Los Angeles Business Journal

Hobby Lobby Opens in West Covina

Hobby Lobby, noted for its recent victory in a Supreme Court case opposing the Affordable Care Act and contraception, is set to open a new store today in West Covina, the San Gabriel Valley Tribune reported.

Apes Maintain Grip on Box Office

“Dawn of the Planet of the Apes” held its box office lead with a $36 million take during its second week. “The Purge: Anarchy” claimed second place, Variety said.

Stocks Down

The Dow Jones industrial average fell 100 points in Monday morning trading to 17,000. The S&P 500 was down 10 points to 1,968. The Nasdaq lost 19 points to 4,413.

Microsoft Killing Xbox Entertainment Studios

Microsoft will soon pull the plug on Xbox Entertainment Studios, the short-lived attempt to development original content aimed at gamers, Forbes reports. The failure represents a significant missed opportunity for the tech giant, The Wrap says.

Wearable Tech Showcased in Pasadena

Technologically-enhanced shoes, glasses and even an armband-and-glove device armed with a Taser were among the new products shown at the inaugural Wearable Tech LA conference in Pasadena, the San Gabriel Valley Tribune said.

Time Warner Prepares for Fox Fight

Time Warner may be in for a fight after turning down 21st Century Fox’s $80 billion bid, as Fox chief Rupert Murdoch may not be willing to take “no” for an answer, even if that means paying an even larger sum, the Los Angeles Times reported.

Downtown Building to Become Hotel

Sydell Group Ltd. plans to turn a vacant building into a downtown hotel positioned for hip travelers, the Los Angeles Times said.

Feds Indict FedEx in Prescription Drug Case

The Justice Department has charged shipping company FedEx with illegally transporting prescription medications. The company has denied wrongdoing and faces a fine of at least $1.6 billion, according to the Wall Street Journal.

New Development to Begin in Downtown Long Beach

The construction of a $53 million residential and retail complex is beginning in downtown Long Beach. The project is expected to be built in 2017, the Long Beach Press-Telegram reported.

New Future for San Pedro Offices

Jupiter Holdings, new owners of a mostly-vacant 11-story tower in San Pedro, are renovating the building in a bid to attract new tenants, according to the Daily Breeze.

Americans Holding Much More Cash

Average checking account balances reached $4,436 at the end of 2013, signaling that Americans are holding on to cash instead of increasing spending to pre-recession levels, the Los Angeles Times reported.

Google’s Ad Challenge

Search engine giant Google reported a rise in its quarterly net income, but its earnings were below analysts’ estimates as the company deals with the problem of ad revenue for mobile devices being less lucrative than ads designed for PC users, the New York Times said.

Pharma Firm Makes European Deal

Drug maker AbbVie Inc. has reached a deal to buy the Irish company Shire for $54.8 billion in the largest merger ever motivated by an American firm’s bid to pay lower taxes by relocating to Europe, according to Bloomberg.

Stocks Up

The Dow Jones industrial average was up 88 points in Friday morning trading at 17,064. The S&P 500 was up 13 points to 1,971. The Nasdaq rose 44 points to 4,408.

Microsoft to Lay Off 18,000

Microsoft is poised for the largest layoff in its history, eliminating 18,000 jobs in the next year, most shed from companies acquired from the phone maker Nokia, the New York Times said.