Stories for July 2009

Friday, July 31

FDIC Launches Test of Toxic Assets Sale Program

The Federal Deposit Insurance Corp. is launching the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

U.S., UBS Reach Deal in Tax Case

The U.S. and UBS AG have reached an agreement in principle to settle their dispute over U.S. demands for the names of thousands of wealthy Americans suspected of using the Swiss bank to evade taxes, a Justice Department attorney said on Friday.

Analyst Upgrades Beckman Coulter, Shares Soar

Shares of Fullerton medical testing company Beckman Coulter Inc. rose Friday after an analyst upgraded the stock.

Economy Fares Better Than Expected in Latest Quarter

The economy contracted at a slower-than-expected pace in the second quarter, government data showed on Friday, but a sharp drop in consumer spending fanned fears that recovery would be sluggish.

Allergan Beats Estimates, Offers Cautious Outlook

Allergan Inc. of Irvine reported second-quarter results Friday that beat expectations but gave a forecast for the current quarter that was below analysts' projections.

Ingram Micro Slumps on Downgrade, Profit Concerns

Shares of Santa Ana's Ingram Micro Inc., the largest distributor of technology goods, software and consumer electronics, got dinged on Friday after an analyst downgraded the stock.

Thursday, July 30

Exxon Profit Tumbles 66%, Misses Street View

Exxon Mobil Corp. reported a steeper-than-expected drop in quarterly profit as natural gas and crude oil prices slid from a year ago and the global recession hurt demand for fuel.

Quality Systems Misses Expectations

Quality Systems Inc. of Irvine reported quarterly results Thursday that fell short of expectations.

Beckman Coulter Narrows Outlook

Fullerton-based Beckman Coulter Inc. on Thursday narrowed its 2009 guidance after reporting mixed second-quarter results.

Unemployment Spreads Distress in Home Loans

Cities in the states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread, RealtyTrac said on Thursday.

Ingram Micro Falls on Cautious Outlook

Shares of Santa Ana's Ingram Micro Inc., the biggest distributor of technology products, software and consumer electronics, fell Thursday after the company gave a cautious outlook for the current quarter.

Volcom Beats Estimates, Lowers Outlook

Costa Mesa-based clothing maker Volcom Inc. reported a surprise second-quarter profit Thursday but offered a forecast for the current quarter that was below Wall Street expectations.

Sony, Sharp Post Q1 Losses, Nintendo Loses Steam

Sony Corp. and Sharp Corp.'s third straight quarters of losses underscore the challenges they face in flat-panel TV market as they struggle to compete with Samsung Electronics Co. and other South Korean rivals benefiting from a weaker won.

First American Profit Surges, Tops Expectations

Santa Ana-based title insurer and business data provider First American Corp. said on Thursday its quarterly profit more than tripled, thanks to lower corporate expenses and an increased demand for mortgage refinancing work.

Wednesday, July 29

Valeant Buys Mexican Drug Maker

Drug maker Valeant Pharmaceuticals International of Aliso Viejo said Wednesday it is buying a Mexican generic drug maker for about $33 million.

Alliance Health Care Quarterly Profit Slips

Alliance Health Care Services Inc. of Newport Beach reported a lower second-quarter profit that fell short of Wall Street expectations and warned about its revenue for the rest of the year.

Verizon Wireless Renews Spectrum Campus Lease

Verizon Wireless has renewed the lease for its massive regional headquarters in the Irvine Spectrum, the telecommunication operator said Wednesday.

Microsoft and Yahoo in 10-Year Web Search Partnership

Microsoft Corp. and Yahoo Inc. inked a 10-year Web search deal to better compete against market leader Google Inc. but stopped short of combining their display advertising businesses.

Irvine Video Game Developer Foundation 9 Restructures

Irvine-based Foundation 9 Entertainment Inc., a holding company for a group of independent video game developers, is restructuring amid an industry-wide slump, according to reports.

WellPoint Tops Street Estimates, Shares Fall

Health insurer WellPoint Inc. posted higher-than-expected quarterly profit on Wednesday, but its shares dropped 4.1% as revenue missed analysts' estimates and the company failed to increase its full-year earnings forecast.

Chipmakers Optimistic on Recovering Demand, Prices

Top Asian and European semiconductor manufacturers sounded a note of optimism on Wednesday as they predicted demand and prices picking up in the second half of the year.

Tuesday, July 28

Housing Officials Push Lenders for Aid

Senior housing officials and leading mortgage companies on Tuesday will make a fresh commitment to help troubled borrowers keep their homes and will promise to expand foreclosure-prevention aid, sources familiar with the plans said.

