Stories for November 2010

Tuesday, November 30

Corinthian CEO Steps Down; Chairman, Former CEO Takes Over

Santa Ana-based Corinthian Colleges Inc. on Tuesday named Chairman Jack Massimino as chief executive as the company deals with the prospect of potentially crippling federal regulation and a slowdown in business.

SunCal Sues City of Alameda for $100M

Irvine-based real estate developer SunCal Cos. is suing the city of Alameda for $100 million, alleging the Northern California city breached a contract over plans to turn a former Bay Area naval station into homes and commercial space.

Lantronix Strikes Deal With Dissident Director

Irvine-based networking electronics maker Lantronix Inc. has come to terms with its cofounder who had sought the ouster of the company’s chief executive and chairman as well as other changes.

Monday, November 29

Broadcom Cooperating in Insider Trading Case

Irvine-based chipmaker Broadcom Corp. said on Monday it's cooperating with the government in a probe into insider trading that resulted in an arrest last week.

PacSun Black Friday Sales Better Than Expected

Same-store sales for Anaheim-based apparel retailer Pacific Sunwear of California Inc. declined by 2% for the opening day of the holiday shopping season, coming in on the high side of a tough outlook for the current quarter.

Irvine's Advantage Sales & Marketing Bought for $1.8B

A London-based private equity firm plans to add Irvine’s Advantage Sales & Marketing to its list of Orange County holdings with a $1.8 billion buyout of the marketing services company.

Buy.com Sees Black Friday Sales Jump 45%

Aliso Viejo Buy.com Inc., an online retailer, said it tallied record sales on Black Friday, a positive indicator in the run up to Cyber Monday and the rest of the holiday shopping season.

Obama Proposes Pay Freeze For Federal Workers

President Barack Obama will propose a two-year freeze on the pay of federal workers, as he seeks to show he is committed to reining in the ballooning U.S. budget deficit.

Markets Give Irish Bailout Thumbs Down

The euro slid to a new two-month low against the dollar and stocks tumbled, as investors continued to worry that Europe's debt crisis was spreading despite the $88.4 billion bailout of Ireland.

Black Friday Weekend to Help Retailers Beat Street

Retailers are poised to report November sales above forecasts, helped by an increase in shopper visits over the Black Friday weekend, promotions that were spread throughout the month and more consumers shopping for themselves.

Nonprofits See Revenue Bump on Downturn Priorities

GIVING: Arts, education take back seat to more dire needs

ABOUT THE LIST: Some local nonprofits are seeing a dip in donations as the county's givers shift their priorities to groups with more immediate needs. Includes the 2010 OC's LARGEST NONPROFITS List for download (pdf)

Sunday, November 28

Personal Interests Determine Focus of Family Business

MARKETING: Community, environment in business plan

Profile of the Business Journal's Family Owned Business Awards winner, ARD Andrew Rea Design LLC

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Having No Choice Led to Good Choices at Brandywine Homes

REAL ESTATE: Family hires were necessary, proved valuable

Profile of the Business Journal's Family Owned Business Awards winner, Brandywine Homes

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Clean Up Clan

WASTE MANAGEMENT: Kinsbursky Bros. Goes from Horse-Drawn Cart to Hybrid Batteries

Profile of the Business Journal's Family Owned Business Awards winner, Kinsbursky Bros.

NEWS OF THE WEEK

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

Law Firms Go After Lateral Hires for Instant Business Boost

LEGAL: Firms cherry picking to add to rebounding practices

Law firms are increasing lateral hires to boost business

Benefactors Podlich, Lortie to Nonprofits: It Takes a Village

NONPROFITS: Former Pimco boss, developer do nonprofit hub

Two former executives have opened a Santa Ana office center geared toward nonprofits

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Cox Trying Again on Wireless Service

TELECOM: Back with Sprint; pushing bundles through retail

Cox Communications is having another go at offering cell phone service

Alternative Medicine for Bayview: Orthopedics

REAL ESTATE: Surgery site to jocks, celebs takes big lease

High-profile orthopedic surgery practice Disc Sports and Spine Center is opening an office in Newport Beach's Back Bay

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El Pollo Loco Shops Advertising Account

DINING: Review in works for $15M to $20M yearly business

Costa Mesa-based El Pollo Loco has started a review for a new advertising agency

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Sons Work Alongside Parents at Orange’s MS International

Business Trips Doubled as Family Vacations

Profile of the Business Journal's Family Owned Business Awards winner, MS International

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REAL ESTATE DEALS

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

Limo Maker Files for Reorganization

AUTO: Krystal boss Grech has deal with acquirer to keep a stake

Brea limousine maker Krystal Koach has filed for reorganization with a potential sale in the works

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EVENTS - Family Businesses Honored

Scenes from business, social, charity and other events

The Business Journal's annual Family Owned Business Awards lunch in pictures

Long Arm of Banning Ranch: From OC to Delaware

360 Shops St. John Space Just in Case; Buchanan Street Partners Gets Phoenix Industrial Park

Newport Beach's Makar Properties is in a contentious bankruptcy reorganization of a large development in Colorado, in the Real Estate column

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Rivals Seek Deals To Catch Edwards

Website Vets Medicare Plans; Local Cos. Give for Santa Ana Center

Rivals of Irvine's Edwards Lifesciences are looking at ways to catch up with the device maker on its less-invasive heart valve, in the Healthcare column

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Optimistic Outlook for PR, Clients Get Back to Growth

SparkOC, Register Team Up on Website for the Arts; Fond Farwell on Way to New Venture

The county's public relations firms are optimistic about business picking up in 2011, in the Media and Marketing column

Recovering Auto Sales on Track for 12% Rise in 2010

Perry Ellis, Penguin, Others Come to Block at Orange; Corona del Mar Hosts Christmas Walk

Auto dealers are expected to close out 2010 with a 12% rise in vehicle sales from 2009, in the Marketplace column

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REAL ESTATE WATCH: Airport/Central Coast Area

The John Wayne Airport area's office market has picked up but other segments remain sluggish, in Real Estate Watch

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Symwave Deal Has Cohen, Crew Considering Options

Broadcom Takes More Space in Silicon Valley; Consumer Electronics Poised for Holidays

A number of executives at Laguna Niguel's Symwave are up for grabs now that the company has been sold, in the Technology column

McMonigle Gets Record, Comerica Loan Dispute; L.A.-to-Irvine Exodus?

