Stories for July 2010

Friday, July 30

Volcom Slumps on Profit Shortfall, Weak Forecast

Shares of Costa Mesa-based clothing maker Volcom Inc. slumped Friday, a day after the company reported disappointing second-quarter results and offered an outlook for the current one that fell short of what Wall Street had been expecting.

Chevron Earnings Triple

Chevron Corp., the second-largest U.S. oil company, reported a three-fold jump in quarterly profit, beating expectations as refinery margins fattened.

Quality Systems Posts Mixed Quarterly Results

Irvine healthcare software maker Quality Systems Inc. on Friday reported a profit for its most recent quarter that missed analysts’ expectations but beat on revenue.

Facebook May Postpone IPO to 2012

The move may give Chief Executive Mark Zuckerberg more time to gain users and boost sales, but Zuckerberg could still push for a stock sale at any time, the agency said.

Imports Slow Second-Quarter Growth

Economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.

Irvine's Uniloc Sues Sony, Activision Blizzard, Others

Irvine’s Uniloc USA Inc., a maker of security software that last year won a massive settlement from Microsoft Corp., is going after some other big names.

Thursday, July 29

Irvine's Epicor Software Boosts Sales Outlook

Irvine’s Epicor Software Corp., a maker of business software for manufacturers, retailers and large corporations, on Thursday gave a better-than-expected sales outlook for the current quarter and beat Wall Street's expectations on sales for the second quarter.

Busy Day for Quest: Results Beat Street, Another Software Buy

Shares of Aliso Viejo’s Quest Software Inc., a maker of business software, rose on Thursday after the company’s results for the June quarter beat Wall Street’s expectations.

Standard Pacific Posts Quarterly Profit, Ups Land Deals

Irvine-based homebuilder Standard Pacific Corp. reported a second-quarter profit of $10.7 million on Thursday, while closing on and entering contracts to buy nearly $300 million of land to build homes on.

Ingram Doubles Q2 Profits, Outlook In Line

Santa Ana’s Ingram Micro Inc., the top distributor of computers, software and consumer electronics, on Thursday gave an in-line sales outlook for the current quarter on the tail of second-quarter results that topped Wall Street’s expectations.

Panasonic Buying Sanyo, Other Unit for $9.4B

Japan's Panasonic Corp. said it would buy out subsidiaries Sanyo Electric Co. and Panasonic Electric Works Ltd. for up to $9.4 billion in cash and shares to accelerate its push into greener businesses.

BP Spill Cases Head to Court as Shell Counts Cost

The tide of lawsuits unleashed by BP's oil spill in the Gulf of Mexico breaks into an Idaho courtroom on Thursday, just as the company's rivals are counting the cost of a ban on offshore drilling.

Sanofi Pledges Discipline Ahead of Genzyme Bid

France's Sanofi-Aventis SA pledged discipline in pursuing growth through acquisitions, as the drugmaker was expected to make a formal bid for biotech company Genzyme Corp. by the weekend.

Wednesday, July 28

Sun Beats Q2 Profit Expectations, Confirms Guidance

Sun Healthcare Group Inc. of Irvine on Wednesday reported a second-quarter profit that was in line with Wall Street’s projections and reaffirmed its 2010 guidance.

Newport Beach's Day Software Bought By Adobe for $240M

Day Software Inc., a maker of website design software that’s publicly traded in Switzerland with its U.S. headquarters in Newport Beach, said Wednesday it is being acquired by San Jose’s Adobe Systems Inc. for $240 million.

Boeing Profit Beats but Shares Fall on Revenue

Boeing Co. reported a higher-than-expected quarterly net profit on Wednesday as the commercial airplane market recovers from a downturn, but its shares slipped 2% as revenue fell short of estimates.

BP Tees Up Asset Sales to Pay for Spill

A day after BP PLC said it would sell $30 billion in assets to pay for its Gulf of Mexico oil spill, the focus shifted to what is for sale, while lawyers prepared to tackle a mountain of claims for damages.

WellPoint Raises Outlook as Earnings Top Estimates

WellPoint Inc. posted higher-than-expected quarterly profit on Wednesday on better performance of its health plans for small businesses and it raised its full-year outlook, the latest in a string of strong second-quarter earnings reports for health insurers.

CEO Leaving Retailer Wet Seal

Edmond Thomas, the chief executive who’s led an ongoing turnaround at Foothill Ranch-based Wet Seal Inc., is leaving the operator of mall clothing stores.

Tuesday, July 27

Ceradyne Tops Forecasts, Ups Outlook

Costa Mesa-based Ceradyne Inc., a maker of ceramics for bulletproof vests and industrial uses, beat Wall Street estimates with second-quarter results and upped its outlook for the rest of the year.

Broadcom Boosts Q3 Sales Outlook

Irvine-based communications chipmaker Broadcom Corp. on Tuesday gave a sales outlook for the current quarter that beats Wall Street’s expectations.

Laguna Hills' Parallax Capital Picks Up Seattle Software Maker

Laguna Hills-based Parallax Capital Partners, an investment firm that buys and runs software companies, said Tuesday it acquired Seattle-based Daptiv Inc.

Barclay Brothers Sell InterContinental Stake

The billionaire Barclay brothers sold their 10.4 percent stake in InterContinental Hotel Group PLC for 335 million pounds ($520 million) on Tuesday, sending shares in the world's biggest hotelier down sharply.

Voters Fault Obama on Jobs

A majority of Americans believes President Barack Obama has neglected job creation and economic fears are weighing heavily on Democrats ahead of November 2 elections, a Reuters-Ipsos poll found on Tuesday.

BP Launches Image Overhaul, Ditches Tony Hayward

BP PLC launched a plan to repair its battered image in the United States on Tuesday, ditching its gaffe-prone chief executive and promising to slim down by trebling an asset sale target to $30 billion.

