Stories for May 2009

Friday, May 29

Hope for Opel as Magna Nears Deal with Parent GM

Canadian auto parts group Magna has reached a preliminary deal with General Motors Corp. to invest in Opel, boosting hopes for a deal with the U.S. and German governments to save the carmaker.

Survey: Consumer Mood Highest in 8 Months

Optimism over the government's stimulus programs to combat the recession lifted consumer confidence in May to its highest level in eight months, a survey released on Friday showed.

GDP Hints Recession is Moderating

The economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a government report on Friday that pointed to moderation in the recession.

Vans America Names New President

Cypress-based Vans America, part of North Carolina's VF Corp., named Kevin Bailey president.

Quality's Quarter Misses, Shares Fall

Shares of Quality Systems Inc., an Irvine-based medical software company, fell Friday after its most recent quarterly results missed Wall Street's expectations.

Thursday, May 28

GM Makes New Bondholder Offer Ahead of Bankruptcy

General Motors Corp. said on Thursday it had reached a deal with some major bondholders that would give them a bigger stake in a reorganized automaker and could pave the way for a fast-track bankruptcy backed by the Treasury within days.

Western Digital Sees Pickup in Demand, Better Outlook for June Quarter

Lake Forest-based disk drive maker Western Digital Corp. sees better-than-expected market conditions in the June quarter, according to a government filing.

Grubb & Ellis Posts Larger Quarterly Loss

Santa Ana-based real estate brokerage and investor Grubb & Ellis Co. posted a first quarter net loss of $41.5 million on Thursday, up from a net loss of $6.3 million a year earlier, thanks in large part to continued weakness in the commercial real estate

Durable Goods Orders Rise, Jobless Claims Ease

New orders for long-lasting manufactured goods saw their biggest gain in 16 months in April and fewer workers filed for new jobless benefits last week, according to data on Thursday that suggested the deep recession was abating.

Wet Seal's Shares Fall on Revised Outlook

Wet Seal Inc.'s shares tumbled Friday, a day after the Foothill Ranch-based mall retailer reported quarterly profits that were 44% off from a year earlier and said its second-quarter earnings would be below Wall Street expectations.

OC Home Prices Drop $12,000 in April

The price of an existing Orange County home dropped by $12,000 in April from a month earlier, the California Association of Realtors said on Thursday.

Time Warner to Separate AOL Near Year End

Time Warner Inc. on Thursday made official plans to separate its AOL division sometime around the end of this year, a widely expected move that sheds one of the media company's weakest divisions.

Wednesday, May 27

Freedom Hires CFO

Irvine-based Freedom Communications Inc., parent company of the Orange County Register, has named Mark McEachen chief financial officer.

GM Bankruptcy Decision Seen Near

General Motors Corp. moved closer to filing the largest industrial bankruptcy after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand, Opel.

Existing Home Sales Rose 2.9% in April

Sales of existing homes in the United States rose 2.9% in April, according to an industry survey on Wednesday that supported views the three-year housing recession was near a bottom.

Problem Banks Highest Since 1994: FDIC

The number of problem banks and thrifts soared to 305 in the first quarter of 2009, up 21% from 252 in the prior quarter, marking the highest number since 1994, the Federal Deposit Insurance Corp said on Wednesday.

Spectrum Raising $20M from Investors

Irvine drug developer Spectrum Pharmaceuticals Inc. said Wednesday that three institutional investors agreed to purchase $20 million worth of its stock.

Tuesday, May 26

Supreme Court to Hear Merck Appeal on Vioxx Investor Suit

The Supreme Court said on Tuesday that it would hear an appeal by Merck & Co. of a ruling that reinstated a securities fraud lawsuit involving the company's disclosures to investors about its withdrawn Vioxx pain drug.

Spectrum Awarded $4.3M in Arbitration

Spectrum Pharmaceuticals Inc., an Irvine drug maker, said Tuesday a judge awarded it $4.3 million from an ongoing dispute with Seattle-based Cell Therapeutics Inc.

Emulex Fires Back at Broadcom in Letter to Shareholders

Investors didn't bat an eye at Emulex Corp.'s latest letter to stockholders on Tuesday.

FDA Delays Approval for Botox Medical Use, Expands Possible Market

The Food and Drug Administration has delayed the approval of using Botox to treat upper limb spasticity, or loss of muscle function and tone, asking for more information.

Manufacturer Expands with Big Lease

Arden Engineering Inc., an Orange-based aerospace parts maker, is expanding operations to Anaheim's Platinum Triangle after signing one of the largest leases the county's industrial market's seen in some time.