OC INSIDER Column by Rick Reiff

Wood Work

Ganahl Lumber Spans 126 Years, Five Generations

Profile of the Business Journal’s Family Owned Business Awards winner, Ganahl Lumber

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Santa Ana’s TTM Takes Off With China Buy

TECHNOLOGY: New operation integrated, grabs Street’s interest

Santa Ana’s TTM Technologies is seeing investor interest after its buy of a Chinese circuit board maker

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Rare Newport Center Office Buy in Works?

REAL ESTATE: Irvine Co. seen as likely buyer; top dollar

Irvine Company is rumored to be buying a Newport Center building that houses Pimco’s headquarters

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Friday, November 26

Vizio Tops Samsung on LCD Market Share for Q3

Irvine-based Vizio Inc. overtook South Korea’s Samsung Group in shipments of liquid crystal display televisions in the third quarter, becoming the top supplier of such sets in the U.S., according to data from research firm iSuppli Corp.

Malls See Brisk Black Friday Shopping

Any hint of a sluggish economy was buried in shopping bags. “We are expecting huge crowds today,” said Debra Gunn Downing, executive director of marketing at South Coast Plaza.

Spain PM "Absolutely" Rules Out Bailout

Spain flatly ruled out needing a bailout and said results of extra health checks on its ailing savings banks would be published next spring, as its government and central bank stepped up efforts to calm uneasy investors.

Investors Brace For Painful Irish Bank Bond Swaps

Expectations rose that top bondholders in Irish banks will be offered the chance to swap billions of euros of debt for new bonds, realizing a loss and taking a share of Ireland's pain but avoiding a potentially worse fate.

Fiat Wants Chrysler Joint Venture at Turin Plant

Fiat and Chrysler CEO Sergio Marchionne is proposing a joint venture with Chrysler LLC at Turin's Mirafiori auto plant.

Wednesday, November 24

Jobless Claims at 2-Year Low, Spending Rises

New U.S. claims for unemployment benefits last week dropped to their lowest level in more than two years while consumer spending rose in October, pointing to a moderate strengthening in economic activity.

UBS, Others Sued For $2 Billion Over Madoff Fraud

The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS AG and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler's massive Ponzi scheme.

Irish Government Unveils 4-Year Austerity Plan

Ireland's government unveiled a $20 billion four-year austerity plan imposing deep spending cuts and tax increases to help pay for a bank crisis and meet the terms of an EU/IMF rescue.

Tuesday, November 23

Standard Pacific Slumps on Reworked Stock Deal

Shares of Standard Pacific Corp. slumped Tuesday on word the Irvine-based homebuilder is discounting shares for an investment firm that provided it with a lifesaving deal two years ago.

Home Prices Drop Below $500,000 Mark

The median price of an existing Orange County home slid under the $500,000 mark in October, after seeing a nearly $22,500 drop in price from the prior month.

J Crew Agrees to $2.86 Billion Buyout

J Crew Group Inc. agreed to a $2.86 billion buyout by two private equity firms, although some analysts and bankers expect the U.S. fashion retailer could command a higher bid.

Home Sales Dip 2.2% in October

Sales of previously owned homes slipped slightly in October as the housing market continues to battle tough economic conditions including high unemployment and tight credit.

Economic Growth Slightly Faster Than First Thought

The economy grew slightly faster last summer than first thought, benefiting from stronger spending by U.S. shoppers and improved overseas sales of U.S. goods.

October Auto Sales Rise

Sales at Orange County auto dealers rose in October, increasing nearly 11% from a year earlier to 8,726 autos, according to the Newport Beach-based Orange County Automobile Dealers Association.

Monday, November 22

Pacific Sunwear Warns of Potentially Big Loss

Anaheim-based clothing retailer Pacific Sunwear of California Inc. reported a better than expected quarterly loss after charges but spooked Wall Street with a potentially big loss forecast for the current quarter.

Attachmate Agrees to Buy Novell For $2.2 Billion

Software provider Novell Inc. said it agreed to be bought by privately held Attachmate Corp. for about $2.2 billion in a deal that also involves Novell selling some assets to a consortium led by Microsoft Corp.

Wall Street Sags on Euro-Zone Debt Woes

Stocks fell as political turmoil clouded Ireland's bailout deal and investors worried that further steps would be needed to combat euro-zone sovereign debt problems.

Netflix Raises Prices For Some Subscription Plans

Netflix Inc. is raising the prices of some of its subscription plans and is shifting its focus to streaming video as more members move to the Internet to watch movies and television shows.

Broadcom Picks Up Powerline Chipmaker Gigle Networks

Irvine-based communications chipmaker Broadcom Corp. said Monday it scooped up Redwood City’s Gigle Networks Inc. for up to $83 million.

Corona del Mar's Portabello Estate Sells for $41M

Fariborz Maseeh, the head of Newport Beach investment firm Picoco LLC and one of Orange County’s wealthiest residents, has bought Corona del Mar’s Portabello Estate in what appears to be the most expensive home sale OC’s ever seen.