Monday, July 26

Mindspeed Narrows Outlook, Swings to Profit

Newport Beach-based Mindspeed Technologies Inc., a maker of networking chips, on Monday narrowed its outlook for the current quarter.

Forever 21 Opening in Sears at South Coast Plaza

Sears Holdings Corp. said it's leasing 43,000 square feet of space at its South Coast Plaza store in Costa Mesa to Los Angeles-based Forever 21 Inc.

Irvine's Plaza Bank Takes Over Failed Vegas Bank

Irvine’s Plaza Bank has acquired the sole branch of SouthwestUSA Bank in Las Vegas after it was closed by federal regulators.

Genzyme Seen More Attractive to Sanofi Than Glaxo

Of two potential suitors for biotech Genzyme Corp., industry insiders say Sanofi-Aventis is a far more likely buyer than GlaxoSmithKline PLC, which already has a presence in rare diseases.

Home Sales Surge in June

Sales of new single-family homes rebounded strongly in June from the prior month's record low, driving the number of houses on the market to its lowest level in nearly 42 years.

Madoff Trustee Plans More Lawsuits

Irving Picard, the court-appointed trustee overseeing the liquidation of Bernard Madoff's investment firm, is preparing to file new lawsuits to recover funds from investors who were also duped by the Ponzi scheme, the Wall Street Journal said.

Sunday, July 25

New Financial Reform Bill Falls Short on Key Issues

VIEWPOINT

Congressman John Campbell weighs in on the recently enacted financial regulatory reform bill, in a Viewpoint

REAL ESTATE DEALS

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

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

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REAL ESTATE WATCH: Greater Los Angeles

L.A. Office, Industrial Market Bank on Economic Improvements to Pull Up Real Estate

Office vacancy rates continue to climb in the greater Los Angeles area, while vacancy rates in the industrial market are flat, in Real Estate Watch

Cornerstone Real Estate Trust Hopes to Raise $440M

Mike Harrah Sells OC Pavilion to Push One Broadway Project; Inco to Hire at Irvine Office

An affiliate of Cornerstone Real Estate is looking to raise money to buy healthcare-related buildings, in the Real Estate column

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Kelley Blue Book Sees Strong Sales for Small Used Cars

Redesigned Disney Store To Open at Shops at Mission Viejo; Concours Honors Local Residents

Kelley Blue Book reports that the used car market is strong, especially for small cars, in the Marketplace column

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Microsemi Lands Government Contract for GPS Chips

Western Digital Taps Ray To Take Larger Role; WiSpry Working in Denmark on Antennas

Microsemi landed a $22 million government contract via its newest acquisition, a Phoenix-based chipmaker, in the Technology column

Disneyland Takes World of Color Promos to 4 Cities

Advertisers Look at Soccer Clubs for Marketing Push; Orange PR Firm Leads All-Star Events

Disney has kicked off its “World of Color Road Show,” a traveling spinoff of California Adventure’s World of Color, in the Media and Marketing column

Calendar - July 26-Aug. 4, 2010

A listing of events happening all around Orange County, July 26-Aug. 4, 2010

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Survey: Healthcare Investors Expect Increase in M&A

Allergan Sees Generic Challenge for Latisse Drug, Not Likely To Hit Market Any Time Soon

Merger and acquisition activity for healthcare companies is on the rise in OC, in the Healthcare column

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GIVING

Fundraisers and charitable donations from companies and people

Fundraisers and charitable donations from companies and people

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Finance, Sports Journalist Casacchia Joins Business Journal

Meet the Business Journal’s new finance reporter, Chris Casacchia

NEWS OF THE WEEK

This past week’s news from www.ocbj.com and other sources

This past week’s news from www.ocbj.com and other sources

Channeler of Wealthy Giving Hands Out $655,000 in Grants

NONPROFITS: 40 groups snag donations of $10,000 to $20,000

Orange County Community Foundation recently gave $655,000 to 40 local nonprofits

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Ocean’s Away

Laguna Beach Filmmaker MacGillivray Freeman Launches $25M, Five-Year Project

MacGillivray Freeman in Laguna Beach is gearing up for its biggest project yet—a 3-D Imax film, TV and Web series about the world’s oceans

Smith Micro’s Latest Caters to Next-Generation Gadgets

TECHNOLOGY: Service offers better security, bigger file sharing

Aliso Viejo’s Smith Micro recently debuted a promising file-sharing service with an eye toward future technologies

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Tale of Two Markets For Retail Properties

REAL ESTATE: Buyers pick up smaller shops; big malls struggle

The county’s retail market still is struggling, despite a handful of promising sales

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Minority-Owned Cos. Hire After Tough ’09

ECONOMY: Kingston, Vizio prop up group; employment picking up

ABOUT THE LIST: Revenue is down, but the county’s top minority-owned businesses still are hiring. Includes the 2010 MINORITY-OWNED BUSINESSES List for download (pdf)

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New Trojan AD Haden Will Keep Ties to RLH

OC INSIDER Column by Rick Reiff

MARKET WATCH

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

Defibrillator Maker Cameron Drawing Attention

HEALTHCARE: Company seen reviving market; acquisition target

San Clemente’s Cameron Health is developing a heart defibrillator that could change the industry

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Nexus Building Marriott in Santa Ana

REAL ESTATE: Developer also plannning housing, assisted living

Nexus has plans for a new Courtyard Marriott hotel in Santa Ana

Rumors of Fair’s Death Are Greatly Exaggerated

ECONOMY: Record attendance predicted on expected sale of park

Promoters hope that rumors of the Orange County Fair’s demise will boost the annual event’s attendance

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Greenlaw Gets Deal on Irvine Office

Newport Beach’s Greenlaw Partners added another Irvine office tower to its portfolio at a big discount

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In the Stars?

Analysts Like Earning Potential of Blizzard’s ‘StarCraft II’

Blizzard is releasing a sequel to “StarCraft” that’s expected to boost sales

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TRAVELOGUE

Managing Editor Julie Leupold’s trip to Washington, D.C.

