Stories for August 2006
Thursday, August 31
H & R; Block Inc., the largest U.S. tax preparer, on Thursday cut its full-year earnings outlook and said its quarterly loss more than quadrupled, hurt by an increase in mortgage delinquencies.
Warren Buffett, the world's second-richest person, wed his longtime companion Astrid Menks in a private ceremony on Wednesday, his 76th birthday, according to published reports.
Teen retailers reported sharply higher sales in August after kids flocked to stores ahead of the new school year, but adult retailers fared worse as a slowing housing market and higher energy prices crimped spending.
Orange County's slumping subprime mortgage sector took another hit on Thursday, led by an analyst's downgrade of Irvine's New Century Financial Corp. and Impac Mortgage Holdings Inc. of Newport Beach.
Core consumer prices rose a less-than-expected 0.1% in July, but the year-on-year rate of nonfood, nonenergy inflation remained at 2.4%, the highest level since September 2002, a Commerce Department report showed on Thursday.
Santa Ana-based Ingram Micro Inc. reassured investors Thursday about the current quarter's performance, saying it expects to meet its previous guidance.
Wednesday, August 30
Boeing Co. and Airbus plan to invest heavily in India to build maintenance centers and training facilities as the rival aircraft makers compete for a larger share in one of the world's fastest growing markets for commercial jets.
The $50 million compensatory damage award in a federal Vioxx case this month was "grossly excessive," and a new trial must be held to decide how much drugmaker Merck & Co. must pay a retired FBI agent who suffered a heart attack after taking the painkille
The economy grew more rapidly than originally reported in the second quarter but an inflation gauge was slightly lower, a government report said on Wednesday, suggesting the Federal Reserve may be able keep interest rates steady.
Bank of America Corp. plans a major expansion of its Brea complex, according to the bank's top Orange County executive.
Chrysler Group should end 2006 with a higher market share than it held during the earlier months of what has been a "difficult" year marked by declining sales and market share, a senior executive said on Wednesday.
Costco Wholesale Corp. on Wednesday warned of lower-than-expected quarterly profit because of disappointing gross margins and a tax reserve, sending its shares down nearly 5%.
Santa Ana-based memory products maker SimpleTech Inc. plans to spend $28 million to build a plant in Malaysia in a bid to lower costs, the company said Wednesday.
Shareholders have approved British retailer GUS PLC's plans to spin off Costa Mesa-based Experian Group, a credit checking company, on Oct. 10, according to online reports.
Ford Motor Co.'s car sales in Russia will double to an estimated 120,000 units in 2006, half of them produced locally, the head of the Russian unit Henrik Nenzen said on Wednesday.
Tuesday, August 29
Oil prices rebounded Tuesday as the market shifted its attention to Iran and other supply issues on signs that tropical storm Ernesto would avoid Gulf of Mexico oil facilities.
Costa Mesa-based Emulex Corp. said Tuesday it's buying Roseville-based Sierra Logic Inc. for about $180 million in cash, assumed debt and employee stock programs.
Bookstore chain Barnes & Noble Inc. said Tuesday it received a subpoena regarding its stock option practices from the U.S. Attorney for the Southern District of New York.
Huntington Beach-based surfwear maker Quiksilver Inc. told analysts and investors it saw a strong back-to-school shopping season, a time second only to Christmas for clothing makers.
Americans' faith in the economy tumbled in August to a nine-month low, which could translate to tightened purse strings if job growth stumbles or fuel costs rebound.
Consumer confidence slipped to a nine-month low in August on inflation and job worries, while minutes of the Federal Reserve's policy meeting showed most officials thought inflation would ease in the months ahead.
Irvine-based nursing home operator Sun Healthcare Group Inc. said Tuesday it's selling its home healthcare unit for nearly $20 million to Irvine's AccentCare Home Health Inc.
Schering-Plough Corp. said on Tuesday it will pay $435 million and plead guilty to one count of conspiracy to make false statements to the government to end an investigation into its past sales and marketing and pricing practices.
Chain store sales rose last week boosted by sales of fall apparel and back-to-school items, a report showed on Tuesday.
Business software maker Novell Inc. on Tuesday posted a higher quarterly profit and said it has begun an internal probe into previous stock options grants.
Monday, August 28
Google Inc. is making a concerted move beyond search and advertising into the business software market, starting with a set of Web programs for e-mail, scheduling and communications.