Sunday, November 21

Big Ideas, Big Impact

VIEWPOINT

Orange County Community Foundation’s Shelly Hoss recognizes local companies who give back in honor of National Philanthropy Day, in a Viewpoint

Plan for Lido Offices Includes Penthouses, Townhomes

Voit Hires Vets To Launch Inland Empire Office; Irvine’s Premier Adds Anaheim Hills Space

The county’s high-end retail space is seeing an improvement in asking rents and vacancy levels, in Real Estate Watch

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Aliso Viejo Startup Finds Revenue in Epicor Legacy

China Hire for QLogic; 3-D Royalties for Quartics; M86 Gets $3 Million in Venture Funding

Two former executives from Epicor are seeing success as software consultants, in the Technology column

Dance Contest Dinner Show Set for Anaheim

ENTERTAINMENT: Diners to judge Latin, hip hop, other styles

A dinner show that pits dancers from various styles against one another is set to open in Anaheim early next year

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Hyundai Increases Sponsorship With Top Cable Show

Cornerstone Brings Irvine Co. Pedigree; Vertical Bets With House; Orange Label Up to BAT

Hyundai Motor America renewed its sponsorship of TV show “Burn Notice,” in the Media and Marketing column

Holiday Shows Preview

REVIEW

A look at holiday shows playing in Orange County

AROUND THE COUNTY

New Name, Look for Taj Medical; Final Touches at Hoag Irvine

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

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REAL ESTATE DEALS

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

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Mazzo, AdvaMed Back to Japan for Regulatory Push

Quality Systems Software Could Help on Stimulus Money; Watson Misses on Bladder Drug

Jim Mazzo recently met with Japanese officials in his duties as chairman of a medical device trade group, in the Healthcare column

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Hamanaka Joins Business Journal Covering Apparel, Media, Others

A look at the Business Journal’s new media and marketing reporter Kari Hamanaka

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Union Bank Reshuffles Execs

FINANCE: Connella takes post for region; new OC market boss

Union Bank has reshuffled its executives in a bid for more market share on the West Coast

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NEWS OF THE WEEK

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

ProFun Gets Ferrari World Park Done in Persian Gulf

THEME PARKS: Tustin firm in joint venture for management

Tustin’s ProFun Management Group opened a Ferrari-themed park in Abu Dhabi earlier this month

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Blogger: Might Deal-Minded GE Eye Masimo?

HEALTHCARE: Speculation comes after $587M Clarient buy

A former analyst speculates that Masimo in Aliso Viejo could be a buyout target for General Electric’s healthcare unit

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Another Merage Makes His Mark; Broadcom By the Numbers

OC INSIDER Column by Rick Reiff

Local Banks, Thrifts Bolster Critical Ratio

FINANCE: Most score healthy; Little Saigon troubles drag field

Troubles at two banks drove up the average Texas ratio for homegrown banks in OC

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Kingston Forms Embedded Memory Joint Venture

TECHNOLOGY: Already owns piece of partner; HQ in Taiwan

Fountain Valley’s Kingston Technology is teaming up with a Taiwanese supplier of memory chips.

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Results Spur Nursing Home Operator Skilled

HEALTHCARE: Lawsuit’s end removes uncertainty; strong Q3

Foothill Ranch’s Skilled Healthcare has seen shares shoot up more than 300% since it settled a potentially crippling lawsuit in July

Big Employers Lagging County’s Jobs Rebound

ECONOMY: 50 big employers down 1.6%, less after adjustments

ABOUT THE LIST: Total jobs declined at OC’s largest employers in the past year, lagging recent gains countywide. Includes the 2010 OC's LARGEST EMPLOYERS List for download (pdf)

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Nursing Home Operator Looking to Acquisitions

HEALTHCARE: Sun Healthcare has less debt after real estate split

Irvine-based nursing home operator Sun Healthcare is looking for deals after its spinoff of Sabra Health Care REIT

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Trophy Case

Taxidermist Mount Bears, Big Fish, Even Pets

Kirk Strodel has mounted all sorts of creatures over the years at his Costa Mesa taxidermy shop

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Irvine Co. Hones In on Pacific Arts Plaza

REAL ESTATE: Entry Into South Coast offices ‘imminent’

Newport Beach’s Irvine Company is close to sealing the deal on its buy of the Pacific Arts Plaza in Costa Mesa

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Friday, November 19

County Adds Jobs in October, Pushes Employment Rate Down

Seasonal hiring in education, along with jobs gains in many corporate sectors, helped push the county’s unemployment rate in October to its lowest level since May 2009.

Register Owner Freedom Said To Be Looking at Selling Parts of Company

Irvine-based Freedom Communications Inc., publisher of the Orange County Register, said it’s considering offers to buy parts of the company.

Pimco Raising $1B to Buy Troubled Loans

Newport Beach’s Pacific Investment Management Co. is raising $1 billion to buy problem loans from banks across the country that need to clean up their balance sheets.

Bernanke Hits Back at Fed Critics, Points At China

Federal Reserve Chairman Ben Bernanke hit back at critics of the U.S. central bank's bond-buying program and issued a thinly veiled attack on China's policy of keeping its currency on a leash.

Harrah's Entertainment Scraps IPO

Casino company Harrah's Entertainment Inc. scrapped its $500 million initial public offering on what sources described as pricing concerns, a day after General Motors made a triumphant return to Wall Street.

Ireland Nears Aid Deal as Contagion Fears Persist

A financial aid plan to help Ireland cope with its battered banks will be unveiled next week, EU sources said, but experts warned a rescue may not be enough to prevent contagion to other euro zone members.

