down 38 medical marijuana dispensaries operating outside the requirements of a voter-approved May ballot measure intended to reduce their number, the Los Angeles Times reports. Check out the Business Journal's earlier coverage.
Netflix is in talks with such U.S. pay TV companies as Comcast to make its popular online video service available via their set-top boxes, the Hollywood Reporter says.
More than 1,000 old concrete buildings in Los Angeles and hundreds more throughout the county may be at risk of collapsing in a major earthquake, according to a Los Angeles Times analysis.
State energy officials are scrambling to fill a large hole in California electricity supplies now that the San Onofre nuclear plant has been permanently closed by Southern California Edison Co., the Los Angeles Times reports.
For most of its 33-year history, Rentech Inc. tried to make money on green fuel development. But like its plans to sell synthetic diesel to major airlines in 2009, those efforts never really left the ground. The Los Angeles Times in a business profile details how the Los Angeles company now is profiting from its nitrogen fertilizer business near the U.S. Corn Belt. Check out the Business Journal’s earlier coverage.
The political standoff in Washington has spawned frustration and growing worries in China, which remains the largest holder of U.S. government debt, as the clock ticks down to a possible U.S. debt default this week, the Washington Post reports.
Swedish-based home retailer IKEA's commitment to shaving costs makes designing a kitchen a five-year task, the Wall Street Journal reports.
If you were ask the average American to invest in the U.S. Postal Service, you would get a puzzled response. After all, the USPS lost $15.9 billion last year. But consider the outcome of the highly anticipated initial public offering of the Royal Mail in the U.K., where investors were so hungry for shares of the 360-year-old postal service that the stock price rose 38 percent on the first day, Bloomberg BusinessWeek reports.
In Monday morning trading, the Dow Jones industrial average was down 64 points to 15,173 The Nasdaq fell 11 points to 3,781. The S&P 500 fell 7 points to 1,696.
LENDING: OneWest would become L.A.’s second biggest.
Charter change would vault L.A.’s biggest thrift, OneWest, into this market’s second-biggest bank.
ENERGY: Edison customers say shift to off-peak hours unworkable.
Southern California Edison’s time-of-use plan to ration summer electricity shocks some business owners.
Real Estate: New rule lets developers swap out car spaces.
City of L.A.’s new bike-parking requirements let some projects put the brakes on more expensive car spaces.
Kendall’s Brasserie builds nightly special menu around once-banned absinthe.
Kendall’s Brasserie hopes its absinthe-focused happy-hour menu isn’t too hard to swallow.
DINING: DineEquity’s IHOP lands at Atlanta airport in pursuit of new venues.
DineEquity seeks a lift from nontraditional venues such as an IHOP in an Atlanta airport.
BANKING: PacWest’s bid to pay $2.3 billion for CapitalSource questioned.
Community-minded groups look to mount hefty opposition to PacWest’s big deal to buy CapitalSource.
Television: DirecTV seeks to keep subscribers with exclusive offerings.
DirecTV hopes exclusive indie films will play a big role in securing satellite subscribers.
Food: Sugar Lab scooped up by company looking to expand into desserts.
Kyle and Liz von Hasseln, the husband and wife team behind innovative Silver Lake 3-D printing studio Sugar Lab, got a sweet surprise last month.
Former U.S. Trade Representative Mickey Kantor now covers lot of ground overseas for Mayer Brown.
Former Commerce Secretary Mickey Kantor now handles overseas business for law firm Mayer Brown.
ACQUISITION: Deal for MPG expands Brookfield’s Class A holdings in market.
New Yorkers this week will hold the keys to a huge chunk of the office space in downtown Los Angeles.
Charles Crumpley thinks online retailer JustFab’s new foray into regular retailing is just fabulous.
Some proponents of running government like a business have no clue about executive responsibilities.
The partial shutdown of the government is bad business for America, according to Luis Vasquez-Ajmac.
Robert Poole sees tolls putting the state’s highways on the road to recovery.
INTERNET: Break Media and Alloy Digital link up for Defy joint venture.
Online video companies Break Media and Alloy Digital are in the process of merging, with the resulting joint venture to be called Defy Media.
BIOTECH: CytRx’s stock offering flops in industry’s biggest sell-off in two years.
CytRx’s shot-in-arm stock offering swamped by tsunami of an industry sell-off.
MARKETING: Russ Reid hopes SCA pickup pays off for non-profit clientele.
Russ Reid relies on a direct approach to fundraise for non-profits.
Iam8bit-painted satellite offers extraterrestrials out-of-this-world hookup.
Production company iam8bit raises its profile with a cheeky alien-hailing painting on a satellite.
EXPANSION: Nestle aims to turn up heat with standalone Nespresso shop.
Nestle Nespresso USA will open its first standalone L.A.-area Nespresso coffee store and café this month on Beverly Drive in Beverly Hills.
Entravision soars with Spanish-language TV
Station owner Entravision channels Univision network’s ratings gain into increased ad revenue.
Friday, October 11
Xencor Inc., a Monrovia company developing antibody-based drugs to treat cancer, autoimmune diseases and other conditions, on Friday filed for an initial public offering.