American Sporting Goods faces relocation because of plans to build homes in the John Wayne Airport area
HLF Brandtailers is looking to expand its staff after landing an account and moving to a bigger office, in the Media & Marketing column
Employment agencies posted revenue growth during the past year
Memory company Netlist is looking to raise $58 million in an initial public offering
A look at people, companies and institutions receiving awards, accolades, grants and other honors
McCormick & Schmick's in Irvine offers five-course wine dinners at bargain prices, in the Executive Dining column
Bank of America plans to add about 1,000 workers in a big expansion of its operations in Brea
A credit union geared toward Hispanics is forming in Santa Ana
Broadcom's stock has rebounded some after months of decline, in the Technology column
Apria Healthcare is staring down another proposed cut in reimbursement for delivering breathing treatments to Medicare patients
Radiation treatment provider OnCure Medical is bought by private equity firm GenStar Capital
Corner Offices: Profiles of the management group of Orange County's top companies.
Southwest Mortuary Services wants to raise fees to transport bodies because of higher gas prices
Major cable companies are preparing to challenge telephone companies on their most profitable turf, the business services market.
Placentia-based Galleria, an importer of household products, is making big waves in the industrial market, in the Real Estate column,
Oakley's Jim Jannard has started a company that makes a high-resolution digital camera for shooting movies
GOVERNMENT: The California Supreme Court affirmed at-will employment, in Regulation Watch by Howard Fine
U.S. Distribution Sector Sees Positive Absorption, Rising Rent
The brokerage unit of Prudential Financial Inc. has agreed to pay $600 million to settle investigations into improper mutual fund trading and avoid criminal prosecution, officials said on Monday.
Dana Point's Aquamantra targets creative types by offering water with affirming messages, in the Marketplace column
Lured by ever-increasing demand for electronic gadgets, makers of NAND flash memory chips have stepped up a capacity race to outrun price falls and beat rivals, but the gamble might prove risky.
U.S. generic drugmaker Mylan Laboratories Inc. said on Monday it would buy up to 71.5% of Matrix Laboratories Ltd. for about $735 million in India's biggest drug industry takeover as it seeks to expand into emerging markets.
Peter Nanula has joined private equity investor ClearLight Partners as a partner
Going Hawleywood: Pompadours, Beer; PAC Gets Close-Up
American Sporting Goods Corp., a maker of basketball and other sports shoes, is the latest Irvine company to face relocation because of plans to build homes in the John Wayne Airport area.
Allergan and a rival are playing a waiting game with the Food and Drug Administration over silicone breast implants, in the Healthcare column
Oil and gas pipeline operator Kinder Morgan Inc. on Monday agreed to a $15 billion buyout after an investor group that includes Chief Executive Richard Kinder sweetened a cash offer it made earlier this year.
An Irvine software company that began as a unit of a Japanese conglomerate has landed $10 million in an initial round of funding.
Friday, August 25
Jim Jannard, chairman, founder and majority owner of Foothill Ranch-based sunglasses maker Oakley Inc., is creating a buzz with a passion turned side project.
Google Inc. has piled up so much cash that it is in danger of being mistaken for an investment fund. The company, which wants to diversify its investment strategy but doesn't want to be regulated as a mutual fund, has asked the SEC to exempt it from regul
The current "unprecedented" pace of global economic integration could raise living standards and cut poverty, but those benefits are at risk from geopolitical tensions and protectionism, Federal Reserve Chairman Ben Bernanke said on Friday.
Medtronic Inc. CEO Art Collins assured shareholders Thursday that the medical device firm is not for sale, despite rumors that Johnson & Johnson is planning a bid.
Two potential bidders have lined up to possibly buy Ford Motor Co.'s luxury auto brands, which have their U.S. base in Irvine.
Ford Motor Co. on Friday said Robert Rubin, a member of the Office of the Chairman of Citigroup Inc., has resigned from Ford's board of directors.
Shares of H & R; Block Inc. slumped more than 10% Friday after warning of trouble at its Irvine-based Option One Mortgage Corp. mortgage unit.
Thursday, August 24
FileNet Corp.'s Costa Mesa headquarters is expected to become a major center for one of IBM Corp.'s software groups.
Sales of new homes and orders for durable goods both fell more than expected in July, providing further evidence of slowing economic growth.
Ford Motor Co. is considering going private, USA Today newspaper reported on Thursday, citing a "source with direct knowledge of the discussions." That would give the automaker time to restructure operations outside the glare of critics, the article on th
Another Irvine commercial building has been sold for redevelopment,only this time it's not likely to be for homes or condominiums.
The Department of Justice asked a federal judge late on Wednesday to block a threatened flight attendants strike against Northwest Airlines, saying a work stoppage would cause serious disruptions to the air transportation system.
Orders for durable goods fell a much greater-than-expected 2.4% in July as civilian aircraft and car orders tumbled, a government report showed on Thursday.
Prices and sales of detached homes in Orange County fell in July from a month earlier, the California Association of Realtors said Thursday.
Apple Computer Inc. will recall 1.8 million lithium-ion notebook computer batteries after nine devices overheated, causing minor burns to two users, U.S. safety regulators said on Thursday.