Western Digital Beats Expectations

Shares of Lake Forest disk drive maker Western Digital Corp. rose after the company reported quarterly results that trumped Wall Street's expectations.

Bank of America to Close Some Branches

Bank of America Corp. said it plans to shrink its 6,109-branch network modestly over the next three to five years, an about-face for the nation's largest bank by assets after years of expansion.

Epicor Software Results Mixed; Outlook Falls Short

Irvine's Epicor Software Corp., a maker of business software for manufacturers and retailers, on Tuesday gave an outlook for the current quarter that fell short of Wall Street's expectations.

Viacom Posts Lower Profit; Unveils Verizon Deal

Viacom Inc. reported a 32% drop in earnings, but tempered yet another quarter of depressed results with the announcement that it has reached a key distribution deal for its new movie channel Epix.

Ceradyne Beats Earnings Estimates; Misses on Sales

Costa Mesa-based military body armor maker Ceradyne Inc. reported second-quarter profits ahead of Wall Street estimates while coming short of sales expectations.

Monday, July 27

Home Prices Rise $14,000 in June

The price of an existing Orange County home jumped by $14,000 in June from a month earlier, the California Association of Realtors said on Monday.

Edwards Cools with Slower Growth of New Valve

A look at what's been going on at local heart valve maker Edwards

AROUND THE COUNTY

Projects, developments and other activity in cities in and around OC

Telmar Network Moving HQ to Texas From Irvine

Telmar Network Technology moved its headquarters from Irvine to Texas, in the Technology column

CALENDAR

A listing of events happening all around Orange County. July 28-August 5, 2009

St. Regis Resort Turned Over to Citigroup

Ownership of Dana Point's St. Regis Monarch Beach Resort has turned over to New York-based lender Citigroup Inc.,

VIEWPOINT

Situation Would Prove Too Taxing. No new taxes, says one executive

OC Home Prices Rise $14,000 in June

The price of an existing Orange County home jumped by $14,000 in June from a month earlier, the California Association of Realtors said on Monday.

Zimbabwe Postcard from Paul Freeman; locals at Cooperstown

Zimbabwe Postcard from Paul Freeman; locals at Cooperstown

Aetna Cuts Forecast on Medical Costs, Shares Fall

Aetna Inc. sharply cut its full-year earnings forecast on Monday because of higher-than-projected medical costs, sending shares down as much as 12% as the health insurer also posted a 28% drop in second-quarter net income.

Boeing Cuts Employees, Hopes New Contracts Will Save Jobs

With Boeing's Future Combat Systems set for reorganization after a funding cut, the company hopes new contracts will allow it to keep the unit's employees on the payroll

Buying Time

Real Mex Restaurants Offers Bonds, Refinances Debt to Weather Downturn

Offices of South Coast Plaza Get Green Certification

The Offices of South Coast Plaza have spent the past month getting plaudits from Washington, D.C., in the Real Estate column

Agilent Reaches Deal to Buy Varian for $1.5B

Agilent Technologies Inc. said on Monday it agreed to buy Varian Inc. in a $1.5 billion deal designed to bolster the company's bioanalytical measurement business.

KUDOS

A look at people, companies and institutions receiving awards, accolades, grants and other honors

Minority-Owned Cos. Saw 6% Drop in Sales

The county's 50 largest minority-owned businesses saw a modest pullback in sales last year

PEOPLE

Hirings, promotions and other moves at local businesses

Iconic Laguna Niguel Office May Be Sold, Razed

Government officials are re-evaluating the long-term plans for the Chet Holifield Federal Building

Verizon Profit Falls, Eyes 8,000 Job Cuts

Verizon Communications Inc. posted a lower quarterly profit and said it would cut 8,000 jobs in its wireline business, as weakness in wholesale and corporate segments overshadowed wireless growth.

New Type of Drive Spurs STEC Stock

A look at STEC's soaring stock

REAL ESTATE WATCH: LOS ANGELES COUNTY

The Greater Los Angeles real estate market is seeing effects from the recession, in Real Estate Watch

Second Half of Year Could See Ingram Micro Recovery

Santa Ana technology products distributor Ingram Micro Inc. could bounce back toward the end of the year after, according to some on Wall Street.

St. John Show Debuts Casual, Resort Fashions

A look at St. John's spring line

Abbott Laboratories Content with AMO's Q2 Results

Abbott Laboratories is satisfied with the second-quarter performance of its Abbott Medical Optics unit, in the Healthcare column

Unstuck

ICU Medical is diversifying its revenue streams

Chipmaker Mindspeed Rallies on Quarterly Outlook

Shares of Newport Beach chipmaker Mindspeed Technologies Inc. jumped Monday after the company surprised Wall Street and said it's set to turn a profit during the current quarter.