Managing Editor Julie Leupold’s trip to Washington, D.C.

Friday, July 23

Allergan Slips as Sanofi Appears to Turn Attention Elsewhere

Shares of Allergan Inc., the Irvine-based maker of Botox and other drugs, fell Friday, likely on speculation that it’s no longer a potential takeover target by France’s Sanofi-Aventis SA.

European Shares End Higher Ahead of Stress Tests

European shares closed higher on Friday as strong corporate results improved market sentiment, but investors were cautiously optimistic ahead of the release of the bank stress tests in Europe.

Ford Profit Tops Wall Street Forecasts

Ford Motor Co. posted a stronger-than-expected quarterly profit of $2.6 billion and said it was on track for higher earnings and lower debt in 2011, sending its shares up 3% in premarket trade.

Pay Czar Feinberg Blasts Banks on Bonuses

Seventeen big banks getting bailouts from taxpayers made "ill-advised" overpayments to executives in late 2008 and early 2009, but they can't be forced to pay them back, pay czar Kenneth Feinberg said on Friday.

Volcom Buying Australian Licensee

Costa Mesa-based clothing maker Volcom Inc. is taking another step in its evolution by buying out a licensed seller of its products in Australia and taking over the business itself.

Beckman Coulter Shares Continue to Slump

Brea-based Beckman Coulter Inc.’s shares continued to fall Friday, a day after lowering its full-year financial outlook and reporting second-quarter results that missed Wall Street expectations.

Thursday, July 22

Beckman Coulter Misses Street Expectations; Shares Fall

Shares of Beckman Coulter Inc., a Brea-based medical testing company, fell sharply in Thursday afterhours trading after it lowered its 2010 forecast and reported second-quarter results that missed analysts’ targets.

QLogic's Shares Fall on Mixed Results

Shares of Aliso Viejo’s QLogic Corp., a maker of electronics that go into corporate data storage networks, slumped on Thursday after the company reported profits for the June quarter that fell short of Wall Street’s expectations.

Irvine Chipmaker Microsemi Boosts Outlook

Irvine-based Microsemi Corp., a maker of chips for military, security, aerospace and industrial uses, on Thursday gave an outlook for the current quarter that topped what Wall Street had been expecting.

Pacific Premier Bank Sees Profit, Sets Aside Less for Bad Loans

The Costa Mesa-based parent company of Pacific Premier Bank on Thursday reported a second-quarter profit that reversed a loss a year earlier and scaled back the amount of money it sets aside to offset bad loans.

Home Prices Increase Nearly $12,000 in June

The median price of an existing Orange County home increased by nearly $12,000 in June from May, the second straight month the area’s seen price increases of more than $10,000, the California Association of Realtors said Thursday.

Home Sales Hit 3-month Low

Sales of previously owned homes hit a three-month low in June while new claims for jobless benefits surged last week, the latest indications that the economy is on the ropes.

UPS Quarterly Profit Soars 90%, Shares Up

United Parcel Service Inc., the world's largest package delivery company, raised its outlook on Thursday on higher ground and export volume, sending shares up 3.5% in premarket trading.

GM to Buy AmeriCredit for $3.5B

General Motors Co. said on Thursday it would buy auto finance company AmeriCredit Corp. for $3.5 billion in a cash deal to boost sales and remove investor concern ahead of a planned stock listing.

SunCal Dropped as Developer for Bay Area Project

Irvine-based master developer SunCal Cos. this week was dealt another blow in its attempts to turn about half of a 1,500-acre former naval station in the Bay Area into homes and commercial space.

Wednesday, July 21

Western Digital Earnings Fall Short of Expectations

Shares of Lake Forest disk drive maker Western Digital Corp. slumped Wednesday after the company reported results for the June quarter that were up from a year earlier but fell short of analysts’ expectations.

Edwards Beats Wall Street, Raises Outlook

Irvine-based heart valve maker Edwards Lifesciences Corp. on Wednesday reported second-quarter financial results that topped Wall Street expectations and raised its full-year profit outlook.

Financial System Support Up $700B in Past Year

Increased housing commitments swelled taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.

Abbott Profit Exceeds Forecast

Abbott Laboratories Inc. on Wednesday reported slightly better-than-expected quarterly earnings, with strong sales growth from its array of prescription drugs, medical devices and nutritional products.

American Airlines Parent Posts Narrower Loss

American Airlines parent company AMR Corp. is losing less money these days, but it's still on a losing streak that's approaching two years.

Primoris Wins Power Plant Work, Backlog at $1B

Lake Forest-based construction and engineering company Primoris Services Corp. said Wednesday it won a contract to build a Northern California power plant that pushes its backlog of work to $1 billion for the first time.

Tuesday, July 20

Resources Connection Hits Expectations With Profit, Revenue Falls Short

Irvine-based professional services company Resources Connection Inc. on Tuesday reported a quarterly profit in line with Wall Street expectations while revenue fell just short.

Aliso Viejo Software Startup Gaikai Lands Investment

Aliso Viejo-based software startup Gaikai Inc. has landed an investment from Arizona’s Limelight Networks Inc. and Intel Capital, the venture arm of chip kingpin Intel Corp.

Housing Starts Fall, Permits Offer Ray of Hope

Housing starts hit their lowest level in eight months in June, further evidence the economy lost momentum in the second quarter, but a rise in permits offered hope of a pick up in homebuilding.

Goldman Earnings Fall on Trading Slump and Charges

Goldman Sachs Group Inc. said quarterly earnings tumbled 82 percent, coming in well short of expectations, as trading and underwriting revenue slumped, raising questions about how well Wall Street's preeminent bank can navigate a shifting industry landscape.

Unemployment Rate Falls in 39 States in June

The unemployment rate fell in most states in June, mainly because more people gave up searching for work and were no longer counted.

Santa Ana Lifts Preleasing Rule on Proposed Office Tower

Developer Mike Harrah has won changes in city rules that could allow his long-stalled One Broadway Plaza office tower to start construction in Santa Ana.

