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Investor moves crowdfunding model into real estate
It may have seemed unremarkable when Beverly Hills real estate company Realty Mogul Co. invested in five Baldwin Hills apartment buildings last month in deals that totaled $15 million. But it was remarkable because of this: They were financed through crowdfunding.
Shares of West Hollywood marijuana services provider Medbox Inc., jumped 27 percent on Friday after U.S. officials took steps that could lead to banks being able serve marijuana-selling businesses.
The Los Angeles Business Journal’s index of largest local public companies closed higher for the week.
J2 Global Inc. shares jumped 19 percent in after-hours trading Thursday after the Hollywood company reported better-than-expected adjusted profit and gave optimistic future guidance. Oaktree Capital Group on Thursday said its fourth-quarter profit rose 65 percent. VCA Antech Inc. said that it moved to profit in its fourth quarter as revenue from its veterinary clinics and laboratories grew.
Virtual Piggy Inc. on Wednesday announced a deal with Discover Network enabling transactions at its teen-friendly Oink payment system to take place over the the credit card company's network.
The chief executive of a Westlake Village financial firm was sentenced to more than three years in federal prison Monday for orchestrating a fraudulent loan scheme that caused $10.3 million in losses.
The Los Angeles Business Journal’s index of largest local public companies closed up for the week.
CBRE Group Inc. and Macerich Co. reported adjusted fourth quarter results that beat Wall Street forecasts, but PennyMac Financial Services came in below expectations. PennyMac Mortgage Investment Trust also reported quarterly results.
Three former senior executives at recently acquired Thomas Properties Group Inc. have formed Coretrust Capital Partners, an investment management firm with dual headquarters in Los Angeles and Philadelphia.
GA Capital, a division of Great American Group Inc., said Tuesday it closed a $35 million financing facility for its client Reichhold, a chemical manufacturer.
In Tuesday trading, the Dow Jones industrial average was up 72 points, or 0.5 percent, to 15,445. The Nasdaq rose 35 points, or 0.9 percent, to 4,032. The S&P 500 ticked up 13 points, or 0.8 percent, to 1,755. The LABJ Stock Index rose 1 point to 175.
In Monday trading, the Dow Jones industrial average dropped 326 points, or 2.1 percent, to 15,373. The Nasdaq fell 107 points, or 2.6 percent, to 3,997. The S&P 500 lost 41 points, or 2.3 percent, to 1,742. The LABJ Stock Index was down 4 points to 174.
The Los Angeles Business Journal’s index of largest local public companies closed lower for the week.
In Friday trading, the Dow Jones industrial average fell 150 points, or 0.9 percent, to 15,699. The Nasdaq lost 19 points, or 0.5 percent, to 4,104. The S&P 500 dropped 12 points, or 0.7 percent, to 1,783. The LABJ Stock Index was down 2 points to 178.
In Thursday trading, the Dow Jones industrial average rose 110 points, or 0.7 percent, to 15,849. The Nasdaq ticked up 72 points, or 1.8 percent, to 4,132. The S&P 500 climbed 20 points, or 1.1 percent, to 1,794. The LABJ Stock Index rose 3 points to 180.