Stories for January 2011
Monday, January 31
Wells Fargo & Co. said Monday it will cut 145 employees from its wholesale lending division in Orange County.
ICU Medical Inc., a San Clemente medical device maker, on Monday reported fourth-quarter results that surpassed Wall Street’s expectations, sending its shares soaring in afterhours trading.
Shares of Irvine medical device maker Masimo Corp. rose Monday after it said it extended a royalty deal with a longtime rival.
Intel Corp. found a defect in one of its chips, hurting its credibility at a time when demand for microprocessors in personal computers is being threatened.
Exxon Mobil Corp. reported a better-than-expected 53% increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar.
A measure of factory activity in the U.S. Midwest rose to a 22 1/2 year high in January on strong orders and employment prospects, bolstering hopes the economy would stay on a solid growth path this year.
Allergan Inc., the Irvine-based maker of Botox and other drugs, said Monday it would spend $60 million to buy co-promotion rights for a migraine headache drug from a Bay Area drug maker.
Sunday, January 30
Venture Valued at $1.2B, Panattoni Buildings in Mix
Panattoni is teaming up with a local pension fund, in Real Estate
Healthcare Reform an Issue for It, Other Insurers
UnitedHealth Group posted solid profits, in Healthcare
APPAREL: Business continues for Draper’s at stores, catalogs
Draper’s & Damon’s has filed for bankruptcy
Hospital, Healthcare Executives, Docs Lead ‘Empathetic’ Team
CORNER OFFICES: A look at the culture of Children’s Hospital of Orange County
THE LIST: Oakley, Blizzard rule; 560 new jobs in past year
ABOUT THE LIST: The county’s largest foreign-owned companies saw an uptick in hiring. Includes the 2011 OC's FOREIGN-OWNED COs List for download (pdf)
The Orange County retail market enters 2011 on the back of a strong holiday shopping season that topped off the fourth quarter of 2010.
FINANCE: Kashkari was key TARP player; $2B in first fund
A look at Pimco’s stocks guy
The Orange County industrial market remained on a healthy track through 2010, with approximately 13.1 million square feet of gross leasing and sale activity compared to 8 million square feet in 2009.
The fourth quarter offered indications that the Orange County office market is in the early stages of recovery just a year after being branded as one of the hardest-hit areas of the nation.
HCP Inc. in Long Beach biggest player in U.S. on year-end flurry of deals
The senior housing market is proving not just attractive to developers but to real estate investment trusts, now on a hot streak after weathering the recession.
Account for bulk of leases; sales picking up as tenants look to catch bargain prices
Big deals are blossoming in Orange County’s commercial real estate sector. But the local market’s bread and butter deals—small and mid-sized sales and leases—also are starting to see an uptick.
LEASING: Fitness centers fill voids left by Linens ‘n Things, Mervyns, other former retailers
The local fitness industry has created a new workout routine: pumping up empty shopping centers.
GOVERNMENT: Brown wants elimination of 400 in state; cities, some developers tout their value
City officials across the state are up in arms over Governor Jerry Brown’s plan to do away with several hundred local redevelopment agencies as a way to help balance the state’s beleaguered budget.
Ceradyne Offsets Defense With Solar, Other Units
Ceradyne is shifting away from body armor
Healthcare Marketing Shop Handling Cataract Division
LehmanMillet recently won four accounts, in Media and Marketing
Already Has Dublin Site, Joins Other OC Companies
Quest Software is expanding in Ireland, in Technology
HEALTHCARE: Specialties seen drawing “well-insured”
UCI Medical Center is looking to up its number of insured patients
REGULATION: Local brands, trade group eye potential fallout
A proposed law could hurt apparel makers and retailers
HEALTHCARE: CalOptima set to expand with health reform
CalOptima is expanding with a building buy in Orange
The growing Irvine office of Gordon & Rees started a life sciences practice
TECHNOLOGY: 250 people at tech center, stores, acquisition
Microsoft is planning a second store here
REAL ESTATE: Prices down 40% or more from 2006’s peak
The county’s upscale homes are seeing more price cuts
APPAREL: Company takes former Silver Star headquarters
Obey Clothing is moving to Irvine in an expansion
Friday, January 28
Quality Systems Inc., an Irvine healthcare software maker, on Friday reported results for its most recent quarter that surpassed analysts’ projections.
A private equity bidder for Brea-based Beckman Coulter Inc. has dropped out of a joint offer for the company, according to Bloomberg.
Ford Motor Co.'s fourth-quarter earnings fell far short of Wall Street expectations on higher costs to launch new vehicles like the Explorer, increasing commodity prices and an unexpected loss in Europe, sending its shares down 11.5%.
U.S. grain prices should stay unrelentingly high this year, according to a Reuters poll, the latest sign that the era of cheap food has come to an end.
