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Midday Stock Roundup
The S&P was down 0.4% in midday trading Friday to 2,995.3.
Flying High
PacLife Sells Stake in Aircraft Leasing Co. for $3B
Aviation Capital Group gets little attention as the relatively quiet affiliate of the giant insurance company Pacific Life Insurance Co.
OC Unemployment Down in August
Orange County’s unadjusted unemployment rate fell to 3% in August from a revised 3.2 % in July and below the year-ago estimate of 3.1%, according to the state Employment Development Department.
HCP Bets Big On Boston
Irvine-based health facilities REIT HCP Inc. (NYSE: HCP) is buying a 224,000-sqaure-foot life sciences building in Cambridge, Mass., for $332.5 million. The deal closes in December.
UCI Institute Gets $24M
University of California-Irvine’s Institute for Clinical and Translations Science snagged a $24 million grant from National Institutes of Health.
OC 500: Michele Johnson
Member, firmwide exec committee, ex-OC managing partner … securities, corporate control litigation; M&A … clients have included Quality Systems (see Rusty Frantz), STEC (see Manouch Moshayedi), Henry Segerstrom … roots for Arizona Cardinals … first job: Taco Bell drive-thru … first car: 1978 Toyota Corolla … bachelor’s, ASU; JD, Georgetown … would like to meet Shirley Chisholm, first black woman presidential candidate
OC Drivers Risk More on Tech
California State University-Fullerton hosted a public policy presentation by a unit of insurance giant Travelers this month that focused on the risks of using mobile technology while driving.
Eagle Four Denver: $80M
A joint venture that includes Newport Beach-based Eagle Four Partners is moving ahead on $80 million in work at the Sheraton Denver Downtown.
Cryoport Improves Product Tracking
Irvine-based Cryoport Inc. (Nasdaq: CYRX) will use technology from Vineti Inc. in San Francisco to help its clients track packages the company ships.
Kingston Sticks Require Access
Kinston Technology Corp. added layers of protection to a line of memory sticks.
Cannalysis Gets $22.6M
Santa Ana-based Cannalysis said it’s raised $22.6 million in Series A funding from CanLab, a cannabis testing network.
CSUF/Disneyland Report: $8.5B Impact
A study by California State University-Fullerton credits Disneyland Resort with creating $8.5 billion in economic impact and more than 78,000 jobs in Southern California.
Midday Stock Roundup
The S&P 500, Dow Jones Industrial Average, and Nasdaq were flat in midday trading. (continue reading)
OC 500: John Kao
5th fastest-growing large OC private co. … two-year revenue up 116% to $534M … healthcare services to Medicare recipients … 450 employees … Kao previously at TriZetto (see Jeff Margolis), PacifiCare, FHP … 2017 Warbug Pincus $115M buy-in … 2014 General Atlantic: $125M investment … bachelor’s, finance, Santa Clara; MBA, UCLA
OCBJ INSIDER
Leases in the Air
Laguna Beach residents and the area’s LGBTQ community likely remember the multiyear “Save the Boom” campaign of local activist Fred Karger, which attempted to save and then resurrect the city’s iconic Boom Boom Room, a gay bar that closed in 2007.
Midday Stock Roundup
Stock indexes had declined in early trading prior to the U.S. Federal Reserve cutting its benchmark interest rate by a quarter point.
Boardriders Announces Executive Changes
Huntington Beach-based Boardriders Inc. announced several changes to its executive ranks in the first major announcement since its acquisition last year of the Billabong group.
Monster Beverage Duo To Buy Law Firm’s HQ
REAL ESTATE: Knobbe Martens will stay on as tenant in tower
Knobbe Martens, Orange County’s largest law firm by local attorney count, is selling the 14-story office tower that holds its Irvine headquarters to the two top executives of Corona-based Monster Beverage Corp., the Business Journal has learned.
OC 500: Jay Carnahan
CRE brokerage, founded 1999 … career 50M+ SF acquisition, development, management, marketing, leasing, high-end office space… previous roles, Cushman & Wakefield (see Jeffrey Cole, Eric Paulsen), Transpacific Development Co., PM Realty … also Irvine Co. office leasing, management … on UCI Merage Center for Real Estate advisory board
John Wayne Traffic Dips 4.5%
John Wayne Airport passenger traffic decreased 4.5% in July to 946,000 compared with the same month last year. Flights to and from the OC airport dipped 3.3% to 27,500 from July 2018.
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