Los Angeles Business Journal

LA FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Stocks Rise

The Dow Jones industrial average rose 155 points in Friday trading to close at 18,140. The S&P 500 rose 13 points to 2,110. The Nasdaq rose 31 points to 4,956. The LABJ Stock Index rose one point to 225.

Briefs: TrueCar Revs, Motorcar Parts Sued, Commonwealth Splits, City National Expands

TrueCar Shares Rise Shares of Santa Monica car-buying site TrueCar Inc. climbed more than 6 percent in Thursday trading in advance of the company’s latest earnings announcement. After markets closed, TrueCar reported fourth-quarter earnings that were in line with analysts’ expectations: Revenue of $55.5 million and a net loss of $9.8 million (13 cents a share). Shares rose 6.4 percent Thursday before the announcement, closing at $20.77, but fell 2 percent to $20.36 in after-hours trading.

Markets Mixed

The Dow Jones industrial average fell 44 points in Thursday trading to close at 17,986. The S&P 500 fell two points to 2,097. The Nasdaq rose 18 points to 4,925. The LABJ Stock Index was flat at 224.

Stocks Mixed

The Dow Jones industrial average fell 18 points in Wednesday trading to close at 18,030. The S&P 500 fell one point to 2,100. The Nasdaq rose seven points to 4,906. The LABJ Stock Index was flat at 224.

L.A. Firm to Buy Fresno’s Security First Bank

Downtown Los Angeles investment company SunPac Financial announced Wednesday that it has agreed to acquire Security First Bank in Fresno, its first step in establishing a new bank serving Los Angeles.

Stocks Down

The Dow Jones industrial average was down 39 points in Wednesday morning trading to 18,008. The S&P 500 fell five points to 2,095. The Nasdaq fell three points to 4,896. The LABJ Stock Index was flat at 224.

Stocks Rise

The Dow Jones industrial average rose 28 points in Tuesday trading to close at 18,048. The S&P 500 rose three points to 2,100. The Nasdaq rose five points to 4,899. The LABJ Stock Index rose one point to 224.

Herbalife’s Fifth-Largest Shareholder Sells

New York hedge fund manager Richard Perry, who recently became the fifth-largest shareholder of multi-level marketer Herbalife Ltd., liquidated his 5.6 million share stake in the company during the fourth-quarter, according to a Feb. 13 Securities and Exchange Commission filing.

NetSol, Stamps.com Among Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ index rose 1.3 percent to close at 223, with gainers outpacing losers 96 to 56. Six companies closed the week unchanged.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills PE firm Platinum Equity announced Tuesday that it has completed the sale of Fishing Holdings, a Flippin, Ark., boat manufacturer to Bass Pro Group, the Springfield, Mo., outdoor gear retailer. Terms of the deal were not disclosed.

Stocks Rise

The Dow Jones industrial average rose 47 points in Friday trading to close at 18,019. The S&P 500 rose nine points to 2,097. The Nasdaq rose 36 points to 4,894. The LABJ Stock Index was flat at 223.

Stocks Rise

The Dow Jones industrial average rose 110 points in Thursday trading to close at 17,972. The S&P 500 rose 20 points to 2,088. The Nasdaq rose 56 points to 4,858. The LABJ Stock Index rose two points to 223.

Merrill Lynch Hires Wealth Manager Bruce Munster from Morgan Stanley

Merrill Lynch, the private wealth and investment banking arm of Bank of America Corp. in Charlotte, N.C., announced Wednesday that it has hired local money manager Bruce Munster and his nine-person wealth management team from New York investment bank Morgan Stanley.

Markets Mixed

The Dow Jones industrial average fell seven points in Wednesday trading to close at 17,862. The S&P 500 was flat at 2,069. The Nasdaq rose 14 points to 4,801. The LABJ Stock Index was flat at 221.

Stocks Rise

The Dow Jones industrial average rose 140 points in Tuesday trading to close at 17,869. The S&P 500 rose 22 points to 2,069. The Nasdaq rose 62 percent to 4,788. The LABJ Stock Index rose two points to 221.