Sales of Microsoft Corp.'s Windows software fell short of outsized expectations, rekindling fears that the spread of mobile gadgets will erode its main PC-focused business.
Thursday, January 27
Members of the OC Fair Board Thursday rejected former Gov. Arnold Schwarzenegger’s plan to sell the fairgrounds in Costa Mesa, defying the person who appointed them and further complicating the battle over the future of the 150-acre site.
Shares of Aliso Viejo’s QLogic Corp., a maker of electronics for data storage networks, rose Thursday after the company’s December quarter profits trounced Wall Street’s expectations.
Shares of Irvine-based chipmaker Microsemi Corp. rose Thursday after the company gave an outlook for the current quarter that was in line with Wall Street’s expectations.
Sales at Orange County auto dealers continued their recovery with a 24% rise in December to 10,830 autos sold.
Standard & Poor's cut Japan's credit rating for the first time since 2002, saying Tokyo lacked a plan to deal with its mounting debt, in a warning that will rattle other heavily indebted rich nations.
Slimmed-down work forces helped drive better-than-expected quarterly results from U.S. manufacturers, though some investors worried that persistently high unemployment threatens the recovery.
General Motors Co. has withdrawn its application for $14 billion in subsidized loans from the U.S. Department of Energy, saying it has the financial strength to fund investment in more fuel-efficient and electric vehicles on its own.
Wednesday, January 26
Financial blogs, Twitter accounts and websites are a buzz following the jab BlackRock Inc. Chief Executive Larry Fink took at Pacific Investment Management Co.’s Mohamed El-Erian and his economic outlook on the recovery.
Amerita Inc., an Irvine company that provides intravenous drugs to patients in their homes, said Wednesday that it bought an infusion business in San Antonio for undisclosed terms.
Intel's acquisition of data security firm McAfee Inc. cleared its last major hurdle after EU regulators approved the $7.68 billion deal on the condition that Intel grant rival firms access to its technology.
The Australian parent company of Irvine-based clothing maker Billabong USA could be a possible takeover target, according to an analyst.
The Dow Jones Industrial Average hit the 12,000 level for the first time since June 2008.
New single-family home sales raced to their highest level in eight months in December while prices were the highest since April 2008, raising cautious optimism for a housing market recovery.
Boeing Co. offered a weaker-than-expected 2011 earnings outlook as higher pension costs exacerbated the impact of potential defense spending cuts and delays to the 787 Dreamliner, sending its shares down 3.5%.
Tuesday, January 25
Costa Mesa’s Westar Capital LLC, a private equity firm funded by businessman George Argyros, has sold one of its portfolio companies to the Chicago private equity firm Wind Point Partners.
Newport Beach-based Acacia Research Corp. said Tuesday it moved its patent licensing unit to Texas. The unit, dubbed Acacia Research Group LLC, has relocated its corporate headquarters to Frisco, Texas.
U.S. consumer confidence improved more than expected in January to its highest level in eight months, underscoring the brightening economic outlook, even though the housing market remains on shaky ground.
Verizon Communications added far more wireless subscribers than expected in the fourth quarter, dispelling any worries that customers would put off signing up until the company's Verizon Wireless venture begins selling Apple Inc.'s iPhone next month.
U.S. single-family home prices fell for a fifth straight month in November and could plumb to new lows soon, a closely watched survey showed.
Monday, January 24
Newport Beach-based Mindspeed Technologies Inc., a maker of networking chips, on Monday reported an outlook for the current quarter that’s in line with Wall Street’s expectations.
Intel Corp. raised its dividend by 1% and authorized another $10 billion in its share buyback program after posting solid results earlier this month
McDonald's Corp. said it would selectively increase menu prices this year to help offset an expected rise in its own grocery bill for the 10 commodities that account for around 75% of its food preparation costs.
Activist investor William Ackman will join the board of J.C. Penney Co. next month, heading off a potentially ugly fight over the direction of the department store operator's turnaround.
Fountain Valley’s Kingston Technology Co., the top maker of memory products for computers, is said to be making an investment in Tawainese chipmaker JMicron Technology Corp., according to reports.
Sunday, January 23
Bay Area Firms Get Work; Changes for Menus, Decor
Chevy’s Fresh Mex hired a marketing team, in Media & Marketing
Shah Does Books, Streamlines Onetime Maker of Amps for Zeppelin, Cream
Profile, CFO of the Year, Rising Star award - Jatan Shah, QSC Audio Products LLC
Inland Empire Deals Most Since 2006
The Inland Empire’s real estate markets are recovering, in Real Estate Watch
Leading lawyers talk about weathering the recession— and what the moves will mean as the economy recovers
Q&A: Leading lawyers on how their firms got through the recession
Irvine-based chipmaker Broadcom Corp. is the most prodigious patent generator in Orange County, claiming about a third of the 2,372 issued here last year.
