Stories for November 2016

Wednesday, November 30

California Resources Rises 44 Percent on OPEC News

Shares of California Resources Corp. (CRC) soared 44 percent Wednesday as hopes of higher prices revived the entire oil sector.

DTS Lands New Car Customers

High-definition radios made by DTS Inc. (DTSI) will appear in 17 new car models in 2017, the company announced Wednesday.

Engineering Firm Acco Names CEO

Acco Engineered Systems has named long-time employee Jeffrey R. Marrs as its new chief executive.

Tuesday, November 29

More Layoffs Hit DreamWorks

DreamWorks Animation will lay off 170 employees at its Glendale campus in January as the studio continues to be integrated into NBCUniversal following its acquisition early this year by Comcast Corp.

SoCalGas Settles Gas Leak Case with Prosecutors

A judge on Tuesday certified a $4 million settlement between Los Angeles County prosecutors and Southern California Gas Co., clearing the company of a criminal charge related to a gas leak at its Aliso Canyon storage facilities.

Sellers of Northridge Apartments Make Big Gain

The Candlewood North apartment complex in Northridge has changed hands, according to Marcus & Millichap Inc. of Calabasas.

Monday, November 28

Cherokee to Acquire Hi-Tec Shoemaker for $96 Million

Cherokee Inc. will acquire footwear maker Hi-Tec Sports International Holdings B.V. for $96 million, the company announced on Monday

Partners Buy Valencia Studios For $19 Million

The studio where “Terminator 2” and “Nightmare on Elm Street” were filmed and television show “NCIS” is currently produced has sold for more than $19 million.

Cal Lutheran Creates Business Mentorship Posts

Two veteran business leaders have been tapped to fill the new executive-in-residence and entrepreneur-in-residence posts at California Lutheran University’s School of Management, the college announced Monday.

Los Robles Hospital Earns Stroke Certification

Los Robles Hospital & Medical Center on Monday announced it has become the first certified comprehensive stroke center in Ventura County and 14th in the state.

Lancaster Charter School Buys Campus for $2.6 Million

Life Source International Charter School in Lancaster has bought the building it has occupied for three years.

Brokers: Small Demand for Big Office Buildings

REAL ESTATE: Market shifts as tenants seek creative space, smaller footprints.

Landlords find few tenants to rent big spaces.

Study Brightens Prospects for Second Sight

BIOTECH: Sylmar company’s stock spikes 17 percent on implant announcement.

A UCLA study on visual cortex implant stimulates share prices for Second Sight.

Snuffed by Pot Sector

TECHNOLOGY: Odor measurement device could help cannabis growers in the future.

Opportunities may – or may not – bloom along with pot legalization for odor and pesticide detector manufacturer.

Fundraiser Fuels CSUN Revamp

EDUCATION: Business college has strategic plans for $25 million.

How CSUN will spend $25 million on its business college.

Valley Wheels Spin Heads at Auto Show

Galpin, Barbuscia display speedster updates in L.A.

Local speed shops put their best cars forward at L.A. Auto Show.

Dispensaries Delighted by Prop 64 Vote

Legalization brings banking question to forefront for industry.

Now that all pot is legal in California, challenges still face industry.

Yelp Confab Gives CEOs Good Review

Website event provides startups with training while seeking feedback.

Local entrepreneur helps connect review website with businesses.

Realtor Tries Novel-Writing New Career

Gwen Banta’s book examines racism in 1960s Midwest.

Local author’s first book is published – now the real work begins.

Not Getting High on This Vote

Possible costs of legalizing marijuana; lower-cost neighborhoods should attract businesses from L.A.’s costliest areas.

Calendar

Calendar of events

Around the Valleys

News and notes from the greater San Fernando Valley

The Center for Economic Research and Forecasting at California Lutheran University in Thousand Oaks has named Matthew Fienup its new executive director.

Voters Snub Hotel, May Get Mixed Use Project

DEVELOPMENT: Calabasas proposal would build apartments, office, retail.

Calabasas residents who voted down a hotel-and-homes project slated to be built on Las Virgenes Road near the 101 Freeway have gotten their wish – the project won’t get built.