Monday, July 19

Fisker Acquires General Motors Plant

Irvine-based Fisker Automotive Inc. has finalized the purchase of a former General Motors Corp. factory in Delaware.

Medical Device Maker ICU Tops Estimates, Ups Outlook

San Clemente-based medical device maker ICU Medical Inc. on Monday beat Wall Street expectations with second-quarter results and upped its outlook for the rest of the year.

Corinthian Shares Rise on Regulation Speculation

Santa Ana-based Corinthian Colleges Inc. and other for-profit school operators saw shares rise on market reactions to a report that proposed federal regulations that might not affect profits as much as anticipated.

Halliburton Profit Beats Forecasts

Strong U.S. onshore drilling helped oilfield services company Halliburton Co. report a better-than-expected 83 percent jump in quarterly profit, and its shares jumped 3.6 percent.

Nokia Siemens Buys Motorola Network Ops for $1.2B

Nokia Siemens Networks will buy Motorola's telecom network equipment business for $1.2 billion, getting a stronghold in the North American market and taking No. 2 position in the cut-throat mobile gear market.

Homebuilder Confidence at 15-Month Low

Homebuilder sentiment fell more-than-expected in July to the lowest level in more than a year after a popular home-buyer tax credit expired in April, the National Association of Home Builders said on Monday.

School’s in Session

Accounting Programs Still Drawing in Students, Recruiters Despite Slowdown in Jobs

Local universities still are seeing enrollment gains for accounting programs

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REAL ESTATE WATCH: NORTH & CENTRAL ORANGE COUNTY

Inland Empire Industrial Faring Better than Office

The Inland Empire industrial market is faring better than its office market, in Real Estate Watch

REAL ESTATE DEALS

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

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

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Greenlaw Partners Adds Camp as EVP, Plans To Buy

Tony Used Car Dealer Moves to Costa Mesa Space; New Home Co. Shifts HQ to Aliso Viejo

Greenlaw Partners in Newport Beach added James Camp as an executive vice president, in the Real Estate column

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Healthcare Waste Fighter AMG-SIU Selling for $26M

Surgery Centers Fighting Proposed Cut in State Funding; Allergan’s Ingram Gets New Position

AMG-SIU is getting a new owner, in the Healthcare column

Fisker Tries Out Planned Karma Campaign on Website

Hyundai Continues ‘Uncensored’ Social Media Push; Toshiba Ups Advertising for Laptops

Fisker Automotive started a website to create buzz about its luxury hybrid car, in the Media & Marketing column

MARKET WATCH

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

Calendar - July 19-July 28, 2010

A listing of events happening all around Orange County

A listing of events happening all around Orange County

EVENTS

Scenes from business, social, charity and other events

Scenes from business, social, charity and other events

KUDOS

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

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

Johnny Rockets Offers Loans to Credit-Strapped Franchisees

RESTAURANTS: Move designed to drive growth amid credit crunch

Lake Forest’s Johnny Rockets is launching a finance arm to help spur growth amid a credit crunch

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City Ventures Gets $100M in Funding

REAL ESTATE: Investment gets Ares majority stake in homebuilder

City Ventures landed a $100 million investment that could help it become one of California’s top builders

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Mussallem: Key Manufacturing Works Here

HEALTHCARE: Despite costs, Irvine handles newest products

Edwards Lifesciences’ Mike Mussallem plans to keep key manufacturing here even though it’s expensive

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Irvine Co. Watch: Ray Wirta Gets Ninth Floor Office

OC INSIDER Column by Rick Reiff

Irvine Co. Weighs More Homebuilding in Irvine

Irvine Company is looking to do more homebuilding after seeing strong sales at two developments in northern Irvine

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Billabong Strikes Deal for Rvca, Avoids Bidding War for Retailer

MAKING WAVES

Billabong USA snatched up the county’s top upstart clothing brand and appears to have prevailed in a short-lived battle to buy a Canadian retailer

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Apparel Makers in Better Mood At Surf Industry’s Annual Gala

MAKING WAVES

The annual Waterman’s Ball brought together apparel executives and surfers to raise money for environment charities

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Management Companies Continue to Shed Employees

ADVISORY: Top 20 cos. drop 6% of local workers, led by top 2

ABOUT THE LIST. Most of the area’s management consulting companies kept hiring flat or down. Includes the 2010 MANAGEMENT CONSULTING FIRMS List for download (pdf)

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Software Maker Quest Eyes Unified Front

TECHNOLOGY: Buys have built Quest; moving beyond just ‘Toad’

After dozens of acquisitions, Quest Software is looking to present a unified front

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Web Traffic Manager BandCon of Costa Mesa Bought

Blizzard Holding Creative Writing Contest; AT&T Upgrades Cell Phone Network in County

Costa Mesa’s BandCon was recently bought, but plans to keep its local office and network operations here, in the Technology column

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Skilled Seeks To Settle Potentially Crippling Suit

HEALTHCARE: Nursing home operator can’t afford appeal bond

Skilled Healthcare has entered into settlement talks after a potentially crippling jury verdict

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Financial Reform Could Cost Accountants Business

FINANCE: Smaller firms could lose customers exempt from SOX

The latest reform bill isn’t expected to provide new business for OC accounting firms

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AROUND THE COUNTY

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

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

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Accounting for Losses

Accounting Firms Shed 5% of Local Workers in Past Year, Predicting Pickup in Business

ABOUT THE LIST. OC’s biggest accounting firms have shed workers in the past 12 months. Includes the 2010 ACCOUNTING FIRMS List for download (pdf)

Management Consultants: Clients Starting to Spend on Tech

ECONOMY: Companies stop paring down; cautiously growing

The county’s management consultants are being tapped to help clients spend money, not save it

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Friday, July 16

Yearly Job Losses Reach Low of Current Downturn

The county’s yearly job losses in June fell to their lowest level since the peak of the recession in early 2009, according to the state Employment Development Department.