REAL ESTATE DEALS

Sales and leases of offices, industrial

OCBJ SUPPLEMENTS and GUIDES

Going Green Guide, Summer 2009

MARKET WATCH

The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Chipmakers' Q2 Results Could Signal Turnaround

Are local chipmakers finally out of the woods?

Johnny Rockets Taps Lake Forest Shop After Search

Johnny Rockets Group has selected incumbent Northten Inc. to continue its marketing duties, in the Media & Marketing column

Friday, July 24

Samsung Electronics Sounds Caution Despite Big Profit

Samsung Electronics Co. the biggest maker of memory chips and LCD screens, joined other top tech names to rein in growing optimism over the sector's recovery, even after delivering best quarterly profit in two years.

Farm Chemical Maker American Vanguard Warns on Q2

Shares of Newport Beach-based agricultural chemical specialist American Vanguard Corp. traded lower Friday after it warned of lower than expected earnings.

Report: Auto Market Downturn Slows in July

Auto sales are expected to decline 19% in July from a year ago, marking an improvement over declines of more than 30% in the first half of 2009, an influential industry tracking service said on Friday.

Kaiser Aluminum Slumps on Downgrade

Shares of Foothill Ranch-based Kaiser Aluminum Corp. close lower Friday after an analyst downgraded her rating on the stock citing weak demand from aerospace companies and an oversupply of aluminum plate products on the market.

Broadcom Shares Give Back Part of Run-Up

Shares of Irvine-based chipmaker Broadcom Corp. closed down 7% on Friday as some investors figured the recent run-up in the chipmaker's shares was overdone.

Microsoft Raises Specter of Doubt on Tech Recovery

The tech sector's road to recovery just got a lot bumpier as Microsoft Corp.'s revenue shortfall in the recently ended quarter abruptly dampened hopes that demand for PCs was on the mend and sent a spate of tech stocks lower.

Thursday, July 23

Existing Home Sales Rise in Sign Housing Healing

Existing home sales notched their third monthly rise in June in a sign the housing industry was slowly healing, but new jobless claims rose last week in a move distorted by unusual seasonal layoffs.

Amazon.com Buying Shoe Seller Zappos for $928M

Amazon.com will pay about $928 million for booming online shoe retailer Zappos.com, expanding aggressively into the apparel arena with a well-known name after trying unsuccessfully to go it alone.

Chipmaker Microsemi Reports Results, Offers Q3 Outlook in Line

Irvine's Microsemi Corp., a maker of chips for aerospace, the military and industrial uses, reported an outlook for the current quarter that meets Wall Street's expectations.

South Korea Fines Qualcomm $208M in Anti-Trust Case

South Korea's anti-trust agency on Thursday imposed a $208 million fine on Qualcomm Inc. and ordered the wireless chip and technology company to stop discriminating against companies using competitor's products.

Resources Connection Replaces CEO

Irvine-based Resources Connection Inc., which provides accountants, lawyers and other consultants to companies on a project basis, announced an abrupt management change Thursday, a week after reporting disappointing quarterly results.

Wednesday, July 22

Pacific Sunwear Warns About Wider Loss, Sales Decline

Anaheim-based mall retailer Pacific Sunwear of California Inc. warned Wednesday of a larger than expected loss and sales decline for its recently ended quarter.

Standard Pacific Posts Narrowed Quarterly Loss

Irvine-based Standard Pacific Corp. reported a narrowed second-quarter loss of $23.1 million on Wednesday, after seeing revenue fall 29% from a year earlier.

Loan Losses Drag on Wells Fargo, Other Big Banks

Several major banks, led by Wells Fargo & Co., said the troubled economy drove credit losses higher, reducing profitability in the second quarter.

Boeing Profit Up 17%; No Update on 787 Schedule

Boeing Co. posted a 17% increase in quarterly profit, topping expectations, on growth in defense programs, but the global recession pressured operations, and the company did not say when its long-delayed 787 Dreamliner would fly.

Cypress Warehouse Among Largest Leases in Years

Carlstadt, N.J.-based clothing distributor Empire Logistics and Warehousing Inc. has signed one of the largest industrial leases in Orange County in years.

Pfizer Profit Falls, Hurt By Strong Dollar

Pfizer Inc. said on Wednesday its second-quarter earnings fell 19%, as the strong dollar crimped revenue across its product line.

Tuesday, July 21

FDA 'Fast-Tracks' Allergan and Spectrum Drug

Allergan Inc. and Spectrum Pharmaceuticals Inc., both of Irvine, said Tuesday the Food and Drug Administration would speed up its review of the companies' bladder cancer drug candidate.