Thursday, November 18

Diverse Group Honored at Family Owned Business Awards

A company that tracks its history to 19th century Austria and another that set up shop in Orange County nearly 100 years later joined a homebuilder, a design firm and a waste management company in receiving honors at the 11th annual Family Owned Business awards luncheon put on by the Business Journal and California State University, Fullerton’s Family Business Council on Thursday at the Hyatt Regency Irvine.

Wet Seal Beats Sales Forecast, Ups Outlook

Foothill Ranch-based mall retailer Wet Seal Inc. reported higher sales for the recently ended quarter and forecast another gain for the current quarter.

GM Shares Jump in Post-IPO Return To Market

General Motors Co. shares gained as much as 9% as investors bet that the top U.S. automaker can make a lasting recovery after repaying a big chunk of last year's government bailout with funds raised in a landmark initial public offering.

Irish Central Bank Expects EU/IMF Loan

Ireland's central bank chief said he expected Dublin to receive tens of billions of euros in loans from European partners and the IMF to provide contingency capital for its shattered banks.

Jobless Claims Climb 2,000 To 439,000

The number of workers who filed new claims for unemployment benefits rose 2,000 last week to 439,000, reflecting little change in nationwide hiring, according to the latest government data.

Wednesday, November 17

Ista Pharmaceuticals Granted Three Years of Exclusivity on New Drug

Ista Pharmaceuticals Inc., an Irvine drug maker, said Wednesday that the Food and Drug Administration granted it a three-year exclusivity period on a new formulation of its flagship drug.

GM Boosts IPO Size To Reduce Government Stake

General Motors Co raised the common stock portion of its initial public offering by 31% after a surge of investor interest, putting the deal on track to raise as much as $22.7 billion and narrowing U.S. government losses after an unpopular taxpayer-funded bailout.

Target Sees Holidays Boosting Sales to 3-Year High

Target Corp. expects to post its best same-store sales in three years during the upcoming holiday season, sending its shares up as some analysts bet it will outpace larger rival Wal-Mart Stores Inc.

BofA Must Return $500 million Seized Lehman Deposits

Bank of America Corp. was ordered by a U.S. judge to return $500 million of deposits it seized from Lehman Brothers Holdings Inc. shortly after Lehman's record bankruptcy.

Avanir Raising $88M To Market Recently Approved Drug

Aliso Viejo-based drug maker Avanir Pharmaceuticals Inc. is looking to raise $88 million through a stock sale to market a recently approved drug.

Tuesday, November 16

Netlist Slumps on Downgrade, Q3 Results

Shares of Irvine’s Netlist Inc., a maker of specialized memory products for servers, slumped on Tuesday after an analyst downgraded the stock.

Sabra Shares Soar in Public Debut

Shares of Irvine-based real estate investor Sabra Health Care REIT Inc. saw a strong public debut Tuesday.

Kingston Widens Market Share in First Half

Fountain Valley’s Kingston Technology Co., the world’s biggest maker of memory products for computers and consumer electronics, widened its market share lead for its mainstay memory modules during the first half of the year, according to a report from El Segundo-based market tracker iSuppli Corp.

Stocks Retreat on Asian Inflation, Euro Debt Fears

Stocks are tumbling as worries mount about inflation in Asia and a possible bailout for Ireland.

Beatles' Hits Come to Apple's iTunes Store

The legendary pop group's 13 albums can now be downloaded through the world's No. 1 digital music retailer, Apple Inc said.

GM Ups IPO Pricing, Offers More Pref Shares

General Motors has increased the preferred stock on offer by 33% and raised the price for common stock in its landmark IPO, bringing the government closer to break-even on a still-controversial bailout of the top U.S. automaker.

Monday, November 15

Laguna Niguel Chip Startup Symwave Bought by Backer Standard Microsystems

Laguna Niguel-based chip startup Symwave Inc., said on Monday it was acquired by one of its backers, Hauppauge, N.Y.-based Standard Microsystems Corp., for undisclosed terms.

Sun Healthcare, Sabra Complete Split

Irvine-based nursing home operator Sun Healthcare Group Inc. said Monday it has completed its split into two separate publicly traded companies.

Corinthian School in Arizona Removed From Probation, Still Could Lose Accreditation

An Arizona campus of Santa Ana-based vocational school operator Corinthian Colleges Inc. has been taken off probation by an accreditation body but has until March to show why its accreditation shouldn’t be revoked.

Caterpillar Buying Bucyrus in Big Bet on Mining

Heavy equipment maker Caterpillar Inc. set the largest deal in its history, saying it would buy Bucyrus International Inc. for $7.6 billion to expand in mining.

Retail Sales Jump on Autos, Building Materials

Sales at U.S. retailers rose more than expected in October to post their largest gain in seven months, further evidence the economy was regaining strength after hitting a soft patch in the summer.

EU Intervention For Ireland Under Way

Ireland's opposition said it believed Europe had started moves to rescue debt-ridden Dublin and pressure grew for quick action to prevent the crisis from spilling over into other euro zone countries.

Sunday, November 14

Newly Combined Toshiba Division Selects Ad Agency

Surfer Magazine Parent Buys Video Site Operator Grind Networks; Echo Media, Others Hire

Irvine's Toshiba America Information Systems has hired Goodness Mfg. to handle its advertising, in the Media and Marketing column

Church Has Post-Industrial Vision for Old Boeing Space

Fast-Growing Eastside Christian in Sales Agreement for 20 Acres, 2 Buildings in Anaheim

Fullerton's Eastside Christian is looking to make one of the county's largest commercial deals this year with a move to Anaheim.

