Los Angeles Business Journal

Monday’s L.A. News Roundup

By Deborah Crowe Monday, July 30, 2012

EARNINGS MISS: Shares of Mercury General Corp. fell nearly 6 percent to $26.44 after the Los Angeles auto insurer reported second quarter results that were lower than analysts’ expectations. Mercury reported a net loss of $5.3 million, compared with a $57.3 million profit in the same period a year earlier. Operating income, which excludes some investment results, fell from 76 cents to 19 cents a share, compared with the 66-cent Wall Street consensus.

HOSPITAL CEO: Hollywood Presbyterian Medical Center Chief Executive Michael A. Rembis will be moving over the same position at Providence Saint Joseph Medical Center in mid-September, Providence said today. Rembis, 58, succeeds Barry Wolfman, who left the Burbank hospital earlier this year to return to his alma mater, George Washington University as top administrator.

OFFICE EXPANSION: Live Nation Entertainment Inc. has doubled its space at 7083 Hollywood Blvd., across the street from a 12-story Hollywood office building almost entirely occupied by the Beverly Hills concert promoter. Live Nation moved into one 14,000-square-foot floor of 7083 Hollywood in February and now has expanded to a second floor, building owner CIM Group said today. The 82,000-square-foot, six-story Class A office building is now fully leased.