Coke Tops View Despite Strong Dollar

Coca-Cola Co. reported a better-than-expected quarterly profit on Tuesday, aided by growth in emerging markets, but its shares fell as revenue was lighter than anticipated and investors looked for stocks with stronger growth potential.

Schwarzenegger Reaches California Budget Deal

Gov. Arnold Schwarzenegger and top lawmakers agreed on Monday to close a $26.3 billion deficit in the state's budget in a deal that includes $15.5 billion in spending cuts, they said.

UnitedHealth Profit Beats Expectations

UnitedHealth Group Inc. posted better-than-expected second-quarter profit on Tuesday, helped by growth in its plans for elderly and low-income Americans.

Bernanke Sees Some Economic Improvement

Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering economy appears to be improving and the central bank was carefully reviewing ways to withdraw its massive monetary policy stimulus when conditions permit.

QLogic Slumps on Quarterly Results

Shares of Aliso Viejo's QLogic Corp., a maker of electronics for data storage networks, slumped after the company reported results for the June quarter that saw profits fall by half.

Survey: Back-to-School Spending Seen Dropping

Consumers will spend 8.5% to 12% less this year on back-to-school items than they did last year, as cash-strapped parents try to get children to wear last year's fashions, a retail industry monitor said on Tuesday.

Edwards Slumps, Despite Strong Q2

Shares of Irvine-based heart valve maker Edwards Lifesciences Corp. fell Tuesday, a day after the company reported strong quarterly results but offered an outlook at the low-end of profit expectations and didn't up its forecast for sales of a new type of

Monday, July 20

Accounting for Losses

OC's biggest accounting firms have shed workers in the past 12 months

John's Incredible Opens with Flash, Hope in Buena Park

If Las Vegas were built for kids, it might look something like the John's Incredible Pizza that opened in Buena Park last week, in the Marketplace column

Opus West Adds One Irvine Condo to Asset Selloff

One of the three of Irvine condominium towers built by Opus West has been put up for sale, in the Real Estate column

Management Consultants See Dip in Local Employees

A look at the shakeup that occurred in the management consulting market this year

MSC Buyout Ends 10 Years of Drama

A look at MSC.Software's recent sale to private equity investors

Anaheim RV Park Sale Ends Condo Plans

A big housing project planned near Disneyland Resort is off the books

$4 Billion in Construction Spending Ramps Up at Camp Pendleton

Massive construction slated for Camp Pendleton is drawing eager interest from local contractors

CALENDAR

A listing of events happening all around Orange County. July 20-29, 2009

Report: Commercial Mortgage Failure at 20-year High

Commercial mortgages at banks have been failing at the fastest rate in nearly 20 years, the Wall Street Journal said, citing its own analysis.

REAL ESTATE WATCH: INLAND EMPIRE

The Inland Empire is seeing consolidation in the office and industrial markets, in Real Estate Watch

ViewSonic Plans to Sell Low-Cost Computers

ViewSonic is getting into the cutthroat computer business

'Last Great Estate' for Low-Key Developer; OC's Fed Crime Rise

'Last Great Estate' for Low-Key Developer; OC's Fed Crime Rise

Conexant Files for Offering, Shares Slump

Newport Beach-based chipmaker Conexant Systems Inc. said Monday it is seeking approval from the Securities and Exchange Commission to sell $20 million worth of its shares.

County Fair Aims for Attendance Record Amid Challenges

The drawing power of funnel cake and fried Twinkies is being put to the test this year at the Orange County fair

Travel Tempering

An industry executive thinks there are some encouraging signs for the tourism industry

Toshiba Mounts Branding Campaign, Returns to TV

Toshiba America Information Systems is doing its first branding campaign since 2000, in the Media & Marketing column

St. Regis Ownership Turned Over to Citigroup

Ownership of Dana Point's St. Regis Monarch Beach Resort has turned over to New York-based lender Citigroup Inc., officials said on Monday.

Device Executives Hopeful for Reform in Sluggish Japan

A medical device trade group is hailing commitments won by the Obama administration to open Japan's medical technology market, in the Healthcare column

Planet Beauty Trying to get More Face Time at Events

Women still are buying beauty products,they're just buying cheaper ones, in the Small Business column

PEOPLE

Hirings, promotions and other moves at local businesses

Report: Location Software for Mobile Devices Growing

Global sales of location-based services are set to more than double this year, in the Technology column

MARKET WATCH

The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

REAL ESTATE DEALS

Sales and leases of offices, industrial buildings, retail space and apartments

Tsaos 2.0

There is life after Linksys for Victor and Janie Tsao

Spectrum Shares Up on Cancer Drug News

Irvine-based Spectrum Pharmaceutical Inc.'s shares closed up 6% Monday after the Food and Drug Administration accepted an application for a new use for its cancer drug Zevalin.