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Blizzard Signs Lease for Expansion of HQ

TECHNOLOGY: Game maker adds 100,000 square feet of space

Irvine online video game maker Blizzard Entertainment signed a lease for two buildings in the Irvine Spectrum.

Device Maker Plays Key Eye Surgery Role

HEALTHCARE: WaveTec could attract big-name interest

Aliso Viejo medical device maker WaveTec has a product that could catch the interest of some big names in the industry

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Chipmakers Hire on Rebound

TECHNOLOGY: Big boost in demand, 7% rise in local hires

ABOUT THE LIST: The county’s biggest chipmakers have been hiring amid a recovering semiconductor industry. Includes the 2010 OC CHIPMAKERS List for download (pdf)

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OFFICE SPACE

Bargains Spur Office Activity; Retail Tough; Industrial on the Mend

The county's office market is seeing improvement spurred by bargain lease rates

Future Considerations in Mountain Park, Platinum Triangle

Irvine Co. Gets Hot on Sales, Ready With Planning; Anaheim Takes Long View on Density

Newport Beach's Irvine Company has been one of the most successful local residential developers in the past year

All Kinds of Action Helps Perk Up North OC Industrial

$100 Million Worth of Leases, Sales in Recent Months; Institutional Money Seeking Deals

North Orange County's industrial market is enjoying one of its busiest stretches in the past few years

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Educational Software Maker Doubles Space in Irvine

Pimco Hires Exec to Run Commercial Portfolio; Grubb Investment Fund Set to Split Off

A Tustin educational software maker is moving its headquarters to Irvine after signing a lease for more than 50,000 square feet, in the Real Estate column

Elections May Cause Problems For Insurance Industry

Bausch & Lomb Hires in its Surgical Unit; Fullerton Medical Condos Sell For $1.5 Million

The midterm elections could affect health insurance stocks and cause problems for health reform, in the Healthcare column

REAL ESTATE DEALS

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

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Surf City Buffet, Arcade Eyes Parents as Much as Kids

Holiday Preparations Under Way at Malls, Boutiques; Irvine Dealer Shows Off Chevy Volt

A Huntington Beach arcade and all-you-can-eat buffet restaurant is set to open next month, in the Marketplace column

Dianne, Loretta to Hoag’s Rescue; Jerry Lewis Out-Hammed

OC INSIDER Column by Rick Reiff

Universal Electronics Builds Market Share With Buy

Local.com’s New Website Targets Soccer Moms; Tech Coast Hosts Event to Find New Ideas

Universal Electronics in Cypress bought a Chinese remote control and TV maker, in the Technology column

No Party for Young’s on Washington Liquor Initiative

POLITICS: Distributor misses in $1.2M bid to open up sales

A Washington state initiative funded in part by Tustin liquor distributor Young's Market was defeated in the recent elections

Wells Fargo, Solar Installer Team on Homeowner Financing

ENERGY: Effort is first by a big bank; BofA puts toe in water

Wells Fargo has started offering financing for homeowners looking to install solar power systems

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Floating a Loan

Nicholas, Baldwin In Legal Battle Over $21M Loan

OC developer Jim Baldwin and Broadcom cofounder Henry Nicholas are in a legal tussle over a loan deal gone bad

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NEWS OF THE WEEK

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

Old Guys Rule Brand Targets Boomers Abroad for Expansion

APPAREL: Sales in Germany, Spain, South Africa, others eyed

Old Guys Rule in San Clemente targets baby boomers and is growing sales despite a slump in the clothing industry.

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Contract Electronics Employment Steady

TECHNOLOGY: Jobs rise at many; one sends work to China

ABOUT THE LIST: Local employment for contract electronics firms has stabilized in the past year. Includes the 2010 OC CONTRACT ELECTRONICS MAKERS List for download (pdf)

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Brea Wing Restaurant Set To Be Chain’s Largest

DINING: Site includes rooftop bar, 12,300 square feet of space

A franchisee of Buffalo Wild Wings is building the chain’s largest restaurant yet in Brea

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Hsieh’s Back With Home Loans

MORTGAGES: Doing $300M a month; 500 OC jobs

Anthony Hsieh’s online lender is funding more than $300 million of loans a month and shows no sign of slowing down

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Friday, November 12

Microsemi Defies Down Day on Wall Street

Irvine-based Microsemi Corp., a maker of chips for military, aerospace, consumer and industrial uses, saw its shares surge Friday, a day after reporting strong quarterly results and upping its outlook for the current quarter.

Respite for Ireland, Euro After Sharp Selloff

Market pressure on Ireland and other euro zone states eased and the single currency made up ground after Europe reassured bondholders they would not be forced to take a hit in the event of a new bailout in the bloc.

Intel Raising Dividend By 15%

Intel, the big chip maker, said that it will raise its dividend by 15%, providing welcome a note of optimism after network gear maker Cisco Systems Inc. helped drive stocks lower this week with a disappointing sales forecast.

Icahn to Vote "No" on Dynegy Deal, Offers Loan

Billionaire investor Carl Icahn said he would vote against Blackstone Group's proposal to buy Dynegy Inc. and would offer a $2 billion line of credit to the struggling power company.

El Pollo Loco's Sales Slump Eases Some

The parent of Costa Mesa-based El Pollo Loco saw its ongoing slump moderate some in the third quarter but said the slow recovery and high unemployment continue to drag on the Mexican food chain.

Thursday, November 11

Broadcom, Other Local Tech Names Slump Alongside Cisco

Shares of Irvine-based Broadcom Corp. slumped on Thursday, dragged down after San Jose-based networking gear maker Cisco Systems Inc. reported an outlook for the current quarter that fell well below Wall Street’s expectations.