Consumer Mood Lifts Despite Home Price Plunge

Consumer confidence soared in May to its highest level in eight months, suggesting underlying improvement in the economy after a grim first quarter that witnessed a record plunge in home prices.

Home Prices Fall 18.7% on Year in March

Prices of homes in March fell a sharp 18.7% from a year earlier, though some relief appeared to be in sight as, for the second month, prices did not slide at a record rate as they had been doing since late 2007.

Monday, May 25

Struggling Bone Cancer Drug Maker Being Bought for $67M

IDM Pharma is being bought for $67 million

REAL ESTATE WATCH: LOW-RISE OFFICE SPACE

The local low-rise office market saw another period of dismal activity in the first quarter, in Real Estate Watch

Manufacturer Expands with Big Lease

Arden Engineering is expanding operations to Anaheim's Platinum Triangle in one of the largest leases the county's industrial market has seen in some time

Legal Headlines: Robinson v. Tobacco, Callahan v. Blackwater

Legal Headlines: Robinson v. Tobacco, Callahan v. Blackwater

Tustin's Vertical Enlists Others to Market Racing Game

Vertical Marketing Network has started a campaign for Codemasters Software Inc.'s newest racing video game, in the Media & Marketing column

REAL ESTATE DEALS

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

PEOPLE

Hirings, promotions and other moves at local businesses

Bad Assets, Good Jobs

A local executive thinks there is the opportunity to create more than 360,000 jobs in the next 12 to 18 months

Irvine Condos Draw Interest, Sales; To Open in Summer

The lights are starting to be turned on at Astoria, a condominium tower at Lennar's Central Park West development, in the Real Estate column

Fall Trial Date set for SenoRx, Hologic in Patent Suit

A federal court has set an Oct. 13 trial date for SenoRx's patent infringement lawsuit with Hologic, in the Healthcare column,

Beckman Begins Headquarters Move

Beckman Coulter is under way on what it calls its "Orange County consolidation project,"

Cream, Sugar or Antioxidants?

A local health aficionado recently launched a line of coffee that blends coffee beans with antioxidants, in the Small Business column

Irvine Startup Bought by Montreal Co. Staying Here

Startup Aktino was acquired recently by Canada's Positron for undisclosed terms, in the Technology column

Wilson, Fletcher, Others Make Ward's Auto Group List

Five OC auto dealer groups made Ward's Dealer magazine's MegaDealer 100 list, in the Marketplace column

Vizio Back as Top Seller of LCD TVs

Vizio is back on top of the liquid crystal display TV market

Transition President

A Q & A; with the president of the Orange County Automobile Dealers Association

CALENDAR

A listing of events happening all around Orange County. May 26-June 3, 2009

John Laing Homes?$1B Fall; Asset Selloff Likely

John Laing Homes?remaining assets could be bought for less than $20 million next month

Loan Ranger

Glenn Stearns is one of the last independents standing in the devastated mortgage industry

Integration Revisited

UnitedHealth is finding one size isn't fitting all when it comes to how it's been melding PacifiCare into its fold

Quiksilver's McKnight: Rossignol was Mistake

Quiksilver's chief executive said the acquisition of Rossignol was a mistake

MARKET WATCH

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

OCBJ SUPPLEMENTS and GUIDES

LUXURY LIFESTYLE 2009

Swenson Reworks Sage, Coaches Resellers

Sage Software is going through its second major restructuring in the past two years

Luxury Strategy

Hyundai Motor America is considering expanding its push into luxury cars by launching a new, separate brand

Friday, May 22

April Sees Biggest Yearly Job Loss in Recession

Orange County's nonfarm jobs declined by 72,600, or 4.8%, in April versus a year earlier in what was the biggest yearly job loss so far during the recession.

PacSun Shares Down 8% on Outlook, Economic Concerns

Investors sent shares of Anaheim-based mall retailer Pacific Sunwear of California Inc. down almost 9% in midday New York trading Friday, a day after the company warned of larger-than-expected losses for the current quarter.

Vizio Back as Top Seller of LCD TVs

Irvine's Vizio Inc. is back on top of the liquid crystal display TV market. The company retook the No. 1 spot for the most popular type of flat TVs in the first quarter, according DisplaySearch, an Austin, Texas- based unit of market researcher NPD Group

CAW has Tentative Labor Deal with GM Canada

The president of the Canadian Auto Workers says the union and General Motors Canada have agreed on a cost-cutting deal.

PIMCO's Gross: U.S. At Risk of Losing Top AAA Rating

Bill Gross, manager of the world's biggest bond fund, warned on Thursday the United States will eventually lose its top AAA credit rating, a fear that had already spooked financial markets on Thursday and could keep the dollar, stocks and bonds under heav

Appeals Court Agrees Tobacco Companies Lied

Cigarette companies systematically lied for years in order to sell tobacco products they knew were dangerous, a appeals court said on Friday as it largely upheld a trial judge's racketeering verdict.