British construction machinery group JCB said on Thursday it was interested in buying carmaker Jaguar, which has its U.S. base in Irvine, from Ford Motor Co.
Wednesday, August 23
The dollar crept higher against the euro on Wednesday, with investors trimming bets against the greenback even as data showed a sharp decline in U.S. existing home sales last month.
IBM Corp. said on Wednesday it agreed to buy Internet Security Systems Inc. for $1.3 billion, in a move to beef up its product line in the rapidly growing business of Internet security.
Sony Corp.'s entertainment unit said it had agreed to pay $65 million to buy Web video-watching site Grouper.com, marking the growing embrace of the user-generated video craze by big media.
Facebook and Microsoft Corp on Wednesday said the world's largest software maker will become the exclusive provider of banner advertising and sponsored links on the social networking Web site as part of a strategic alliance.
The pace of existing home sales fell more than expected in July as a measure of the supply of unsold homes was the highest in over 13 years, signaling a deepening housing sector downturn, a trade group report showed on Wednesday.
Weyerhaeuser Co. and Canada's Domtar Inc. have agreed to merge their fine-paper businesses, forming what would be the biggest supplier of uncoated freesheet paper in North America, the companies said Wednesday.
EMachines founder Lap Shun "John" Hui has offered $450 million to buy Irvine-based Gateway Inc.'s business selling computers through stores.
Tuesday, August 22
Luxury home builder Toll Brothers Inc. on Tuesday said the slowdown in the housing market pushed its quarterly profit down 19%, but the results beat Wall Street forecasts and the company issued a better-than-expected outlook.
Directors of Anaheim-based electronics maker Multi-Fineline Electronix Inc. have taken steps to nix the acquisition of Singapore's MFS Technology Ltd. for $500 million, a deal that has caught criticism from investors.
Medtronic Inc. on Tuesday reported higher quarterly earnings that were below analysts' consensus forecast, reflecting a slowdown in the market for implantable heart rhythm devices.
Newport Center is getting a run for its money as Orange County's most expensive place for office space. The Irvine Company is marketing space at 20-40 Pacifica,its twin office towers going up in the Irvine Spectrum,at monthly rates as high as $4.30 per sq
U.S. homebuilder optimism sank for a seventh consecutive month in August to its lowest level in 15 years as potential buyers pulled back amid rising uncertainty in the housing market, an industry trade group survey showed on Tuesday.
Irvine-based Sun Healthcare Group Inc. saw its summer rally stunted on Tuesday a day after an analyst downgraded the nursing home operator.
Cisco Systems Inc. is buying a private on-demand television company for $92 million cash, part of the network-gear maker's bid to become a consumer brand that delivers television, movies and other video on the Internet.
Oil steadied near $72.50 a barrel on Tuesday, underpinned by Iran's determination to continue enriching uranium and run a risk of international sanctions.
Australian surfwear retailer Billabong Ltd. said Tuesday its net profit rose 17% in the year through June, thanks to strong sales in Europe and the Americas.
A federal court judge on Tuesday approved a settlement that would let former star technology investment banker Frank Quattrone avoid a third trial for obstructing justice, opening the door for him to resume his career on Wall Street.
Monday, August 21
The Irvine Company is marketing space at its twin office towers going up in the Irvine Spectrum at monthly rates as high as $4.30 per square foot
Buchanan Street, a real estate investment and financing firm started in the late 1990s by four Bay area thirtysomethings, is nearing a big milestone
An investor group has taken a 10.2% stake in Gateway Inc. and sent a letter to the computer maker, offering "assistance" with improving the troubled company.
MED DEVICES: Orqis Medical has raised $10 million in "venture debt" financing
More than 100,000 square feet of medical office space is being built at Fullerton's Providence Center
Quotes from this week's Business Journal - FileNet's Lee Roberts on his company's sale to IBM and Emulex's Michael Rockenback on outsourcing work to India
Celerity Inc., a maker of equipment used to make semiconductors, is set to close the doors of its Yorba Linda plant in early October and move operations to Allen, Texas.
A Q & A; with Huntington Beach's economic development director on the city's changing face
Medical software maker Quality Systems and a dissident shareholder have made up, in the Healthcare column
Retailer Lowe's Cos. Inc. on Monday posted a lower-than-expected second-quarter profit and pared its full-year forecasts, as higher energy prices and a slowing U.S. housing market weigh on consumer spending.
Oil rose to almost $72 a barrel on Monday as Iran vowed to pursue its nuclear program, inviting possible sanctions against the world's fourth-largest oil exporter.