Activision Blizzard Inc. completed buying back its shares from Vivendi Friday afternoon.
The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week as the markets rebounded.
In Friday trading, the Dow Jones industrial average closed up 111 points to 15,237. The Nasdaq rose 31 points to 3,792. The S&P 500 rose 11 points to 1,703. The LABJ Stock Index rose 1 point to 171.
President Obama is hosting Senate Republicans at the White House in an effort to build on the first signs of bipartisan progress over how to deal with the federal shutdown and next week’s debt-ceiling deadline, the Washington Post reports.
Mayor Eric Garcetti this week launched his Great Streets Initiative, a plan to turn the main thoroughfares of up to 40 Los Angeles neighborhoods into pedestrian-friendly destinations, the Los Angeles Times reports. The Times also reports that he decided to replace Fire Chief Brian Cummings.
Lakers legend and entrepreneur Magic Johnson won't return to ESPN as an NBA studio analyst because of his busy schedule, the Associated Press reports. Johnson is part of the ownership group that agreed to buy the Los Angeles Dodgers last year.
J.P. Morgan Chase's ballooning legal expenses took their toll in the third quarter, driving the nation's largest bank to its first-ever loss under Chief Executive James Dimon, the Wall Street Journal reports.
Del Monte Foods said that it would sell its consumer products division for $1.68 billion to Del Monte Pacific, the Asian company which already sells food under the Del Monte brand in the Philippines and India. The New York Times said the deal will let the company focus on what is now its biggest business, pet foods.
Aaron Kushner, owner of the Orange County Register, has increased his holdings in Southern California by agreeing to buy the Press-Enterprise, which circulates in Riverside and San Bernardino counties, the Los Angeles Times reports.
California Attorney General Kamala Harris sued Santa Ana-based Corinthian Colleges Inc. on Thursday, accusing it of using false advertising and predatory tactics to lure potential students to its for-profit schools, the Los Angeles Times reports.
Hulu LLC, the Web streaming service controlled by Walt Disney Co. and 21st Century Fox Inc., is close to naming Fox executive Mike Hopkins as its chief executive, sources told Bloomberg News.
Boeing Co. forever changed aviation in 1970 when it introduced its 747 jumbo jet. Now the world’s No. 1 maker of commercial aircraft is poised to offer a model that may kill off its best-known creation, Bloomberg BusinessWeek reports.
The New York Times looks at how California and Florida rolled out Obamacare in their states. While California “blew the socks off” expectations with its Covered California, Florida lawmakers refused to create a state exchange, forcing residents into an overwhelmed federal program.
A Los Angeles County jury handed Toyota Motor Corp. a significant legal victory Thursday, the Los Angeles Times reports, clearing it of responsibility in a 2009 crash of a Camry that accelerated out of control, killing the driver.
BlackBerry Ltd. co-founder Mike Lazaridis’s potential bid for the struggling smartphone maker would face a battle for financing with Canadian investor Prem Watsa, who’s looking to take it private with his own buyout, Bloomberg News reports.
Market Gains In Friday morning trading, the Dow Jones industrial average was up 26 points to 15,152. The Nasdaq rose 7 points to 3,768. The S&P 500 rose 2 points to 1,694.
Thursday, October 10
Brookfield Office Properties Inc. on Thursday said that it expects to close its $180 million acquisition of downtown L.A. office landlord MPG Office Trust Inc. by Tuesday.
Health Net Inc. has signed a contract with Prime Healthcare Services to add 14 hospitals to its network.
Home foreclosures fell sharply in Southern California in September, according to a report released Thursday.
West L.A. mobile ad platform Airpush on Thursday said it would buy Hubbl, a New York developer of in-app advertising and personalization technology for mobile devices.
In Thursday trading, the Dow Jones industrial average closed up 323 points, or 2 percent, to 15,126. The Nasdaq rose 83 points, or 2 percent, to 3,761. The S&P 500 rose 36 points, or 2 percent, to 1,693. The LABJ Stock Index rose 4 points to 170.
The Santa Monica video game publisher now says it expects to acquire 429 million shares from Vivendi by Oct. 15.
DanceOn has also added television producer Nigel Lythgoe – who has worked on reality competitions "American Idol" and "So You Think You Can Dance" – to its board.
A plan was presented to the House GOP caucus Thursday morning that would allow for six-week increase in the debt limit, without any strings attached, the Washington Post reports.
The stock market broke out of a three-week funk Thursday morning as Washington moved closer to a deal to allow the country to pile on more debt, the Associated Press reports.
A study released Thursday by real estate information company Trulia says a median-income household in Los Angeles County can afford only 24 percent of the homes currently for sale, the Los Angeles Times reports.
The three plants operated by Foster Farms are blamed for an outbreak of salmonella poisoning that has sickened at least 278 people nationwide, the Los Angeles Times reports.
Los Angeles may not have the biggest collection of technology businesses in the country, but it does have some of the coolest ones and they are expanding quickly. The Los Angeles Times reports that tech businesses represented about one-fourth of the 3.5 million square feet in Los Angeles County leases closed during the first six months of this year.
