Stories for June 2006
Friday, June 30
A key gauge of core consumer prices rose a moderate 0.2% last month, but inflation-adjusted spending advanced just 0.1% as energy prices pressured shoppers, a government report showed on Friday.
California's November ballot is shaping up to be one of the most crucial in years for business.
Foothill Ranch-based Oakley Inc.'s tweaks are starting to play out in stores, with new displays and packaging for women's sunglasses and plans for more sports shades.
Irvine-based CorVel Corp. said Friday that it failed to file its annual report on time with the Securities and Exchange Commission.
Apple Computer Inc. said on Thursday an internal probe uncovered irregularities related to the company's issuance of stock option grants between 1997 and 2001, and its shares fell 3%.
Cendant Corp. has agreed to sell its travel services division to an affiliate of private equity firm the Blackstone Group for about $4.3 billion in cash, scrapping plans to spin off the unit.
Thursday, June 29
Anaheim-based Pacific Sunwear of California Inc. can feel the heat. The once highflying teen clothing retailer now finds itself answering tough questions about why the company has cooled as competitors keep coming on strong.
The Federal Reserve is wrapping up a two-day meeting today, and analysts say there is little doubt the central bank will raise rates for the 17th consecutive time.
The Federal Reserve raised interest rates for a 17th straight time on Thursday and said more rises may be needed to curb inflation even after the now two-year run of credit-tightening.
Boeing Co. said on Thursday it will take up to $1.1 billion in charges to cover the costs of delayed surveillance aircraft for Australia and Turkey and the previously announced settlement of two U.S. government investigations into its defense unit.
Irvine-based BioLase Technology Inc. said Thursday that it is going to license some of its laser technology to consumer products maker Procter & Gamble Co.
The head of Cypress-based Mitsubishi Motors North America Inc. for the past year and a half is retiring, leaving the challenged automaker solely in the hands of an executive from its parent company in Japan.
Wednesday, June 28
The face behind one of Orange County's few stem cell startups is a familiar one: computer entrepreneur Thomas Yuen.
Applied Micro Circuits Corp. on Tuesday said it has received a subpoena from a U.S. district attorney requesting documents relating to its historical stock option practices.
House Democrats plan to introduce a bill to reverse last week's court decision that invalidated a Securities and Exchange Commission rule requiring hedge fund advisers to register with the agency, said a top lawmaker on Wednesday.
Irvine-based Lantronix Inc. said Wednesday that it's reached a preliminary settlement with the Securities and Exchange Commission over a financial restatement in 2002.
EMI and Warner Music were locked in a two-way $4.6 billion takeover battle on Wednesday, with each trying to acquire the other to create a combined company that would shrink the industry to three dominant players.
Packaged food company ConAgra Foods Inc. on Wednesday posted a 6.6% rise in quarterly profit as it cut costs, sold off some businesses, and stepped up marketing spending behind key brands.
Federal Reserve policy-makers started a two-day meeting on Wednesday that markets expect will yield a quarter-percentage point rise in the overnight federal funds rate to 5.25%.
Shares of Aliso Viejo-based QLogic Corp. rose about 5% in premarket trading Wednesday and closed flat for the day after Merrill Lynch & Co. started covering the company with a "buy" rating.
After years of trying to compete in the health imaging market, Eastman Kodak Co. is poised to shed its health imaging business, which some analysts expect to be dismantled and resold in pieces.
Tuesday, June 27
Orange County home prices inched down from a record high in May, though the number of sales in the county showed a modest increase from a month ago, according to a report Tuesday.
General Motors Corp. on Tuesday cautioned that overall 2006 U.S. auto sales could fall short of last year's total because of higher interest rates and volatile gas prices.
Telecommunications equipment maker Nortel Networks Corp., which has slimmed down significantly in recent years, said Tuesday it will cut about 1,100 positions globally and change its pension program to improve operating margins and save money.
Consumer confidence increased modestly in June but uncertainty about the near future suggested the economy may be poised to slow in the months ahead, a survey showed on Tuesday.