The vacancy rate for low-rise office space is down sharply from a year ago. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
An analyst took TTM Technologies to task for its plan to buy Tyco International's circuit board business for $226 million, in the Technology column
Triple Net Properties has added a top broker to help manage the company's feverish pace of real estate buying and selling, in the Real Estate column
Wells Fargo & Co., the fifth largest U.S. bank, on Monday said it agreed to buy Barrington Associates, a private investment banking firm based in Los Angeles, to expand merger advisory services it offers to medium-size businesses.
Emulex is tapping India for engineering work,and not just the basic stuff
The Action Sports Retailer Trade Expo is revving up for its September show at the San Diego Convention Center, in the Media & Marketing column
AOL chief technology officer Maureen Govern, who oversaw the division responsible for accidentally releasing search data for more than a half a millions Internet users, has resigned from the company, according to an internal company memorandum.
A doctor has bought a Fullerton building with plans to create a medical office complex for himself and others
Chronic Cantina Sports Bar and Grill opened last week at Triangle Square, in the Marketplace column
GenStar Capital LLC, a San Francisco-based private equity firm, said Monday that it bought Newport Beach-based OnCure Medical Corp., a radiation therapy provider.
Religious Conventions Account for Growing Share of Business
Cohen Resurfaces as Talbott Consultant; OC's Power Players
Vacationers Help Propel Revenue Increase at Travel Agencies
Anaheim Bureau: Grassroots Marketing Marks New Direction
Willdan Group, an engineering consultant on jobs for cities and counties, plans to go public in a $29 million offering
Morgan Stanley's real estate affiliate will pay $26 per share for Glenborough Realty Trust, a real estate investment trust that owns office properties, the two companies said on Monday.
FileNet's Costa Mesa headquarters is expected to become a major center for IBM's software group
The J.F. Shea Therapeutic Riding Center in San Juan Capistrano is planning a barbecue fund-raiser, in the Executive Dining column
Ford Motor Co. shares fell Monday after some analysts forecast tough times for the second-largest U.S. automaker.
Rival Cities Pressure Anaheim to Sell Area Attractions
The Business Journal debuts its look at business development around OC, in Around the County
Celerity is set to close the doors of its Yorba Linda chip gear-making plant in early October and move operations to Texas
Sunday, August 20
Santa Ana-based Corinthian Colleges Inc. said Friday that the Securities and Exchange Commission had launched an informal inquiry into the company's accounting for stock option grants.
Boeing Co. said Thursday it's closing down Irvine-based Connexion by Boeing, the company's struggling in-flight Internet service for airlines.
Aliso Viejo-based Quest Software Inc. said Thursday it had received a delisting notice from Nasdaq after the company failed to file its quarterly report on time.
Friday, August 18
U.S. consumer sentiment dropped more than expected in early August, registering its lowest reading since the aftermath of Hurricane Katrina, a report showed on Friday, as inflation expectations rose.
Foothill Ranch-based teen clothing retailer Wet Seal Inc. reported its first quarterly net profit in years on Friday.
Ford Motor Co. on Friday said it would cut fourth-quarter production by 21% and also reduce third-quarter production to accelerate its turnaround plan.
Shares of Dell Inc. fell nearly 8% on Friday, a day after reporting second-quarter profit fell 51%, and disclosing that regulators are reviewing its accounting practices.
Boeing Co. made it official Friday when it said it would end production of its C-17 military cargo plane in mid-2009 if it does not receive any further orders from the U.S. armed forces. Boeing counts many Orange County companies as suppliers for the C-17
Orange County's unemployment rate was 3.8% in July, up slightly from a month earlier but down from last year, the state Employment Development Department said Friday.
Thursday, August 17
Hewlett-Packard Co.'s stock surged to a new year high Thursday after the computer and printer maker reported a third-quarter profit that beat expectations, raised its fourth-quarter and full-year guidance and said its board had authorized a $6 billion sha
Shares of Tustin-based Cherokee International Corp. fell about 8% Thursday after the company reported second-quarter income that fell short of expectations.
Carl Icahn is planning to increase his stake in Time Warner Inc through a new fund he is developing, the New York Times reported on Thursday, citing a letter the billionaire sent to investors.
Wrestling with falling mobile phone sales and shrinking market shares, South Korea's Samsung and LG yearn for the days when their high-tech, pricey phones were the talk of the town.
The number of workers seeking first-time jobless aid fell by 10,000 last week, a government report on Thursday showed, signaling a relatively healthy job market.
Merck & Co. was stung with two major legal setbacks over the withdrawn painkiller Vioxx on Thursday when a federal jury ordered the drugmaker to pay $51 million to a heart attack victim, and a state judge in New Jersey overturned a November verdict favori
Dell Inc. on Thursday posted disappointing second-quarter earnings amid a regulatory probe. The company also announced an expanded partnership to put Advance Micro Devices Inc. computer chips into a new line of Dell servers and desktop PCs as early as nex
Wednesday, August 16
Seal Beach-based Clean Energy Fuels Inc., which is backed by legendary oilman T. Boone Pickens, is angling to supply natural gas fuel to trucks as part of a bid to cut diesel pollution at the ports of Long Beach and Los Angeles.