Oct. 17 is when the Treasury Department expects to exhaust its so-called extraordinary measures to keep paying the country’s bills, putting it on the precipice of default. But the New York Times reports that both Washington officials and Wall Street traders have a second, yet more dire deadline in mind: Nov. 1.
The partial government shutdown is endangering what America eats, food safety experts said this week, as all inspections of domestic food except meat and poultry have halted, the New York Times reports. The Centers for Disease Control and Prevention had to recall furloughed workers to handle a salmonella outbreak that sickened hundreds of people in 18 states.
As the U.S. government shutdown deepens, many Americans who are preparing for the worst outcomes in the event of a government debt meltdown — and driving a market for survival products and services in the process, CNBC reports.
Family-run News-Press & Gazette has a relatively small chain of 13 stations mostly in Arizona, California, Colorado, Oregon, Idaho, and Texas. But a contract impasse with the No. 1 satellite company DirecTV has resulted in stations from Santa Barbara to Palm Springs going dark on Wednesday, Deadline.com reports.
Disney researchers have developed a new algorithm, which is capable of simulating 3D geometric features on touch screen surfaces and allow people to "feel" the texture of the objects viewed on a touchscreen, Computer Business Review reports.
A report from the Financial Industry Regulatory Authority's Investor Education Foundation suggests that certain groups of Americans may be more vulnerable to fraud than they think, CNBC reports.
In Thursday morning trading, the Dow Jones industrial average was up 178 points, or 1 percent, to 14,981. The Nasdaq rose 56 points, or 1.5 percent, to 3,734. The S&P 500 rose 21 points, or 1 percent, to 1,677.
The round, which brings DogVacay's total funding to $22 million, was led by Foundation Capital.
Wednesday, October 9
UCLA Health System and the Motion Picture & Television Fund on Wednesday said UCLA plans to take over operations and leases on six Fund health clinics that now serve entertainment industry workers.
City of Hope and Providence Health & Services on Wednesday announced a partnership that will add City of Hope's cancer patient care expertise to Providence’s Los Angeles-area hospitals.
The once-trendy L.A. fashion line Juicy Couture has had its naming rights sold to New York-based Authentic Brands Group for $195 million in cash.
In Wednesday trading, the Dow Jones industrial average closed up 26 points to 14,803. The Nasdaq fell 17 points to 3,678. The S&P 500 rose 1 point to 1,656. The LABJ Stock Index fell less than 1 point to 166.
The digital media arm of the Beverly Hills agency has hired tech startup veteran Robyn Ward to work with young companies and seek out investment opportunities.
William Weyerhaeuser is a retired clinical psychologist who is currently a director at Spokane, Wash., manufacturer Clearwater Paper Co.
Janet Yellen, expected today to be nominated to be the next Federal Reserve chief, is known for a willingness to push boundaries to goose a listless economy, reflecting an easy-money leaning, the Wall Street Journal reports.
Seattle's Starbucks Corp. today officially opens a massive $70-million factory in Rancho Cucamonga that will be able to churn out 140,000 gallons of Evolution Fresh juice each week, the Los Angeles Times reports.
The board of Men's Wearhouse Inc. has rejected a $2.3 billion unsolicited bid from Jos. A. Bank Clothiers Inc., an offer that would have combined two national leaders in the discount-suit business, the Wall Street Journal reports.
Megyn Kelly's move to Sean Hannity's slot on the Fox News Channel is the network’s first primetime shift in a decade, revealing a quest for younger viewers and a new willingness to mix up news and commentary, the Hollywood Reporter says.
A satirical flier calling for the Hollywood sign to be torn down testifies to frustration of residents in the upscale hillside homes of Beachwood Canyon and Hollywoodland to the increasing crowds and tour buses, the Los Angeles Times reports.
For global leaders, the political crisis that has partially shut down Washington represents the most vexing kind of problem, one that they have virtually no means to stem but that could soon wreak economic havoc on their own shores, the Washington Post reports.
If the U.S. goes into default because Congress fails to raise the debt ceiling, investors won't rush into bonds like they did in 2011, Matt Tucker, BlackRock's head of iShares fixed-income strategy, tells CNBC. Instead, Treasurys could sell off.
Los Angeles could learn from San Francisco's strategy to win regulations on wooden apartment buildings like the Northridge Meadows complex, which collapsed in the Northridge quake, the Los Angeles Times reports.
Walt Disney Co. plans to stop issuing stock certificates, delivering shares only in electronic form. That’s a blow to would-be collectors of the documents that feature drawings of Bambi and Mickey Mouse, Bloomberg News reports.
Veteran film exec Joseph A. Adelman, a United Artist vice president who headed the Alliance of Motion Picture and Television Producers in the late 1970s, died Tuesday in Burbank following a six-month battle with cancer, Variety reports. He was 79.
A study by the Organization for Economic Cooperation and Development indicates that many countries in dire economic trouble have many workers who lack the skills needed to prompt an economic recovery, the Associated Press reports.