Clean Energy Raising More Than $35M in Stock Offering

Seal Beach’s Clean Energy Fuels Corp. is selling 3 million shares of common stock to raise money to build stations and natural gas plants, as well as for other uses.

Cisco Shares Plummet, Sink Broader Market

Tech bellwether Cisco Systems lost 17% of its market value in frenzied trading, a day after a gloomy revenue outlook left investors jittery, and some brokerages downgraded the stock.

US Homes Lost to Foreclosure Drops 9% in Oct.

The number of U.S. homes repossessed by lenders last month fell by the sharpest margin this year, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly.

Mortgage Rates Fall to Fresh Lows This Week

Rates on fixed mortgages dropped to their lowest levels in decades this week after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth.

Wednesday, November 10

Pimco: $56B in Q3 Deposits, Pushes Up Profits for German Parent

Newport Beach’s Pacific Investment Management Co. continues to attract investors, pushing up profits for parent Allianz SE of Germany.

Western Digital, Seagate Slapped with Patent Suit

Western Digital Corp., the Lake Forest-based maker of disk drives, and its top rival on Thursday got slapped with a lawsuit that alleges the companies infringed on two patents.

Jobless Claims Fall, Trade Gap Narrows

Initial claims for U.S. jobless benefits hit a four-month low last week, while the trade gap narrowed more than expected in September, hopeful signs for an economy that has been stuck in a slow-growth rut.

GM Posts $2 billion Quarter Profit, IPO Next

General Motors Co. posted a $2 billion third-quarter profit, driven by an accelerating turnaround in North America as it rushes to complete an initial public offering of stock set for next week.

Google to Give Staff a 10% Pay Rise

Google Inc. will give its staff a 10% pay increase at the start of next year, according to website Silicon Alley Insider.

Tuesday, November 9

Grubb & Ellis Narrows Quarterly Loss

Santa Ana-based real estate brokerage and investor Grubb & Ellis Co. posted a narrowed third-quarter loss on Tuesday, thanks to an increase in deals.

Construction Company Primoris Moving to Texas

Lake Forest-based construction and engineering company Primoris Services Corp., which saw an acquisition-driven surge in revenue for the recently ended quarter, is moving its headquarters to Texas.

Chevron Enters Marcellus With $3.2 billion Atlas Buy

Chevron Corp. agreed to buy U.S. natural gas producer Atlas Energy for $3.2 billion, excluding debt, becoming the latest energy giant to break into the lucrative Marcellus shale field.

Prices Turn Negative After Wholesale Inventories

The prices of U.S. Treasury securities slipped after data on U.S. wholesale inventories showed a larger than expected jump in inventories for September.

Goldman Fined For Slow Notice of SEC Probes

A U.S. regulator fined Goldman Sachs Group Inc. $650,000 for being too slow to reveal that two employees, including a key figure in a high-profile fraud lawsuit, might face civil charges from the U.S. Securities and Exchange Commission.

Quest Software Picks Up San Diego's BakBone

Aliso Viejo-based Quest Software Corp. said Tuesday it agreed to buy BakBone Software Inc., a San Diego-based maker of data protection software that’s traded on an over-the-counter exchange.

Monday, November 8

Sunstone Selling Shares To Fund Acquisitions

San Clemente-based hotel owner Sunstone Hotel Investors Inc. plans to sell up to 20 million shares of its stock to fund acquisitions.

Paul Frank Characters on Nestle Crunch Bars for Holidays

Costa Mesa-based Paul Frank Industries has entered into a deal to feature two of the cartoon characters that adorn its clothes and accessories on packaging for Nestle Crunch bars.

Little Saigon's First Vietnamese American Bank Acquired by L.A.-Based Bank

Westminster’s First Vietnamese American Bank has been closed by regulators and sold to a Los Angeles bank holding company.

Obama Returns Fire After China Slams Fed's Move

President Barack Obama defended the Federal Reserve's policy of printing dollars after China and Russia stepped up criticism ahead of this week's Group of 20 meeting.

Amazon.com to Buy Owner of Diapers.com, Others

Amazon.com said it plans to acquire the owner of online shopping sites Diapers.com and Soap.com for $500 million.

Chrysler Narrows Net Loss, Boosts 2010 Outlook

Chrysler Group LLC posted a narrower quarterly loss and said it was on track to be profitable in 2010 after financing costs, helped by a rebound in sales.

Sunday, November 7

RiechesBaird to Take Hoag Brand Beyond the Bluffs

Hill & Knowlton on Solid Ground With Mazda; Boost Mobile Steps Up UFC Sponsorships

Newport Beach’s Hoag Memorial Hospital Presbyterian hired RiechesBaird in Irvine to launch a branding campaign, in the Media and Marketing column

Banks See Some Asset Growth, Lessened Loss; Half Profitable

FINANCE: Banks based here deal with loans, capital issues

ABOUT THE LIST: The county’s largest banks saw improving assets in the past year and are working to shore up their balance sheets. Includes the 2010 OC COMMERCIAL BANKS List for download (pdf)

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AROUND THE COUNTY

Screen Printer Relocates; Lyon Starts on Condos

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

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From Bailouts to Buyouts

Bankers See FDIC-Brokered Deals Giving Way to Market-Driven Acquisitions

OC bankers expect the days of FDIC fire sales to give way to market-driven acquisitions.

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Bank Check

Bankers: Worst of Crisis Has Passed, Real Estate, Regulatory Issues Linger

The Business Journal queried a handful of local bankers to get their thoughts on where banks stand now.

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Big Bank Marketing

With similar offerings in a competitive market, Bank of America, Wells Fargo, Chase and others turn to advertising to sell customers on services and convenience

Big banks in Orange County rely on marketing campaigns to stand out.

