LA BUSINESS JOURNAL DAILY NEWS
The Dow Jones industrial average rose 89 points in Monday trading to 18,957. The S&P 500 rose 16 points to 2,198. The Nasdaq rose 47 points to 5,369. The LABJ stock index stayed steady at 226.
Hyperloop One has settled a breach of fiduciary lawsuit brought by Brogan BamBrogan, its former chief technology officer and co-founder, and three other employees, the Business Journal reports. In a complaint filed July in Los Angeles Superior Court, BamBrogan claimed he was fire after he was critical of Hyperloop One Board Chairman Shervin Pishevar’s management of the company, whose behavior he claimed was tantamount to a breach of fiduciary duty. Terms of the settlement were not disclosed.
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal, the Business Journal reports. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market. The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.
One of L.A.’s oldest and most prominent importers of Japanese foods and restaurant supplies is being acquired by a $1.3 billion Japanese company, the Business Journal reports. Takara Holdings Inc., based in Kyoto, Japan, said it would pay $8.16 million for an additional 10.3 percent stake in downtown’s Mutual Trading Co. Inc. Takara already owns a 40.7 percent stake in Mutual Trading.
Warner Bros. and J.K. Rowling’s new Harry Potter-related film “Fantastic Beasts and Where to Find Them,” sold $75 million in North American tickets over the weekend, and $143.3 million in partial release overseas, The New York Times reports. STX’s “The Edge of Seventeen” took in $4.8 million, and Open Road’s “Bleed for This” made $2.4 million.
The Dow Jones industrial average rose 45 points in early Monday trading to 18,913. The S&P 500 rose 11 points to 2,193. The Nasdaq rose 37 points to 5,358. The LABJ stock index rose 1 point to 226.
Hyperloop One settles employee lawsuit, Tastemade has 20 million monthly views on Instagram Stories, real estate loan platform Peer Street raises $15 million, and healthcare information site Renew raises $3 million.
L.A. County’s unemployment rate rose slightly to 5.1 percent in October even as the number of payroll jobs reached 4.4 million for the first time ever, state figures released Friday show. The county’s unemployment rate edged up for the second straight month from 5 percent in September and a low of 4.9 percent in August, according to figures from the California Employment Development Department. A year ago, the rate was 6.1 percent.
Cedars-Sinai snapped up a 24-story office tower on Wilshire Boulevard for $295 million this month, or nearly $646 a square foot. That makes it the priciest deal per square foot on Miracle Mile in at least the past decade, according to CoStar records. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot. The seller was Morgan Stanley & Co., which had purchased the site in 2010 for $174 million, or about $380 a square foot.
Dairy Queen is sweet on Los Angeles. The 76-year-old Minneapolis ice cream maker is planning on opening 50 to 60 stores in Los Angeles, San Bernardino, Riverside, and Orange counties in the next decade. It would be a significant step up from the brand’s 98 locations in California. The L.A. move is part of Dairy Queen’s nationwide push of its quick-service restaurant concept DQ Grill and Chill, which includes new locations and conversions of existing stores. Started in 2002, the restaurant has a menu with burgers and chicken sandwiches that the company hopes can compete with Jack in the Box and Burger King.
Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer, rising 29 percent to close at $4. Guidance Software Inc., the Pasadena investigative software company, also saw big gains, shooting up 24.9 percent to close the week at $6.81. The week’s biggest laggard was Commerce-based furniture maker Nova Lifestyle Inc., which sank 25.4 percent to close at $2.41.
The Dow Jones industrial average fell 36 points in Friday trading to 18,868. The S&P 500 fell 5 point to 2,182. The Nasdaq fell 12 points to 5,322. The LABJ stock index fell 3 points to 226.
Steve Mnuchin’s OneWest Bank many have broken federal laws by keeping branches out of minority neighborhoods and making just two mortgages to black borrowers in 2014 and 2015 in Southern California, Bloomberg reports. The redlining complaint, that was submitted by two housing advocates this week, asks the Department of Housing and Urban Development to investigate whether OneWest broke laws ensuring equal access to credit for minority home buyers.
The Port of Los Angeles introduced a $1.3 million pilot with GE Transportation on Tuesday to deliver cargo information to retailers and truckers that will begin next year, the Daily News reports. The digitization should prevent congestion, give retailers, truckers and railroad companies more lead time, and could cut costs for the products that come through the port.
The Los Angeles Department of Water and Power owes its customers at least $67.5 million after the utility company overbilled them because of a faulty computer billing system that was launched in 2013, the Los Angeles Times reports. Because of a class-action settlement, customers will be refunded 100 percent of the amount they were owed by early next summer, and ratepayers have the right to make claims for “consequential damages” stemming from the billing problem.
The Dow Jones industrial average rose 3 points in Friday trading to 18,907. The S&P 500 fell 1 point to 2,187. The Nasdaq rose 1 point to 5,336. The LABJ stock index fell 1 point to 227.
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ACQUISITION: Pickup by Cedars-Sinai draws high square-foot rate of $646.
Cedars-Sinai snapped up a 24-story office tower on Wilshire Boulevard for $295 million this month, or nearly $646 a square foot.
SpaceX files paperwork for satellite network, Warner Bros. acquires Machinima in nine figure deal, and AMC Networks acquires minority stake in Funny or Die.
Warner Bros. Entertainment Inc. has signed an agreement to acquire the remainder of Machinima, an online gaming culture and streaming content platform. The deal values the company in the nine figure range, according to sources close to the deal. Warner Bros. already bought into the company during Machinima capital raises in 2014 and 2015. Warner Bros. plans to fold Burbank-based Machinima into its newly-formed Warner Bros. Digital Networks, according to the company. The purchase was part of a strategy to increase its online engagement and expand its digital presence. The Machinima pickup helps Warner Bros. in key areas – such as its line of DC comic book films, according to Warner Bros. Digital Networks President Craig Hunegs.