Truth Merchant

Gemma Cunningham has a mission to make medicine honest by exposing the past misdeeds of doctors.

Gemma Cunningham, who once worked for a U.S. President, now owns TruthMD, a business that documents doctors’ disciplinary problems.

Temporary Tower Keeps Planes Flying in Van Nuys

AVIATION: FAA uses shipping containers as structure’s oversized building blocks.

Shipping containers supply Van Nuys Airport with a temporary tower.

‘Affordable’ Heath Care Keeps Getting Pricier

INSURANCE: As price limits expire, premiums are set to skyrocket despite Trump.

What rising health premiums mean for employers.

The Post-Stay Problem

With Obamacare, local hospitals seek to track and pay for patients after they leave the facility.

How hospitals address patients’ post-procedure care.

Fantastic Beasts Spied on Expanded Studio Tour

ATTRACTIONS: Warner Bros. displays props, costumes from new film in museum.

Warner Bros. Studios is adding some fantastic beasts to its studio tour.

Doll Manufacturer Donates Truckloads of Toys

EVENT: Seasonal drives benefit from Van Nuys’ MGA Enertainment.

Three local charities will provide holiday cheer by the truckload this year thanks to the efforts of a group of Valley executives.

Wednesday, November 23

VICA Praises Injunction Against Overtime Rule

Just over a week before it was scheduled to go into effect, a federal law that would have more than doubled the salary threshold for overtime exemption has been blocked by a Texas judge.

Tarzana Apartment Complex Sells for $12 Million

Tarzana’s Clark Manor apartments have traded for more than $12 million, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc.

Wells Fargo Funds VEDC Loan Program

The Valley Economic Development Center announced Wednesday it received $2.5 million from Wells Fargo & Co. to expand a minority small business loan program.

Tuesday, November 22

Analysts Start BlackLine Coverage

Four financial services firms on Tuesday initiated coverage of BlackLine Inc. three weeks after the accounting software developer went public.

Trade School Buys Van Nuys Building

The Southwest College of Medical-Dental Assistants has purchased an office building in Van Nuys for $3.3 million.

Valley Home Prices Remain Strong

The median price for San Fernando Valley single-family homes reached $625,000 for the second time this year in October, according to the Southland Regional Association of Realtors Inc.

Monday, November 21

NoHo Apartment Sale Tops $100 Million

The Lofts at NoHo Commons has sold for nearly $103 million, according to the buyers, a joint venture between KBS Strategic Opportunity REIT II in Newport Beach and L.A. property operator MWest Holdings.

H2Scan Names Chief Executive

Hydrogen leak detection equipment manufacturer H2Scan Corp. has named Michael Allman as its new chief executive.

Conejo Chamber Wins Accreditation Honor

The U.S. Chamber of Commerce has renewed the Greater Conejo Valley Chamber of Commerce’s 5-star accreditation rating until 2021, the chamber announced on Friday. The classification is the highest bestowed on the nation’s chambers.

Friday, November 18

Warner Bros. Buys Remainder of Machinima

Warner Bros. Entertainment Inc. has signed an agreement to acquire the remainder of Machinima, an online gaming culture and streaming content platform.

Business Journal Publishes Valley 200

San Fernando Valley Business Journal has published a book listing the 200 most influential people in the region.

McDonald’s Property in Canoga Park Sells for $4 Million

The property beneath a McDonald’s restaurant under construction in Canoga Park has changed hands for more than $4 million, according to Calabasas real estate brokerage firm Marcus & Millichap Inc.

County Employment Grows to 5.1 Percent

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.

Thursday, November 17

Warehouse Apprentice Program Launches in Santa Clarita

College of the Canyons and AMS Fulfillment Inc. have partnered to offer California’s first apprenticeships in warehousing and shipping, the college announced Thursday.

First Lease Announced at Sun Valley Logistics Center

The signing of a record 255,500-plus-square-foot lease has been announced for a vast warehouse and distribution center under construction in Sun Valley.

Wesco Meets Earnings Expectations

Wesco Aircraft Holdings Inc. matched Wall Street expectation on earnings but fell considerably short on revenue in the fourth quarter.