In Wednesday morning trading, the Dow Jones industrial average was down 33 points to 14,743. The Nasdaq dropped 36 points to 3,659. The S&P 500 fell 6 points to 1,650.
Tuesday, October 8
A sharp increase in feature film production helped boost location filming in Los Angeles during the third quarter.
Green Dot Corp. on Tuesday said it has appointed Grace Wang as chief financial officer, effective Nov. 18. She succeeds John Keatley, who left last month.
Agoura Hills' American Homes 4 Rent on Tuesday said that it will sell $15 million in preferred shares in a secondary offering.
LTC Properties Inc. on Tuesday said that it plans to spend $19.6 million to construct communities in Colorado for elderly patients with memory disorders.
In Tuesday trading, the Dow Jones industrial average dropped 160 points, or 1 percent, to 14,777. The Nasdaq fell 76 points, or 2 percent, to 3,695. The S&P 500 fell 21 points to 1,655. The LABJ Stock Index fell 2 points, or 1 percent, to 168.
Adam Glickman founded the IdeaLists in 2010 as a concierge service to help brands find creative studios.
In total, L.A. companies raised more than $280 million in funding during the third quarter.
Dollar Shave Club, which was incubated out of Santa Monica's Science, started with a monthly subscription service for men's razors.
Alloy Chief Executive Matthew Diamond and Break Chief Executive Keith Richman told the New York Times that the 50-50 merger will create a new company called Defy Media, which will focus on the 12-to-34 demographic.
State regulators have reached a deal with Vernon battery recyclers Exide Technologies to set aside $7.7 million to pay for new filters to lower its arsenic emissions and new piping for a stormwater system, the Los Angeles Times reports.
A Gallup poll says Americans’ confidence in the economy has tumbled more since the government shutdown began a week ago than in any week since the global financial crisis started in September 2008, the Wall Street Journal reports.
The New York Times looks at how, three months into office, Mayor Eric Garcetti seems to embody a host of ethnic, ideological and cultural strains that are transforming Los Angeles.
Santa Barbara County expects to pump at least $500,000 a year into the local economy with its recently expanded movie and TV incentive program, placing a special emphasis on attracting reality shows, the Hollywood Reporter says.
The Federal Reserve today will have armored trucks rolling from its regional banks to the nation's financial institutions, filled with new high-tech C-notes designed to thwart counterfeiters, the Associated Press reports.
Tyrone Freeman, former president of the state service employees union, was sentenced Monday to federal prison for stealing from his low-income members to finance a lifestyle that included two wives, the Los Angeles Times reports.
Members of Teamsters Local 399 — which represents 4,500 studio transportation coordinators, location managers, casting directors, animal wranglers and drivers — this week are casting ballots in what has turned into a bruising and divisive battle for its top leadership post, the Los Angeles Times reports.
SAG-Aftra will extend its contracts for corporate, non-broadcast and educational work by a year in order to better prepare for the next negotiation and to give members more opportunity to be involved in the process, the Wrap reports.
The government shutdown is throwing a wrench into efforts by some small businesses to get government-backed loans from the U.S. Small Business Administration, the Wall Street Journal reports.
Five years after Washington bailed out more than 700 banks, the money has become a burden for more than 100 community banks that can't seem to repay it. The Los Angeles Times reports that about a dozen of them are in California.
There’s a question being whispered around Microsoft’s sprawling suburban campus, the New York Times reports. What will Bill Gates do when Steve Ballmer goes?
Three months after Eddie 'Piolín' Sotelo lost his Spanish-language radio show on Univision amid harassment allegations, the Mexican-born personality is about to launch a satellite radio show, the Los Angeles Times reports.
What does it take to sell a new print edition of a national dictionary? McCann Melbourne in Australia is hoping a year-long guerilla marketing campaign and the birth of a word will be enough, AdAge reports.
In Tuesday morning trading, the Dow Jones industrial average dropped 59 points to 14,877. The Nasdaq fell 44 points, or 1 percent, to 3,727. The S&P 500 was down 8 points to 1,668.
Monday, October 7
RealD Inc. shares jumped more than 9 percent Monday, boosted by a stronger-than-expected weekend box office for the space thriller “Gravity.”
Kythera Biopharmaceuticals Inc. on Monday announced a $100 million stock offering as it prepares to seek FDA approval of its groundbreaking drug that reduces double chins.
Cherokee Inc. on Monday said that its board approved a stock repurchase program of up to 1 million shares.
In Monday trading, the Dow Jones industrial average closed down 136 points, or 1 percent, to 14,936 The Nasdaq dropped 37 points, or 1 percent, to 3,770. The S&P 500 fell 14 points, or 1 percent, to 1,676. The LABJ Stock Index fell nearly 2 points, or 1 percent, to 168.
Gov. Jerry Brown signed into law changes to Proposition 65, the state's anti-toxins law. The alterations aim to reduce lawsuits as well as fines for businesses, the Los Angeles Times reports. Check out the Los Angeles Business Journal's earlier coverage.
Eight of the world's largest investment banks on Monday will launch their most ambitious assault on Bloomberg's grip on daily communications in financial markets with the start of free viral messaging service called Markit, the Financial Times reports via CNBC.