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Similar Story: L.A. Banks Moving Past Losses, Bad Loans

FINANCE: Results from latest quarter are good; true recovery?

Orange County bankers can take comfort in knowing they’re not alone.

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Acquisition Drives Credit Union Assets as Lending Stays Soft

FINANCE: NuVision deal is driver; SchoolsFirst dominates

ABOUT THE LIST: Local credit unions continue to see an increase in assets even as lending remains soft. Includes the 2010 OC CREDIT UNIONS List for download (pdf)

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Home Furnishings Mall Seeks High-End With New Cluster

New Owner Spends $5 Million on Makeover; Upscale Tenants Join Rush for Holiday Sales

Costa Mesa’s South Coast Collection retail center is revamping its image with a fresh look and new tenants

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Broadcom Ready to Ride Apple Tablets to Sales Gains

Seagate Deal Could Ease Drive Price Wars for Western Digital; Dressler, SRS Adds Advisers

Irvine’s Broadcom stands to benefit from an increase in sales of tablet PCs, in the Technology column

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Knott Family Sells Placentia Building

REAL ESTATE: Sale is latest in string of area industrial deals

The Knott Family sold a Placentia building that long served as a production facility for Knott’s Berry Farm jams and preserves

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REVIEW - Becky Shaw

“Becky Shaw,” South Coast Repertory Theater through Nov. 21

No-Cost Stimulus: Reward Virtue With Mortgage Refis

VIEWPOINT

Real estate investor John Saunders proposes a radical idea that he argues could stimulate the stagnant economy, in a Viewpoint

REAL ESTATE WATCH: Low-Rise Office Space

South County Leads Uptick in Deals, Net Absorption Gain; Asking Rates Still Falling

The county’s low-rise office market saw improvement in the third quarter, in Real Estate Watch

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REAL ESTATE DEALS

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

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More Maguire Fallout: 2600 Michelson on the Market

KBS to Pay $115M for Office Tower in Louisville; Colliers Picks Up Grubb & Ellis Team

Irvine’s 2600 Michelson office tower is officially on the sales block, in the Real Estate column

Herbert Makes Another Gift to Namesake Eye Institute

Alliance HealthCare Sees Tough Q3; Anaheim General Hospital Regains Medicare Eligibility

Gavin Herbert has made another sizeable donation to UC Irvine’s proposed Gavin Herbert Eye Institute, in the Healthcare column

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GIVING

Fundraisers and charitable donations from companies and people

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Matchmaker Ramps Up Services for Nonprofits and Business

NONPROFITS: OneOC earns most of $13M budget with fees

OneOC matches OC companies with charity work and also offers consulting and accounting services to nonprofits

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NEWS OF THE WEEK

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

Broadcom Taps Pundit As Political Point Man; Election Notes

OC INSIDER Column by Rick Reiff

Beckman Focus Shifts to Keeping Customers

HEALTHCARE: Q3 results are solid, analysts await Q4, 2011

Brea’s Beckman Coulter saw solid third-quarter results and now is shifting its focus to keeping its customers

Asia-Pacific Acquisitions Bright Spot for Ingram

TECHNOLOGY: Region sets revenue mark, trends favorable

Ingram Micro is seeing healthy sales gains at its operations in Asia

QLogic Stepping Beyond Desai Era With New CEO

TECHNOLOGY: CFO moves up, Desai stays as executive chairman

Aliso Viejo’s QLogic is set to get a new chief executive but insists that H.K. Desai will make a slow exit

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Allergan Plans To Train Doctors, Sell Insurers on Botox for Migraines

HEALTHCARE: Analysts see new use doubling sales for flagship drug

Allergan is making plans after getting approval for its Botox to treat migraines

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O’Donnell Group Back as Buyer

REAL ESTATE: REIT aims for $1B; targets U.S. distribution hubs

O’Donnell Group in Newport Beach is looking to raise $1 billion to buy industrial buildings

Dog Days

Wienerschitzel Hopes for Happy Birthday After Expansion in Inland Empire Stumbles

Irvine’s Weinerschnitzel has big plans for its 50th anniversary after struggling last year with its expansion in the Inland Empire

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Friday, November 5

Universal Electronics Soars on Acquisition

Shares of Cypress-based Universal Electronics Inc., a maker of universal remote controls and related wireless devices, soared Friday, as investors cheered a recent acquisition.

Sun Healthcare Sets Date for Real Estate Spinoff

Sun Healthcare Group Inc., an Irvine nursing home operator, said Friday it’s set a date for the spinoff of its real estate into a new investment company.

William Lyon Homes Posts $8M Quarterly Loss

Newport Beach-based William Lyon Homes Inc. said on Friday it posted an $8 million loss in the third quarter, an improvement from a year earlier but a $3.5 million increase from the prior quarter’s loss.

Jump In Hiring Lifts Spirits on Economy

U.S. employment jumped by much more than expected last month as private companies hired workers at the fastest pace since April, a sign the sluggish economy is finally starting to tick up.

AIG Loses More Than $2 Billion After Asset Sales

American International Group Inc. posted slight gains in its main insurance businesses for the third quarter, but the bailed-out company lost more than $2 billion from asset sales linked to its restructuring.

BP Gains, Traders Cite Exxon Bid Talk

Shares in BP PLC gained on Friday, with traders citing talk that Exxon Mobil was considering a bid for the oil company.

Thursday, November 4

Private Equity Firm Buys Majority Stake in Smile Brands

Smile Brands Group Inc., an Irvine dental services company that withdrew plans for a public offering earlier this year, is getting a new majority owner.