Los Angeles-based Univision Communications Inc. said on Tuesday it accepted a $12.3 billion buyout offer from an investor group led by media mogul Haim Saban, sending its shares 6% higher and ending a tense auction for the Hispanic broadcaster.
The pace of sales of existing homes fell 1.2% in May, roughly in line with expectations, according to a report from the National Association of Realtors said on Tuesday.
Nike Inc., the world's top athletic shoe maker, said on Tuesday that fourth quarter net profit fell 5% due to a one-time charge related to a Converse brand arbitration ruling.
Huntington Beach-based Quiksilver Inc. has formed a venture with Moscow's Sprandi International Ltd. to sell its surf-inspired Quiksilver and Roxy clothes in Russia.
Irvine's California Coastal Communities Inc., under fire from shareholders over its plans to build homes at Bolsa Chica, made a peace offering Tuesday: an $11 to $13 per share dividend.
Monday, June 26
Boutique hotelier Larry Broughton eyes an expansion after a tough start out of the gate
Homebuilder Lennar Corp. said Monday its second-quarter profit surged 33% on sharply higher sales, but the company lowered its full-year earnings outlook on an anticipated slowdown on new orders.
SeaCliff Packages Cosmetics for Cindy Crawford, Others
Orange County hotel development has picked up in the past year, but still lags the pace in San Diego, Los Angeles and San Bernardino.
One of the county's few stem cell startups is run by a familiar face: computer entrepreneur Thomas Yuen
A developer is planning a medical office complex at the Irvine Spectrum
Swinerton Builders started work on a patient tower at St. Jude Medical Center in Fullerton, in the Healthcare column
WCB Properties still see some good real estate buys in OC, in the Real Estate column
Low vacancy and rising lease rates have spurred a pickup in commercial development.
Johnson & Johnson said on Monday it would buy Pfizer Inc.'s consumer healthcare business for $16.6 billion in cash to increase its lead in the market for non-prescription health products.
Sales of new single-family U.S. homes again defied predictions of a slowdown in May and rose 4.6%, according to a government report on Monday that signaled lingering pockets of strength in the critically important housing sector.
Literary romantic and investor Walter Schindler has raised $16 million for his new venture fund,
Irvine's Display Boys picked up work from Reebok International, in the Media & Marketing column
Mindspeed Technologies isn't looking to India or China to offshore some work. It's setting up shop in Dubai
Researchers at the University of California, Irvine, won $305 million in funding during the recently ended school year, with more than half coming from medicine and biological sciences.
Phelps Dodge Corp. on Monday said it would acquire Canada's Inco Ltd. and Falconbridge Ltd. for about $40 billion in a blockbuster deal to create the world's largest nickel miner and largest publicly-listed copper producer.
San Clemente-based Sunstone Hotel Investors Inc. has bought the W Hotel San Diego for $96 million.
Whirlpool expects to sell luxury appliance maker Jade Products in Brea by the end of the year
Johnson & Johnson said on Monday it would buy Pfizer Inc.'s consumer health-care business for $16.6 billion in cash to increase its lead in the market for non-prescription health products.
Buoyant office and industrial markets translated into a big upswing in commercial development starts in 2005, though few of those projects were finished during the year.
An Ingram Micro analyst sees more market share and bigger profits in its future, in the Technology column
Mears Won't Run Unless ...; Allergan's 'Commander Crutch'
Once highflying retailer Pacific Sunwear is feeling the heat
An arm of General Electric Co. on Monday said it planned to acquire six senior housing portfolios worth $1.4 billion from Formation Capital LLC.
Mardo's Fine Jewelry opens its expanded space on Pacific Coast Highway, in the Marketplace column
Lease Rates Steady, Vacancy Declines in Q1. The vacancy rate for manufacturing and warehouse space dropped to 3.2% in the first quarter. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
An upcoming benefit is a eye-catcher with great chefs and premier wines, in the Executive Dining column
Friday, June 23
More medical space is coming to central Orange County. Enterprise Commercial Development Inc. of Lake Forest has paid $13 million for 4.2 acres of land zoned for medical office space in the Irvine Spectrum.
Irvine drug maker Allergan Inc. said Friday that regulators cleared Lumigan, its prescription eye drop, as a treatment for an eye condition that's associated with glaucoma or ocular hypertension.