Nielsen is planning to introduce its new service that tracks Twitter posts about TV series, the New York Times reports.
Alterations over the years have turned downtown L.A.'s Pershing Square into a concrete jungle. Some parkgoers want it restored to an old-fashioned, tree- and bench-filled oasis, the Los Angeles Times reports.
Treasurys climbed Monday as the U.S. government limped into a seventh day of partial shutdown, adding to investor fears that the Washington wrangling could last longer than initially anticipated and further derail the economic recovery, the Wall Street Journal reports.
The state was changed — but not the way proponents hoped — by the seismic election that propelled Arnold Schwarzenegger into the governor’s office, the Los Angeles Times reports.
Reuters reports that the average price for a gallon of gasoline in the United States fell 13.78 cents in the last two weeks, as refiners continued to pass on lower crude oil prices.
Five years after U.S. investment bank Lehman Brothers collapsed, triggering a global financial crisis and shattering confidence worldwide, families in countries as varied as the United States, Japan, the United Kingdom and Germany remain hunkered down, too spooked and distrustful to take chances with their money, the Associated Press reports.
Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting, the Wall Street Journal reports.
Time Warner Cable will expand its business services portfolio and network assets in the southeast by shelling out $600 million in cash for DukeNet Communications, a firm that delivers a range of commercial-class services and operates an optical fiber network that stretches 8,700 miles, MultiChannel News reports.
Manufacturers hoping to win business from Wal-Mart are finding a possible advantage if they can produce items in the United States. The retailer is looking to increase the number of American-made products it sells, the Wall Street Journal reports.
Tweet, Vine, Pin, Post. Update a blog. Like a Facebook status. Network via LinkedIn. There's myriad options for small business owners to connect with customers, peers and others via digital media, USA Today reports.
In Monday morning trading, the Dow Jones industrial average was down 90 points to 14,982. The Nasdaq dropped 23 points to 3,785. The S&P 500 fell 8 points to 1,682.
LEASE: Beats Electronics to leave Santa Monica for Hayden Tract space.
Audio equipment company Beats Electronics, which sells high-end headphones branded by rapper and music producer Dr. Dre, will move its headquarters from Santa Monica to Culver City next year.
TICKETS: Shares rise after Live Nation CEO talks up secondary market service.
CEO’s TV appearance gets investors out of their seats for shares of Live Nation.
Heritage Auctions’ purses pull in six-figure payouts.
Heritage turns in a clutch performance with handbag bids topping $100,000.
Richard Berman sees a new union tactic working against local employers and workers.
INTERNET: Ad Hoc’s Burner links multiple lines to one phone.
Ad Hoc Labs looks to get lines on customers with its Burner app linking multiple numbers to one smartphone.
OP-ED: Individual payer finds pricey policies and few choices on California’s health care exchange website.
California’s health care exchange gets a poor early prognosis from Steve Duchesne.
LAUNCH: Big Law skips trophy space to open virtual Westwood office.
Eli Taban’s new law firm is called Big Law Partners, but if you show up at its Westwood offices, you won’t find any attorneys.
TV Guide owner finds value in PennySaver
Classifieds mailer PennySaver earns investment firm and new owner OpenGate’s stamp of approval.
EightyTwo looks to score customers with arcade approach.
Downtown L.A. bar EightyTwo bets on arcade games to feed its quarter-ly earnings.
Alma Morales Riojas gags on Herbalife’s claims about the distributors of its nutritional supplements.
OP-ED: The mayor is wrong to support special tax cuts for movie companies. What about the rest of the city?
Adam B. Summers wants the mayor to direct his business-boosting focus beyond TV and film.
Gov. Jerry Brown must be in a time warp, Charles Crumpley writes, because Brown still thinks California leads the entire nation.
CPA Russ Lesser helped Body Glove International make splash as wetsuit maker and brand licensor.
Accountant Russ Lesser caught the big wave when he joined wetsuit maker Body Glove International.
INVESTMENT: TCW buys Craton as means to grow and diversify assets.
Most of the assets managed by downtown L.A.’s TCW Group Inc. are invested in bonds, but the firm has been working for the past year to build up assets invested in its so-called alternative strategies – private equity, direct lending and distressed debt.
FILM: Third edition of ArcLight Cinemas event pulls in 400 applicants.
ArcLight Cinemas Documentary Film Festival has filmmakers flocking.
APPAREL: Analyst says Joe’s purchase of Hudson may not be spike’s cause.
Investors give stock of Joe’s Jeans a leg up as the denim maker completes its acquisition of Hudson.
HOSPITALITY: Nightclub and restaurant owners had long sought crackdown.
Los Angeles City Council passes measure to put brakes on rogue valet operators.
ADVERTISING: Proposal mulled by city would raise rates by factor of 20.
City of Los Angeles may give billboard owners the higher sign by dramatically boosting scofflaw fines.
PR: Bread & Butter opens satellite offices to provide clients localized focus.
Bread & Butter chooses to get the word out on clients through satellite offices instead of beefing up its HQ.
SHIPPING: AWA teams with Australian company to move goods Down Under.