GE Ends Long Profit Slump, Revenue Falls Short

General Electric Co. posted its first quarterly profit increase in more than two years on Friday, but a sharper-than-expected drop in revenue spooked investors and its shares fell about 3 percent.

Bank of America, Citi Results Show Hurdles Ahead

Bank of America and Citigroup posted better-than-expected quarterly earnings on lower credit losses, but their shares fell as the banks highlighted the challenge of boosting revenue in a stagnant economy.

BP Stops Oil Spewing into Gulf

BP PLC's stricken oil well showed no sign of leaking on Friday after a new cap stopped crude from flowing into the Gulf of Mexico, but President Barack Obama cautioned there was more work to do before the gusher was permanently stopped.

Radient Pharmaceuticals Buys Arizona Diagnostic Company

Tustin-based Radient Pharmaceuticals Corp. said it is buying Provista Diagnostics Inc. of Phoenix.

Corona del Mar's Portabello Relisted at Reduced $49.6M

The owner of a Corona del Mar home that once was the most expensive in Orange County has put it back on the market for a greatly reduced $49.6 million.

Thursday, July 15

Irvine Software Maker eEye Digital Moves HQ to Phoenix

Irvine’s eEye Digital Security Inc., a maker of security software, is set to move its headquarters to Arizona, according to reports.

Primoris Wins $120M in Louisiana Work

Lake Forest-based construction and engineering company Primoris Services Corp. said Thursday it won three contracts with the Army Corps of Engineers in Louisiana worth $120 million over three years.

Wall Street Bill Clears Crucial Senate Hurdle

The broadest overhaul of financial rules since the Great Depression was on its way to becoming law on Thursday after it cleared a crucial hurdle in Congress.

JPMorgan Beats Expectations as Loan Loss Reserve Cut

JPMorgan Chase & Co. posted better-than-expected quarterly earnings on Thursday as it wrote off fewer bad loans, but its shares edged lower as investors fretted about management's sober assessment of the economy.

Banks Repossess Homes at Record Pace

Banks repossessed a record number of homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.

Skilled Healthcare Enters Settlement Talks in Potentially Crippling Lawsuit

Foothill Ranch-based nursing home operator Skilled Healthcare Group Inc. has entered into settlement talks in a lawsuit that brought a potentially crippling jury award earlier this month.

Wednesday, July 14

TriZetto Names New CEO; Headquarters to Colorado

TriZetto Group Inc., a Newport Beach healthcare software company, said Wednesday t named Trace Devanny as its new chief executive and will move its headquarters to Greenwood Village, Colo.

Irvine Chipmaker Microsemi Lands $22M Contract

Irvine’s Microsemi Corp., a maker of chips for military, aerospace and industrial uses, said Wednesday it landed a $22 million government contract for products used in global positioning systems.

Autos, Gasoline Drag Retail Sales Lower in June

Sales at retailers fell for a second straight month in June on weak receipts at automotive dealers and gasoline stations, further evidence the economic recovery has slowed in the past few months.

Panel Hears Final Pleas on Glaxo Diabetes Drug

Advisers neared a vote on whether a GlaxoSmithKline PLC diabetes drug carries too much heart risk to stay on the market, hearing final conflicting pleas Wednesday from a patient and a public health advocate.

Obama Aides Say Stimulus Saved Millions of Jobs

Aides to President Barack Obama will aim on Wednesday to lift sagging confidence in their economic leadership by arguing that their policies are creating millions of jobs and spurring private investment.

Zumiez Drops Bid for West 49, Clearing Way for Billabong

Irvine-based Billabong USA has won a brief contest to acquire Canada’s West 49 after rival suitor Zumiez Inc. said it’s pulling out.

Tuesday, July 13

Home Prices Fall $5,000 in June

Orange County’s median home price slipped $5,000 in June from May despite seeing an uptick in sales, thanks in part to buyers taking advantage of a federal tax break that was set to expire this month.

Masimo Buys Brain Monitor Maker

Irvine-based Masimo Corp. said Tuesday that it has bought SedLine Inc., a medical device startup that it’s invested in.

Apple Shares Slide After Critical iPhone 4 Review

Shares of Apple Inc. slid more than 3 percent on Tuesday after a poor review for its iPhone 4 from an influential consumer guide underpinned mounting complaints about the hot-selling device's antenna and reception.

Trade Gap Widens Unexpectedly in May

The trade deficit widened unexpectedly in May, led by a big jump in imports from China that helped overpower the best month for U.S. exports since September 2008, a government report showed on Tuesday.

Wall Street Bill Moves Toward Final Test in Congress

A historic rewrite of financial regulations moved toward its final test in Congress on Tuesday even though Democrats have not yet nailed down the votes needed for passage in the Senate.

Dental Laser Maker Biolase Restructures, Cuts Jobs

Biolase Technology Inc., an Irvine-based medical device company, said Tuesday it cut 20 jobs as part of a restructuring.

Monday, July 12

LBA Realty Takes Over Distressed Irvine Retail Center

Irvine’s LBA Realty has taken over ownership of another part of the Park Place office and retail campus in Irvine.

J&J to Buy Micrus Endovascular for $480M

Johnson & Johnson will buy Micrus Endovascular Corp. for about $480 million to expand its portfolio of medical devices that treat stroke, the companies said on Monday.

Aon to Buy Hewitt for $4.9B, Creating HR Giant

Aon Corp., the world's largest insurance brokerage, said Monday it will buy Hewitt Associates Inc . for $4.9 billion in cash and stock to create the world's largest human resources company.

Asset Sale Talk, Well Hopes Drive BP Shares Higher

BP shares rose to their highest in nearly a month on Monday, driven by reports of asset disposals to help pay for the oil spill and hopes for a new system to capture almost all the spewing oil.