Thursday, May 21

New Jobless Claims Drop 12,000 Last Week

The number of workers filing new claims for jobless aid fell 12,000 last week, Labor Department data showed on Thursday, while so-called continued claims rose to a fresh record as the recession battered employment.

S & P; Cuts UK's Rating Outlook to Negative

Ratings agency Standard & Poor's lowered its outlook on Britain to negative on Thursday, citing government debt that would be hard to rein in and political uncertainty about the policy response with an election looming.

PacSun Results Better Than Expected; Warns About Current Quarter

Anaheim-based mall retailer Pacific Sunwear of California Inc. reported results for its recently ended quarter that beat Wall Street's expectations but warned that results for the current quarter would fall below expectations.

Kaiser's Miller-Phipps, Other Women Honored

A nun, lawyer, healthy cook and two healthcare executives were honored Thursday at the Business Journal's 15th annual Women in Business luncheon in Irvine.

Fiat Sees More Than 50% Chance with Opel: Report

The head of Fiat SpA said it had more than a 50% chance of succeeding in its bid for Opel, adding that the other contenders did not have the expertise to save the struggling car maker, according to a newspaper report.

Sunstone Hotel Shares Slump on Stock Sale Plan

Shares of San Clemente-based Sunstone Hotel Investors Inc. slumped Thursday, a day after the hotel owner announced plans to sell about $100 million worth of shares to pay off credit lines and to fund a debt buyback.

Wednesday, May 20

Bank of America Raises $13.5B in Share Sale

Bank of America Corp. raised $13.47 billion through a share sale, marking a major step toward meeting the government's requirements for capital-raising following the recent "stress testing" of the bank.

Broadcom Seeks to Persuade Emulex's Shareholders

Irvine-based chipmaker Broadcom Corp. took another jab at Emulex Corp. in its ongoing hostile bid to buy the Costa Mesa-based maker of electronics for data storage networks, according to a government filing.

Western Digital Selling Malaysia Parts Plant

Lake Forest-based disk drive maker Western Digital Corp. is selling a Malaysia parts plant to Japan's Hitachi Ltd.

Voters Soundly Reject Measures; State Faces $21.3B Deficit

California voters gave an emphatic thumbs-down Tuesday to five ballot measures that elected leaders were banking on to help plug a gaping hole in the state budget.

Sunstone Sells Napa Hotel

San Clemente-based Sunstone Hotel Investors Inc. has sold a Marriott hotel in Napa for $36 million.

Japan GDP Sinks at Record Pace

Japan's economy shrank a record 4% in the first quarter as domestic demand and investment buckled, threatening to crush an anticipated export-led rebound in the second half.

Edwards Reports High Heart Valve Survival Rate

Edwards Lifesciences Corp., the Irvine-based heart valve maker, said Wednesday that nearly 1,100 European patients who received its Sapien less-invasive aortic valve had high survival rates 30 days after implantation.

Tuesday, May 19

(Some) Voters Head Toward Polls

Voters will begin heading to the polls this morning to decide the face of a sextet of budget-related ballot measures legislators and the governor argue are necessary to help them fix California's budget troubles.

Obama to Unveil Most Aggressive Auto Fuel Standards

President Barack Obama on Tuesday will propose the most aggressive increase in auto fuel efficiency ever in a policy initiative that would also directly regulate emissions for the first time and resolve a dispute with California over cleaner cars.

Home Prices Drop $10,000, Off 41% from Peak

Orange County's median home price fell $10,000 in April, reversing a two-month stretch of moderately rising home prices here.

Ceradyne To Close French Plant

Costa Mesa-based body armor maker Ceradyne Inc. said Tuesday it would save on manufacturing costs by closing a plant in France.

Cancer Testing Company Clarient Pays Off Debt

Aliso Viejo-based Clarient Inc. said it completed the second part of a stock deal with a Connecticut venture capital firm and paid off its debt.

Housing Starts, Permits Hit Record Lows in April

New housing starts and permits unexpectedly fell to record lows in April, a government report showed on Tuesday, denting hopes that stability in the housing market was imminent.