Hewlett-Packard Co., the world's No. 2 maker of personal computers, said on Wednesday quarterly profit surged from a year earlier, when it had a tax charge for repatriating foreign earnings.
While most buyers of Orange County land are looking to build homes or commercial buildings, Pittsburgh-based Linn Energy LLC has bought a chunk of property for what's underneath it.
Foothill Ranch-based Kaiser Aluminum Corp. marked another step in its turnaround Wednesday by signing a long-term pact to supply Boeing Co. with sheet and light gauge aluminum plate for use in jets.
Santa Ana-based title insurer First American Corp. said Wednesday it's taken a 38% stake in a provider of real estate information in Australia and New Zealand.
A member of the Federal Reserve's policy-making arm said Wednesday that inflation is gaining momentum, making it impossible to say whether the Fed is done raising interest rates.
Core consumer prices rose less than expected in July, the Labor Department said on Wednesday in a report showing some softening in prices that may reassure the Federal Reserve that inflation pressures are easing.
Dell Inc.'s recall of 4.1 million notebook computer batteries could cost Sony Corp. anywhere from $85 million to $430 million, hurting the Japanese electronics maker's short-term earnings and its brand image, analysts said.
Google Inc. has turned the Silicon Valley town where it is headquartered into a showcase for the advantages of free, citywide wireless Internet access, in what might be called Google everywhere.
BP PLC planned Wednesday to inspect a major pipeline in Prudhoe Bay after two mishaps forced the line to be shut down,another setback for the operator of the crippled oil field.
Tuesday, August 15
Shareholders have filed a lawsuit against top executives of BP Plc accusing them of letting down investors by failing to repair a pipeline that forced a shutdown of part of the Alaskan Prudhoe Bay oilfield.
Wal-Mart Stores Inc. and BJ's Wholesale Club Inc. posted lower quarterly profits on Tuesday, and Home Depot Inc. gave a disappointing forecast, reigniting worries about a spending slowdown in the face of higher energy prices.
Orange County's median home price in July fell from a record high to $639,000, versus a month earlier, with the sales pace continuing to slow.
Kaiser Permanente's $260 million hospital in Irvine is expected to finish in 2007. In the meantime, Kaiser is working on hiring plans for the 800-worker facility.
Producer prices barely edged up in July, kept in check by lower prices for new cars and trucks and for many food items, according to a government report on Tuesday showing muted inflation at the wholesale level.
While other chipmakers are floundering, Microsemi Corp. is holding its own. The Irvine-based company has managed to keep investors fairly happy with healthy profit margins and solid sales in the midst of an increasingly tough chip market.
Consumer satisfaction with their vehicle purchases has reached an all-time high, but ratings for domestic automakers mostly lagged those for foreign competitors, according to a national survey released on Tuesday.
Santa Ana-based Acme Communications Inc. said Tuesday it swung to a profit in the second quarter on lower expenses and solid revenue growth at its TV stations.
Monday, August 14
The Irvine Company is planning two more office towers in Irvine, this time in University Research Park.
The former Steelcase campus in Tustin continues to be a hotspot for manufacturers, in the Real Estate column
The OC tourism industry is holding up well after a blockbuster 2005, which benefited from Disney's 50th anniversary celebration
Some weakness in Asia put a bit of hurt on Beckman Coulter's most recent financial results, in the Healthcare column
BlankStyle has taken its logo-less wholesale clothing business to the mall, in the Marketplace column
Dental Insurers Gain Fueled by UnitedHealth's PacifiCare Buy
A look at people, companies and institutions receiving awards, accolades, grants and other honors
British Airways said it expected to fly 80% of its flights from London's Heathrow on Monday as Britain scaled back a security alert imposed last week after police said they foiled a plot to bomb planes.
Hirings, promotions and other moves at local businesses. Fedalen Takes Real Estate Post at Wells
Shares of Pacific Sunwear of California Inc. were down sharply Friday after the company reported weak second-quarter results a day earlier and warned the current period was cloudy.
Young Company in Laguna Beach recently picked up three accounts, in the Media & Marketing column
The Cannery is a classic fish house that's improving with age, in the Executive Dining column
Arizona Emerging as Defect Battleground; Rosemary to Philly
Regulatory hoopla stirred by Wal-Mart's push to launch banking services has shined a spotlight on a niche part of the banking industry: industrial loan companies,
OC Hospitals See Little Impact From Consumer-Driven Plans
Clean Energy Fuels is angling to supply natural gas fuel to trucks as part of a bid to cut diesel pollution at the ports of Long Beach and Los Angeles,
A Disneyland-area development shows that the Platinum Triangle isn't the only part of Anaheim getting a big residential makeover
Billionaire investor Carl Icahn more than doubled his stake in Cendant Corp. and boosted his stake in Time Warner Inc. by 8.4%, according to a regulatory filing on Monday.