Irvine Co. Said To Be Hiring Homebuilders

Irvine Co. could be looking to spur homebuilding on its land with a shift in strategy

Cypress Warehouse is Largest Lease in Years

A clothing distributor has signed the largest industrial lease in OC in years

Accounting Change: Firms Cut Fees, See Shift in Services

What accounting firms are doing to stay competitive amid the recession

Holding Steady

Things are relatively quiet these days for healthcare venture capital investors.

Cox Returns to Orange County as Law Firm Partner at Bingham

Chris Cox is returning to Orange County as a partner with the Costa Mesa office of Bingham McCutchen LLP

Housing Supply Data Point To Stabilization

The housing market is showing signs of stabilization, according to inventory data released on Monday by national real estate brokerage ZipRealty.

Sunday, July 19

Zions' Calif. Bank & Trust Buys Vineyard Deposits

Zions Bancorporation's California Bank & Trust unit acquired the deposits of Vineyard Bank, one of four lenders seized Friday by regulators. The failures will cost the Federal Deposit Insurance Corp. a total of $1.09 billion.

Friday, July 17

Masimo, Philips Unit Settle Lawsuit

Masimo Corp., an Irvine medical device maker, said Friday it settled a lawsuit related to its blood monitoring technology with Respironics Inc., a unit of the Netherlands' Royal Philips Electronics NV.

Former SEC Chairman Cox Joining Bingham as Partner

Former Securities and Exchange Commission Chairman Christopher Cox is joining the Costa Mesa office of Boston-based Bingham McCutchen LLP.

County Loses 70,800 Jobs in June; Unemployment at 9.2%

The county continued to lose jobs at a pace on par with the worst of the 1990s recession in June, with some subtle signs of tempering.

Thursday, July 16

Jobless Claims Drop, Again Skewed by Autos

The number of workers filing new claims for jobless benefits fell sharply last week to the lowest level since January, the government said on Thursday, but the data was distorted by an unusual pattern of automotive industry layoffs that amplified the drop

Former Boeing Employee Found Guilty of Spying for Chinese

A former Boeing Co. employee and Orange resident was convicted Wednesday of providing China with trade secrets since the 1970s.

Foreclosures at Record High in First Half

Home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.

STEC Soars on Big Order, Higher Sales Forecast

Santa Ana-based STEC Inc. said it struck an order for $120 million worth of a new type of data storage drive and projected yearly sales of the product at $220 million, sending its already soaring shares even higher.

Nokia Cuts Profit, Market Share Outlook

The top cell phone maker Nokia OYJ cut its profitability and market share forecasts due to tough competition, sending its shares sharply lower on Thursday.

Wednesday, July 15

Resources Connection's Results Well Short of Expectations

Irvine-based Resources Connection Inc., which provides accountants, lawyers and other consultants to companies on a project basis, kicked off the local earnings season with a bomb Wednesday.

Report: Calpers Sues Over Ratings of Securities

Calpers, the biggest U.S. public pension fund, has filed a suit in a California state court in connection with $1 billion in losses that it says were caused by inaccurate credit ratings from the three leading ratings agencies, The New York Times reported.

Printer Shutting Down in Costa Mesa, Moving to Vegas

Costa Mesa-based Creel Printing of California Inc. said Tuesday it's shutting down local operations and moving to Las Vegas.

Boeing Announces Layoffs; Unclear How Many Local

Boeing Co. said Wednesday it plans to cut about 1,000 workers in two defense industry programs with operations in Orange County.

Chipmaker Conexant Names Co-Presidents

Newport Beach chipmaker Conexant Systems Inc. promoted two of its own as co-presidents under Chief Executive Scott Mercer.

Report: Boeing To Cut 1,000 Defense Jobs

Boeing Co. told employees it will have to cut around 1,000 jobs in its defense division because of Pentagon budget reductions, the Associated Press said, citing an internal memo from Jim Albaugh, the company's top defense executive.

Intel Trumps Forecasts, Bodes Well for PC Sector

Intel Corp's quarterly results and outlook blew past Wall Street forecasts on better-than-expected consumer demand for PCs, especially in Asia, setting an auspicious tone for the technology sector.

Tuesday, July 14

Multi-Fineline Downgraded After Run-up

Shares of Anaheim-based circuit board maker Multi-Fineline Electronix Inc. closed down about 2% after an analyst cut his rating on the stock following a big run-up.

J & J; Profit Falls but Beats Forecasts

Johnson & Johnson's second-quarter earnings fell almost 5%, but profit and revenue beat analyst forecasts helped by surprisingly resilient pharmaceutical and consumer product sales.

