Orange County Business Journal

OC BUSINESS JOURNAL DAILY NEWS

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Irvine Fin-tech Firm Gets $7.5M

Internet-based mortgage lender cloudvirga Inc. in Irvine raised $7.5 million in Series A funding, led by Calabasas-based Dallas Capital. Santa Monica venture capital firm Upfront Ventures and angel investment club Tribeca Angels in New York participated in the round.

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Electronics Maker Makes Buy

Infinite RF Holdings Inc. in Irvine bought on undisclosed terms L-Com Inc., a maker of custom computer networking equipment in North Andover, Mass.

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Johnny Rockets Names New CEO

Lake Forest-based restaurant franchisor Johnny Rockets Group Inc. named John Maguire president and chief executive officer.

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Volcom Down in First 6 Months

Costa Mesa-based Volcom Inc. posted $121.8 million in revenue for the first half of 2016, a 14.9% decrease compared to the same period last year, according to Kering, its Paris-based parent.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,164.93.

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In-N-Out’s Snyder Honored

In-N-Out Burgers Inc. President Lynsi Snyder made a rare public appearance today at the Disneyland Hotel to pick up the 2016 Most Trustworthy Leader Award, while her Irvine–based company beat co-finalists Yard House USA Inc. in Irvine and BJ’s Restaurants Inc. in Huntington Beach for top honors in the restaurant chain category.

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OC Adds Most New Hotel Rooms

Orange County opened more new hotel rooms in the first six months of 2016 than any county in California but its future pace will give way to other areas, according to a recent report.

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Mazzo to German Device Maker

Jena, Germany-based Carl Zeiss Meditec AG said today that veteran Orange County medical device executive James Mazzo will be its new global president of ophthalmology.

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WD Leads VC Round

Irvine-based Western Digital Corp. co-led a $77 million funding round for a Redwood City startup with noted Silicon Valley venture capital firm Kleiner, Perkins, Caufield and Byers.

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MemorialCare Taps Finance Execs

Fountain Valley-based MemorialCare Health System appointed a pair of financial executives for its Orange County hospitals.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,165.26.

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First Chief for Dana Point DMO

Visit Dana Point named Sean Keliiholokai executive director, effective in mid-August.

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Edwards Beats on Q2

Irvine-based Edwards Lifesciences Corp. surpassed analysts' expectations on second-quarter revenue and profit and hiked its 2016 forecast in a report issued after markets closed today.

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Vizio in $2B Deal

Irvine-based Vizio Inc. has been acquired for $2 billion by LeEco, a conglomerate based in China.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,167.16.

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Taco Bell CEO to Harley Board

Taco Bell Chief Executive Brian Niccol has joined the board of directors at Harley-Davidson Inc., the maker of motorcycles in Milwaukee, Wis.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,165.28.

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Glaukos CFO to Retire in 2017

Glaukos Corp. in Laguna Hills said Chief Financial Officer Richard Harrison will retire next year.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,172.44.

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Unemployment Up as Labor Force Grows

Orange County’s unemployment rate was up to 4.4% in June from a revised 3.6% in May, much of the increase caused by 0.8% growth in the local labor force to 1.61 million.

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Vans Sales Jump Headlines Parent’s Quarter

Vans Inc. revenue was up 4% in July quarter, according to its Greenboro, N.C.-based parent, VF Corp.

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LA Fiduciary Adviser Invests in OC

Costa Mesa-based investment adviser New Market Wealth Management has a new equity owner in Cliffwater LLC, an investment adviser in Los Angeles.

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Ingram Sale Hits Bump

Ingram Micro Inc.’s pending $6 billion sale to Chinese conglomerate Tianjin Tianhai Investment Co. Ltd. has run into its first hurdle that could ultimately derail the deal.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,162.92.

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Quantum Fuel Bought

Lake Forest-based Quantum Fuel Systems Technologies Worldwide Inc. was purchased by Douglas Acquisitions LLC, an affiliate of second-position secured creditors.