Stories for August 2013

Friday, August 30

Teledyne Completes Nebraska Acquisition

Teledyne Instruments Inc. closed on Friday its acquisition of a Nebraska company that makes automated laboratory equipment.

Electro Rent Declares Dividend

Electro Rent Corp. announced Friday it will pay shareholders a quarterly dividend of 20 cents a share.

Thursday, August 29

Van Nuys Airport Runway Repairs Completed

A crowd of more than 100 people turned out Thursday morning for the dedication of the refurbished main runway at Van Nuys Airport.

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Cheesecake Opens in Puerto Rico

Cheesecake Factory Inc. opened the doors Thursday on its first Puerto Rican outlet, a nearly 10,000-square-foot store in the territory’s capital.

Adult Filming Resumes in Valley

Adult film production restarted this week in the San Fernando Valley after the lifting of a week-long moratorium put in place after a female performer tested positive for HIV.

Wednesday, August 28

Salem Buys Christian News Site

The online division of Salem Communications Corp. announced Wednesday the acquisition of ChristianHeadlines.com.

Voters OK Ojai Water Buyout

Voters in Ojai on Tuesday approved a bond measure to allow a neighboring municipal water district to take over water service from a subsidiary of American States Water Co. of San Dimas.

Drone Sales Decline at AeroVironment

AeroVironment Inc. reported a big drop in revenue in its fiscal first quarter as orders for its unmanned drone aircraft continued to slow.

Tuesday, August 27

Supervisors OK Disney’s Santa Clarita Studio

The Los Angeles County Board of Supervisors gave its approval Tuesday for Walt Disney Co. to build a movie production studio in the Santa Clarita Valley.

Maguire Sells Van Nuys Airport Holdings

Maguire Aviation, the largest tenant at Van Nuys Airport, has been sold to national aviation operator Signature Flight Support in a deal valued at $69 million.

Railcar Maker Hiring 150 in Palmdale

Japanese light rail manufacturer Kinkisharyo International is looking to hire more than 150 employees for its Palmdale facility.

Ventura County Businessman Sentenced for Wage Fraud

The former owner and operator of Titus Painting in Ojai has been sentenced to 18 months in prison for failing to report wages paid to employees.

Aerojet-Rocketdyne Engines Lift Spy Satellite

The launch on Wednesday of a Delta IV Heavy rocket will be powered by engines made in the San Fernando Valley.

Monday, August 26

Amgen Buys Onyx for $10.4 Billion

Shares of Amgen jumped nearly 8 percent on Monday following the announcement that the Thousand Oaks biopharmaceutical company will buy cancer drug maker Onyx Pharmaceuticals Inc. for $10.4 billion.

Moorpark College Names Interim President

Bernard Luskin, a noted businessman and academic, has been named interim president at Moorpark College.

Superior Industries Raises Dividend

Superior Industries International Inc. has approved a 12.5 percent increase in the dividend rate to be paid to shareholders in October, the company announced Monday.

Friday, August 23

Great American to Sell Orchard’s Valley Inventory

Great American Group Inc. will manage store closings at nine additional Orchard Supply Hardware locations, including three in the greater San Fernando Valley.

'Marvel Experience' to Hit Road in 2014

Iron Man, Spider-Man and other Marvel Entertainment superheroes are hitting the road next year in a $30 million traveling immersive experience with rides and 3-D animated features.

Ryland Opens Indiana Development

Ryland Group Inc. has opened a new residential development in Fishers, Ind.

Thursday, August 22

Report: Amgen Could Reduce Onyx Offer

Thousand Oaks biotech giant Amgen Inc. could decide to pay less than it offered earlier this month for Onyx Pharmaceuticals Inc., after Onyx reportedly provided less-than-complete clinical trial data on a blood-cancer drug.

Semtech Beats Expectations

Semtech Corp. reported a better-than-expected fiscal second quarter profit, but was cautious about prospects, citing inventory issues at some smartphone manufacturers that use its semiconductors.