Obama administration aims to cut process time by half
Faster pace on patents spur IP work
Campus interviews lead to summer spots for most
UCI's first class gets jump on summer associate positions
General counsels, firms forged new relationships as by-product of recession
Alternative fees show staying power
You Know Things Are Getting Better When Real Estate Heats Up
Orange County law firms bumped around the bottom of the downturn in 2010, looking for a recovery that never fully materialized.
Editorials, letters, columns and other opinions.
Real estate investor John Saunders proposes a way out of mortgage debt
More Buying Planned, Two Local Centers Eyed
District at Tustin Legacy’s developer bought two more retail centers, in Real Estate
Federal Program for Poor Third of Sales for Locals
A nursing home trade group says Medicaid patients are underfunded, in Healthcare
True Food for Dogs Even Delivers to Coastal Cities
Newport Beach’s True Food For Dogs looks to grow, in Marketplace
Settlement With CSR Ends Five-Year Case on Patent
Broadcom settled a lawsuit over GPS chips, in Technology
Schiller’s Fixed CHOC’s Finance, Pushed Tower Project Ahead
Profile, CFO of the Year, Not-for-Profit award - Kerri Ruppert Schiller, Children’s Hospital of Orange County
Profile, CFO of the Year, Public Company award - Bret Johnsen, Mindspeed Technologies Inc.
Venue Naming Rights up for Grabs, Promotion To Target Younger Crowds
The Segerstrom Center for the Arts is revamping its lineup and fundraisers
MANUFACTURING: Buyout doubles Huntington Beach space
InterTrade Industries in Huntington Beach is looking to expand after an acquisition
HEALTHCARE: Anxious to “go on offense”; talk of sale
Beckman Coulter expects to have a heart test back for sale soon
HEALTHCARE: $500M in sales by 2015; buyout target?
Ista Pharmaceuticals aims to hit $500 million in yearly sales by 2015
FINANCE: Move designed to spur sales by freeing up execs
Pacific Life is reworking its support network for sales offices
TECHNOLOGY: Scanner unit has seen slipping sales; frees up focus for software
Kofax is selling its scanner business
AUTO: Luxury hybrid automaker expanding, moving from Irvine
Luxury hybrid automaker Fisker is moving to Anaheim
APPAREL: Company sheds space, but deal signals comeback
Quiksilver is staying put in Huntington Beach
Piszel Got Approvals, Financing for Debut
Profile, CFO of the Year, Lifetime Achievement award - Anthony Piszel, CoreLogic Inc.
FINANCE: Long tenure at life insurer for Vietnamese refugee
Profile, CFO of the Year, Private Company award - Khanh Tran, Pacific Life Insurance Co
REAL ESTATE: Moving from L.A. County; market grows tight
Panasonic is moving its distribution back to Orange County
Reversal from recession; most based here post gains
ABOUT THE LIST: Employment up at local firms. Includes the 2011 OC's LARGEST LAW FIRMS List for download (pdf)
Friday, January 21
The county’s unemployment rate in December dropped below 9% for the first time since May 2009, as seasonal hiring for the holidays took hold and some job seekers dropped out of the market.
Ensign Group Inc. of Mission Viejo said Friday that it bought a continuing care retirement center in Salt Lake City for an undisclosed price.
Bank of America Corp., the largest U.S. bank, reported a second straight quarterly loss after writing down the value of its limping mortgage business.
Stocks gained on Friday as General Electric Co.'s earnings bolstered views the recovery was gaining traction and helped set the market back on its up trend after two days of declines.
Shares of Warner Music Group surged nearly 23% on Friday on news that the world's No. 3 music company is up for sale.
Thursday, January 20
Shares of Irvine-based dental laser device maker Biolase Technology Inc. soared Thursday after it said its 2011 revenue would be higher than expected and that it would post a profit after four quarters of losses.
Shares of Costa Mesa-based Emulex Corp., a maker of electronics for data storage networks, slumped on Thursday after the company gave a tepid outlook for the current quarter.
Principals of Ferrari and Maserati of Newport Beach and Lamborghini Newport Beach plan to open McLaren Newport Beach on Pacific Coast Highway in the summer.
U.S. home resales jumped more than expected in December despite bad weather as sellers cut prices while jobless claims fell sharply last week, offering some hope for the economy's two key trouble spots.
Morgan Stanley posted stronger-than-expected quarterly revenue and retail brokerage profit jumped, validating the bank's strategy of reducing its reliance on the investment banking businesses that have suffered across Wall Street.
A committee of Hewlett Packard directors will investigate former chief executive Mark Hurd's departure from the company amid sexual harassment allegations last year, according to a recent court filing.