Goldman Profit Soars Past Estimates

Goldman Sachs Group Inc reported a 33% rise in quarterly earnings Tuesday on strong trading results, continuing an extraordinary rebound from the near meltdown of the financial sector last fall.

Irvine Mortgage Investor Buys $600M Wells Portfolio

Irvine-based Arch Bay Capital LLC, an acquirer of troubled mortgages, has bought $600 million in subprime loans from Wells Fargo & Co.

Irvine Telecom Reseller Telmar Moves HQ to Texas

Telmar Network Technology Inc., which provides networking services and sells new and used telecommunications gear, said Tuesday it has moved its headquarters from Irvine to Plano, Texas.

Madoff Moved to Prison in Atlanta

Confessed swindler Bernard Madoff was in a medium security prison in Atlanta after being moved from his New York jail cell, U.S. official prisons bureau records showed on Tuesday.

Monday, July 13

REAL ESTATE DEALS

Sales and leases of offices, industrial buildings, retail space and apartments

REAL ESTATE WATCH: The MID-Counties market

The mid-counties industrial market is attracting tenants looking for a good location and lease deal, in Real Estate Watch

Clean Energy to Expand with $74M Offering

Clean Energy is looking to grow with nearly $74 million raised from a stock offering

Office Market Sees Q2 Drop in Rents

OC's office market took another tumble in the second quarter

GIVING

Fundraisers and charitable donations from companies and people

Arte's New Home; Ackerman Flips, Says Time for Convention

Arte's New Home; Ackerman Flips, Says Time for Convention

REVIEW

"Chitty Chitty Bang Bang," Orange County Performing Arts Center, until Sunday

PEOPLE

Hirings, promotions and other moves at local businesses

TI Cos. Discounting Work After 6% Drop in Business

The county's largest tenant improvement contractors saw their first decline in combined revenue since the Business Journal began tracking their numbers

CALENDAR

A listing of events happening all around Orange County. July 14-22, 2009

Pizza Parlor With Casino-Style Flash Opens in Buena Park

Rancho Santa Margarita-based John's Incredible Pizza Co. opened its first Orange County pizza buffet and arcade Monday at Buena Park Downtown mall.

Apria Streamlines After Medicare Funding Cuts

Apria is consolidating several of its billing and collection offices and moving workers to Kansas

Kia Aims To Pick Up Dealers Amid Auto Wreckage

One automaker's loss may be Kia's gain

Arte Moreno Buys $12M Corona del Mar Home

Los Angeles Angels of Anaheim owner Arte Moreno has paid $12 .1 million for a home in Corona del Mar.

MARKET WATCH

The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Acacia's Investment Plan Provides Money to Owners

Shea Properties landed a big tenant for a large Ontario industrial park, in the Real Estate column

St. Joseph Health System Cutting Jobs

St. Joseph Health System, an Orange-based Catholic hospital operator with three local facilities, said Monday it is cutting 159 local jobs.

Bitter Breakup

Why Broadcom is walking away from its deal with Emulex

Edwards Opens Headquarters, Gets Favorable Results

Edwards has trekked a path along the shore of Lake Geneva to move its European regional headquarters, in the Healthcare column

Microsoft Takes on Google with Free Office Programs

Microsoft Corp. will release a free version of its dominant Office software that users can access over the Web, catching up with products that arch rival Google Inc launched three years ago.

AROUND THE COUNTY

Projects, developments and other activity in cities in and around OC

Companies Offer $2.3B in Revived Bond Market

Four local companies have sold $2.3 billion worth of bonds in recent months

Minnesota Company Picks Up Pieces of Failed Startup

A Minnesota company has bought what's left of a once-promising OC medical implant maker

GardenWalk Mall Sees Summer Pickup

A look at how summer is treating Anaheim GardenWalk, which opened in the dead of the recession

Game Developers Turn to War, Web, Other Sure Things as Industry Slows

Why the county's smaller makers of video games are playing it safe

Deep-Pocket Landlords Pay For Big TI to Attract Tenants

Landlords and tenants are approaching leasing concessions such as tenant improvements

STEC Shares Jump on Military Contract

Shares of Santa Ana's STEC Inc., which makes flash memory drives for corporate and industrial uses, jumped Monday after the company announced a $28 million government contract.

OCBJ SUPPLEMENTS and GUIDES

INTELLECTUAL PROPERTY 2009

El Pollo Loco: Less Cable, More YouTube, Twittering

El Pollo Loco is doing less cable TV advertising, in the Media & Marketing column

Electronic Medical Records: No Panacea

A local executive thinks personal electronic medical records are no panacea, in Viewpoint

Conexant Makes Headway in Digital Photo Frames

Conexant is coming out with a new line of chips, in the Technology column

Trial Delay Seen Bringing UBS Tax Deal Nearer

A federal court judge in Miami approved a delay in a high-profile trial on Monday in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes.

