August 10, 2013 |
Federal forecasters have softened their prediction of an extreme storm season, trimming back the number of hurricanes they expect this year to between six and nine. That's a small drop from the seven to 11 hurricanes originally forecast in May, but the National Oceanic and Atmospheric Administration's newer projections still threaten a highly active season. “Our confidence for an above-normal season is still high because the predicted atmospheric and oceanic conditions that are favorable for storm development have materialized,” Gary Bell, NOAA's lead hurricane forecaster, said this week.
July 24, 2013 |
WellPoint Inc., the country's second-largest insurer, beat Wall Street expectations with a second-quarter profit jump of 24% as lower medical costs partly helped the Indianapolis company post strong results. "We are pleased with our second-quarter results and encouraged by the positive momentum we have across the organization," said Joseph Swedish, WellPoint's chief executive since March. This was the second earnings report that has beat analyst expectations under Swedish. He took the helm after the company's previous chief executive, Angela Braly, was ousted last year.
July 23, 2013 |
Apple Inc. topped Wall Street expectations by posting better-than-anticipated profit and setting a third-quarter record for number of iPhones sold. It was a welcome break for Apple, which has been in a bit of a slump lately because of a prolonged product drought and growing impatience among investors and consumers waiting for the company to come out with another blockbuster hit. Chief Executive Tim Cook played into that anticipation Tuesday, noting that the company had some "amazing new products" in the works but, as usual, remaining tight-lipped about what they were.
July 18, 2013 |
City National Corp.'s second-quarter earnings rose 9%, making the L.A.-based private bank and business lender the latest California bank to exceed Wall Street's expectations. The parent of City National Bank said Thursday that it posted a profit of $59.7 million, or $1.04 a share, compared with $54.8 million, or $1.01, in the same quarter last year. The average estimate of analysts as calculated by Thompson Financial Network was for earnings of just 96 cents a share. It was the bank's 81st consecutive profitable quarter, said Chief Executive Russell Goldsmith, noting that assets, deposits and wealth-management fees all grew at a double-digit pace. Quiz: How much do you know about home loans?
July 12, 2013 |
Wells Fargo & Co. booked a record $5.5 billion in profit during the second quarter despite a dramatic rise in mortgage rates and signs of a slowdown in its refinancing business. The 19% year-over-year jump in earnings for the nation's largest home lender reflected the breakneck pace with which the U.S. housing industry has evolved. Although refinancing activity slowed as interest rates jumped, Wells Fargo still was able to grow its mortgage origination business by increasing the number of loans it made to home shoppers.
July 9, 2013 |
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
CALIFORNIA | LOCAL
July 8, 2013 |
Southern Californians are in for another week of clear skies and hot temperatures, the National Weather Service said Monday. Woodland Hills could experience temperatures up to 100 on Monday and 104 on Tuesday, said meteorologist Rich Thompson. Daytime temperatures in the valleys will remain in the 90s for most of the week and in the 70s or 80s along the coasts into the weekend, Thompson said. Tuesday is expected to be the hottest day of the week, with temperatures in downtown Los Angeles expected to reach the mid-90s.
CALIFORNIA | LOCAL
June 29, 2013 |
California remains in the grip of a heat wave that threatens to bring record temperatures to the state this weekend. On Friday, several records were set, both for high temperatures and for hottest low temperatures. And this weekend is supposed to be even hotter. On Saturday, the National Weather Service warned that temperatures could climb to 120 degrees in some desert areas, 100 to 115 in valleys, 100 to 105 in lower mountains and 80-95 in coastal areas. Several agencies opened cooling centers - air-conditioned facilities where the public can escape the heat - around Los Angeles County.
CALIFORNIA | LOCAL
June 28, 2013 |
The first day of a heat wave produced extreme temperatures Friday across Southern California, but forecasters say the real broiling will come this weekend. Heat records in Palmdale and Lancaster, which stand at 113 and 114 degrees, respectively, could be broken, National Weather Service specialist Stuart Seto said. The last significant heat wave to hit Southern California was five years ago, Seto said. The 2009 heat wave baked the region for about two weeks. In Los Angeles, the hot weather is a particular concern to firefighters because it comes in a year of record dry conditions that have already sparked several brush fires across the region.