Costa Mesa-based Valeant Pharmaceuticals International said Monday that Chairman Robert W. O'Leary died after a four-year battle with cancer. O'Leary, a veteran healthcare executive, was 62.
HealthSouth Corp. on Monday said it may spin off or sell its surgery centers and outpatient rehabilitation units to focus on its more profitable inpatient rehab hospitals, pushing its shares up 6%.
Conexant and Mindspeed take a step backward after posting some previous gains
In-N-Out has plenty of options following the death of chain matriarch Ester Snyder
Coastal Communities lowered its homebuilding outlook for the year
Powerwave's surge is over,at least for now, in the Technology column
Kaiser already is developing hiring plans for the 150-bed hospital it's building near the Irvine Spectrum,
High-Rise Office Market Sees Some Mortgage-Related Flux. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
Friday, August 11
The owner of the Mammoth, Stratton and Whistler ski resorts has agreed to be acquired by private equity firm Fortress Investment Group LLC for about $1.81 billion cash.
The nation's largest oil field got a reprieve of sorts as BP announced it will try to keep part of its North Slope production running while replacing corroded pipes that have caused two spills this year.
Apple Computer Inc. on Friday told securities regulators its quarterly report would not be filed on time as it reviewed stock-options grants, a delay that had been expected after a company announcement last week.
Thursday, August 10
Security fears may dampen demand for air travel in the short term, industry watchers said on Thursday, after British police foiled a plan to blow up transatlantic jetliners, but they won't throw U.S. airlines off their long recovery from the Sept. 11, 200
IBM Corp. said Thursday it plans to acquire Costa Mesa-based FileNet Corp. for $1.6 billion in yet another consolidation move in the software industry.
Oil stocks took a tumble early Thursday after British authorities said they foiled a "well advanced" plot to destroy commercial planes in transatlantic service to the U.S.
Oil major BP Plc said on Thursday it will delay to next week its decision on whether to completely shut down the Western portion of its 400,000 barrels per day Prudhoe Bay oil field.
Mortgage rates around the country dipped for a third week in a row, pushing 30-year mortgages to their lowest level since April.
Santa Ana-based First American Corp. is reviewing its stock option grant practices and might be forced to take a write-down, the company said in a regulatory filing.
Insurer UnitedHealth Group, which is under investigation for its stock option programs, on Thursday said it expected its independent review of options to be substantially complete before its third-quarter filing is due to regulators.
Wednesday, August 9
Cisco Systems Inc.'s strong quarterly results and upbeat outlook pushed up tech shares on Wednesday, cheering investors who had beaten down the sector after weak results from other tech heavyweights.
Shares of Multi-Fineline Electronix Inc. slumped 25% Wednesday after the company reported disappointing results for the quarter ended June 30.
Shares of Watson Pharmaceuticals Inc. rallied more than 5% Wednesday after the company posted revenue and an operating profit ahead of Wall Street analysts' consensus forecast.
Luxury homebuilder Toll Brothers Inc. on Wednesday said new orders and revenue fell in the quarter just ended, prompting the company to slash for the fourth time the number of homes it expects to build this year, as the U.S. housing market continued its s
Walt Disney Co. on Wednesday reported a surprisingly strong 39 percent rise in quarterly profit as "Cars" and "The Chronicles of Narnia" led to a turnaround at its film studio division.
Luxury home builder Toll Brothers Inc. on Wednesday said new orders and revenue fell in the quarter just ended, prompting the company to slash for the fourth time the number of homes it expects to build this year, as the U.S. housing market continued its
Irvine-based Edwards Lifesciences Corp. said Wednesday it plans to sell its perfusion products business to the Nipro Group, a Japanese medical device maker.
The Orange County Performing Arts Center on Wednesday released its past year's results, which included a surplus of $210,284 and $15.8 million in ticket sales.
Tuesday, August 8
Santa Ana-based title insurer First American Corp. announced Tuesday its second small acquisition in as many days.
Quest Software Inc. reported disappointing revenue for the second quarter and withheld its earnings result as it investigates its stock option grant accounting.
The Federal Reserve on Tuesday halted a more than two-year string of interest-rate rises, holding its benchmark rate steady while it gauges whether a slowing economy will keep inflation in check.
Aramark Corp. agreed to a $6.3 billion buyout by a group of investors including Joseph Neubauer, the chairman and CEO of the food services provider. The buyers will also assume $2 billion in debt.