Moratorium on Adult Film Production Continues

The adult film industry remained under a production moratorium Thursday after one performer tested positive for HIV.

SolarCity Opens First Valley Facility

SolarCity Corp. has opened its first San Fernando Valley facility in Chatsworth.

Micro-Battery Maker Signs Hearing Aid Deal

Micro-battery manufacturer ZPower LLC has signed an agreement to develop a rechargeable battery for use in hearing aids made by a Minnesota company.

Wednesday, August 21

American Homes Reports After IPO

American Homes 4 Rent, an Agoura Hills house-rental REIT, posted a loss but also large revenue growth in its first earnings report since going public, mostly due to the acquisition of an Alaskan portfolio.

Reports: Layoffs at Disney Television Group

Walt Disney Co. in Burbank is laying off up to 175 employees at its Disney/ABC Television Group, according to media reports on Wednesday.

Quallion Gets Lithium-Ion Grant

Quallion LLC received a $511,000 grant from the U.S. Department of Energy to develop a lightweight battery with built-in safety features for use in electrical vehicles, it was announced Wednesday.

Tuesday, August 20

Basketball Channel Attracts Equity Investment

Primco Management Inc. on Tuesday said that it has agreed to acquire a 20 percent equity ownership in the Basketball Channel, a digital broadcaster of sports programming.

Tutor Perini Signs High-Speed Rail Contract

Tutor Perini Corp. announced on Tuesday that its joint venture has executed a contract with the California High-Speed Rail Authority for construction of the first segment of the state’s bullet train.

Teledyne Acquires Nebraska Manufacturer

A subsidiary of Teledyne Technologies Inc. has acquired an Omaha company that makes automated laboratory equipment.

Ryland Opens Home Development

Ryland Group Inc. is opening a development in Greenwood, Ind.

Monday, August 19

Whole Foods Eyes Burbank

A community meeting in Burbank Monday will discuss allowing Whole Foods Market Inc. to open a supermarket in the city’s Media District.

Judge Delivers Split Decision on Measure B

A federal judge has ruled that some sections of Los Angeles County’s mandatory condom law for adult film production are unconstitutional and cannot be enforced.

Buffalo Wild Wings Takes First PizzaRev Franchise

PizzaRev announced Monday it is giving its first franchise to Buffalo Wild Wings Inc., which owns a minority stake in the Studio City custom-pizza chain.

IPC Signs Massachusetts Hospital Deal

IPC The Hospitalist Co. Inc. has signed an agreement to provide acute care doctor services at nine hospitals owned by Steward Health Care System LLC in Massachusetts.

Around the Valleys

News and notes from around the greater San Fernando Valley

Gordon Gregory, founder of Sherman Oaks investment bank Mosaic Capital LLC, has died of complications from cancer.

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Valley Lender Makes Call at Bay Area Companies

Small Business: VEDC opens San Francisco office in national expansion.

It’s the age of Aquaria for the Valley Economic Development Center.

Set Decorator Gets Cozy With Movie Industry

Film: Baldwin Hills firm moves to Valley to be closer to Burbank studios.

A firm that rents props to the film and television industry is coming to the Valley.

Calabasas Inn Checking Out

Development: Mixed-use complex to replace landmark.

Development: A retail and condo project will take the place of the Calabasas Inn.

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All Business on Immigration Reform

From Silicon Valley to the Central Valley to the San Fernando Valley, business leaders are closely watching the House of Representatives, where the Comprehensive Immigration Reform bill, which passed the U.S. Senate in June on a bipartisan 68-32 vote, now awaits action.

Full Throttle on High Speed Rail

Palmdale mayor disputes that the planned $68 billion project is headed toward disaster.

Recently an op-ed ran in the San Fernando Valley Business Journal questioning the need for the high-speed rail system (“Speeding Towards Disaster,” July 8), and laying out a number of statements that were erroneous with regard to its development.

