Electronic Arts Posts Wider 1Q Net Loss
Electronic Arts Inc., the world’s biggest video game publisher, posted a wider net loss for its fiscal first quarter amid an industrywide sales slump but beat expectations driven by strong sales of certain titles, the Associated Press reports. Shares of EA closed at down 59 cents at $46.52 on the Nasdaq on Tuesday, then gained $1.81, or nearly 4 percent, in after-hours trading after the quarterly results were released.
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High Anticipation for High-Flying X Games
The ramps are in place. The tons of dirt have been dumped. The tracks have been set. Let the X Games begin, the Daily Breeze reports. Thursday marks the start of what has become an annual South Bay tradition: the four-day extreme sport competition that draws thousands of fans to the Home Depot Center in Carson.
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Time Warner Expands its Share
More than 1 million television sets around Los Angeles and the South Bay converted from Adelphia or Comcast Cable to Time Warner Cable on Tuesday, the Daily Breeze reports. Time Warner now controls all but a sliver of the cable television market in the South Bay, said Deane Leavenworth, the company’s vice president of external affairs for the Los Angeles region.
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Tip Earners Protest Proposed Federal Wage Plan
Californians mobilized Tuesday to oppose a new federal minimum wage law coming up for a Senate vote this week that they say would slash the pay of an estimated 650,000 California waiters, waitresses, manicurists, bellhops and others who rely on tips for a chunk of their income, the San Francisco Chronicle reports. But advocates of the proposal say the critics are misreading the legislation’s arcane wording. The proposal is part of a voluminous House-passed bill that would cut estate taxes on the wealthiest Americans and offer a long list of other tax cuts, in addition to raising the minimum wage.
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Local Mall Gains Macy’s
Federated Department Stores confirmed plans Tuesday to rebrand the Robinsons-May store at Westfield Topanga as a Macy’s, and will keep open two existing stores less than a mile away at the Westfield Promenade in Woodland Hills, the Los Angeles Daily News reports. The new, full-service Macy’s will replace the Robinsons-May next month after some renovation, company officials said. Both chains are owned by Federated, but the Robinsons-May name is being retired nationwide. Many stores were simply slated for closing when the two chains merged earlier this year.
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JetBlue to end direct Burbank-Orlando flights
JetBlue will end direct flights from Bob Hope Airport to Orlando, Fla., in November, just four months after launching the route, officials said Tuesday, the Los Angeles Daily News reports. The low-cost carrier – the only one with a daily nonstop flight between Burbank and Florida’s holiday and film-production destination – will close the route Nov. 13. Company spokeswoman Jenny Dervin cited high fuel costs and weaker-than-expected demand.
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State Looks to Flex Ag Clout
Despite its position as the top-producing agricultural state, California often has been a relative wallflower when Congress goes through the twice-a-decade ritual that determines federal agricultural spending, the Sacramento Bee reports. But in 2007, the year that the next farm bill is set to be passed, the Golden State is looking to throw its weight around. To do that, though, farm interests will have to come together around a common agenda, something that has been difficult to achieve in the past, given the state’s extraordinarily diverse agricultural economy.
Cross Purposes
The last major swath of open land in Industry is in development, creating a regional retail draw in the process, the Pasadena Star-News reports. Majestic Realty Co.’s 400-acre Grand Crossing project includes industrial and retail stores. The Marketplace at Grand Crossing – East, at Grand Avenue and Valley Boulevard, already has Kohl’s, Bed Bath & Beyond, Michaels, Pier 1 Imports, Famous Footwear and In-N-Out Burger. El Pollo Loco, PetSmart, Chipotle, Subway and Golden Spoon Frozen Yogurt are expected by year’s end, and a Citibank will open in early 2007 on the southeast corner, said John W. Hunter, vice president and director of development for Majestic Realty Retail, a division of Majestic Realty Co., the developer of Grand Crossing.
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