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 Mixed

The Dow Jones industrial average rose 72 points in Tuesday trading to close at 18,110. The S&P 500 rose six points to 2,115. The Nasdaq fell five points to 5,055. The LABJ Stock Index was flat at 232.

City National Sued by Labor Department

The Department of Labor announced Tuesday that it has filed a lawsuit against downtown L.A.’s City National Bank and several of the company’s officers, alleging the bank charged the company’s retirement plan excessive fees that cost employees more than $4 million, violating the federal Employee Retirement Income Security Act.

Community Bank Reports Profitable Quarter

Pasadena’s Community Bank reported strong first quarter earnings after markets closed Friday, growing its net income by 8 percent from the same period last year.

Stocks Fall

The Dow Jones industrial average fell 42 points in Monday trading to close at 18,038. The S&P 500 fell nine points to 2,109. The Nasdaq fell 32 points to 5,060. The LABJ Stock Index fell two points to 232.

Skechers and Cheesecake Factory 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 2 percent to close at 234, with winners outpacing gainers 98 to 51. Eight companies closed the week unchanged.

Stocks Rise

The Dow Jones industrial average rose 21 points in Friday trading to close at 18,080. The S&P 500 rose five points to 2,118. The Nasdaq rose 36 points to 5,092. The LABJ Stock Index was flat at 234.

Earnings Roundup: City National, Skechers and Reliance Steel Perform Well

City National Reports Strong Earnings Downtown Los Angeles’ City National Corp., parent of City National Bank, reported first-quarter earnings on April 23 that met analyst expectations.

Stocks Rise

The Dow Jones industrial average rose 20 points in Thursday trading to close at 18,059. The S&P 500 rose five points to 2,113. The Nasdaq rose 21 points to 5,056. The LABJ Stock Index rose two points to 234.

Stocks Rise

The Dow Jones industrial average rose 89 points in Wednesday trading to close at 18,038. The S&P 500 rose 11 points to 2,108. The Nasdaq rose 21 points to 5,035. The LABJ Stock Index rose one point to 232.

Earnings: Amgen, Jakks and East West Beat Estimates

Amgen Boosts Profits Amgen Inc.’s first quarter results beat analyst expectations Monday and the company raised its guidance for the rest of the year.

Markets Mixed

The Dow Jones industrial average fell 85 points in Tuesday trading to close at 17,950. The S&P 500 fell three points to 2,097. The Nasdaq fell 20 points to 5,014. The LABJ Stock Index was flat at 232.

Earnings: Wilshire Beats, BBCN Meets Street Estimates

Koreatown’s Wilshire Bancorp Inc. reported second-quarter earnings Monday that beat Wall Street expectations by 20 percent.

Stocks Rise

The Dow Jones industrial average rose 209 points in Monday trading to close at 18,035. The S&P 500 rose 19 points to 2,100. The Nasdaq rose 63 points to 4,995. The LABJ Stock Index rose three points to 231.

L.A. Venture Capital Investment is Up

Venture capital investment in Los Angeles and Orange counties nearly tripled to $1.6 billion in the first quarter, according to the Money Tree report released Friday by PricewaterhouseCoopers LLP and the National Venture Capital Association.

Kite Pharma, California Resources Among Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies fell slightly for the week. The weighted LABJ index fell less than 1 percent to close at 229, with losers outpacing gainers 95 to 55. Seven companies closed the week unchanged.