News from Around the Web
The Dow Jones industrial average fell 49 points in early Monday trading to 19,103. The S&P 500 fell 5 points to 2,208. The Nasdaq fell 15 points to 5,384. The LABJ stock index stayed steady at 228.
The future of a federal rule change that would grant millions more Americans the opportunity to earn overtime pay has been cast into doubt following a federal court ruling in Texas, according to the Los Angeles Times. Read the Business Journal’s previous coverage of the issue as it pertains to California here.
Billionaire Tom Barrack has removed himself from consideration for a cabinet post in the Donald Trump administration, according to the Hollywood Reporter, though he thinks the President-elect’s China policy will benefit the entertainment industry.
Banks wishing to do business with the City of Los Angeles must now submit documentation proving they do not engage in predatory sales practices, according to the Los Angeles Times. However, some consumer advocates were pushing for the City Council to enact stricter rules.
Elon Musk has been the target of numerous online critics that decry the business practices of his companies, such as Tesla and SpaceX, according to Bloomberg. However, questions are being raised about whether his business rivals could be behind some of the attacks.
The Dow Jones industrial average fell 12 points in early Wednesday trading to 19,036. The S&P 500 fell 7 points to 2,196. The Nasdaq fell 28 points to 5,358. The LABJ stock index dropped 1 point to 225.
NBCUniversal is making another $200 million investment in Buzzfeed after investing $200 million in the company last year, Variety reports. The companies plan to extend their advertising-sales relationship and collaborate with NBCU’s Content Studio to make short-form digital video content for advertisers and “create new digital consumer experiences.”
Six people were injured on Monday when a 2017 Fiat 500e on a test drive at the Los Angeles Auto show struck a cement planter, sending debris flying, near the DTLA Convention Center, the Daily News reports. Eight people were evaluated for non-life-threatening injuries and six were taken to the hospital, including the man who was driving the car.
Hundreds of people lined up for hours on Monday in New York for a chance to buy Snapchat Spectacles from a “Snapbot” vending machine in a pop-up store off Fifth Avenue, The New York Times reports. Venice-based Snapchat has kept the locations of its pop-up stores secret, and the shops have shown up around the Los Angeles area, Tulsa Okla,, and even at the Grand Canyon. The sunglasses record 10-second videos that are wirelessly sent to the user’s Snapchat app and retail for $130.
Tesla Motors Inc. officially closed on a deal Monday morning to buy SolarCity Corp. in an all-stock deal valuing the company at $2 billion, the Los Angeles Times reports. Tesla Chief Executive Elon Musk wants to sell the company’s solar panels through Tesla’s stores so customers can buy them to power their homes and charge their Tesla electric vehicles The company’s first joint project - solar roof tiles that look like traditional tiles - are expected to be on the market by summer.
The Dow Jones industrial average rose 39 points in early Tuesday trading to 18,996. The S&P 500 rose 4 points to 2,202. The Nasdaq rose 16 points to 5,385. The LABJ stock index stayed steady at 226.
Hyperloop One has settled a breach of fiduciary lawsuit brought by Brogan BamBrogan, its former chief technology officer and co-founder, and three other employees, the Business Journal reports. In a complaint filed July in Los Angeles Superior Court, BamBrogan claimed he was fire after he was critical of Hyperloop One Board Chairman Shervin Pishevar’s management of the company, whose behavior he claimed was tantamount to a breach of fiduciary duty. Terms of the settlement were not disclosed.
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal, the Business Journal reports. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market. The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.
One of L.A.’s oldest and most prominent importers of Japanese foods and restaurant supplies is being acquired by a $1.3 billion Japanese company, the Business Journal reports. Takara Holdings Inc., based in Kyoto, Japan, said it would pay $8.16 million for an additional 10.3 percent stake in downtown’s Mutual Trading Co. Inc. Takara already owns a 40.7 percent stake in Mutual Trading.
Warner Bros. and J.K. Rowling’s new Harry Potter-related film “Fantastic Beasts and Where to Find Them,” sold $75 million in North American tickets over the weekend, and $143.3 million in partial release overseas, The New York Times reports. STX’s “The Edge of Seventeen” took in $4.8 million, and Open Road’s “Bleed for This” made $2.4 million.