Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

McMorrow Makes Gift to USC Marshall

The University of Southern California and its Marshall School of Business announced Tuesday that local real estate executive William J. McMorrow made a substantial gift to the school to establish a global real estate program.

Swiss Firm Takes Stake in American Apparel

A Swiss investment firm has acquired more than a third of American Apparel’s latest stock offering, becoming the company’s second-largest investor and bailing the L.A. company out of a debt crisis.

AFEX Buys Bank in Toronto

AFEX, a Woodland Hills provider of cross-border payment services for businesses, has purchased Jameson Bank in Toronto, the company announced Tuesday.

Santa Monica Prop House Moves to Burbank

Omega Cinema Props is relocating from Santa Monica to the Burbank Airport Commerce Center.

Gores Group Invests in Tweedle

West Los Angeles private equity firm Gores Group announced Tuesday that it has made an equity investment in Clinton Township, Mich. automotive publishing company Tweddle Group Inc.

Stocks Rise

In Tuesday trading, the Dow Jones industrial average closed up 10 points to 16,256. The Nasdaq rose 33 points to 4,113. The S&P 500 rose 7 points to 1,852. The LABJ Stock Index rose 1 point to 188.

AwesomenessTV Continues to Beef Up Executive Ranks

Los Angeles multiplatform content maker AwesomenessTV has hired veteran retail sales executive James Fielding as the company’s new global head of consumer products and retail.

Puma Falls on Cancer Drug Data

Shares of Puma Biotechnology Inc. dropped 18 percent on Monday after the Westwood drug developer reported clinical trial results for its experimental breast cancer drug that were less dramatic than investors expected.

Long Beach Boeing Plant to Close Earlier Than Expected

Boeing Co. said Monday it expected to end production of its C-17 Globemaster III transport jet at its Long Beach plant three months earlier than expected.

MannKind Shares Fall on FDA Delay

Shares of MannKind Corp. fell nearly 8 percent Monday after the company announced that the FDA’s final decision on its inhalable insulin could be delayed beyond an expected April 15 deadline.

Former Mayor of Glendale Sentenced for Embezzlement

John Drayman, a former Glendale councilman and mayor, was sentenced Monday to one year in jail for embezzling some $300,000 from the Montrose farmers market, the L.A. County District Attorney announced.

Stocks Fall

In Monday trading, the Dow Jones industrial average closed down 167 points, or 1 percent, to 16,246. The Nasdaq fell 48 points, or 1 percent, to 4,080. The S&P 500 fell 20 points, or 1 percent, to 1,845. The LABJ Stock Index fell 2 points, or 1 percent, to 187.

Los Angeles Lures Large Convention from San Diego

Los Angeles has snagged a major environmental convention from San Diego.

True Car Registers for IPO

Santa Monica’s booming auto shopping website TrueCar has registered for an initial public offering with the Securities and Exchange Commission, seeking to raise up to $125 million.

Amgen Cancer Drug Results Disappoint

Shares of Amgen Inc. fell 4 percent on Friday after the Thousand Oaks biotech giant said an experimental skin cancer drug had not significantly improved survival rates in clinical trial patients although it reduced the size of tumors.

Ares, Wells Make Deals With Guitar Center

Guitar Center has announced deals with debtor Ares Management and lender Wells Fargo Capital Finance that the Westlake Village-based music retailer said puts it in a significantly stronger financial position.

MannKind, Mandalay Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies gained slightly for the week.

Stocks Drop

In Friday trading, the Dow Jones industrial average closed down 160 points, or 1 percent, to 16,413. The Nasdaq fell 110 points, or 2.6 percent, to 4,128. The S&P 500 fell 24 points, or 1 percent, to 1,865. The LABJ Stock Index fell 3 points, or 2 percent, to 189.

Amgen Ends GlaxoSmithKline Partnership

Amgen Inc. on Thursday said it would pay GlaxoSmithKline more than $275 million to get out of a co-marketing agreement with the British drug company to promote Amgen’s osteoporosis drug Prolia in certain regions outside the United States.

Response Genetics Adds More Health Plans to Client List

Shares of Response Genetics Inc. jumped 18 percent on Thursday after the cancer diagnostic test company signed agreements with six additional health plans and two large health care groups.