Aliso Viejo-based Quest Software Inc., a maker of business software, said Thursday it’s set to expand its operations in Ireland.
Wednesday, January 19
A key shareholder in Irvine-based Freedom Communications Inc. is considering an acquisition or combination involving the Orange County Register and the Los Angeles Daily News.
The chief financial officer who helped foster the biggest debut of a public company here in years was honored Tuesday along with four other financial executives.
The United States and China reached agreement on export deals worth $45 billion, a senior U.S. official said at the formal start of Chinese President Hu Jintao's state visit.
Goldman Sachs Group Inc. posted a 53% decline in fourth-quarter profit as trading revenue tumbled, dashing hopes that the Wall Street bank had bucked a tough market climate that hurt its rivals.
Apple Inc. landed blockbuster results and a strong outlook on dazzling sales of the iPhone and iPad, reassuring investors that visionary CEO Steve Jobs' medical leave will have no impact on growth.
Costa Mesa-based Ceradyne Inc., a maker of bulletproof vests and other products, opened a 218,000-square-foot factory in China to produce ceramics for use in solar power cells.
Tuesday, January 18
Shares of Irvine’s Western Digital Corp., a maker of disk drives for computers, servers and consumer electronics, rose on Tuesday after the company reported results for the December quarter that bested Wall Street’s expectations.
The median price paid for an Orange County home was $410,000 at the end of 2010, a 5.7% decline from a year ago, according to San Diego-based MDA DataQuick.
Costa Mesa-based Mexican food chain El Pollo Loco Inc. promoted Steve Sather to chief executive.
A sharp drop in bond trading revenue pushed Citigroup Inc. fourth-quarter profit far below expectations, highlighting Chief Executive Vikram Pandit's challenges in fully reviving the bank.
Goldman Sachs said it will limit its private placement of shares of social networking site Facebook to investors outside the United States, citing "intense media coverage."
U.S. federal regulators could approve Comcast Corp.'s purchase of NBC Universal as early as Tuesday, a person familiar with matter said.
Newport Beach-based Pacific Investment Management Co. is taking over the selling of its mutual funds from its German parent as the investment manager expands from bonds into stocks.
Monday, January 17
Robert Grant, chief executive of the Aliso Viejo-based global surgical business of Bausch & Lomb Inc., is the new chairman of Octane, a booster group that supports Orange County medical and technology startups.
Irvine’s Kofax PLC, a maker of software that helps businesses cut down on paper and data entry, said Monday it’s shedding its European division that distributes scanners and servers in a private equity buyout valued at about $23 million.
Apple Inc. Chief Executive Steve Jobs is taking medical leave for the second time in as many years, sending its shares tumbling close to 10% as the unexpected news revived concerns over the long-term future of the iPhone- and iPad-maker.
South African retailer Massmart Holdings Ltd.'s shareholders have accepted a takeover by U.S. group Wal-Mart Stores Inc., setting up the world's largest retailer for a potential battle with local unions.
Investors and analysts gave a cautious welcome to BP's share swap and Arctic exploration deal with Russia's Rosneft, saying that any return is likely a long way off.
Israeli drug maker Teva Pharmaceutical Industries Ltd. said Monday it is cutting 200 jobs at its Irvine operation.
Sunday, January 16
Musical instrument makers and sellers from all over the world gathered to see the latest instruments and other products on display at the National Association of Music Merchants’ annual show.
TECHNOLOGY: set to run unit, products, engineering for parent
Conexant’s Sailesh Chittipeddi will play a big role after the chipmaker is bought
TECHNOLOGY: combined PC, TV units want to link “screens”
Toshiba hopes its combined PC and TV units will connect with consumers
REAL ESTATE: White knight backer; work may start in late ’11
Emile Haddad is moving ahead with the Great Park
AUTO: Krystal Koach set to be part of China’s Thunder Sky
A Hong Kong investor plans to buy limo maker Krystal Koach
REAL ESTATE: device maker said to have paid $21.3 million
Applied Medical added a 125,000-square-foot building in South County
SPORTS: Minor league team faces challenge landing fans
The L.A. Blues soccer team signed a three-year deal to play at Cal State Fullerton
HEALTHCARE: $243 million more in deals due at Nationwide
Nationwide Health Properties is on a buying spree
MANUFACTURING: Expects to keep some office staff here
Refrigeration company HTPG is moving from Brea to Alabama
MAIL: Move aimed at cutting costs, faces some opposition
The Postal Service might shift operations from Industry to Santa Ana
Box sends media from PCs to TVs; social media apps
D-Link Systems is seeing growing sales for its Boxee Box, in Technology
Company works with new agency, seeks online buzz
Quiksilver is pushing a women’s clothing line, in Media & Marketing
Valve led 75% stock surge “captured hearts and minds”
Edwards Lifesciences got a nod from an analyst, in Healthcare
AVIATION: In-flight unit now has six buildings, 350,000 sq. ft.