Monday, May 18

Local Investors Picking Up Life Insurance Co.'s Assets

A slew of apartment complex sales by Northwestern Mutual Life Insurance has proven to be a big source of business for local investors

MARKET WATCH

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

The Case for Auto Dealers

A local auto executive says there's a big misconception that auto dealers somehow create a cost burden on manufacturers

D-Link Shakes up Exec Ranks, Consolidates Operations

D-Link Systems recently saw a big executive shakeup, in the Technology column

Irvine Drug Maker Bought for $67M

Irvine-based IDM Pharma Inc., a cancer drug maker, said Monday that it was being bought by Japan's Takeda Pharmaceutical Co. for $67 million.

AROUND THE COUNTY

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

Diedrich Joins Coffee Rally, and Then Some

Diedrich and other coffee stocks have been riding a sizable wave lately

Palazzo Winemaker Showcases Red Wines at Tasting

The latest on OC's dining scene, in the Executive Dining column

Growing Frustration

Why small business owners have a lot to be angry about these days

Will Flanders Hit The Bunny Trail? Rados Remembered

Will Flanders Hit The Bunny Trail? Rados Remembered

Small and Mighty

Why the county's SBA lenders issued fewer loans in the 12 months through March

Japan's Toyo Tires Targets Soccer Moms with $20 Million Ad Effort

Toyo Tire U.S.A. is looking to appeal to soccer moms and sedan drivers who are the domain of its larger rivals

Microsemi Cobbling Together Chip Niche

Microsemi is tying up loose ends in a fragmented business

DGWB: Building Bonds with Bagged Salad

Dole Fresh Vegetables wants to get its prepackaged salads to stick with shoppers, in the Media & Marketing column

Lowe's Stock Up After Profit Tops View

Lowe's Cos. Inc. posted better-than-expected quarterly profit on Monday as it saw some strength in outdoor projects during the spring, even as consumers still shunned big-ticket home renovations.

Betting on the Bounce

Why some people think now's the time to be an entrepreneur

BofA Looks for New Market Head

The search is on to fill Bank of America Corp.'s market president position for Orange County.

REAL ESTATE DEALS

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

Beckman Details $750M Debt, Stock Offering for Olympus Deal

Fullerton-based medical diagnostic equipment maker Beckman Coulter Inc. detailed plans Monday to raise up to $750 million by selling shares and debt to investors.

OCBJ SUPPLEMENTS and GUIDES

BANKING & FINANCE GUIDE 2009

Local Eye Lens Maker Looks To Add Itself to Fray

ReVision Optics is looking to add itself to the fray, in the Healthcare column

UAW Says GM Talks to Intensify as Jobs Issue Looms

The United Auto Workers union expects a crucial round of restructuring talks with General Motors Corp. "to intensify this coming week" ahead of an end-of-May deadline set by the Obama administration.

Ownership Shift in Works for El Toro

Lennar is seeking to turn over redevelopment of the former El Toro Marine base to a key executive going out on his own

Small Businesses Turn to Internet for Marketing Efforts

How small businesses are changing their marketing strategies

Advanced Medical Largely Intact in Abbott's New AMO

How Advanced Medical Optics is settling in to its new life as Abbott Medical Optics

AIG Launches IPO Process for Asia Crown Jewel

AIG is to speed up plans to list its Asian subsidiary through an IPO that could raise more than $4 billion, as the bailed-out insurer seeks to raise cash to pay back government loans.

Ownership Shift in Works for El Toro Redevelopment

Lennar Corp. is seeking to turn over redevelopment of the former El Toro Marine base in Irvine to a key executive going out on his own.

STEC Founders Enjoy Near Monopoly on Drives

STEC's chief executive is secure in the company's solid state drive monopoly

Allergan: Ready, Realistic About Botox Rival

Competition has arrived for Allergan's blockbuster wrinkle-remover Botox

Dealer Reshuffle

The recession is reshaping the local landscape of auto dealers

Friday, May 15

Penney, Abercrombie Dull Retail Hopes

Retailers J.C. Penney Co. and Abercrombie & Fitch Co. posted results that showed further evidence consumers were still cutting back on non-essential items, with Penney also warning profit for the year would be worse than analysts expected.

Alternative Fuel Highflier Moving HQ to New York

The county is losing the headquarters of one of its fastest growing companies as Fuel Systems Solutions Inc. in Santa Ana is moving its home base to New York.

GM to Cut Up to 1,200 U.S. Dealers

General Motors Corp. plans to eliminate up to 1,200 U.S. dealerships, which are expected to begin receiving notices from the embattled automaker as soon as Friday, a person familiar with the plan said.

CPI, Production Data Point to Easing Recession

Consumer prices were unchanged last month and industrial output declined at a slower pace, reports showed on Friday, providing more evidence that the worst phase of the recession may be over.

Emulex Again Rejects Broadcom Offer

Costa Mesa's Emulex Corp. on Friday rejected for the third time Broadcom Corp.'s hostile $764 million takeover bid for the maker of electronics for data storage networks.