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TAKE TWO - Editorial Cartoon SFVBJ - August 19, 2013

TAKE TWO - This week's Editorial Cartoon by Steve Greenberg

ObamaCare at the Multiplex

Editor: The health care and show business industries share challenges.

calendar

Calendar of Events

stockwatch

Market Watch Summary

As investors worried that the Fed may begin to reduce its bond buying program, the Valley 50 index fell incrementally along with the broader market during the two-week period ended Aug. 14.

Bedside manor

Doctor opens upscale Calabasas urgent care

Health Care: Executive ER adds a glam factor to the urgent care business.

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Valley Airport Seeks Big Lift

Aviation: New rewards program might boost Burbank Bob Hope.

Tourism: Can a customer loyalty program increase the passenger count at Burbank Bob Hope Airport?

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Bioelectronic Startup Gets $27 Million Jolt In Funding Round

Biomedical: A $27 million investment will help SetPoint Medical treat arthritis with electricity.

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Avery Dennison Peals Off Labels

Manufacturing: Firm moves to Glendale after selling office business.

Manufacturing: Avery Dennison’s move to Glendale is part of a retrenchment after selling its office-supply division.

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One Rink That’s Not On Thin Ice

Young and old still wheeling at Skateland, city’s last roller rink.

Recreation: Business is brisk at Skateland, the last roller rink in Los Angeles.

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3-D Goes To the Junk Yard

New printer builds old car parts in minutes for Hollywood supplier.

Manufacturing: A 3-D printer makes replacement parts at Picture Car Warehouse.

Pair Put New Spin on Old Name

Duo hopes to create buzz with wine studio in Toluca Lake.

Restaurants: Former music exec Doug LaGambina opens a “wine studio” in Toluca Lake.

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Farmers Gets Digital Makeover

Insurer’s logo is spruced up for tablet, smart phone debut.

Marketing: Farmers Insurance updates its image with a new logo.

On Doctors’ Orders

Beauty: Husband and wife prosper as distributor of Mesoestetic’s cosmetics, sold by physicians.

Beauty: If you want medical cosmetics from Mesoestetic, ask your doctor.

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Disney Has High Hopes for $100 Million Game

Video Games: Company looks to‘Disney Infinity’ as cure for ailing division.

Entertainment: Video game “Disney Infinity” combines action figures and onscreen play.

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Rating Agency Pressures High Desert Hospital

Management: Moody’s wants CEO appointed at Antelope Valley Hospital.

Corporate governance, bond ratings and public policy have come together in the hunt for new leadership at Antelope Valley Hospital.

Donor Saves Critical Sun Valley Homeless Project

Housing: Genesis House opens after Home Aid assists Hope of Valley.

Hope of the Valley Rescue Mission, a Sun Valley non-profit, has opened a 3,752-square-foot home in Pacoima for homeless mothers and their children.

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VALLEY BIZ SEEN - August 19, 2013

Photographs of recent business-related events in the valleys, including parties, awards dinners, benefits and other celebrations.

Friday, August 16

Former Vitesse Execs Plead Guilty

Two former top Vitesse Semiconductor Corp. executives have pleaded guilty in federal court to fabricating documents connected to a stock backdating scheme.

MannKind to Receive Additional Financing

Positive clinical trial results for MannKind Corp’s first product have made the company eligible for a second stage of financing from its new supporter, the company announced Friday.

L.A. Private Equity Firm Buys NTS

Engineering and testing services firm National Technical Systems Inc. is being acquired for $267 million in cash by Los Angeles private equity firm Aurora Capital Group, the companies announced Friday.

Key Information Systems Acquires Data Center Company

Key Information Systems Inc. announced Friday it has purchased the assets of an Agoura Hills data-center company.

American Homes Sells Additional Shares

American Homes 4 Rent announced Friday that it will raise an additional $106 million in connection with its initial public offering last month.

DTS Tanks on Earnings Guidance

Shares of DTS Inc. fell more than 12 percent Friday after the audio technology company reported a better-than-expected second quarter, but was cautious in its guidance due to likely lower spending by consumers on electronics.

Thursday, August 15

Loeb Takes Stake in Disney

Activist investor Daniel Loeb has taken 1.8 million shares in the Walt Disney Co., according to a filing with the U.S. Securities and Exchange Commission.

