March 3, 1998 |
Gary Wedbush, the 33-year-old son of Edward Wedbush, founder of Wedbush Morgan Securities, has joined the firm in its Los Angeles headquarters as manager of the trading division. Most recently, the younger Wedbush was director of convertible securities for NationsBanc Montgomery Securities. While still in high school Wedbush worked one summer in the mail room at his father's firm and said he was especially drawn to the trading floor. "I feel so lucky that my father is in this business.
April 25, 2008 |
Investors sent Skechers USA Inc. shares up 20% after the Manhattan Beach shoemaker said its first-quarter profit jumped a better-than-expected 37%. Earnings rose to $32.8 million, or 70 cents a share, from $23.9 million, or 52 cents, a year earlier. Sales climbed 11.6% to $384.9 million on growing international demand and favorable exchange rates. But sales at U.S. stores open at least a year, a key measure of retail health, declined. Shares of Skechers rose $3.64 to $21.67. "They did a nice job on the expense end of the business," said Christopher Svezia, an analyst with Susquehanna Financial Group.
February 13, 2009 |
Seeking to avoid mortal combat with its creditors, Midway Games Inc. filed for Chapter 11 bankruptcy protection Thursday. This probably isn't game over for the Chicago game publisher. Midway would have tipped over years ago if not for Sumner Redstone, whose family owns National Amusements Inc., a holding company that has controlling stakes in Viacom Inc. and CBS Corp. Redstone, who has his own financial troubles, pumped hundreds of millions of dollars into Midway before he was forced to sell it last year, for pennies on the dollar, to an investor named Mark Thomas.
August 28, 2008 |
Orange County surf-wear giant Quiksilver Inc. said Wednesday that it had reached an agreement to sell Rossignol, its flagging winter sports equipment division, in a deal valued at $147 million. That was less than half what Quiksilver paid just three years ago to acquire Rossignol. The bid by Chartreuse & Mont Blanc, which is majority owned by Macquarie Group of Australia, comes after Quiksilver announced in January that it was looking to unload Rossignol after several quarters of weak earnings.
August 14, 2009 |
The video game industry experienced a stomach-churning 29% drop in U.S. sales in July, its third-worst year-over-year slide since January 1995, when NPD Group Inc. first began tracking sales data. The monthly decline, the industry's fifth consecutive drop, means game console and software sales are now down 14% from January through July this year compared with the first seven months of 2008. To climb out of the red zone, sales from August through December would need to grow 11% from a year earlier, NPD analyst Anita Frazier said.
June 8, 1999 |
Los Angeles-based brokerage firm Wedbush Morgan Securities will announce today a plan to sell initial public offerings to individual investors via the Internet. Wedbush Morgan plans to follow in the footsteps of high-profile upstarts such as Wit Capital Corp. and W.R. Hambrecht & Co., which have specialized in making IPOs available electronically to small investors. Previously, brokerage houses doled out coveted IPOs only to powerful institutional investors such as mutual funds.