Orange County Business Journal

OC BUSINESS JOURNAL DAILY NEWS

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JWA Director to Step Down

The Orange County Board of Supervisors will meet in closed session today to plan the search for a successor to John Wayne Airport Director Alan Murphy, who will step down from the post on Feb. 5.

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Mitsubishi Plans Spanish-Language Ad for Super Bowl

Cypress-based Mitsubishi Motors North America Inc. said it plans to advertise during NBC Universo’s Spanish-language telecast of the Super Bowl on Feb. 1.

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NextVR Broadcasts Live Event

NextVR Inc. in Laguna Beach said it conducted the “first ever live, broadcast-quality transmission of a virtual reality experience” over the weekend.

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Kia Recalls Forte Sedans

Irvine-based Kia Motors America Inc. has recalled 86,880 of its Forte sedans due to an increased risk of fire, according to National Highway Traffic Safety Administration.

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Western Digital in VC Investment

The venture capital arm of Irvine-based Western Digital Corp. co-led a $29 million funding for memory products maker Everspin Technologies Inc.

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Q4 Profit Up for Opus

Irvine-based Opus Bank reported $12.6 million in fourth-quarter profit, up 76% from the same time a year earlier.

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SJC Big Data Firm Raises $10.8M

San Juan Capistrano-based search engine Maana Inc. has raised $10.8 million, according to a recent filing with the U.S. Securities and Exchange Commission.

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Midday Stock Roundup

The S&P 500 was up 0.1% to 2,054.07 in midday trading.

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Ketchum Pays $10.3M for Eye Care Digs

Fullerton-based Marshall B. Ketchum University paid $10.3 million for an 88,000 square foot building on La Palma Avenue in Anaheim and will move its University Eye Center there, the school said.

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Midday Stock Roundup

The S&P 500 was down 0.1% at 2,060.78 in midday trading.

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Pac Merc Swings to Profit

Costa Mesa-based Pacific Mercantile Bancorp swung to a profit in the fourth quarter, logging $390,000 in net income compared with a loss of $14.8 million in the year-earlier period.

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Jobs Grow, Unemployment Falls to 4.4%

Orange County businesses added 33,500 jobs in 2014, up 2.3% to 1,515,300 jobs.

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El Pollo Loco a Takeover Target?

Costa Mesa-based El Pollo Loco Holdings Inc. has been mentioned as a possible takeover target after news reports that a Philippines-based restaurant company is shopping for a U.S.-based regional fast food chain worth at least $1 billion.

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Microsemi Earnings In-line Q1, Tempers Q2 Outlook

Aliso Viejo-based chipmaker Microsemi Corp. reported revenue and adjusted profits for the December quarter in line with Wall Street with estimates but provided a sales outlook for the current quarter below Wall Street expectations.

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Midday Stock Roundup

The S&P 500 was up 0.8% to 2,048.11 in midday trading.

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City National Sold For $5.4B

The parent of City National Bank has been acquired by Royal Bank of Canada for $5.4 billion.

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Opus Buys Escrow Company

Irvine-based Opus Bank has agreed to pay $25 million for Commerce Escrow Co. and its affiliate business RPM Investments Inc.

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Del Taco to Enter N.J.

Lake Forest-based Del Taco LLC said it will begin franchising in New Jersey, its first restaurants in the Northeast U.S.

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Profit Up for CalFirst

Irvine-based California First National Bancorp posted $3.6 million in profit for the three months ended Dec. 31, up 63% from the same period a year ago.

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3 OC Resorts Make Travel Mag List

Three Orange County resorts—the Montage Laguna Beach, the Ritz-Carlton Laguna Niguel in Dana Point, and the Resort at Pelican Hill in Newport Coast—made Travel & Leisure magazine’s annual list of the world’s 500 best hotels.

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Midday Stock Roundup

The S&P 500 was up 0.2% to 2,027.18 in midday trading.

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Acacia Shares Drop on Patent Ruling

Shares of Acacia Research Corp. dipped sharply after the company received an unfavorable ruling on patent infringement claims it made against some large technology companies.

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Pacific Premier Profit Up for 2014

Irvine-based Pacific Premier Bank had $16.6 million in net income last year, an 85% increase from 2013.

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Santa Ana, Cypress Colleges Plan Bachelor’s Degrees

Santa Ana College and Cypress College were named to a list of 15 community colleges statewide that can offer four-year college degrees, according to the California Community Colleges chancellor’s office.

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Midday Stock Roundup

The S&P 500 was down 0.2% to 2,014.84 in midday trading.