Silicon Valley Firm Invests in BlackLine Systems

Financial software developer BlackLine Systems has received an investment from a fund of Silver Lake Sumeru, a Sand Hill Road technology investment firm.

Lancaster: Business-Friendly City Finalist

The Antelope Valley city is a finalist for an annual award recognizing the most business-friendly communities in Los Angeles County.

LTC Founder, Chairman Dies

Andre C. Dimitriadis founder and executive chairman of LTC Properties Inc. has died after a long battle with a chronic illness. He was 72.

Wednesday, August 14

MannKind Shares Jump on Test Results

Shares of MannKind Corp. jumped nearly 11 percent after the inhalable insulin treatment maker said two long-waited clinical trials indicated that its inhaler helps diabetics control their condition.

PizzaRev Plans to Franchise

PizzaRev, a small fast-growing San Fernando Valley restaurant chain that offers quick made-to-order pizzas, announced Wednesday plans for nationwide franchising.

Sport Chalet Reports Big Loss

Sport Chalet Inc. reported fiscal first-quarter profit Wednesday that badly missed analyst estimates, fueled by a decrease in sales and the closure of two underperforming stores.

Tuesday, August 13

Garcetti Replaces Most of Airport Commission

New Los Angeles Mayor Eric Garcetti this afternoon announced his appointments to the Board of Airport Commissioners, with only one holdover kept from the Villaraigosa administration.

Disney Pollution Suit Dismissed

A Los Angeles federal judge has dismissed a $1 billion environmental lawsuit claiming the Walt Disney Co. had dumped toxins at its Burbank studio that flowed onto storm drains of the adjacent neighborhood.

Santa Clarita Economic Development Group Selects Leader

Holly Schroeder, the former head of a construction industry trade group, has been named the president and chief executive of the Santa Clarita Valley Economic Development Corp.

PennyMac to Offer Additional Shares

PennyMac Mortgage Investment Trust announced on Tuesday afternoon a secondary public offering of 11.3 million shares.

Hockey, Lacrosse Hurt Easton-Bell Sales

Easton-Bell Sports Inc. reported on Tuesday a decrease in sales in its second quarter, largely due to lower hockey sales and its exit from the lacrosse product category.

Talon Reports Strong Quarter

Zipper-maker Talon International Inc. announced higher income Tuesday for its second quarter, largely fueled by growth in sales.

Monday, August 12

Dole Agrees to Higher Murdock Offer

Dole Food Co. announced Monday it has accepted a higher offer from its 90-year-old chief executive to go private following two months of talks.

Rexford Continues Valley Shopping Spree

Los Angeles real estate investment firm Rexford Industrial Realty Inc. has added to its Valley-area portfolio with a pair of industrial purchases worth about $14 million, the company announced Monday.

Friday, August 9

MannKind Reports Larger Quarterly Loss

MannKind Corp. late Friday said that its loss widened in the second quarter, which a year earlier included a significant one-time gain that mitigated its losses.

Appeals Court Upholds Disney in Superhero Case

Walt Disney Co. won a critical legal victory this week when a federal appeals court ruled that its Marvel Entertainment subsidiary had ownership of some of the company’s most popular superheroes, including the Incredible Hulk and Spider-Man.

DreamWorks Hires Marketing Chief

An entertainment industry marketing veteran has been named as the new chief marketing officer at DreamWorks Animation SKG Inc. following the sudden departure of her predecessor.

Tutor Perini Swings to Profit

Tutor Perini Corp. reported a profitable second quarter on Friday but its earnings still failed to meet analysts’ expectations

Thursday, August 8

Chase Laying Off 300 in Chatsworth

JPMorgan Chase & Co. announced Thursday it is laying off 300 workers from its Chatsworth mortgage processing offices.

SetPoint Medical Lands $27 Million Investment

The Valencia biomedical device company has received $27 million from several investors, including a new venture capital fund at U.K. pharmaceutical company GlaxoSmithKline.