Thursday, May 14

Chrysler to Terminate 25% of U.S. Dealers

Chrysler LLC notified all U.S. dealers on Thursday about its plans to eliminate 25% of its retail showrooms and is seeking permission from a bankruptcy court to terminate franchise agreements.

Garden Grove Chrysler Dealer Makes Automaker's Closure List

One active Orange County auto dealership has made Chrysler LLC's list of 789 dealers targeted for closure.

Businesses Split Over Upcoming Special Election Measures

It's hard to recall when the county's business and political interests have been as divided as they now are over next week's special election ballot.

Homebuilder California Coastal Sees Profit, Higher Revenue

Irvine-based homebuilder California Coastal Communities Inc. reported first-quarter revenue of $12.8 million on Thursday, a 156% increase from a year earlier on sales of high-priced homes at its Brightwater development in Huntington Beach.

Wal-Mart Has Started a $1 program: Executive

Wal-Mart Stores Inc. is offering aisles filled with merchandise priced at $1 and taking other steps to boost sales in its second quarter, an executive said in an interview on Thursday.

Auto Layoffs Lift Jobless Claims, PPI Up

The number of workers filing new claims for jobless benefits rose more than expected last week, government data showed on Thursday, pushed up by auto plant shutdowns related to Chrysler's bankruptcy.

Wednesday, May 13

Verizon Sells Phone Lines to Frontier for $5.25B

Verizon Communications Inc. will sell 4.8 million rural phone lines to Frontier Communications Inc. for $5.25 billion in stock, getting rid of the declining business to focus on wireless and broadband services.

Lake Forest's Primoris Sees Quarterly Revenue Fall 24%

Lake Forest-based Primoris Services Corp., the parent company of construction and engineering business ARB Inc., on Wednesday reported first quarter revenue of $128.7 million, a 24% decrease from a year earlier.

William Lyon Quarterly Loss Jumps to $69M

Newport Beach-based homebuilder William Lyon Homes Inc. on Wednesday reported a $69 million loss for the first quarter, a big jump from a year earlier, thanks in large part to write-downs of more than $62 million for land the company owns or has opted not

Emulex Plays Up Work With Broadcom Rival

The war of words between Costa Mesa's Emulex Corp. and Irvine's Broadcom Corp. goes on as Emulex continues to play hard to get.

Intel Hit With Record $1.45B Antitrust Fine

The European Commission fined Intel Corp. a record 1.06 billion euros ($1.45 billion) on Wednesday and ordered it to halt illegal rebates and other practices it used to squeeze out its rival, AMD.

Retail Sales Slump for Second Straight Month

Sales at retailers fell for a second straight month in April as cash-strapped consumers held back on some purchases, according to a government report on Wednesday that dented hopes the economy was beginning to improve.

Tuesday, May 12

Ingram Settles McAfee Probe, Gives Up $15M

Santa Ana's Ingram Micro Inc., the largest distributor of technology products, is giving up $15 million to settle its role in accounting issues at Santa Clara-based McAfee Inc.

Bank of America Sells $7.3B CCB Stake: Source

Bank of America sold $7.3 billion worth of shares in China Construction Bank on Tuesday, according to a source, just days after a government "stress test" found the struggling bank needed to find $34 billion worth of capital.

UCI Gets $45M Infectious Disease Grant

The University of California, Irvine, said Tuesday that it was awarded a $45 million grant over five years from the National Institute of Allergy and Infectious Diseases.

Pimco Says Slow Global Growth the "New Normal"

Higher unemployment, slow global growth and persistent government intervention in financial markets and companies will become the "new normal" for world economies, the chief executive of top bond fund Pimco said on Tuesday.

Median Home Prices Fell Nationwide in 1Q

Home prices fell in nearly nine out of every 10 cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.

Activist Investor Ups Valeant Stake

ValueAct Capital Partners LP, a San Francisco hedge fund operator, has upped its stake in Aliso Viejo-based Valeant Pharmaceuticals International to 17%.

Monday, May 11

MARKET WATCH

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

White House Forecasts Higher Budget Deficit

The White House on Monday pushed up its forecast for the budget deficit for this year by $89 billion, reflecting the recession, a raft of new unemployment claims and corporate bailouts.