Quest Picks Up German Software Maker

Aliso Viejo’s Quest Software Inc., a maker of business software, said Monday it acquired Germany’s Völcker Informatik AG, a privately held maker of software that helps manage security, access and identity verification for corporations.

Billabong Buying Rvca; Faces Rival Bid for Canadian Retailer

Irvine-based clothing maker Billabong USA is acquiring Costa Mesa’s Rvca Clothing for undisclosed terms.

Sunday, July 11

GIVING

Fundraisers and charitable donations from companies and people

Fundraisers and charitable donations from companies and people

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Executives’ Economic Outlook Pulls Back for Q3

ECONOMY: Execs are upbeat, but bad news has impact

Negative news about Europe, jobs and consumer spending caused OC executives to temper their economic outlook going into the third quarter.

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Deep Roots

Olive Crest: Big Backers, Long Ties

Santa Ana’s Olive Crest has some of the biggest names in Corporate America backing its programs for abused kids

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Well-Funded Startup Eyes Glaucoma Niche

HEALTHCARE: Executive hails from Advanced Medical Optics

Irvine startup medical device maker AqueSys has high hopes for an eye implant it’s developing

Tenant Improvement Contractors Saw A Second Down Year

ARCHITECTURE: Pullback in leasing drops revenue 17% in 2009

ABOUT THE LIST: OC’s largest tenant improvement contractors saw a decline in work for the second year in a row. Includes the 2010 TENANT IMPROVEMENT CONTRACTORS List for download (pdf)

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KBS Realty To Buy Chicago Tower for Record $655M

Newport Beach’s KBS Realty is paying more than $600 million for a Chicago skyscraper

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Interior Designers, Plus Architects

A list of interior designers and architects with OC design services

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Seeing Green?

Developers Look for Specific Financial Gains, Tenant Demand Before Building Eco-Friendly

Developers are emerging from the economic downturn with an eye on the financial benefits of eco-friendly design

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Gala Honors Recycling Entrepreneur Art Kazarian

EVENTS: Scenes from business, social, charity and other events

Comedian Jerry Lewis was on hand for a gala honoring Irvine businessman Art Kazarian, in Events

REVIEW

Pageant of the Masters, Laguna Beach, through Aug. 31

Pageant of the Masters, Laguna Beach, through Aug. 31

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REAL ESTATE WATCH: NORTH & CENTRAL ORANGE COUNTY

North, Central County See Increased Vacancy Rates, But Growing Demand

North and Central County saw strengthening demand despite continued increases in vacancy rates, in Real Estate Watch

REAL ESTATE DEALS

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

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

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Price Lowered on Corona del Mar Home, Now No. 2

United Law Group Bankruptcy: Little in Liabilities; Fishing Gear Company Moves to Cypress

One of OC’s most expensive homes just dropped its asking price, in the Real Estate column

Local Auto Auction Debut: $15 Million, 58,000 on Hand

May Auto Sales Rise for Fourth Straight Month; Wonderland Opens at Grove, Pitches Show

Barrett-Jackson’s inaugural OC auto auction sold nearly 400 cars, in the Marketplace column

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Hyundai Takes Mini Challenge in Social Media Push

Freedom Changes Hotel Magazine, Links to Local Website; Online Push for Paris Apartments

Hyundai challenged Mini Cooper to a race on Facebook last month, in the Media & Marketing column

Analyst: Beckman Heart Test Troubles Start To Fade

Grubb & Ellis Buys in Cleveland, Texas; Former Allergan Exec Now President of Florida Co.

Things are looking up for Beckman Coulter after the medical testing company dealt with a recall earlier this year, in the Healthcare column

Ingram Micro Adds Broadcom’s McGregor to Board

Chip Sales Forecast to See Big ’10 Rebound; Software Startup Names Tech Veteran Chairman

Ingram Micro added a top Broadcom executive to its board, in the Technology column

Calendar - July 12-July 21, 2010

A listing of events happening all around Orange County

A listing of events happening all around Orange County, July 12-July 21, 2010

MARKET WATCH

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

Q & A

Meet clothing maker Roxy’s newest public relations hire: its namesake Roxy McKnight

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NEWS OF THE WEEK

This past week’s news from www.ocbj.com and other sources

This past week’s news from www.ocbj.com and other sources

Yard House Doubles Space at Spectrum’s Chrysler Building

DINING: Company’s name going up on building, replaces Chrysler’s

Yard House is doubling its headquarters space in the former Chrysler building

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Water Show Adds to Busy Early Summer for Disney in Anaheim

TOURISM: Too early to tell effect on lagging park, president says

The jury’s still out on the economic impact of Disney California Adventure Park’s World of Color lightshow

Kilroy Realty Buys $22M Orange Office

REAL ESTATE: Leased building is second purchase in two months

Kilroy Realty bought its second large building in OC in one of the priciest office sales this year

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Western Digital Closes Books on Tough Quarter

TECHNOLOGY: Worst fears go unrealized, analysts still cautious

Western Digital fared better than expected in the second quarter but still is neck and neck with its top rival

Lung Device Startup Moving HQ to Irvine

HEALTHCARE: Uptake now in Seattle, raised $30M in funding

Seattle medical device maker Uptake Medical is moving its headquarters to Irvine by the end of the year

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Argyros Reflects on a Homerun—Griffey; Granddad Lemmon

OC INSIDER Column by Rick Reiff

Friday, July 9

Report: Irvine Co. Looking to Sell San Diego Housing Site

Newport Beach real estate investor and developer Irvine Co. is looking to sell a 16-acre site in San Diego where a housing project had been planned, according to the San Diego Business Journal.

All-Star Game Events Kick Off with Fan Convention

Events leading up to Tuesday’s All-Star Game in Anaheim got under way in earnest Friday with the opening of a convention for baseball fans.

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British Regulators OK Allergan's Botox for Migraine Treatment

Allergan Inc., the Irvine drug maker, said Friday that British regulators approved its flagship Botox as a treatment for adults with chronic migraine headaches.