Wednesday, November 16

ApolloMed Buys Bay Area Doctors Group

Apollo Medical Holdings Inc. on Wednesday announced it has acquired Bay Area Hospitalist Associates, a hospitalist and post-acute care practice in San Francisco.

Oxnard Apartment Complex Sells for Nearly $31 Million

Owners of Oxnard’s Serenade at RiverPark apartment complex have just bought a neighboring apartment community.

B. Riley Creates New Corporate Finance Position

B. Riley Financial Inc. (RILY) has promoted Perry Mandarino to the new position of senior managing director and head of corporate finance.

Cheesecake Opens Cafe in Texas

Cheesecake Factory Inc. has opened a Grand Lux Cafe in Austin, Texas, the restaurant group announced on Tuesday.

Tuesday, November 15

Cheesecake Invests in Two Restaurant Chains

Cheesecake Factory Inc. will support the development of two expanding brands through a strategic relationship with Fox Restaurant Concepts, the company announced Monday.

Clinic Opens Conejo Office to Care for Rams

Kerlan-Jobe Orthopaedic Clinic of Los Angeles has opened a new office in Thousand Oaks to better care for L.A. Rams players and expand its services into the Conejo Valley.

California Resources Jumps 20 Percent on Soros Buy

The share price of California Resources Corp. rose nearly 20 percent Tuesday on higher prices for crude oil and news that billionaire George Soros increased his stake in the company.

Earnings: Monster Digital, Tix, ApolloMed, Talon

Shares of Monster Digital Inc. rose nearly 40 percent after reporting quarterly financial results.

Monday, November 14

Center for Economic Research Names New Director

The Center for Economic Research and Forecasting at California Lutheran University in Thousand Oaks has named Matthew Fienup its new executive director, the college announced on Monday. Fienup assumes the post of center founder Bill Watkins, who recently retired from the university.

Samsung Buys Harman for $8 Billion

Consumer electronics manufacturer Samsung Electronics will acquire audio products developer Harman International Industries Inc. in a deal valued at $8 billion.

College Pays $7 Million for Camarillo Office Building

Ventura County Community College District in the city of Ventura has bought a top-notch office building in Camarillo for its new headquarters, according to commercial real estate brokerage NAI Capital Inc. in Encino.

City Attorney Sues Sylmar Motel

The office of Los Angeles City Attorney Mike Feuer has filed a lawsuit against the owners of the Motel 6 hospitality chain and the managers of the chain’s property in Sylmar, Feuer’s office announced on Monday.

Crednology Buys E-Waste Recycler

Crednology Holding Corp. announced Monday the acquisition of California Recycles Inc., an e-waste recycling company in a deal valued at $250,000.

Earnings: NetSol, B. Riley, Trio-Tech

NetSol announced widening losses, while B. Riley and Trio-Tech report profitable quarters.

Friday, November 11

Tutor Perini, Other Builders Enjoy Post-Election Gains

The share price of Sylmar construction firm Tutor Perini Corp. has soared 32 percent since New York City real estate developer and President-Elect Donald Trump accepted the results of Tuesday’s presidential election with a speech that pledged rebuilding the nation’s infrastructure.

IMT Sells Sherman Oaks Apartment Complex

Patio Del Cielo apartment complex in Sherman Oaks has traded hands for $18.5 million, according to Calabasas commercial real estate firm Marcus & Millichap Inc.

College of the Canyons Renews Training Contract

The California Employment Training Panel, or ETP, a statewide workforce development program, has awarded a contract valued at roughly $550,000 to the College of the Canyons Employee Training Institute, the college announced Wednesday.

Preview: Fastest Growing Companies

Skies are looking sunny for LA Solar Group, despite a hoard of competitors and signs of slowing in its industry.

Preview: For Shoppers, Gray Thursday Is Fading to Black

Like pumpkin pie, flag football and cornbread stuffing, the uproar over retailers’ decision to open or close on Thanksgiving Day has become an American tradition, but now some stores are rethinking the strategy.

Conejo Leads Search for Rams’ HQ

Thousand Oaks meets with NFL team to talk about permanent site.

Thousand Oaks asks what it would take to keep L.A. Rams in town.

Rent the Runway Opens ‘Dream Closet’ in Valley

APPAREL: Customers can access new clothes daily on subscription basis.