Bausch & Lomb Inc. on Tuesday slashed its 2006 earnings forecast, in part because of the recall of its ReNu with MoistureLoc contact lens solution, which has been linked to an eye infection that can cause blindness.
Federal Reserve policymakers Tuesday may break the chain of interest-rate rises they began two years ago but economists say this won't necessarily mean they are laying down arms against inflation.
Retail sales have been mixed this summer. A poor June, but a better July. As the back-to-school season heats up, no one's quite sure what to expect.
British software maker Sage Group PLC said Tuesday it plans to make the biggest acquisition yet for its Irvine-based North American operations.
Monday, August 7
The Laguna Cliffs Marriott opened its Vue restaurant, in the Executive Dining column
Europe is causing some headaches for Ingram Micro, in the Technology column
Doctors looking for space in OC's tight medical office market will get another option when a center opens in Tustin later this year
AmerisourceBergen Corp. and Kindred Healthcare Inc. said Monday they have tentatively agreed to combine their institutional pharmacy operations into a company that will be one of the largest providers of drugs to hospitals, nursing homes and other healthc
The former Cypress headquarters for Roger Cleveland Golf is set to be turned into medical labs and offices, in the Real Estate column
The Camp in Costa Mesa has two new stores and a farmer's market, in the Marketplace column
The county's wealthiest people saw the value of their holdings increase during the past year
Irvine's California Coastal Communities Inc. is the latest homebuilder to lower sales expectations for the remainder of 2006, citing increased cancellations and an industrywide slowdown in the local housing market.
Irvine-based Gateway Inc. has attracted a shareholder it might not want.
KBS REIT has kicked off its deal making with about $40 million worth of acquisitions in Florida and New York
BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies.
The State Water Resources Control Board is looking to limit pollutants from runoff at construction sites
Coastal Resorts Pamper Wealthy Away From Home
Memorial Health is considering its options for Anaheim Memorial Medical Center, in the Healthcare column
Minding Money, Fixing Fridges, Buying Islands
News Corp.'s Fox Interactive Media and Google Inc. said on Monday they have signed a multiyear search and advertising deal covering Fox's MySpace.com and other properties.
FileNet is seeing returns from its research and development investment during the past several years
American Vanguard Corp. reported a sharp increase in sales and profit in the second quarter, despite higher costs for debt and its freight, delivery and warehouse operations.
The westside of Costa Mesa continues to transition from an industrial area to a mixed-use one. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
Irvine-based Gateway Inc. has attracted a shareholder it might not want.
Federal Reserve policymakers sit down on Tuesday for what might be one of their most difficult interest rate decisions in years.
CommScope Inc. on Monday proposed a $1.7 billion bid for communications equipment maker Andrew Corp., challenging a merger agreement between Andrew and ADC Telecommunications Inc.
Measure M Holdouts; Big Bosses; 'Curtains' For CHOC Follies?
BIG RIG RETIREMENT - Duvall Hecht became a trucker after selling Newport Beach-based Books on Tape to Random House in 2001
Orange County's hillside dwellers are rich with stunning houses with spectacular views. About all they're missing is their own TV show
Retailers a bit wary as Back-to-School season gets going in earnest
Armstrong-Butcher Properties is set to develop a six-building office complex in Corona
Global Results expects to hire more workers during the next year, in the Media & Marketing column
Oil company BP scrambled Monday to assess the pipeline corrosion that will shut shipments from the nation's biggest oil field, removing about 8% of daily U.S. crude production and driving oil and gasoline prices sharply higher.
We've come across other wealthy Orange County residents or people who've made fortunes here. Here's a list of those estimated to be worth around $100 million or more
Gkkworks boosted its architectural focus with the acquisition of a Glendale firm
Concerns about Edwards Lifesciences' reliance on heart valve sales have surfaced again
Options play lesser role; linking pay to company performance
Friday, August 4
Shares of Irvine-based Quality Systems Inc. spiked Friday after the company reported quarterly results that beat Wall Street's expectations.
Toyota Motor Corp., the world's most profitable car maker, booked a 27% jump in quarterly operating profit on Friday as sales charged ahead in North America and Europe, and said it aimed to beat its official forecasts for the full year.
It's been a battle of surging real estate empires versus sagging technology and other fortunes in the past year for Orange County's wealthiest.
Expansion at its manufacturing plants helped Ceradyne Inc. boost sales and profit in the second quarter, the company said Friday.
U.S. employers added a smaller-than-expected 113,000 jobs in July and the unemployment rate jumped unexpectedly to 4.8%, Labor Department data showed on Friday, igniting hopes for an interest-rate pause by the Federal Reserve.
Royal Philips Electronics late Thursday said it has inked a deal to sell an 80.1% stake in its semiconductor unit to a private equity consortium consisting of Kohlberg, Kravis Roberts & Co., Silver Lake Partners and AlpInvest Partners NV.