Panasonic Avionics has renewed and expanded a Lake Forest lease
Deals are up in the Mid-Counties market, in Real Estate Watch
First Centurion Texas buy; firm planning more deals
Centurion Partners bought a hotel in Texas, in Real Estate
From Deep Discounts to Four Kinds of Macaroni
The Pelican Hill Resort had some awfully tough timing when it opened its doors in November 2008.
Doubles space at Marriott; producer sees more growth
One of the West Coast’s largest trade shows for the action sports and street-inspired apparel industry is all grown up and calling Anaheim home.
Baseball’s All-Star Game, Amway Event Lifted 2010, Spurring Tough Comparison
Things are looking up this year for the Anaheim Convention Center.
The nearly nine million visitors who fly in and out of Orange County each year will have the chance to sample more fare from locally based restaurants.
Occupancy gains expected, rates seen moving up some
ABOUT THE LIST - The area’s 50 largest hotels reported a 1% increase in meeting space, relatively unchanged from last year. Includes the 2011 OC's LARGEST HOTEL MEETING ROOMS List for download (pdf)
Al Baldwin, Sons Building in Lake Forest, San Diego
Developer Al Baldwin is turning his real estate empire over to his sons
FINANCE: Okapi funds Irvine startup, planning second fund
Okapi Venture Capital is looking for a deal to close out its inaugural $30 million fund
ENERGY: Company has 14 stations now, seeks 100-plus
Startup 808 Renewable Energy eyes power plants at offices and factories
Friday, January 14
Verengo Solar Plus of Orange, an installer of solar panels, has received a $9.7 million investment from Angeleno Group LLC, a Los Angeles-based private equity firm that targets alternative energy companies.
There’s chatter that Irvine-based chipmaker Broadcom Corp. could be looking to buy Taiwan’s Ralink Technology Corp.
JPMorgan Chase & Co. reported a 47% increase in quarterly earnings, and said loan demand and trading profit could grow this year, boosting investor optimism that revenue for major banks will recover.
Sales at U.S. retailers rose slightly less than expected in December, while underlying inflation remained tame, suggesting the recovery was strengthening modestly with little price pressure building.
Intel Corp.'s strong quarterly report failed to lift its shares, as some investors, remembering the company's reversal of a bullish outlook a year ago, questioned its forecast.
Shares of Santa Ana-based Corinthian Colleges Inc. rose Friday after an analyst expressed confidence that returning Chief Executive Jack Massimino could turn around the struggling vocational school operator.
Nationwide Health Properties Inc., a Newport Beach owner and investor in healthcare real estate, has bought six nursing home buildings in New York state for $100 million, according to the Buffalo News.
Thursday, January 13
Aliso Viejo-based hotel investor Sunstone Hotel Investors Inc. is buying the rest of a Times Square hotel it owns part of and plans to spend $1 billion buying other hotels this year.
Shares of Santa Ana’s TTM Technologies Inc., a maker of printed circuit boards, soared on Thursday after the company boosted its outlook for the fourth quarter.
U.S. jobless claims jumped unexpectedly last week to their highest level since October, suggesting the labor market is still in a rut despite signs of improvement in the economy.
The euro zone faces short-term price pressures which could linger, the European Central Bank said, showing it could raise interest rates to contain inflation even while the bloc is gripped by a debt crisis.
AT&T Inc. forecast a $2.7 billion non-cash charge in the fourth quarter due to a pension related accounting change aimed at making its numbers more transparent for investors to understand.
Sports radio and websites are buzzing with speculation that a full-court press is on to try and bring basketball’s Sacramento Kings to Honda Center in Anaheim.
Wednesday, January 12
Costa Mesa’s Orange County Performing Arts Center is being renamed the Segerstrom Center for the Arts.
China's yuan currency remains "substantially undervalued" and it is in Beijing's own interest to let it appreciate more rapidly to ward off inflation risks, Treasury Secretary Timothy Geithner said.
American International Group Inc. accepted a $2.16 billion cash offer for its Taiwan Nan Shan Life unit from a group led by Taiwanese conglomerate Ruentex, marking the beginning of the end of a drawn-out process fraught with political wrangling.
Aliso Viejo-based QLogic Corp., a maker of electronics that speed up the flow of data on corporate storage networks, on Wednesday boosted its profit outlook and narrowed its sales outlook for the December quarter.
U.S. manufacturer ITT Corp. plans to split itself into three companies that it says will be better able to react to changing market demands such as U.S. defense budget cuts.