Freight forwarder AWA and its Australian partner think they have got the goods on Down Under consumers.
When Ben Katz was producing low-budget movies a few years ago, it meant a lot to him when people bought copies of his films.
MANUFACTURING: Brush Research looks to boost capacity.
Customers from a variety of industries are combing through Brush Research’s catalog as economy improves.
AUTOMOTIVE: ‘Piece-rate’ ruling drives technicians to court.
State court ruling on piece-rate work may drive car technicians to battle with dealerships.
Friday, October 4
Farmers Bros. Co. said Friday it had received a notification letter Thursday from the Nasdaq stock market, advising it that risked delisting for failure to file its annual report on time with SEC.
The sale of hip-hop station KDAY-FM (93.5) of Redondo Beach to Chinese investors has reportedly been called off.
A group that lobbies banks to do more lending in low-income communities is protesting the merger of CapitalSource Inc. and PacWest Bancorp, saying PacWest executives are not committed to community development activities.
The owners of a Walnut nutritional supplement company have been indicted on charges of smuggling seal oil capsules from China.
The Los Angeles Business Journal’s index of largest local public companies fell for the week.
Wells Fargo & Co. has fired about 30 branch employees in the Los Angeles region who the bank said had opened bogus accounts and attempted to manipulate customer-satisfaction surveys, the Los Angeles Times reports.
Geraldine Knatz, executive director of the Port of Los Angeles, announced Thursday that she will retire at the end of the year, the Los Angeles Business Journal reports.
Twitter Inc. on Thursday revealed plans to raise up to $1 billion in a public offering, looking to cash in on a messaging service that has transformed public conversation but is still losing money, The Wall Street Journal reports.
Speaker John A. Boehner has privately told Republican lawmakers anxious about fallout from the government shutdown that he would not allow a federal default, The New York Times reports.
Robert Rizzo, the central figure in the scandal that made the working-class city of Bell a national symbol for government graft, pleaded no contest on Thursday in the corruption case, the Los Angeles Times reports.
A judge Thursday said the Los Angeles Memorial Coliseum Commission appeared to have repeatedly violated the state's open-meeting law during its months of closed-door deliberations on USC's lease of the taxpayer-owned stadium, the Los Angeles Times reports.
The roads in greater Los Angeles are the most deteriorated in the United States, the Los Angeles Times reports.
A $15-million donation to UCLA is going to bolster environmental studies and start a new prize for innovation in sustainability, the Los Angeles Times reports. The money comes from the charitable foundation of Los Angeles philanthropists Anthony and Jeanne Pritzker.
Tesla’s stock declined for the second day Thursday after a video of a burning Model S on a Washington highway went viral, the Los Angeles Daily News reports.
Don Mattingly has spent 24 years in the storied uniforms of the Yankees and the Los Angeles Dodgers but hasn’t yet reached the World Series, The New York Times reports.
In Friday morning trading, the Dow Jones industrial average was up 24 points to 15,020. The Nasdaq ticked up 21 points to 3,795. The S&P 500 rose 5 points to 1,683.
Thursday, October 3
Geraldine Knatz, executive director of the Port of Los Angeles, announced Thursday that she will retire at the end of the year
Health care real estate firm HCP Inc. on Thursday said it fired longtime chief executive James Flaherty.
United Online Inc. announced on Thursday that Francis Lobo would become president and chief executive of the company next month.
Molina Healthcare Inc. on Thursday said that its board has authorized the repurchase of up to $50 million worth of the company's common stock.
In Thursday trading, the Dow Jones industrial average closed down 137 points, or 1 percent, to 14,996. The Nasdaq dropped 41 points, or 1 percent, to 3,774. The S&P 500 fell 15 points, or 1 percent, to 1,679. The LABJ Stock Index fell more than 2 points to 169.
This is the first time that Snapchat has allowed content to live in its app longer than 10 seconds.
The company has also created a web messenger so users can have access to those conversations both online and on mobile devices.
With an eye toward consolidating its Los Angeles-area operations, NBCUniversal parent Comcast Corp. has purchased 10 Universal City Plaza, the tallest office building in the San Fernando Valley, for about $420 million, the Los Angeles Times reports.
Los Angeles Mayor Eric Garcetti on Wednesday sought to rebuild frayed ties with the city's business leaders, embracing their City Hall agenda while promoting his efforts to speed L.A.'s economic recovery, the Los Angeles Times reports.
The fight over the partial government shutdown appeared to be moving toward a bigger showdown over raising the nation’s debt ceiling Thursday, after the first White House talks to solve the fiscal standoff failed to make any progress toward a deal, the Washington Post reports.
A Los Angeles jury on Wednesday found that concert promoter AEG Live was not liable for the death of Michael Jackson, capping a marathon civil trial, the New York Times reports. Michael Jackson fans don't understand the verdict, but AEG says the case never should have gone to trial, the Los Angeles Times reports.
Shares of Wall Street darling Tesla Motors fell 6 percent Wednesday after the high-flying stock was downgraded by an investment house and pictures and video of a mysterious Tesla Model S fire circulated on the Internet, the New York Times reports.
