Orange County Business Journal

OC BUSINESS JOURNAL DAILY NEWS

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Hoag Gets Stroke Center Nod

Newport Beach-based Hoag Memorial Hospital Presbyterian has been certified as a “Comprehensive Stroke Center” by Milford, Ohio-based DNV GL Healthcare USA Inc.

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Apparel Firm Takes Over LA Plant

AST Sportswear Inc. in Brea plans to resume operations at the former American Apparel’s dyeing and finishing plant in Hawthorne in Los Angeles County, after acquiring its equipment in an auction.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,129.57.

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KPMG Names OC Managing Partner

Accounting firm KPMG named Mark Clemens managing partner for its Orange County office in Irvine.

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Schools Consultant, Ohio Firm Merge

Cooperative Strategies LLC in Irvine, an educational consulting firm, and DeJong-Richter LLC in Hilliard, Ohio, will combine to help plan finance schools nationwide under the Cooperative Strategies name.

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OC Bank Sells Division

Irvine-based Banc of California has sold a lending division and a collection of loans for a total gain of about $10 million.

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Schools Consultant, Ohio Firm Merge

Cooperative Strategies LLC in Irvine, an educational consulting firm, and DeJong-Richter LLC in Hilliard, Ohio, will combine to help plan finance schools nationwide under the Cooperative Strategies name.

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KPMG Names OC Managing Partner

Accounting firm KPMG named Mark Clemens managing partner for its Orange County office in Irvine.

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OC Bank Sells Division

Irvine-based Banc of California has sold a lending division and a collection of loans for a total of about $10 million.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,123.55.

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Hyundai, Kia Settle With States

Hyundai Motor Co. and Kia Motors Corp. will pay $41.2 million to 33 states and the District of Columbia to settle an investigation of the automakers’ “2012 restatement of fuel economy ratings and related advertising.”

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Balboa Capital Moves to Costa Mesa

Non-bank lender Balboa Capital plans to move its headquarters to Costa Mesa from Irvine.

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Opus Bank Names Board Member

Irvine-based Opus Bank appointed David King to the board of directors effective immediately.

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Porsche Motorsport Decamps

Porsche Motorsport North America has left Santa Ana for Carson, a move first announced in 2012.

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OC Car Sales Up 1.1%

Sales of new vehicles at Orange County auto dealers for the first nine months of the year increased 1.1% to 147,360, according to the Orange County Automobile Dealers Association.

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$36M for Two Desert Hotels

An affiliate of local investor Mohammad Honarkar bought a Courtyard by Marriott and a Residence Inn Hotel in Palm Desert for $36 million.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,137.84.

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OCTANe Adds Growth Group

OCTANe in Aliso Viejo formed a division it dubbed ‘Growth Services,’ to increase “resources, intelligence, capital and deal flow,” for the group’s members, partners, investors, entrepreneurs and accelerator alumni, Chief Executive Bill Carpou said.

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Ricoh Cuts 147 Jobs

Ricoh Electronics Inc. will eliminate more than one-third of its employment base at its Tustin headquarters as part of a global restructuring of manufacturing operations.

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WD Tops Earnings Targets

Irvine-based storage products maker Western Digital Corp. reported revenue and adjusted profits in the September quarter that beat Wall Street expectations.

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Allergan’s Saunders Adds Chairman Role

Allergan Plc President and Chief Executive Brent Saunders is now also Chairman of the drug maker’s board of directors, replacing Paul Bisaro.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,135.49.

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Edwards Shares Fall on Sapien Sales

Shares of Edwards Lifesciences Corp. in Irvine fell 15% to about $96.50 a share and a $20 billion market cap on a lower-than-expected increase in its most recent quarter on international sales of its main product, the Sapien heart valves.

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Pacific Mercantile Reports Loss

Costa Mesa-based Pacific Mercantile Bancorp reported a net loss of $30.5 million for its third quarter.

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Confie Buys Three Brokerages

Huntington Beach-based Confie acquired on undisclosed terms a total of three brokerages in New York, New Jersey and Texas.