Online luxury apparel rental service Rent the Runway opened its flagship West Coast location on Oct. 21 in Woodland Hills.

Beauty Firm’s Influencers Push Merger

Bellami deal combines celebrity marketing with management skill.

Simi Valley hair extensions business adds cosmetics with mergers.

Valley’s Plans a Rewrite Priority

REAL ESTATE: City personnel to work on neighborhood updates.

Community plan updates will kick off in the Valley.

As the Election Day Smoke Clears

We’ve had a few days since Election Day to examine the outcomes and consider the effects of voters’ decisions.

New VEDC With Barragan’s Exit

FINANCE: Lending organization to begin leadership search.

Head of Valley nonprofit lender steps down.

New VEDC With Barragan’s Exit

FINANCE: Lending organization to begin leadership search.

Head of Valley nonprofit lender steps down.

Harvesting Sunshine

LA Solar Group has caught the panel installation trend with a three-year growth rate of 1,233 percent.

Sun shines on LA Solar despite fiercely competitive solar market.

Tease photo

Software Combo to Serve Hospital Data Demand

TECHNOLOGY: Three-way merger will allow tracking of post-visit patient care.

Agoura Hills health care software developer Casamba Inc. has entered into a three-way merger with two other software providers – Boston-based HealthWyse and TherapySource of Birmingham, Ala.

Fastest Growing Private Companies: Bel Air Internet

Fastest Growing Private Companies: Bel Air Internet

Fastest Growing Private Companies: Interactive Education Concepts

Fastest Growing Private Companies: Interactive Education Concepts

Fastest Growing Private Companies: Digital R oom

Fastest Growing Private Companies: Digital R oom

Fastest Growing Private Companies: Dazadi Inc.

Fastest Growing Private Companies: Dazadi Inc.

Sectors and Strategies of Fastest Growing Firms

Technology, staffing and health care lead to speed ­— but not exclusively.

Patterns for success among Valley’s fastest growing companies.

For Shoppers, Gray Thursday Is Fading to Black

MARKETING: Appeal of Thanksgiving Day has run its course, expert says.

Latest trend for retailers is to rethink opening the doors on some holidays.

Tease photo

Calendar

Calendar of events

Around the Valleys: News and notes from the greater San Fernando Valley

Hixme Insurance Solutions Inc. raised $14.1 million in a series B funding. The Agoura Hills health benefits consulting firm has now raised a total of $26.6 million.

Bigger Footprint

Matthew Shepherd at website design firm Scorpion is planning to move into a new 100,000-square-foot building to accommodate fast growth.

Scorpion’s internet marketing expands in Valencia.

Tease photo

Marriott Hotel to Rise in Downtown Lancaster

HOSPITALITY: Developer calls it ‘missing piece’ to finish retail transformation.

There’s something about Lancaster that keeps developer Scott Ehrlich coming back to build more.

List of Offenses Expands at Traffic Ticket Site

INTERNET: GetDismissed moves past speeding to U-turns, seatbelt violations.

Traffic ticket solution service GetDismissed has added new offenses to its list of infractions that it can help resolve.

The Number

Santa Clarita stars with television and film production.

Touch Screen In the Air

RETAIL: Provision creates 3D holographic images of products, so why not a keypad?

Sales materialize for Provision’s holographic displays.

BlackLine Rings Bell for Investors With IPO

INVESTMENT: Accounting software maker’s shares jump on first trading day.

BlackLine sees share price growth on day of IPO.

Hope Helps CEOs Learn Startup Skills

Nonprofit partners with bank to offer business training.

Operation Hope is banking on partnership with OneWest Bank.

Thursday, November 10

Villaraigosa Declares Governor Candidacy

Former Los Angeles Mayor Antonio Villaraigosa, 63, announced he will run for governor in 2018, according to the L.A. Times.

Disney Disappoints Wall St.

Walt Disney Co. missed Wall Street estimates on adjusted earnings and revenue for the company’s fiscal fourth quarter.

MannKind Enters New Sanofi Deal

Valencia biotech MannKind Corp. on Wednesday announced that the company has entered into a new contract with Sanofi, its former partner for selling inhalable insulin Afrezza.