Apartment Agony

Owners, Investors See Drop in Tenants; Some Lowering Rents to Compensate for Economy

Bixby Looks To Raise $50M to Buy Distressed Buildings

Bixby Land says it's ready to start planning its next round of acquisitions, in the Real Estate column

Businesses Split Over Ballot Measures Vote

It's hard to recall when the county's business and political interests have been as divided as they are now over the upcoming special election ballot

Merage Fund Buys Rancho Apartments

An investment firm backed by one of OC's biggest names thinks now's the time to start buying buildings

KUDOS

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

The Case for the Propositions

The Case for the Propositions. Argument for Propositions 1A to 1F

Corinthian Shifts Management After Turnaround, Amid Boom

Corinthian Colleges,a star of the recession,is changing up its management

Nursing Homes Due for Cuts, But Not as Bad as Feared

It looks like local nursing home operators escaped a potentially major Medicare reimbursement hit, in the Healthcare column

Indecent Propositions

Indecent Propositions. Argument against Propositions 1A to 1F

Report: Auto Sales Could Start Turnaround by Q4

Some believe that OC's auto sales market could hit bottom this year, in the Marketplace column

County Leads Rising Lens Surgery Market

OC is a clear leader in the race to cure fuzzy vision with a special lens. Plus: Edwards Names Link as Director

Juxt's Acquisition Pays Off With Work from Parent

Juxt Interactive is doubling its staff and office space after some account wins, in the Media & Marketing column

Guitar Icon Leo Fender Lives on at Fullerton's G

MUSIC: G & L; Guitars cofounder Leo Fender lives on at the guitar maker's Fullerton factory, in the Small Business column

Largest Private Cos. Here Saw Revenue Drop

The county's largest private companies saw their first slump in revenue in five years

Lean and Mean

A look at how Conexant is trying to return to its glory days

OCBJ SUPPLEMENTS and GUIDES

HEALTH CARE GUIDE, SUMMER 2009

Recession? Big Gifts For Chapman, UCI; Another Strand Sale

Recession? Big Gifts For Chapman, UCI; Another Strand Sale

Rough First Quarter For Industrial Space

Rough First Quarter For Industrial Space

Recession, Job Loss Hurt Office Market

Recession, Job Loss Hurt Office Market

HomeAid OC Still Planning New Buildings for Nonprofits

A look at the local HomeAid affiliate

Broadcom Creates $50M Foundation for Math, Science

Broadcom could be racking up some good karma with its most recent charitable endeavor, in the Technology column

GM CEO Says Bankruptcy "More Probable"

General Motors Corp. CEO Fritz Henderson said on Monday it is "more probable" GM will need to file for bankruptcy in order to restructure.

REAL ESTATE DEALS

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

Reduced Consumer Spending Drops Need For New Retail Space

Reduced Consumer Spending Drops Need For New Retail Space

L.A. Biotech Co. Set to Buy Valeant's Former HQ

There's a new owner at the former Costa Mesa headquarters of Valeant Pharmaceuticals

Irvine Networking Gear Startup Aktino Acquired

Irvine's Aktino Inc., a startup maker of telecommunications gear, was acquired Monday by Canada's Positron Inc. for undisclosed terms.

QLogic Nabs Share from Emulex; Could Fuel Broadcom's Buyout Ambitions

Costa Mesa's Emulex Corp. has continued to lose ground to rival QLogic Corp. of Aliso Viejo in the market for a profitable bit of electronics for data storage networks.

Four Big Banks Selling Stock

Four big banks on Monday announced plans to sell more than $6 billion of common stock, in an effort to raise capital and repay funds received under the government's bank bailout program.

High Stakes for Broadcom Turn Emulex Bid Nasty

Things are starting to get nasty in Broadcom's bid for Emulex

STEC Shares Soar on Outlook

Shares of Santa Ana's STEC Inc., a maker of flash memory drives for corporate and industrial uses, soared Monday after the company gave guidance for the current quarter that surpassed Wall Street's expectations for revenue and is more than double analysts

CALENDAR

May 11-20, 2009. A listing of events happening all around Orange County

Thursday, May 7

Sunstone Hotels' Revenue Misses, Profit Measure Beats

San Clemente-based hotel owner Sunstone Hotel Investors Inc. reported first-quarter revenue that fell short of Wall Street expectations but surpassed them on a measure of profitability as it cut costs to deal with the ongoing hotel downturn.

Bernanke Says Stress Tests Could Guide Rules Overhaul

Lessons from government "stress tests" of the 19 largest banks could provide a guide to improvements in financial supervision and regulation, Federal Reserve Chairman Ben Bernanke said on Thursday.

Retailers' April Performance Surprises

Retailers reported better-than-expected monthly sales figures for a second straight month in April, offering fresh evidence that consumers' willingness to spend is warming up with the spring weather.

Edwards Names Link to Board

Irvine-based heart valve maker Edwards Lifesciences Corp. said Thursday that it named William Link, a longtime OC healthcare venture capitalist, to its board of directors.

