Los Angeles Business Journal

LA FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Breitburn Energy Hits Gusher in $2 Billion Deal

Los Angeles oil company Breitburn Energy Partners announced Thursday that it has agreed to buy QR Energy of Houston for nearly $2 billion in cash and stock.

City National Beats Expectations

City National Corp. reported strong second-quarter earnings after markets closed Thursday, posting net income of $66.7 million ($1.11 a share), up 12 percent over the same period a year ago.

VCA Inc. Beats Expectations

L.A. animal health care company VCA Inc. reported earnings on Thursday that beat analysts’ expectations.

Puma Shares Skyrocket

Shares of Westwood pharmaceuticals firm Puma Biotechnology Inc. increased by nearly 300 percent Wednesday after the firm reported a successful test of a drug being developed to treat breast cancer.

Skechers Beats Estimates

Shares of shoe company Skechers USA rose in after-hours trading Wednesday after the company’s reported exceeded estimates.

Jakks Shares Fall on Earnings

Shares of Malibu toy firm Jakks Pacific fell nearly 14 percent Wednesday after the firm reported a deeper loss than analysts expected.

Dow Jones Down; S&P 500, Nasdaq, LABJ Up

The Dow Jones Industrial Average fell 27 points in Wednesday’s trading to 17,087. The S&P 500 went up 3 points to 1,987. The Nasdaq rose 18 points to 4,474. The LABJ Stock Index increased by 1 point to 200.

Fellow Lenders Save East L.A’s Pan American Bank

More than a dozen West Coast banks, including eight in Los Angeles County, pumped $6 million of new capital into East L.A. lender Pan American Bank, which was on the verge of being shut down by regulators.

Herbalife Shares Rise After Ackman Attack

Herbalife shares rallied Tuesday after a hedge fund manager’s presentation failed to deliver convincing evidence to back up his allegations that the Los Angeles multilevel marketing nutritional supplements company is a fraudulent scheme.

PacWest Beats Expectations on Earnings

PacWest Bancorp in Westwood on Tuesday reported strong second quarter earnings, beating analyst estimates in the first quarter since the company closed its merger with CapitalSource, another Los Angeles bank.

EARNINGS: BBCN, Hanmi, Wilshire

Shares of Koreatown lenders BBCN Bancorp Inc., Hanmi Financial Corp. and Wilshire Bancorp all closed slightly down Tuesday after the three banks reported earnings.

Stocks Rise

The Dow Jones industrial average gained 62 points in Tuesday’s trading to close at 17,114. The S&P 500 rose 10 points to close at 1,984. The Nasdaq increased by 31 points to close at 4,456. The LABJ Stock Index gained 2 points to close at 199.

Bribes Lead to Prison for Bank Employee

A former Bank of America employee in Simi Valley received 30 months in federal prison on Monday for approving artificially low prices for property short sales in exchange for $1.2 million in bribes.

Herbalife Shares Fall After Pershing Square Renews Attack

Herbalife share prices fell on Monday after the company’s longtime foe William Ackman said he will present evidence Tuesday to show that the Los Angeles supplements company operates as a massive fraud.

Stocks Fall

The Dow Jones industrial average lost 48 points in Monday’s trading to close at 17,052. The S&P 500 slipped 5 points to close at 1,974. The Nasdaq dropped 7 points to close at 4,425. The LABJ Stock Index edged down less than a point to close at 197.