FFO Rises at Senior REIT

LTC Properties Inc. reported on Thursday second-quarter funds from operations that beat analyst estimates while missing on revenue.

Mixed Results at PennyMac Financial

In its first earnings report since its May IPO, PennyMac Financial Services reported disappointing profit figures but beat analysts’ revenue estimates due to strong mortgage-banking growth.

Earnings Soar at PennyMac Trust

PennyMac Mortgage Investment Trust reported on Thursday higher second-quarter profit and revenue, citing additional investments in distressed debt and growth in its lending business.

Price Set for Carlyle Stock Sale

The 6 million shares in Wesco Aircraft Holdings Inc. being offered by the Carlyle Group have been priced at $18.87 per share, the company announced Thursday.

Valley Investment Banker Dies

Gordon Gregory, founder of Sherman Oaks investment bank Mosaic Capital LLC and co-founder of professional networking group ProVisors, has died of complications from cancer at 59.

Wednesday, August 7

President Leaves San Fernando Valley

President Barack Obama left the San Fernando Valley on Wednesday afternoon following an overnight stay and an appearance on a TV talk show.

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LTC Originates $140 Million Loan

Real estate investment trust LTC Properties Inc. has entered into a $141 million mortgage loan agreement with affiliates of a Louisville health care company.

Carlyle to Further Reduce Wesco Stake

Carlyle Group continues to sell shares of Wesco Aircraft Holdings Inc., a Valencia aerospace parts supplier, the companies announced Wednesday.

Reports Point to Amgen-Onyx Deal

Amgen Inc. may finally acquire Onyx Inc. after the Thousand Oaks company raised its bid for the cancer drug developer, according to media reports.

Tutor Wins Wisconsin Contract

Tutor Perini Corp. has been awarded a contract worth about $130 million from the Wisconsin Department of Transportation, the company announced Wednesday

DTS Issues Preliminary Earnings Report

Audio technology developer DTS Inc. beat analysts’ second-quarter revenue estimates but missed earnings targets on Wednesday after recording a net loss.

Tuesday, August 6

Disney’s ESPN, Theme Parks Offset Box-Office Decline

Walt Disney Co. on Tuesday said that profit rose slightly in the fiscal third-quarter, as higher revenue at its theme parks and its ESPN networks offset challenges at its film studio.

ReachLocal Swings to Loss, Signs Yelp Deal

ReachLocal Inc. announced on Tuesday better-then-expected results in the second quarter, but the online advertising company still lost money.

Testronic Opens Warsaw Plant

Quality-control firm Testronic has opened a facility in Poland to meet European demand for its video and online-gaming services.

Monday, August 5

DreamWorks Marketing Chief Resigns

The departure of Anne Globe to start her own consulting business follows the poor showing of "Turbo" and the bomb "Rise of the Guardians."

Court Decision Favors Condom Advocates

A federal judge has allowed representatives from the AIDS Healthcare Foundation to remain as parties in the legal challenge to a countywide measure requiring condom usage in adult film productions.

Cherokee Expands into Indonesia

Cherokee Inc. apparel is now being sold in Indonesia as the Van Nuys company continues with its international expansion.

Aerospace Company Lands Office, Sister Business

Real Estate: Crissair parent Esco mainly picked up Canyon for its building.

RealEstate: Crissair purchased a building and the business inside it.

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Investors Load Plates With Eatery Operator’s Stock

Dining: DineEquity’s strong quarter yields dividend of 75 cents a share.

Dining: For dividend seekers, it’s time to feast at DineEquity Inc.

Hot Pockets Fold in More Flavors

Food: Can Nestle reposition Hot Pockets as an upscale brand?

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Zipped-Up Operation

Apparel: Garment product maker Talon sowed stronger stock with buyback of preferred shares and patent purchase.

Apparel: Talon International hopes its zipper brand will bring in new business.

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Getting In Touch With Self-Defense

Martial artist crafts app to help women fend off attackers.

Technology: A Sherman Oaks actress has an app for self-defense.