Obama Budget Keeps $250B Placeholder for Banks

The detailed version of President Barack Obama's budget unveiled on Thursday maintains a $250 billion "placeholder" for additional financial rescue efforts should that money be needed, an administration official told Reuters.

Kaiser Aluminum Scaling Back Virginia Plant

Foothill Ranch-based Kaiser Aluminum Corp. said Thursday that it would cut back on operations at its Bellwood, Va. Plant.

Wednesday, May 6

UCI Gets $21M Donation, Renames Hospital Building

The University of California, Irvine, said Wednesday it received a $21 million gift from the estate of M.A. Douglas, a former Orange resident.

Blistering Pace of Stock Rally Raises Warning Flags

A 37% surge in global stocks over the past two months has taken equities well out of bargain basement territory and is beginning to raise doubts about the sustainability of such a dramatic rebound.

U.S. Bank Signs Big Park Place Office Lease

Los Angeles-based Maguire Properties Inc. said on Wednesday it signed a big bank to a lease for its Park Place office campus in Irvine, even as it had to drop the value of a nearby tower it is looking to sell at the same complex.

Private Sector Jobs Data Adds to Economic Hopes

The pace of private-sector job losses slowed dramatically last month, while future planned layoffs also declined, and the hard-hit housing sector showed signs of improvement last week.

BofA and Citi Need Capital

Regulators have told Bank of America Corp. it needs $34 billion of capital to withstand a deep economic downturn, as the government prepares to release results of industrywide stress tests.

Grocer Northgate Gonzalez Building Anaheim HQ, Warehouse

Anaheim-based Northgate Gonzalez Market, Orange County's largest Hispanic grocer, is having a headquarters and warehouse built in its home town, on land Delphi Automotive Systems LLC previously used as a battery plant.

Tuesday, May 5

GMAC Loss Widens on Soured Loans

Auto and mortgage lender GMAC LLC's loss grew by 15%, reflecting an increase in soured loans as the economy weakens.

Broadcom Sticks to Emulex Offer, Goes to Shareholders

Irvine-based Broadcom Corp. is taking its $764 million offer for Costa Mesa's Emulex Corp. directly to shareholders after Emulex directors twice rejected the bid.

Device Maker Masimo Tops Forecast

Irvine device maker Masimo Corp. on Tuesday said its first-quarter profit rose 51% and beat Wall Street's expectations.

Bernanke Sees Recovery This Year

The economy will begin to turn up later this year provided the financial sector continues to mend, although unemployment will remain high for a while, Federal Reserve Chairman Ben Bernanke said on Tuesday.

Valeant Beats Estimates, Shares Soar

Valeant Pharmaceuticals International on Tuesday posted first-quarter results that beat analysts' expectations and raised its outlook for the full year.

Weak Services Sector on the Mend

The services sector contracted less severely in April and was back to its October 2008 level, a report on Tuesday showed, adding evidence the world's largest economy was nearing bottom and moving closer to recovery.

Monday, May 4

Upstart TV Seller Cut Teeth at ViewSonic, Follows Vizio Model

EQD is trying to take a slice of the flat screen TV pie

Hotels Saw 4% Drop in Employees, Increase in Rooms

Hotels Saw 4% Drop in Employees, Increase in Rooms

Downturn Plays Out for Local Banks

The county's business banks are hunkering down for what could be a more challenging year than '08

OCBJ SUPPLEMENTS and GUIDES

WOMEN IN BUSINESS AWARDS 2009

Obama Seeks Tax Changes for Firms Overseas

President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.

Fourth Time a Charm?

Could Anaheim Memorial finally be sold?

Wall St. Likes Microsemi's Stability, Even if It's Down

Microsemi seems to be back in Wall Street's good graces after two tough quarters, in the Technology column

Update: Emulex's McCluney Weighs In on Rejection of Broadcom Bid

Directors of Costa Mesa-based Emulex Corp. on Monday rejected a $764 million buyout bid from Broadcom Corp., setting the stage for the Irvine chipmaker to up the ante or walk away.

El Pollo Loco Plays Game of Chicken with KFC

There's a chicken war brewing between El Pollo Loco and KFC

Local Resorts Targeting Nearby Leisure Travelers with Specials

Local Resorts Targeting Nearby Leisure Travelers with Specials

Business-Friendly? OC Biz Leaders Support Prop 1A

Business-Friendly? OC Biz Leaders Support Prop 1A

HP and RIM Form Alliance on BlackBerry

Hewlett-Packard Co. and BlackBerry maker Research In Motion Ltd. said they have formed an alliance to provide services for the BlackBerry.