Irvine drug maker Allergan Inc. is suing a unit of Switzerland's Novartis AG over patent infringement of a urology drug, according to a Bloomberg report.
Tuesday, January 11
Santa Ana-based CoreLogic Inc., a provider of data to real estate and mortgage companies, has agreed to buy the 60% stake in an Australian property information company it doesn’t already own for about $190 million.
Foothill Ranch-based mall retailer Wet Seal Inc. on Tuesday appointed a former American Eagle Outfitters Inc. executive to lead the company.
Verizon Wireless plans to sell Apple Inc.'s iPhone for as low as $200 starting next month, putting the smartphone at the center of its high-stakes battle with AT&T Inc. for wireless customers.
Japan promised to buy euro zone bonds this month in a show of support for Europe's struggle with a seething debt crisis.
Shares of Aliso Viejo’s Smith Micro Software Inc., a maker of software for cell phones and for connecting mobile devices to wireless networks, rose Tuesday after the company narrowed its outlook for the fourth quarter in line with Wall Street’s expectations.
The holiday shopping season still delivered a few surprises, both naughty and nice, showing that the U.S. economic recovery is not strong enough to lift all retailers.
Irvine-based heart valve maker Edwards Lifesciences Corp. could use its $360 million in cash for buying other companies and doesn’t plan on becoming an acquisition itself, Chief Executive Michael Mussallem said at an investor conference.
Monday, January 10
We're in the final days of soliciting employers to take part in our selection process for our annual Best Places to Work list.
Irvine-based Lost Enterprises will resume design and production of its apparel lines, which are currently handled by La Jolla Group Inc., a marketer of various action-sports clothing brands under licensing agreements.
The convicted bank robber accused of stealing the identity—and a $1.4 million tax refund—of Irvine Company Chairman Donald Bren has gotten terms of his house arrest altered as he awaits trial on those charges.
Newport Beach chipmaker Conexant Systems Inc. is being acquired for $284 million by Hauppauge, N.Y.-based Standard Microsystems Corp., which is offering nearly 20% more than what the company was worth before the deal was announced.
Duke Energy said it agreed to buy Progress Energy Inc. for $13.7 billion in stock, creating the largest U.S. power company if it wins approval from regulators in North and South Carolina.
Danish food ingredients company Danisco received several takeover offers but does not expect anyone to top its $5.8 billion deal with DuPont, Danisco's chairman said.
The European Central Bank threw Portugal a temporary lifeline by buying up its bonds, traders said, as market and peer pressure mounted for Lisbon to seek an international bailout soon.
Sunday, January 9
O’Melveny Prevails in Food Stamps Lawsuit, Gives Fees to Charities
Fundraisers and charitable donations from companies and people
New Twist for Ruth’s Chris; Z’Tejas Entices; St. Regis Stars; Jazz Events Coming Up
Charlie Palmer opened a gourmet burger joint, in Executive Dining
R&D Activity Adds Up to Decline in Third Quarter
The R&D sector was busy in the third quarter, in Real Estate Watch
HEALTHCARE: Zevalin could be blockbuster; biotech in works
Spectrum Pharmaceuticals is seeing a boost as it awaits FDA approvals
HID Set to Put Mountain View Firm Into Fold; ‘Warcraft’ Boosts Claim on Gamers’ Time
Blue Cava aims to recruit with a gourmet food truck, in Technology
Bixby Sells Long Beach Retail, Eyes More Industrial; Arts School in $30M Deal for Pavilion
Irvine Company used feedback for its latest batch of houses, in Real Estate
Suzuki Seeks Higher Gear With TV Campaign; Yoshinoya Taps Orange Shop for Rebranding
Thermador is using Web demos for its appliances, in Media & Marketing
Clarient’s Sale to GE Brings Windfall for Third Player; Grubb & Ellis Buys Texas Hospital
Allergan is getting more attention from analysts, in Healthcare
Most Brands Post Local Sales Increase for 2010; Tuttle-Click Sets Up Capistrano Ford Shop
Luxury automaker MacLaren Automotive plans to sell in Newport Beach, in Marketplace
Is your workplace a great place to work? Well then let Orange County know.