CIT Says Remains in Talks with Regulators

CIT Group Inc., which provides financing to many small and midsize businesses, said it remains in talks with regulators to find ways to improve liquidity, after losses resulted in a capital crunch.

Friday, July 10

Dueling Upgrades: QLogic Rallies, Emulex Continues Slide

Investors reacted differently Friday to analyst upgrades of two local rivals, Aliso Viejo's QLogic Corp. and Costa Mesa's Emulex Corp., both makers of electronics for data storage networks.

With Good Assets Sold, "New GM" Exits Bankruptcy

A new General Motors emerged from bankruptcy protection on Friday, far more quickly than most industry-watchers had expected, as a leaner automaker pledging to win back American consumers and pay back taxpayers.

AIG to Pay More Executive Bonuses July 15: Source

American International Group is preparing to pay next week millions of dollars more in bonuses to dozens of corporate executives, a source familiar with the development said.

Office Market Sees Q2 Drop in Rents

Orange County's office market took another tumble in the second quarter with rents declining as businesses continued to shed space at an alarming rate.

San Juan Office Development Files for Protection

A San Juan Capistrano-based development built for small office users in 2006 has fallen into bankruptcy, according to court records.

Geithner Seeks Clampdown on Derivatives Dealers

Treasury Secretary Timothy Geithner on Friday proposed clamping down on dealers in freewheeling markets for little-understood derivatives that helped create a crisis in U.S. and world financial markets.

Thursday, July 9

ICU Medical Spending $35M for Hospira Product Line

ICU Medical Inc., a San Clemente-based medical device maker, said Thursday that it is buying a critical care product line for $35 million from its primary customer, Hospira Inc.

Another Emulex 'No'; Broadcom Walking Away

More than two months of takeover drama appears to have come to an end Thursday morning as Emulex Corp. rejected an upped $912 million takeover bid from Broadcom Corp., and the Irvine chipmaker said it's walking away.

GM's Path to Leave Bankruptcy Apparently Cleared

It looks like the path is now clear for General Motors to exit bankruptcy protection as a new government-controlled company.

Wet Seal's June Same-Store Sales Down More Than Expected

Foothill Ranch-based mall retailer Wet Seal Inc. on Thursday reported an 11% drop in June sales at stores open at least a year, a decline that was worse than analysts were expecting.

Citigroup Shakes Up Top Management

Citigroup Inc. on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34% equity stake.

June Rains, Penny-Pinching Dampen Retail Sales

June sales fell for most retailers as the plunging job market and cool, rainy weather dampened interest in summer shopping for consumers, triggering concern about the back-to-school season.

Wednesday, July 8

Mexican Restaurant Operator Does $130M Bond Sale

Cypress-based Real Mex Restaurants Inc., which runs El Torito and other Mexican chains, said it completed a $130 million bond sale Wednesday.

U.S. Airways Has No Plans to Cut Capacity

US Airways Group Inc. has no plans for further downsizing, despite capacity cuts by rivals and falling travel demand in the United States, the airline's chief executive said on Wednesday.

UBS Could Afford to Pay $5.5B in Tax Row

Swiss bank UBS may be able to pay up to $5.5 billion to end a damaging tax dispute without needing an immediate cash injection thanks to a recent capital increase and proceeds from asset sales.

Simulation Software Maker MSC.Software Being Acquired

Shares of Santa Ana-based MSC.Software Corp. soared after the maker of simulation software for manufacturers, aerospace and defense contractors said it was being acquired by Palo Alto-based private equity firm Symphony Technology Group LLC for about $360

Family Dollar Profit Beats Wall Street View; Shares Up

Family Dollar Stores Inc. reported a 36% jump in quarterly profit, topping market estimates, and its shares rose 10%, as more shoppers scoured its aisles for low prices on food, shampoo and household cleaners.

Irvine Tissue Implant Maker Bought for $12M

Irvine-based Pegasus Biologics Inc., a maker of tissue implants used in surgeries and wound care, is being bought for $12.1 million by Synovis Life Technologies Inc. of St. Paul, Minn.