STAY HOME

Local Hotels, Visitors Bureaus, Attractions Target Regional Visitors with Discount Packages

AROUND THE COUNTY

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

Hotels Are in the Pipeline

A look at the few new hotels that are in the works in OC

John Wayne: Handicapped

John Wayne: Handicapped.

Owner's Box

A look at local executive Jeff Moorad's buy of the San Diego Padres

Healthcare Results: Some Upside, No Bombs

An overview of the local healthcare sector's first quarter. Plus: Allergan Meets Expectations, Affirms Outlook; FDA Approves Botox Rival

Retail Development Stops at Headlands

Retail development at the Strand at Headlands in Dana Point has stopped

Broadcom Prevails in Qualcomm Fight, But Uphill Wireless Chip Battle Remains

Broadcom emerged last week as the victor in a four-year feud with Qualcomm.

Medical Laboratory Opens, Hiring up to 175 by 2010

Plus Diagnostics has opened a laboratory in Laguna Hills

BIG BUMP

A look at the big money industry that is helping young volleyball players earn college scholarships

CALENDAR

A listing of events happening all around Orange County. May 4-12, 2009

QLogic May Get Big Rival in Broadcom; Company Itself Seen as Possible Target

Broadcom's bid for Emulex likely will create drama for QLogic

MARKET WATCH

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

John Wayne, LAX Add Airlines

John Wayne, LAX Add Airlines

Hotels, Resorts Marketing Meeting Space to Local Cos.

Hotels, Resorts Marketing Meeting Space to Local Cos.

PEOPLE

Hirings, promotions and other moves at local businesses

REAL ESTATE WATCH: Orange County Construction

Large ground-up projects continue to be delayed in OC, in Real Estate Watch

Safety Sells

OC Focusing on Protecting Tourists with Police, Visitor Bureau, Hotel Partnerships, Seminars

Wells Fargo Sees Changing of Guard

There's a new public face for Wells Fargo in the county

Register Ad Campaign Responds to Newspaper Gloom

The OC Register is readying a marketing push to try to counter all the bad news about newspapers, in the Media & Marketing column

Irvine Towers Next in Opus Loan Issues?

A look at Opus West's local portfolio

Tourism Bureaus Changing Tactics to Attract Chinese

Tourism Bureaus Changing Tactics to Attract Chinese

Home Sales Suggest Housing Bottom Near

Pending sales of existing homes rose in March for a second straight month, a private survey showed on Monday, supporting views the housing market was close to hitting a bottom.

Apartment Owners Offer Free Rent to Attract Tenants

Irvine Co. is pulling out all the stops to lease up its new apartment complex in Costa Mesa, in the Real Estate column

REAL ESTATE DEALS

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

L.A. Hotel Renovation Driving Up Standards for Others

L.A. Hotel Renovation Driving Up Standards for Others

Regulatory Consultant OKs St. Joseph's South Coast Buy

Regulatory approval is in the offing for St. Joseph's buy of South Coast Medical Center, in the Healthcare column

GIVING

Fundraisers and charitable donations from companies and people

Irvine's Epicor Software Misses Outlook

Epicor Software Corp., an Irvine-based maker of business software, gave an outlook for the current quarter that fell short of Wall Street's expectations.

Friday, May 1

Consumer Sentiment Soars as Confidence Returns

Consumers felt more confident about the economy last month than at any time since the September failure of Lehman Brothers that pushed global banking to the brink of collapse, a survey showed on Friday.

SMFG Buys Citi Japan Units for $5.9B

Sumitomo Mitsui Financial Group will buy Citigroup's Japanese broker and key investment banking units for $5.9 billion and look to form a financial services powerhouse through an alliance with Daiwa Securities Group.

Volcom Up on Signs of Retail Stabilization, Longer-Term Outlook

Shares of Costa Mesa-based clothing designer Volcom Inc. were up nearly 4% near close of trading Friday as investors looked past a tepid outlook for the current quarter and latched onto the company's upbeat comments about retailers that bode well for late

MasterCard Says Revenue Will Miss '09 Target

MasterCard Inc. posted better-than-expected quarterly earnings on Friday but said revenue growth this year will fall short of its targets, sending its shares down 6% in morning trading.

QLogic Continues to Slide on Outlook

Shares of Aliso Viejo's QLogic Corp. continued to slide Friday, a day after the maker of data storage electronics gave an outlook for the current quarter that falls short of Wall Street's expectations.

Allergan Meets Expectations, Affirms Outlook

Allergan Inc., the Irvine-based maker of Botox and other drugs, on Friday reported a first-quarter profit that surpassed Wall Street's expectations and reaffirmed its outlook, despite slowing sales.