TECHNOLOGY: Court plans new way of considering award to close case against Microsoft
Uniloc won a patent fight against Microsoft, but what it will reap is unclear
Irvine Dealership Gets Makeover; Lake Forest Stores Go Up
Projects, developments and other activity in cities in and around OC
AUTO: Cosmetic Car tapped by automakers, exhibitors, dealers
Ever wonder how that car got inside a mall? Ask Cosmetic Car Care
Dealers at Anaheim Auto Center have a bigger freeway sign
ENERGY: $18M raised, pilot system, HQ expansion in works
Startup FlexEnergy hopes to turn methane gas from landfills into electricity
DINING: Friendly rivals set to go before supervisors Tuesday
Ruby’s Diner and Wahoo’s Fish Tacos are in rival airport food service bids
APPAREL: Show doubled space on heels of ASR’s end
Action sports and street-inspired clothes makers gathered for the Agenda show in Anaheim
HEALTHCARE: Local chains could benefit on Medicare shift
The county’s nursing home operators are upbeat on Medicare reimbursement
TECHNOLOGY: Vizio joins fray; Broadcom’s big claims
Companies made their way to CES to show off their newest products
FINANCE: Spinoffs, acquisitions ruled 2010; mixed outlook for ’11
After three years without an initial public offering, this year could see some Orange County companies going public
REAL ESTATE: Office market stable; gains to tilt landlords’ way
There are signs that this year could see improving fortunes for office landlords
REAL ESTATE: Homebuilder doing projects here, San Diego
There are signs that this year could see improving fortunes for office landlords
Newport’s Mariners Mile sees renewal with boutiques, plans for retail, spa development
Specialty boutiques have opened along Newport Beach’s Mariners Mile
Friday, January 7
Shares of Irvine-based Local.com Corp., which runs online search engines for finding local businesses, plunged Friday after the company warned of lower fourth-quarter profits and sales.
Employers hired fewer workers than expected in December and a surprise fall in the unemployment rate to its lowest level in more than 1 1/2 years was in part due to people giving up the search for work.
The recapitalization of bailed-out insurer American International Group Inc. is likely to close next week, a personal familiar with the matter said, as AIG shares touched fresh highs on news it was getting closer to the deal.
Top U.S. consumer electronics chain Best Buy Co.'s December same-store sales fell 4% as bargain-hungry shoppers turned more to such rivals as Target Corp.
Thursday, January 6
Orange County’s action sports and street-inspired clothing companies converged at the Anaheim Marriott Thursday for the start of one of the industry’s largest trade shows.
New claims for jobless benefits moved higher last week, but a decline in the four-week average to a nearly 2-1/2-year low suggested the labor market continues to improve.
Many top U.S. retailers reported disappointing December sales as consumers who shopped right after Thanksgiving would only spend again on big bargains and were set to stay frugal in 2011.
Chinese Vice Premier Li Keqiang has said his country is willing to buy about $7.9 billion of Spain's public debt, Spanish newspaper El Pais reported, citing government sources.
Anaheim-based mall retailer Pacific Sunwear of California Inc. warned of a wider than expected loss for the current quarter and said a key measure of sales was down for November and December.
Two Orange County-based nursing home companies on Thursday set financial guidance for 2011, with one boosting and the other reaffirming its 2010 outlook.
Foothill Ranch-based mall clothing retailer Wet Seal Inc. reported a disappointing drop in December sales and warned that profits for the current quarter could come in at the low end of expectations.
Wednesday, January 5
Shares of Newport Beach-based chipmaker Mindspeed Technologies Inc. plummeted after the company gave a glimpse at its first quarter results, which fall below Wall Street’s expectations
Irvine-based professional services company Resources Connection Inc. kicked off earnings season Wednesday with quarterly sales and profits that exceeded Wall Street expectations.
Retail buyers, businesspeople, press and thousands of gadget-gawkers descended on Las Vegas Wednesday to kick off the year’s biggest technology trade show.
Fountain Valley-based Hyundai Motor America Inc. continued to see its sales climb in December.
A surprise surge in private-sector employment last month for its biggest-ever rise in a private payrolls report provided the most bullish signal in months that the economy is on the mend.
China will let the yuan rise about % against the dollar in 2011 to combat inflation, an official newspaper said, while a former central bank adviser said the country needs to free up the currency.
Global food prices rose in December, with the FAO Food Price Index at a record high, the U.N Food and Agriculture Organization said, past 2008 highs when rising food prices sparked riots in a number of countries.
Private equity bidders for Brea-based Beckman Coulter Inc. are joining forces and the field of potential corporate buyers has narrowed, according to a Reuters report.
Tuesday, January 4
The developer of Irvine’s Heritage Fields community has reworked the financing deal for the stalled mega-project, and could begin home construction there next year, according to a report in the Wall Street Journal.
Newport Beach’s Alliant Insurance Services has acquired a New York-based insurance brokerage firm in its second acquisition in less than a month.
Irvine’s Uniloc USA Inc., a maker of security, anti-piracy and fraud prevention software, claimed a final victory on Tuesday in its long-running legal battle with software kingpin Microsoft Corp.
New orders received by factories unexpectedly rose in November, and orders excluding transportation recorded their largest gain in eight months, providing more signs the economic recovery was on sustainable path.