Monday, July 6

Mixed 2008 Turns Into Challenging 2009 for Restaurant Chains

Summary of the list of the county's largest restaurant chains

Register Readies Web Redesign with Local News Bent

The Orange County Register plans to debut a redesigned Web site later this summer, in the Media & Marketing column

Inside Sunwest's Takeover of MetroPacific

Tustin's Sunwest Bank gets a little fatter after taking over the assets of failed MetroPacific Bank

Medical Device Makers Cut, Relocate Employees

Job shifts and cuts are playing out at two OC medical device makers

The Time is Now

Why now is the perfect time to give to a nonprofit, in Viewpoint

Electronic Medical Records Startup Targets ER, Eyeing Venture Capital

A local provider of electronic medical records is going after the most expensive part of healthcare

CALENDAR

A listing of events happening all around Orange County. July 6-15, 2009

Puck Passion

A look at the ice hockey scene in OC

$62M Industrial Park Sale Largest Since '07

A Laguna Hills business park has traded hands in the highest-priced industrial sale OC's seen recently

Berry Juice Maker Harvests $17.5M in Equity Funding

A trendy juice maker is looking to grow with some private equity funding, in the Small Business column

Ista Eye Allergy Drug Could See FDA Approval in Sept.

Ista Pharmaceuticals is getting closer to rolling out an eye allergy drug, in the Healthcare column

PEOPLE

Hirings, promotions and other moves at local businesses

MARKET WATCH

The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Turner Development Fund Targeting Distressed Assets

Turner Development is eyeing distressed properties and loans for its latest venture, in the Real Estate column

Executive Outlook Sees Second Uptick in a Row

A look at the Cal State Fullerton business sentiment survey

La Jolla's New HQ: Action Sports Palace

The maker of O'Neill has made a big investment in a new Irvine headquarters

Business Journal Moves, Expands Office

The Business Journal has moved

Fashion Island's $100M to Revamp Decor, Service, Marketing

A look at the ins and outs of Fashion Island's makeover, in the Marketplace column

Texas Guv Woos SoCal Auto Club; Muzzy's New Gig

Texas Guv Woos SoCal Auto Club; Muzzy's New Gig

IPhone (Side) Effect

The iPhone effect is hitting a local software maker

REAL ESTATE DEALS

Sales and leases of offices, industrial buildings, retail space and apartments

REAL ESTATE WATCH: WEST ORANGE COUNTY

The West County industrial market is relatively healthy, in Real Estate Watch

QLogic Expands Sales Teams, Looks to Grow in Asia

QLogic has been staffing up its sales operation in the past few months, in the Technology column

Family-Owned Break of Dawn Creates Friends Out of Regulars

ifi's choice for the restaurant of the year - Break of Dawn

Saturday, July 4

Inside Sunwest's Takeover of MetroPacific

Tustin's Sunwest Bank is a little bigger after taking over failed MetroPacific Bank in Irvine.

Thursday, July 2

Hyundai, Kia Down But Beat Industry with June Sales

Fountain Valley-based Hyundai Motor America and sister company Kia Motors America Inc. of Irvine fared better than most automakers again in June as sales fell at a slower pace than in May.

Exelon Ups NRG Hostile Bid; NRG Shares Slip

Exelon Corp. raised its hostile takeover bid for independent power producer NRG Energy Inc. by more than 12% to $7.45 billion on Thursday but failed to excite investors.

J & J; buys $1B Elan Stake, Gains Alzheimer's R

Johnson & Johnson has agreed to pay $1 billion for an 18.4% stake in Irish drugmaker Elan Corp, and will acquire most of the rights to Elan's portfolio of experimental drugs to treat Alzheimer's disease.

Job Losses Spike in June, Dampen Recovery Hopes

Employers cut far more jobs than expected last month and the unemployment rate hit a nearly 26-year high of 9.5%, underscoring the likelihood of a long and slow recovery from recession.

La Jolla's New HQ: Action Sports Palace

Clothing maker La Jolla Group Inc. has made a big investment in a new Irvine headquarters.

Wednesday, July 1

UBS Could Still Settle Tax Case: Swiss Finance Minister

UBS can still settle a damaging tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify offshore clients, the Swiss Finance Minister said.

Drug Maker Spectrum Falls on Stock Sale News

Shares of Irvine's Spectrum Pharmaceuticals Inc. slumped Wednesday after the drug maker said it was planning to raise $21 million in a stock sale.

Opus West to File for Bankruptcy

Phoenix-based Opus West Corp., one of Orange County's largest commercial developers the past decade, confirmed on Wednesday that the company would soon be filing for Chapter 11 bankruptcy protection.

Broadcom, Emulex Seen Coming to a Head

Is $1.2 billion Emulex Corp.'s magic number? Some analysts think the Costa Mesa maker of electronics for data networks won't even consider an offer from Irvine's Broadcom Corp. that's lower than that.

California Misses Budget Deadline, Readies "IOUs"

California's lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state's vendors and local agencies, who instead will get "IOU" notes promising payment.

Mortgage Applications Fall to 7-Month Low

Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed on Wednesday.