In Los Angeles, it's boom time for a tiny group of developers, builders, architects and realtors dedicated to building and selling $55 million megamansions on spec. the Hollywood Reporter says.
After co-founding Focus Features 11 years ago, Chief Executive James Schamus was told by parent company Universal Pictures on Wednesday that he no longer had a job, Variety reports.
It seems for U.S. businesses, the only thing worse than too much government is no government at all, Bloomberg News reports. The U.S. Chamber of Commerce was among several business groups deploying its army of lobbyists to stress the importance to Capitol Hill lawmakers of ending the government shutdown.
Bill Ackman says he has reduced more than 40 percent of his hedge fund’s short position against Herbalife’s shares in an attempt to stem Pershing Square’s paper losses, which have run into the hundreds of millions of dollars, the New York Times reports.
The National Retail Federation says economic headwinds and the distractions of a government shutdown could temper spending this holiday season, AdAge reports. The group expects holiday sales to increase modestly by 3.9 percent to $602 billion, slightly ahead of last year.
Even after being forced to cut production last month because of high lead emissions, a Vernon battery recycler has continued to violate limits on releases of the potent neurotoxin, the Los Angeles Times reports.
Describing him as "the modern, electronic version of Walter White in 'Breaking Bad,' " prosecutors on Wednesday called Ross William Ulbricht, a 29-year-old former physics student from San Francisco, the mastermind behind Silk Road, an Internet site that peddled heroin, ecstasy and every known type of prescription medication, the Los Angeles Times reports.
Taking out a mortgage. Getting married in a park. Going for a fall foliage drive. Cashing a check. Americans are finding that "the government" entails a lot more than the stereotype of faceless D.C. bureaucrats cranking out red tape, the Associated Press reports.
In Thursday morning trading, the Dow Jones industrial average dropped 137 points, or 1 percent, to 14,996. The Nasdaq was down 33 points, or 1 percent, to 3,782. The S&P 500 fell 16 points, or 1 percent, to 1,678.
Wednesday, October 2
New York real estate firm Madison International Realty announced Wednesday that it had purchased a 49 percent interest in One California Plaza, a 42-story office tower at 300 S. Grand Ave. in downtown Los Angeles.
The economy in the city of Los Angeles grew at a faster rate than the nation last year, according to a report released by the Los Angeles Area Chamber of Commerce Wednesday.
Caruso Affiliated and the Los Angeles County Museum of Art on Wednesday said they will pay for a feasibility study on a proposal to build a Fairfax Avenue trolley line between the Grove shopping center and the Miracle Mile museum.
Long-time Universal Studios executive Rick Finkelstein died on Tuesday after a long battle with cancer. He was 64 years old.
Commerce denim company Joe’s Jeans Inc. announced Wednesday morning it completed its acquisition of Hudson Clothing Holdings Inc.
In Wednesday trading, the Dow Jones industrial average closed down 59 points to 15,133. The Nasdaq fell 3 points to 3,815. The S&P 500 fell 1 point to 1,694. The LABJ Stock Index fell less than 1 point to 171.
West Hollywood's Evite announced Wednesday that it has started sending physical invitations by mail through a service called Evite Ink.
Southern California Edison fired another salvo at its former contractor, demanding that Mitsubishi Heavy Industries pay it $140 million for the cost of investigating the failure of steam generators at the San Onofre nuclear power plant, the Los Angeles Times reports.
Three of the top 20 investors in Microsoft Corp. are lobbying the board to press for Bill Gates to step down as chairman of the software company he co-founded 38 years ago, sources tell Reuters.
Businesses added a less-than-expected 166,000 jobs according to a private hiring report that has taken on more importance amid the likely delay of the government's monthly statistics, the Wall Street Journal reports. The monthly report from payroll processor Automatic Data Processing Inc. and forecasting firm Moody's Analytics also revised downward the earlier August figure.
Kicking off a historic healthcare expansion, California's new insurance market stumbled out of the gate Tuesday with strong demand contributing long hold times, and despite an online enrollment delay for small businesses, the Los Angeles Times reports.
As the government's partial shutdown enters a second day, most companies across the country are doing business as usual. Yet concern is rising that a prolonged shutdown would cause some work at private companies to dry up and consumers to lose faith in the U.S. economy, the Associated Press reports.
Amgen Inc. won’t have to face a drug-marketing lawsuit brought by a New Jersey doctor whom the U.S. describes as a professional whistle-blower, Bloomberg News reports.
New Los Angeles airport commissioners on Tuesday questioned Los Angeles World Airports executives about falling passenger traffic at L.A./Ontario International Airport, but the seven members stopped short of signaling whether they would like to see the city sell the airport, the Daily Breeze reports.
Employees of Santa Monica's Morley Builders are mourning the loss of its chief executive and his son, a senior project engineer, who were believed to have been killed in a jet crash at Santa Monica Airport on Sunday the Los Angeles Times reports.
The owner of Frontier Airlines has agreed to sell the Denver-based carrier to Indigo Partners, the investors who helped finance the super-cheap carrier Spirit Airlines, the Wall Street Journal reports.