Obama Will Urge Boosting Clean Energy Tax Credit

President Barack Obama will urge the Congress on Friday to extend a manufacturing tax credit by $5 billion to foster private investment in clean energy, a White House official said.

Toyota Moves Ahead With Tesla, Open to New Tie-Ups

Toyota Motor Corp. is working to develop a prototype electric vehicle with Tesla Motors as it continues work on a battery-powered small car the Japanese automaker plans to launch in 2012, senior executives said on Friday.

Boeing Submits Bid for Air Force Tankers

Boeing Co. submitted its formal proposal to begin building a new Air Force aerial tanker fleet in a contest worth up to $50 billion that pits it once more against archrival Airbus.

Billabong Could Face Zumiez Challenge To Buy Canadian Retailer

Irvine clothing maker and retailer Billabong USA could have a bidding war on its hands as it seeks to buy Canada’s West 49.

Thursday, July 8

Skilled Healthcare Shares Bounce Back Day After Collapse

Shares of Skilled Healthcare Group Inc. bounced back Thursday, a day after investors were spooked by a big jury verdict against the Foothill Ranch-based nursing home operator.

Software Maker Epicor Slumps on Downgrade

Shares of Irvine’s Epicor Software Corp. slumped Thursday after an analyst downgraded the stock on weaker prospects for the company’s business selling software to retailers, manufacturers and small businesses.

Ingram Micro Buys Asian Software Distributor

Santa Ana’s Ingram Micro Inc., the top distributor of technology products, software and consumer electronics, disclosed Thursday that it purchased an Asian software distributor last week.

New Jobless Claims Offer Hope for Recovery

New claims for unemployment benefits fell more than expected last week to their lowest level in two months, offering cautious hope for the economic recovery that had shown signs of fatigue.

IMF Says Economy Recovering but Sees Unemployment, Housing Risks

High unemployment and a moribund housing market are constraining the economic recovery, while the public debt looms large on the horizon and needs to be addressed, the International Monetary Fund said on Thursday.

June Discounts Help Retail Sales

Retailers relied heavily on promotions to win over cautious consumers in June, and the trend may weigh on margins as they head into the key back-to-school shopping season.

Costa Mesa's BandCon Acquired

Costa Mesa-based BandCon, which helps companies manage traffic flow on their websites, was acquired on Thursday by Florida’s Highwinds Network Group Inc.

Wet Seal Sees June Sales Fall, Sees Profit at Low End of Forecast

Foothill Ranch-based mall retailer Wet Seal Inc. said Thursday June sales fell more than expected and forecast that profits for the three months through April could come in at the low end of expectations.

Wednesday, July 7

HSBC Clients Scrutinized in Tax Evasion Probe

The Department of Justice has opened a criminal investigation into whether some HSBC Holdings PLC clients may have failed to disclose offshore accounts, lawyers familiar with the probe said on Tuesday.

Media Executives See Small Deals as Key to Future

Small-sized acquisitions and strategic buys rather than blockbuster multibillion dollar deals will be on the minds of the media moguls and financiers who gather at this week's Sun Valley conference.

Jerry Brown, Meg Whitman Tied in California Governor's Race

Democrat Jerry Brown and Republican Meg Whitman are in a dead heat ahead of the November election for California governor, a Field Poll released on Wednesday showed.

Shares of Irvine's Netlist Soar on Dell Win

Shares of Irvine-based Netlist Inc., a maker of specialized memory products that’s in the midst of a turnaround, soared Wednesday after the company said it landed a key design win with computer maker Dell Inc.

Alcon Buys Eye Laser Maker LenSx

Alcon Inc., an eye care company with more than 770 workers in Irvine, said it is buying Aliso Viejo startup LenSx Lasers Inc. for $362 million.

Nursing Home Operator Skilled Sees Potentially Crippling Jury Verdict; Shares Collapse

Shares of Foothill Ranch-based nursing home operator Skilled Healthcare Group Inc. collapsed Wednesday after a Northern California jury decided the company should pay $671 million in damages for providing inadequate staffing at California facilities.

Tuesday, July 6

Report: Stalled Pacific City Development Gets New Owner

San Francisco hedge fund Farallon Capital Management LLC has taken over as the principal owner of the long-stalled Pacific City development project in Huntington Beach, according to a local report.

Australia's Boral Buys Rest of Irvine Roof Tile Maker

Australia’s Boral Ltd. has acquired all of an Irvine maker of concrete roof tiles.

Service Sector Grows More Slowly

The service sector grew in June for a sixth straight month but the rate of growth slowed more than expected and hit its lowest since February, according to an industry report released on Tuesday.

BP Approaches Funds to Fend Off Takeover Bids

British oil company BP PLC has approached sovereign wealth funds with a view to securing a strategic investor to fend off takeover bids while it deals with its massive oil spill, a senior UAE source said on Tuesday.

AgBank IPO to Be World's Largest

Agricultural Bank of China priced its Shanghai initial public offering at 2.68 yuan (40 cents) per share, the top of an indicated range, sources said on Tuesday, which combined with its Hong Kong offering and its greenshoe option is set to be the largest IPO ever.

Clean Energy Buying Canadian Supplier for $125M

Seal Beach-based Clean Energy Fuels Corp., which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, is paying $125 million in cash and stock for a Canadian supplier of equipment to its stations.

Sunday, July 4

Cisco Licensing Pact Seen Boosting Sales for Microsemi

Network Security Software Maker Raises $3 Million; Local.com Brings On Another Executive

Irvine’s Microsemi struck a patent licensing deal with Cisco, in the Technology column

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Baseball’s Super Bowl

Execs Prep for All-Star Game, County’s Event of the Year

The Angels are readying to host what’s been called baseball’s Super Bowl

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Western Digital’s Consolidation Pays Off

TECHNOLOGY: drive production now almost all in house; profits up

Western Digital’s strategy of making more parts in-house pays off

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Doner After Mazda: Some Other Work To Fall Back on

Bandai Sticks to TV, Dabbles Online To Sell Toys; Emergen-C Maker Does Social Media

The loss of a major client is not the end for Doner’s Newport Beach office, in the Media & Marketing column

Calendar July 5-July 14, 2010

A listing of events happening all around Orange County

A listing of events happening all around Orange County. July 5-July 14, 2010

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D-Link Offering Ad Service with Routers

TECHNOLOGY: Buy of startup designed to spur device, ad sales

D-Link Systems has quietly gotten into online advertising with an acquisition.