Multi-Fineline Slumps on Sales Outlook

Shares of Anaheim’s Multi-Fineline Electronix Inc., a maker of flexible printed circuit boards for cell phones and other mobile devices, slumped after the company gave an outlook for the current quarter that fell short of Wall Street’s revenue projections.

Sunstone Hotel Reports Improved Q3, Cautions on Q4 Profit

San Clemente-based hotel owner Sunstone Hotel Investors Inc. reported improved third-quarter results but warned of a shortfall in a key profit measure for the current quarter.

Wall Street Jumps on Risk Appetite After Fed Stimulus

U.S. stocks rose sharply as more monetary stimulus from the U.S. Federal Reserve aimed at helping the ailing economy fueled investor risk appetite.

October Retail Sales Signal Momentum For Holidays

U.S. retailers from discounter Target Corp. to teen apparel chain Zumiez Inc. reported October same-store sales above Wall Street expectations, helped by unique merchandise and cheap prices.

Canada Blocks BHP's Potash Bid And Stuns Investors

Canada blocked BHP Billiton's $39 billion bid for Potash Corp. and left little room for a modified offer, throwing the spotlight on how the world's largest miner can find new avenues for growth.

Retailer Wet Seal Ups Profit Forecast on Strong October Finish

Foothill Ranch-based mall retailer Wet Seal Inc. reported a decline in October sales that was better than what analysts expected and said it sees profits for the recently ended quarter to come in higher than earlier forecast.

Wednesday, November 3

Claim Jumper Obtains Court Approval for Sale

Irvine-based Claim Jumper Restaurants LLC on Wednesday obtained bankruptcy court approval for its sale to Houston-based Landry's Restaurants Inc.

Fed Takes Bold, Risky Step to Bolster Economy

The Federal Reserve launched a controversial new policy, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling economy.

Private Sector October Job Growth Beats Expectations

U.S. companies added to payrolls more than expected in October, slightly boosting optimism about the job market ahead of Friday's government employment report.

Apparel Trade Show ASR Shuts Down

San Juan Capistrano–based Nielsen Expositions has shut down its biannual Action Sports Retailer Trade Expo, which served as a major marketing event for local makers of clothes inspired by surfing, skateboarding and snowboarding.

MGM Studio Files Bankruptcy, Eyes Lender Takeover

Metro-Goldwyn-Mayer Studios Inc., one of Hollywood's most storied film studios, filed for bankruptcy protection after struggling for years to reduce its debt load.

Russia Rival Emerges For Potash, BHP Decision Looms

Russian fertilizer group Phosagro wants Russian firms to buy a stake in Potash Corp. in an attempt to scupper BHP Billiton's $39 billion offer awaiting a crucial ruling from the Canadian government.

Sanchez, Other Incumbents Buck National Election Trend

Orange County joined the rest of California in re-electing incumbents and bucking a wave of change that took place across the nation in Tuesday’s voting.

Tuesday, November 2

STEC's Profit Outlook, Results Top Expectations

Shares of Santa Ana’s STEC Inc., a maker of flash memory drives for corporate data centers, on jumped on Tuesday after the company gave a profit outlook for the current quarter that trounced what Wall Street analysts had been expecting.

Masimo’s Q3 Profit Beats Estimates

Masimo Corp., an Irvine-based maker of patient monitoring devices, on Tuesday posted a third-quarter profit that surpassed Wall Street estimates on revenue that was in line with expectations.

Automakers See October Gains

Fountain Valley-based Hyundai Motor America led a gain in sales for automakers with operations here in October.

Stocks Rise Before Elections, Fed Meeting

Stocks are climbing in midday trading as investors await the results of midterm elections that are expected to give Republicans at least partial control of Congress.

Oracle to Buy Retail Software Company ATG

Oracle Corp. said it will buy Art Technology Group Inc. for $1 billion, to bolster its e-commerce software applications.

Pfizer Sales Lag, Hurt by Dollar And Generic Lipitor

Pfizer Inc. reported sales far below Wall Street forecasts, hurt by a stronger dollar, generic competition internationally for cholesterol drug Lipitor and weak revenue in emerging markets.

Corinthian Warns of Profit, Student Enrollment Shortfall

Santa Ana-based vocational school operator Corinthian Colleges Inc., which is wrestling with the threat of potentially crippling regulation, warned of a big profit shortfall and drop in student enrollment for the current quarter.

Monday, November 1

Chipmaker Mindspeed Sees Falling Sales

Newport Beach-based chipmaker Mindspeed Technologies Inc. on Monday gave a revenue outlook for the current quarter that fell below Wall Street expectations.

Lantronix Aims to Avoid Board Fight; Sway Shareholders

Irvine-based Lantronix Inc., which faces a challenge by its founder and longtime board member, on Monday urged shareholders to back its candidates in an upcoming board election.

Ambac Says May Go Bankrupt This Year

Ambac Financial Group Inc., which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection this year after missing an interest payment on some debt.

Exco Gets Management-Led Buyout Offer Worth $4.36B

The CEO of Exco Resources Inc., possibly backed by shareholders including oilman T. Boone Pickens, has offered to buy the gas-focused explorer for about $4.36 billion, in a big bet on natural gas at a time when prices are falling.

AIG Raises Enough to Pay Off NY Fed Credit Line

Bailed-out insurer American International Group Inc. raised $27.71 billion cash in 10 days with the initial public offering of its Asian life business AIA and the sale of its global life unit American Life Insurance Co., enough to repay a credit facility from the Federal Reserve Bank of New York.

Allergan’s Profit Meets Expectations; Boosts 2010 Outlook

Irvine drug maker Allergan Inc. on Monday posted a third-quarter profit in line with Wall Street expectations and upped its outlook for all of 2010.