Satellite-television providers DirecTV and Dish, which shook up the pay-TV industry in the 1990s by luring millions of customers away from cable companies, are now struggling to adjust to the technology of the 2010s. Bloomberg BusinessWeek reports.
Bill Gross, manager of the world's largest bond fund at Pimco, said Wednesday that the global economy may be facing low rates for decades, Reuters reports.
Mark Cuban is a “righteous man” or a "brazen billionaire." Dueling narratives were presented to a jury on Tuesday as lawyers from the Securities and Exchange Commission and from the Dallas Mavericks owner delivered opening arguments in Cuban’s civil insider trading trial, the New York Times reports.
The credit-card industry has cut down on fees charged to borrowers as a result of a consumer-protection law enacted four years ago, but several problematic practices persist, the Consumer Financial Protection Bureau said Wednesday, the Wall Street Journal reports.
In Wednesday morning trading, the Dow Jones industrial average was down 91 points to 15,101. The Nasdaq fell 12 points to 3,806. The S&P 500 fell 7 points to 1,687.
Tuesday, October 1
Paramount Pictures announced layoffs on Tuesday as part of the studio’s effort to cut costs.
Westwood private equity firm Shamrock Capital Advisors has sold the Harlem Globetrotters to a Georgia company that owns and operates theme parks.
Activision Blizzard Inc. said in a regulatory filing that it would seek shareholder approval of its plan to buy back its stock from controlling shareholder Vivendi if an appeal of a court injunction fails.
Amgen Inc. has completed its tender offer to purchase all outstanding shares of Onyx Pharmaceuticals Inc. at $125 a share, or a total price of $9.7 billion.
The Securities and Exchange Commission approved on Tuesday the spin-off of FTD Companies Inc. from United Online Inc., which will now take place Nov. 1.
Thomas Properties Group Inc. said Tuesday it has completed the liquidation of a joint venture with the California State Teachers' Retirement System.
Platinum Equity on Tuesday said that it has acquired MetoKote Corp., a Lima, Ohio provider of industrial metal coating services.
CBRE Global Investors, CBRE Group Inc.’s investment management business, is expected to end a $700 million real estate debt fund following the departure of key executives.
In Tuesday trading, the Dow Jones industrial average closed up 62 points to 15,192. The Nasdaq rose 46 points to 3,818. The S&P 500 rose13 points to 1,695. The LABJ Stock Index rose 2 points to 171.
The West L.A. company announced Tuesday that it has launched a free phone plan that gives customers access to voice, text and data without paying for a monthly phone contract.
Lettuce is software-as-a-service that taps into a company's system to manage and automate all aspects of selling physical goods, including inventory, payment processing and fulfillment.
The U.S. government this morning began to shut down for the first time in 17 years, the Washington Post reports. The New York Times looks at who is going to work and who is staying home.
New health insurance marketplaces under President Barack Obama's signature health-care law opened for business today, the Wall Street Journal reports. The Los Angeles Times lists five things to watch for in California's launch.
Dish Network and the Walt Disney Co. have extended the deadline on their negotiations for a retransmission consent agreement, which had been set to expire Monday night, the Hollywood Reporter says.
Nearby residents had been pushing for limits on flight operations over concerns about noise, pollution and safety even before Sunday's deadly jet crash at Santa Monica Airport, the Los Angeles Times reports.
Frederick’s of Hollywood, a local lingerie brand that competes with behemoth Victoria’s Secret, is considering a proposal from some of its largest shareholders that would take the company private, the Los Angeles Times reports.
Fresh & Easy Neighborhood Market Inc. has filed for Chapter 11 protection in U.S. Bankruptcy Court to ease a sale to Ron Burkle's Yucaipa Cos., the Los Angeles Times reports.
Amazon.com Inc. plans to hire 70,000 people for its U.S. warehouses this holiday season, the Wall Street Journal reports. The Journal also notes Wal-Mart Stores Inc. is building warehouses to better compete with Amazon on Internet orders.
Los Angeles has the highest poverty rate among California counties, according to an analysis that factors in the soaring price of city housing, the Los Angeles Times reports.
Warner Bros. Pictures has reached a film financing deal with RatPac-Dune Entertainment, formed by Dune Entertainnment's Steven Mnuchin and RatPac Entertainment, the film finance vehicle of filmmaker Brett Ratner and Australian businessman James Packer, the Los Angeles Times reports.
A.C. Lyles, who started in the mailroom and had worked for Paramount in some capacity for more than 80 years, has died, the Hollywood Reporter says. He was 95.
Albert "Bud" Wheelon, one of the nation's central figures in the development of the first spy satellite and later the commercial communications satellite industry, has died at his home in Montecito, the Los Angeles Times reports. He was 84.
Apparently, markets have nothing to fear but fear itself. Time's Rana Foroohar looks at why the markets — which swooned yesterday — are not tanking this morning.
In Tuesday morning trading, the Dow Jones industrial average was up 63 points to 15,193. The Nasdaq rose 33 points to 3,804. The S&P 500 rose 12 points to 1,694.