Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Stocks Fall

The Dow Jones industrial average fell 123 points in Friday’s trading to close at 16,961. The S&P 500 fell 10 points to 1,978. The Nasdaq fell 23 points to 4,450. The LABJ Stock Index edged down a point to 199.

Bose Sues Apple’s Beats Over Patent Infringement

Bose has filed a lawsuit against Beats Electronics, claiming 36 patent infringements related to noise canceling technology.

Opera Completes Acquisition of AdColony

Opera Software has completed its acquisition of AdColony, a West Los Angeles mobile video advertising platform that specializes in HD mobile video.

Breitburn Energy Hits Gusher in $2 Billion Deal

Los Angeles oil company Breitburn Energy Partners announced Thursday that it has agreed to buy QR Energy of Houston for nearly $2 billion in cash and stock.

City National Beats Expectations

City National Corp. reported strong second-quarter earnings after markets closed Thursday, posting net income of $66.7 million ($1.11 a share), up 12 percent over the same period a year ago.

Reliance Shares Dip as Earnings Fall Short

Shares of Reliance Steel & Aluminum Co. fell on Thursday after the company reported earnings below analyst expectations despite record revenue.

VCA Inc. Beats Expectations

L.A. animal health care company VCA Inc. reported earnings on Thursday that beat analysts’ expectations.

Poll: Are you concerned about climate change?

Every week the Los Angeles Business Journal asks readers their views on a variety of business and economic issues. A running tally is available on the site and later will be published in the Commentary section of our print edition.

Dow Jones, Nasdaq Down; S&P Up; LABJ Flat

The Dow Jones industrial average fell 3 points in Thursday’s trading to close at 17,084. The S&P 500 rose a point to 1,988. The Nasdaq dropped 2 points to 4,472. The LABJ Stock Index was flat at 200.

Chernin and AT&T Reportedly Set to Buy Fullscreen

Fullscreen is said to be close to a deal to sell a majority stake to Otter Media, a joint venture of Chernin Group and AT&T.

Puma Shares Skyrocket

Shares of Westwood pharmaceuticals firm Puma Biotechnology Inc. increased by nearly 300 percent Wednesday after the firm reported a successful test of a drug being developed to treat breast cancer.

Alarcon and Wife Convicted

Former Los Angeles City Council Richard Alarcon and his wife were convicted Wednesday of voter fraud and perjury in a case involving allegations they lied about their residence in order for him to qualify to run for office.

Skechers Beats Estimates

Shares of shoe company Skechers USA rose in after-hours trading Wednesday after the company’s reported exceeded estimates.

Jakks Shares Fall on Earnings

Shares of Malibu toy firm Jakks Pacific fell nearly 14 percent Wednesday after the firm reported a deeper loss than analysts expected.

Dow Jones Down; S&P 500, Nasdaq, LABJ Up

The Dow Jones Industrial Average fell 27 points in Wednesday’s trading to 17,087. The S&P 500 went up 3 points to 1,987. The Nasdaq rose 18 points to 4,474. The LABJ Stock Index increased by 1 point to 200.

Lions Gate Invests in Next Games

Lions Gate, the studio behind young adult franchises “The Hunger Games,” “Twilight” and “Divergent,” has invested in Finnish game developer Next Games as part of its effort to move into the gaming industry.

Fellow Lenders Save East L.A’s Pan American Bank

More than a dozen West Coast banks, including eight in Los Angeles County, pumped $6 million of new capital into East L.A. lender Pan American Bank, which was on the verge of being shut down by regulators.

LuckyPennie Banks on Cincinnati Accelerator

LuckyPennie has left its Mid-Wilshire office and set up shop in Cincinnati. But the decision to relocate wasn’t just a flip of a coin.

Realty Mogul Raises $1.5 Million for First Crowdfunded Hotel

Realty Mogul, a Beverly Hills real estate crowdfunding company, has raised $1.5 million from smaller investors seeking a stake in the Hard Rock Hotel in Palm Springs, the first operating hotel in the country to crowdfund an equity infusion.

PK4 Media Acquires Prosperio

Ad tech company PK4 Media has acquired Prosperio, a developer of direct platforms for display and video ads.