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KUDOS

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

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

NEWS OF THE WEEK

This past week’s news from www.ocbj.com and other sources

This past week’s news from www.ocbj.com and other sources

Yard House, BJ’s Help Stabilize Restaurant Chains

DINING: Sector otherwise down as slump, tough financing persist

ABOUT THE LIST: The largest restaurant chains in Orange County are seeing some stability after a challenging 2009 that saw lower revenue and job cuts. Includes the 2010 OC-BASED RESTAURANT CHAINS List for download (pdf)

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Post-Bankruptcy, Bacchus Looks To Up Sales

REAL ESTATE: Developer eyes $75M in Irvine office deals by ’12

An Irvine real estate developer has emerged from bankruptcy reorganization

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Inside OC Fair Deal: Cash Flow, Ringers, Lawmakers

OC INSIDER Column by Rick Reiff

AROUND THE COUNTY

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

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

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Custom Toy Car Store Pulls in Big Backers

RETAIL: Ridemakerz paring mall stores, setting sights on tourist spots

An Irvine custom toy car company is cutting mall stores and focusing on tourist spots

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Beckman Puts Former HQ Site up for Sale

REAL ESTATE: redevelopment is likely for 44 acres in North County

Beckman Coulter is moving ahead with plans to sell the site of its former headquarters

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Just Because

FIFI's BEST

Fifi’s Best—includes reviews of restaurants with international cuisine and budget-friendly fine dining

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Valeant Buyout Solves Growth Issue for Drug Maker

French Artificial Heart Maker with Edwards Tie Going Public; Hoag Expanding Sleep Center

Valeant Pharmaceutical’s acquisition is set to benefit the drug maker in the long run, in the Healthcare column

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Restaurant of the Year

Cucina Alessa Brings Naples Recipes, Fresh Pastas to Newport, Huntington

Cucina Alessa takes the top spot as the Business Journal’s Restaurant of the Year

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REVIEW - Riviera cup, Charlie Palmer in Bloomingdale’s

Charlie Palmer’s cocktail is competing against nine other local restaurants in Riviera magazine’s third annual cocktail tour

REVIEW - Intimacy, South Coast Plaza

A visit to lingerie boutique Intimacy in South Coast Plaza is an interactive experience.

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REVIEW - World of Color, Disney California Adventure

Disney California Adventure Park may have found something to keep visitors from heading across to Disneyland at the end of the night.

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REAL ESTATE WATCH: The Mid-counties Market

Mid-Counties Market Showing Signs of Activity in First Quarter

The Mid-Counties industrial market continues to show signs of life, in Real Estate Watch

REAL ESTATE DEALS

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

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

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Tustin Manufacturer Buys Irvine Building for U.S. HQ

Thompson National Properties’ Trust Acquiring Tuscon Shopping Center; SunCal Buys Land

A maker of tankless water heaters bought an Irvine warehouse for $11.6 million, in the Real Estate column

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MARKET WATCH

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

Friday, July 2

Vocational School Operator Acquires Fresno College

Irvine-based International Education Corp. has acquired a Fresno career college.

Weak Private Hiring Shows Tepid Recovery

Private payrolls rose only modestly in June and overall employment fell for the first time this year as thousands of temporary census jobs ended, showing the economic recovery failing to gain traction.

Oil Dips After Employment Data

Crude oil futures dipped on Friday, reversing gains made after the market interpreted employment data as slightly more positive for economic growth than expected.

Toyota Plans Recall Which May Cost $228M

Toyota Motor Corp. may recall up to 270,000 vehicles worldwide to fix an engine glitch, with Japan's Asahi newspaper reporting the move could cost the car maker up to 20 billion yen ($228 million).

Allergan Rises on Sanofi Takeover Rumors

Shares of Allergan Inc., the Irvine maker of Botox and other drugs, shot up Friday on rumors that it could be a takeover target by a larger drug maker.

Aliso Viejo Software Startup Telogis Buys Competitor

Aliso Viejo’s Telogis Inc., a maker of GPS and traffic software for delivery fleets, said Friday it acquired competitor Remote Dynamics Inc. of Texas. .

Thursday, July 1

Sunstone Reacquires Hotel, Sees Business Improvements

San Clemente-based hotel owner Sunstone Hotel Investors Inc. said Thursday it has reacquired a hotel it stopped making debt payments on last year.

Local Automakers See Gains in June

Fountain Valley-based Hyundai Motor America and Irvine’s Kia Motors America Inc. again led local automakers with big gains in June sales as part of a larger industry rebound.

Pending Home Sales Plunge Record 30%

Contracts for pending sales of previously owned homes plunged a record 30 percent in May, far more than expected, after a popular tax credit expired at the end of the prior month, a survey from the National Association of Realtors showed on Thursday.

GM June Sales Up Nearly 11%

General Motors Co. reported a 10.7 percent rise in June U.S. sales, helped by strong demand for newly launched vehicles such as the Chevrolet Equinox crossover and a recovery in truck sales.

Surprise Rise in Jobless Claims Stokes Recovery Worries

New claims for state jobless benefits unexpectedly rose last week, while manufacturing activity and employment slowed in June, heightening fears the economic recovery is stalling.

Local.com Buying Provider of Online Advertising Services

Irvine’s Local.com Corp., which runs an online search engine for finding local businesses, is buying an online advertising startup for up to $11 million.