Wednesday, November 9

Election Roundup: Most Valley-Area Measures Pass

Voters on Tuesday gave their approval on Tuesday to a variety of issues found on ballot measures, including airport development, recreational marijuana and transportation projects.

MannKind’s Earnings Buoyed

Thanks to one-time payments, MannKind Corp. beat Wall Street estimates on earnings and revenue for the third quarter.

Interim CEO Named for New Horizons

Directors of New Horizons on Wednesday announced the appointment of Roschell Ashley as its interim chief executive officer effective Jan. 1.

Tuesday, November 8

Capstone Launches Distributor Finance Program

Capstone Turbine Corp. announced Tuesday a partnership with finance company Acresis to put together as much as $100 million for a product-financing program for Capstone distributors.

Cheesecake Opens Restaurant in Valencia

Cheesecake Factory Inc., based in Calabasas, has opened a new restaurant in Valencia, the company announced on Tuesday.

Sun Valley Warehouse Fetches $3 Million

A nearly 19,000-square-foot warehouse in Sun Valley has sold for more than $3 million, according to commercial real estate brokerage NAI Capital Inc. in Encino.

Monday, November 7

Wesco Wins Chemical Supply Contract

Wesco Aircraft Holdings Inc. has won a multi-year agreement with Science Applications International Corp. to support a recently awarded prime contract with the Defense Logistics Agency.

Earnings: DTS, Salem Media

DTS reports what could be its final quarter as an independent company, while Salem Media misses expectations.

Friday, November 4

Englander Seeks Alternative to Sunshine Canyon Landfill

L.A. City Councilmember Mitchell Englander feels it’s time for the city to find a backup landfill for its solid waste, considering the continual complaints against the Sunshine Canyon Landfill in Sylmar.

Calavo Buys Building for Fresh Produce Expansion

Avocado grower and marketer Calavo Growers Inc. in Santa Paula said it has closed on a more than $19 million purchase of a Riverside building for its expanding fresh produce segment.

Marcus & Millichap Reports Strong Third Quarter

Calabasas commercial real estate brokerage Marcus & Millichap Inc. (MMI) reported third-quarter earnings Thursday that exceeded analysts’ expectations.

Thursday, November 3

Earnings: PennyMac Financial, MRV

PennyMac Financial Services Inc. reported record quarterly revenue, while MRV Communications narrowed its loss during the third quarter.

California Resources Shares Drop on Widening Loss

The share price of California Resources Corp. (CRC) slid 4 percent Thursday after the oil and natural gas producer reported a third-quarter loss that widened beyond the improvements analysts anticipated.

Teledyne Beats Earnings Estimate, Falls Short on Revenue

Teledyne Technologies Inc. beat Wall Street estimates on earnings for the third quarter but fell short on revenue.

Wednesday, November 2

Conejo Biotech Vet Joins Startup

Conejo Valley biotech veteran Keith Leonard has been named chief executive of San Francisco-based Unity Biotechnology Inc. after the company received $116 million in funding.

IMT Capital Continues to Divest Apartments

Sherman Oaks real estate company IMT Capital has sold another apartment complex, its third since August.

Orange Line Secures Funding for Electric Buses

The U.S. Department of Transportation has provided a $4.3 million grant to bring electric buses to the Orange Line busway in the San Fernando Valley.

Quarterly Report Pushes Tutor Perini Shares Higher

The stock price of Sylmar’s Tutor Perini Corp. (TPC) soared more than 10 percent Wednesday despite third-quarter earnings that missed analyst forecasts.

LTC Shares Drop Despite Quarterly Growth

Westlake Village real estate investment trust LTC Properties Inc. (LTC) met analysts’ expectations on earnings and exceeded them on revenue for its third quarter.

Tuesday, November 1

BlackLine Shares Riding High Since IPO

Shares of BlackLine Inc. jumped nearly 30 percent during the first three days of trading as a public company.

DineEquity Beats Earnings Estimates

DineEquity Inc. reported third-quarter results that beat Wall Street expectations for earnings but missed on revenues.

CheapAir.com Expands Cuba Flights

CheapAir.com has added 280 weekly Cuba flights to its product offerings.