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Sun Valley Grinds Out Skate Park

Facility at property once slated for condos to be city’s largest.

Construction: Sun Valley will be home to L.A.’s largest skate park.

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‘Sharknado’ Taken For Another Spin

New York City to be wind beneath wings of Asylum’s TV sequel.

Entertainment: Producer prepares for the sequel to “Sharknado.”

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Couple’s Site Goes All In On Raise

YouveGotFunds.com’s services go beyond just crowdfunding.

Internet: At YouveGotFunds.com, startups can access more than money.

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Ink, Toner Sales a Habit for Monks

Religion: Spirit for business supports Benedictine abbey.

Religion: A monastery in the Antelope Valley sells ink cartridges online.

Employers Left In Danger Zone

Government: Loss of state tax credits places jobs under ax.

Government: Employers lament the coming demise of Enterprise Zones.

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Saving IT

New CEO looks to revive data storage firm

Technology: Steve Bronson thinks a new management style can make Qualstar Corp. shine.

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CSUN Station’s Moves Signal Faith in Medium

Radio: KCSN retooled on-air format while booster broadened audience.

MEDIA: Public radio station KCSN-FM launches “Smart Rock” format.

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Long, Strange Trip

With family links to Grateful Dead, Lance Lerman went from Pacoima to China and back and now makes high-end guitars.

Q&A: Lance Lerman makes guitars for the stars and serious amateurs.

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Sporting Goods Chain Slims Down for Downtown

Espansion: Sport Chalet’s new L.A. location first to feature Expert Center.

After watching the Internet steal market share for years, the people at Sport Chalet Inc. think they’ve found the answer.

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Documents Website Sees Big Value in Free Service

Internet: Corpnet.com handles and stores some papers as marketing move.

Corpnet.com is a legal document website in competition with giants such as Glendale-based LegalZoom.com Inc. and RocketLawyer Inc. in San Francisco.

Camarillo Landowner Homes In on Multifamily

Development: Industrial zoning hindering sale of long-dormant property.

When the land at 5000 Camino Ruiz went on the market in Camarillo, Barack Obama was a relatively unknown senator in Illinois, the Apple Inc. iPhone was a new product and Countrywide Financial was king.

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Around the Valleys

News and notes from around the greater San Fernando Valley

Art Ginsburg, founder of Art’s Deli in Studio City, died July 24.

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CALENDAR

Calendar of Events

Film, TV Work Needs More Focus

The numbers tell the story of this region’s problem with runaway film production: In 2007, there were 54,871 permitted production days in Los Angeles County.

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VALLEY BIZ SEEN - August 5, 2013

Photographs of recent business-related events in the valleys, including parties, awards dinners, benefits and other celebrations.

TAKE TWO - Editorial Cartoon SFVBJ - August 5, 2013

TAKE TWO - This week's Editorial Cartoon by Steve Greenberg

stockwatch

Market Watch Summary

Stocks eked out incremental gains in the two-week period ended July 31 as earnings announcements impacted individual stocks and sectors differently.

Friday, August 2

Layoffs Follow Intuit Sale

The sale of the financial services division of Intuit Inc. to a private equity firm will result in layoffs of 65 workers in Woodland Hills.

Superior Beats Earnings Expectations, But Not Revenue

Superior Industries International Inc. fell short of analysts’ forecasts on revenue but beat expectations on earnings per share in the second quarter.

Public Storage Reports Higher Earnings

Public Storage Inc. on Thursday reported second quarter funds from operations that exceeded analysts’ estimates, despite missing on revenue.

Thursday, August 1

Eight Arrested in Mortgage Scam

Eight people were arrested Wednesday for running a fraudulent mortgage scheme that cost lenders more than $11 million.

American Homes Completes IPO

Agoura Hills real estate investment trust American Homes 4 Rent got listed on the New York Stock Exchange Thursday after its initial public offering raised nearly $706 million.

Hasbro, DreamWorks Sign Product Agreement

DreamWorks Animation SKG Inc. has signed an agreement to have Hasbro Inc. make toys and games based on two upcoming animated feature films.