Thursday, August 3
Time Warner Inc.'s AOL online division said on Thursday that some 5,000 workers, or about a quarter of its staff, would no longer be on its payroll within six months as part of a restructuring that includes selling its European Internet access businesses.
The number of workers seeking initial jobless aid rose 14,000 last week, the government said on Thursday, but remained at levels still indicative of a stable labor market.
Santa Ana-based TTM Technologies Inc. plans to buy Tyco International Ltd.'s printed circuit board unit for $226 million.
U.S. retailers including Target Corp. and Gap Inc. posted disappointing July sales on Thursday as soaring temperatures and high gasoline prices crimped early back-to-school demand and stoked concerns about consumer spending.
New orders at U.S. factors rose a smaller-than-expected 1.2% in June as orders outside transportation and defense were weak, a government report showed on Thursday.
Anaheim's Pacific Sunwear of California Inc. and Foothill Ranch's Wet Seal Inc. took wildly different paths with July sales.
Costa Mesa-based Valeant Pharmaceuticals International had postitive news on a couple of fronts Thursday.
Irvine-based Gateway Inc. posted a loss and disappointing revenue in the second quarter, the computer maker reported Thursday.
SL Green Realty Corp. said on Thursday it would buy Reckson Associates Realty Corp. for about $4 billion in a cash and stock deal that would strengthen SL Green's position in the New York City office market.
Wednesday, August 2
Shares in Royal Philips Electronics NV jumped Wednesday following reports that the company is close to a deal to sell its semiconductor division to a U.S. private equity consortium for more than $10 billion.
Ford Motor Co. is launching a strategic review of operations such as the Jaguar brand, which may lead to asset sales or alliances with other companies, the Wall Street Journal reported on Wednesday, citing people familiar with the situation.
The Federal Trade Commission ruled on Wednesday that computer technology developer Rambus Inc. unlawfully monopolized markets for four memory chip technologies, sending its shares down as much as 30%.
Struggling Mitsubishi Motors reduced its losses for the April-June quarter, helped by a weaker yen and a slightly better performing U.S. subsidiary, the Japanese automaker said Wednesday.
Allergan Inc. said Wednesday that its second-quarter profit more than doubled from a year ago, thanks to increased sales of its eye treatments and core Botox wrinkle-reducing drug.
Seth Johnson has another year to boost sales at Pacific Sunwear of California Inc., the Anaheim-based company said in a regulatory filing Wednesday.
Google Inc. on Wednesday said it struck a deal with XM Satellite Radio Holdings Inc. to help the search engine's advertisers automatically place ads on XM's non-music radio channels.
Procter & Gamble Co. posted a 36% jump in quarterly profit on Wednesday, boosted by stronger-than-expected sales of Tide laundry detergent and other products, and its shares posted their largest one-day percentage gain in four years.
Shares of Beckman Coulter Inc. slid Wednesday after the company reported lower second-quarter profit and sales that were impacted by some weakness in Asia.
Ford Motor Co. is launching a strategic review of operations such as the Jaguar brand, that may lead to asset sales or alliances with other companies, the Wall Street Journal reported on Wednesday, citing people familiar with the situation.
Tuesday, August 1
Treasury Secretary Henry Paulson on Tuesday said a strong dollar was in the interest of the U.S., and urged China to show more flexibility in its foreign exchange policy to help correct global imbalances.
Newport Beach-based TriZetto Group Inc. said Tuesday a pickup in demand for healthcare-related software helped boost earnings in the second quarter.
Federal Reserve officials approach a key meeting next week worried both about not raising interest rates enough to avert inflation and doing more than is needed at the expense of economic growth.
Orange Coast Title Co. has agreed to pay $800,000 to settle charges that it used illegal methods to boost business, the California Department of Insurance said Tuesday.
U.S. automakers on Tuesday posted sharp declines in July vehicle sales, hurt by comparison to last summer's discount-driven sales boom and the shift away from big trucks and SUVs in the face of high gasoline prices.
Verizon Communications, the nation's biggest telephone company, on Tuesday reported better-than-expected quarterly operating earnings on strong growth in its wireless business.
Eastman Kodak Co., undergoing a tough transition to digital photography, posted a wider loss of $282 million in the second quarter,its seventh quarterly loss in a row,and said Tuesday it is eliminating another 2,000 jobs. Its shares tumbled more than 6%.
Diversified chip maker Marvell Technology Group Ltd. said on Tuesday it expects to turn around the loss-making communications unit it bought from Intel Corp. within one to two years.
Santa Ana-based Advanced Medical Optics Inc. said it swung to an operating profit in the second quarter, but the company's shares were down Tuesday after its sales came in below expectations.