Costa Mesa-based Ceradyne Inc., a maker of bulletproof vests and other products, is paying up to $49 million for a Seattle maker of specialty glass used in electronics and industrial and healthcare products.
General Motors Co. posted a 7.5% rise in U.S. auto sales in December, capping a year of gradual recovery for the industry overall that is expected to continue in the new year.
Motorola Inc.'s official separation into two publicly traded companies began at the New York Stock Exchange's open, with shares of both rising early in the session.
Monday, January 3
Newport Beach-based aerospace consultant SM&A has acquired a provider of program management and other services to governments and companies.
Shares of Irvine’s Broadcom Corp., a maker of chips for computers, cell phones and consumer electronics, rose on Monday after an analyst said it's set to be among the big winners at this week’s International Consumer Electronics Show in Las Vegas.
Manufacturing grew for a 17th straight month in December, a report showed, extending a recent run of encouraging economic data and suggesting U.S. growth could accelerate further in 2011.
Bank of America Corp. said it agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims that it sold the mortgage finance companies bad home loans.
Facebook has raised $500 million from Goldman Sachs and Russian Internet investment group Digital Sky Technologies in a deal valuing the social networking site at $50 billion, the New York Times reported citing people involved in the transaction.
Irvine’s Vizio Inc., one of the top makers of flat-screen TVs, is expected to unveil a tablet computer and smartphone Monday at this year’s International Consumer Electronics Show in Las Vegas.
Sunday, January 2
TECHNOLOGY: Competitor eyes bigger share on Infiniband
Aliso Viejo electronics maker QLogic could see a threat to a niche line from the combination of two Israeli competitors
Longtime Leader Brought Quiksilver Back From Brink
The Business Journal takes a look at the businesspeople who excelled in 2010. Bob McKnight, CEO, Quiksilver Inc.
Kingston Technology Leaders Rode Rebound, Expanded Industry Dominance
The Business Journal takes a look at the businesspeople who excelled in 2010. Kingston Technology Co. cofounders David Sun and John Tu
Hyundai Boss Steered Through Downturn, Riding Recovery
The Business Journal takes a look at the businesspeople who excelled in 2010. John Krafcik, Chief Executive, Hyundai Motor America Inc.
Spinoff of Sun Healthcare Real Estate Spurred Shareholder Gains
The Business Journal takes a look at the businesspeople who excelled in 2010. Rick Matros, CEO, Sabra Health Care REIT Inc.
Irvine Co. Executive Jumpstarted Homebuilding in 2010
The Business Journal takes a look at the businesspeople who excelled in 2010: Dan Young, president of Irvine Co.’s community development division.
Mussallem Steered New Valve To Big Gains for Edwards Lifesciences
The Business Journal takes a look at the businesspeople who excelled in 2010. Michael Mussallem, CEO, Edwards Lifesciences
Farrell’s Operator Enlists Grubb & Ellis To Find Sites; Big Yorba Linda Shopping Center Sale
Santa Ana’s City Ventures’ new subsidiary will focus on development in the Inland Empire and Northern California, in the Real Estate column
Manufacturing, Warehousing Show Signs of Improvement
The county’s manufacturing and warehouse market showed signs of improvement in the third quarter, in Real Estate Watch
DC Shoes Sponsors Supercross; KOCE Formally Claims Flagship Status; Screamin’ for More
Foothill Ranch-based Oakley has started a free quarterly magazine featuring athletes and sports, in the Media and Marketing column
European Sales Boost Outlook on Ingram Micro; HID Global Pays $162M for Fremont Firm
Irvine’s Broadcom made a series of new product announcements at its annual analyst conference in December, in the Technology column
APPAREL: Stone Cold Fox in boutiques; dresses going for $600
Laguna Beach-based Stone Cold Fox is generating a buzz with its unique clothes
RETAIL: Mall retailer overdue in CEO search; more stores due
Foothill Ranch-based Wet Seal’s sales are up as it searches for a new CEO
REAL ESTATE: More deals planned for industrial space
Aliso Viejo’s CT Realty is betting on a recovery of the Inland Empire’s industrial real estate market
Interest in Endologix Could Bring Premium Price; Conifer Picks Anaheim for Consolidation
Memorial Care Health System in Fountain Valley has added four doctors groups to its foundation, in the Healthcare column
TECHNOLOGY: Frenchman takes over after restructuring led by outgoing boss Swenson
Sage Software has tapped Frenchman Pascal Houillon as CEO to replace Sue Swenson
TECHNOLOGY: Companies do bigger booths, send more people, book more meetings
Local companies are spending more on this year’s International Consumer Electronics Show in Las Vegas
ECONOMY: Expectations break out of holding pattern that held sway in 2010
Orange County executives are feeling more optimistic about the economy than they have in years, according to a recent survey of business sentiment