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What you might have missed Tuesday from the world of business

Hawaii Attorney General Douglas Chin.Handout

FANTASY SPORTS

DraftKings to withdraw from Hawaii

Boston-based daily fantasy sports company DraftKings Inc. said late Tuesday that it will withdraw from Hawaii, where it was under pressure from officials who said its contests for cash are illegal under state gambling laws. Last week, Hawaii Attorney General Douglas Chin ruled that the games offered by companies like DraftKings and its rival, New York-based FanDuel Inc., are illegal. Then, Monday, a Honolulu county prosecutor sent the company a cease-and-desist order demanding the companies stop allowing residents there to enter their contests. “While we disagree with the attorney general’s opinion because daily fantasy sports are games of skill permitted under Hawaii law, we are hopeful our constructive engagement with Hawaii legislators will promptly address the issue so that our loyal fans can continue to enjoy the games they love without anyone questioning the legality of their conduct,” DraftKings said in a statement. A person familiar with DraftKings’ thinking said the company decided to withdraw from the state in part because Hawaii is a small market, but also because Chin’s ruling insinuated that daily fantasy players, not just operators, could be held liable for breaking state law.

DAN ADAMS

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RETAIL

TJX’s Meyrowitz leaves CEO post with $10m in stock

One of the highest-paid chief executives in Massachusetts just got a little richer on her way out. Former TJX Cos. chief executive Carol Meyrowitz received shares of company stock valued at more than $10 million Tuesday, just days after officially stepping down as chief executive. A spokeswoman for TJX said Meyrowitz received a “performance-based restricted stock award” and will be chairman of TJX’s board of directors for three years. According to documents the company filed with the Securities and Exchange Commission, Meyrowitz received more than 140,000 shares of common stock valued at $72.86 when markets closed Tuesday. The award brings Meyrowitz’s total stock ownership to more than 500,000 shares valued at $36.4 million. Under Meyrowitz’s nine-year tenure, the off-price retailer’s market capitalization grew from about $13 billion to about $48 billion, among the highest in Massachusetts. Meyrowitz, 61, took home $28.7 million in total compensation in fiscal 2015. Meyrowitz is credited with making the Framingham-based company a recession-resistant powerhouse that has outpaced its peers year in and year out.

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MEGAN WOOLHOUSE

REAL ESTATE

Fort Point office building sells for $74m

In the latest sign of Fort Point’s hot real estate market, the office building at 333 Summer St. sold Tuesday for a price nearly seven times what its owner paid for it less than three years ago. Synergy Investments closed a deal to sell 333 Summer, which is home to tech firm LogMeIn Inc., for $74.25 million to an arm of Maryland-based real estate investment firm ASB Capital Management, according to Suffolk County property records. That’s a big jump from the $11 million that Synergy and partners DivcoWest paid for the building in 2013, before extensive renovations and before fast-growing LogMeIn signed a 12-year-lease for the building’s 117,000 square feet of office space. And at $634 per foot, it’s a price more commonly seen among top-tier downtown office buildings than the brick-and-beam spaces of Fort Point Channel.

TIM LOGAN

TECHNOLOGY

CalAmp to acquire LoJack

Canton-based LoJack Corp., well-known for its radio transceivers that track the location of stolen cars, is set to be acquired by California’s CalAmp Corp. for $134 million, the companies announced. CalAmp makes similar vehicle-tracking devices, along with fleet management software and car-based radios and modems. Shares of LoJack, which had about 670 employees last year, jumped nearly 20 percent to $6.42 Tuesday afternoon. The all-cash purchase was approved by both companies’ boards and is expected to be completed later this year, pending regulatory approval. CalAmp said the combined company would have revenues of more than $400 million. CalAmp shares closed at $17.21 a share, giving the California company a market capitalization of nearly $630 million.

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DAN ADAMS

TECHNOLOGY

Magic Leap adds $793m in funding

Magic Leap Inc., the secretive startup working on a device that simulates reality, has raised a new round of funding led by Alibaba Group Holding Ltd., valuing the company at $4.5 billion. Magic Leap added $793.5 million to its arsenal, the company said Tuesday. Magic Leap is promising to create a headset that would use a type of light-field technology to simulate 3-D images superimposed on the real world — providing what the company calls mixed reality. The proprietary technology would project patterns of light to the eye, enabling it to perceive virtual objects similarly to the way people naturally see existing things.

BLOOMBERG NEWS

TECHNOLOGY

Fidelity gives Snapchat another writedown

Snapchat Inc.’s valuation was cut by 2 percent in December by one of its largest investors. This was Fidelity Investments’ second writedown of the photo-sharing app maker in three months. Mutual funds have recently marked down the values of their stakes in several private technology companies, including Dropbox Inc. and Zenefits. The moves are another jolt of sobriety for Silicon Valley startups as they face a tighter fund-raising environment. The Fidelity Blue Chip Growth Fund, one of the funds that holds Snapchat, reported the value of its Snapchat shares at $17 million as of Dec. 31, according to a public filing. The same holding had been valued at $17.4 million on Nov. 30. Snapchat, which people use to send disappearing photos and videos, has more than 100 million users.

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BLOOMBERG NEWS

BIOTECH

Gilead profit rises 34%

Gilead Sciences Inc. posted a 34 percent increase in fourth-quarter profit, trouncing Wall Street expectations, as sales of its blockbuster hepatitis C drugs soared in Japan and offset lower sales in the United States. The maker of Harvoni, the first once-daily, single-pill regimen for hepatitis C, and predecessor drug Sovaldi, has been propelled by the lucrative franchise since Sovaldi was launched at the end of 2013. They’re the main reason the company’s revenue has tripled in just two years, a rare accomplishment in the industry. The two drugs still account for nearly 58 percent of Gilead’s revenue, though only about 770,000 patients worldwide have been treated with the drugs to date. Worldwide, an estimated 185 million people are infected with the liver-destroying virus. However, Harvoni and Sovaldi sales in the United States appear to have begun an expected slowdown, with insurers demanding discounts as high as 45 percent off the pills’ eye-popping prices for a course of treatment — $94,000 for Harvoni and $83,000 for Sovaldi. Massachusetts Attorney General Maura Healey has questioned the cost of the drugs.

ASSOCIATED PRESS

RESTAURANTS

Chipotle faces wider criminal probe

The E. coli outbreak that was linked to Chipotle restaurants may be over, but the burrito chain’s indigestion continues. As Chipotle reported continuing sales declines on Tuesday, the embattled chain also said the scope of a previously disclosed federal criminal investigation has widened beyond a single restaurant in California. The Denver company says sales sank 36 percent at established locations in January. That follows a previously reported drop of 14.6 percent for the October-to-December period, which marked the first quarterly decline since Chipotle went public a decade ago. Chipotle also said it has been served with another subpoena requiring it produce documents related to company-wide food safety dating back to the start of 2013.

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ASSOCIATED PRESS

Correction: Due to an editing error, a headline in an earlier version of this article misstated Carol Meyrowitz’s status at TJX. She remains chairman.