Oracle Corp., which has spent $20 billion snapping up competitors over the past 18 months, asserted its financial case for the shopping spree with a 27 percent hike in its quarterly income.
Whirlpool Corp., the new owner of Maytag Corp.'s Jade Products Co. in Brea, could end up selling the luxury appliance maker for $50 million or more, according to analysts.
New orders for durable goods unexpectedly fell 0.3% in May as aircraft orders dived, according to a government report on Friday that nonetheless showed healthy spending in other sectors.
Univision Communications Inc. opened the door to potential buyers this week, but so far the company has drawn one bid it deemed too low while a last-minute shakeup within a second investor group has clouded prospects for another offer.
Thursday, June 22
Connexion by Boeing, Boeing Co.'s Irvine-based in-flight Internet unit, could be sold or shut down, according to a report in the Wall Street Journal Thursday.
Allianz will cut some 7,500 jobs or 4% of its global workforce as part of a far-reaching revamp designed to boost earnings, Germany's largest insurance group said on Thursday.
Arts and crafts retailer Michaels Stores Inc. received two takeover bids from private equity buyers offering more than $40 per share, a source close to the deal said on Thursday.
Two more private equity firms dropped out of the bidding for Univision Communications Inc., adding another twist to the lively auction for the Hispanic broadcaster a day after offers were due.
Oracle Corp. on Thursday posted a higher quarterly profit, helped by stronger-than-expected new software license revenue.
A top technology chief at Broadcom Corp. has left the chipmaker to join Canada's Nortel Networks Corp. as the networking gear maker's new chief technology officer.
A new era for the Ducks took flight Thursday, with the Anaheim-based team debuting a revamped name, logo and jersey.
Mexico's Televisa on Thursday said it was still preparing a bid with investment partners for Univision Communications Inc., despite signs that an auction for the U.S. Hispanic broadcaster might unravel.
Wednesday, June 21
Morgan Stanley Inc. on Wednesday took another step closer to fulfilling Chief Executive John Mack's pledge of a financial turnaround, posting second-quarter profit that more than doubled on stronger trading, underwriting and investment gains. The company'
Ford Motor Co. remains "committed" to its turnaround target of making its auto business profitable again by 2008 and is on track to meet that goal, a senior executive said on Wednesday.
Orange County's TV war is set to come to a head tonight. Coast Community College District plans to vote Wednesday night on whether to appeal a court decision invalidating the sale of KOCE-TV to the public station's foundation.
Shares of Cortex Pharmaceuticals Inc., an Irvine-based drug developer, fell about 16% Wednesday after it said that its flagship drug fell short of expectations.
The Irvine Company could be paying top dollar to acquire its first office building in San Francisco.
H & R; Block Inc. has no plans to break itself up or sell some businesses to private equity firms to improve the company's value to shareholders, Chief Financial Officer William Trubeck said on Wednesday.
Royal Philips Electronics NV said on Wednesday it will spin off or sell its chip business by the end of the year, keeping only a minority stake.
Orange County jobs are seen growing faster than expected while home prices are seen holding steady this year, according to Chapman University's updated 2006 forecast released Wednesday.
Santa Ana-based mortgage lender Stearns Lending Inc. is finalizing a deal to lease about 23,000 square feet of Irvine office space being vacated by another lender, the Orange-based parent of Ameriquest Mortgage Co.
An investor group including billionaire Haim Saban and four private equity firms submitted an offer for Spanish-language broadcaster Univision Communications Inc. while the fate of a rival bid remained unclear, sources familiar with the deal said on Wedne
Tuesday, June 20
Lego Group, whose iconic plastic building blocks have entertained millions of children for more than 70 years, said Tuesday it will be shedding 1,200 of its worldwide jobs to remold itself in an era when kids prefer playing with electronic gadgets.
Homebuilders are nervously eyeing an Irvine proposal that would more than double city fees for putting up homes in the area around John Wayne Airport to nearly $70,000 per home.
GE Healthcare said on Tuesday it had made a recommended $436.3 million cash offer for Swedish medical instruments maker Biacore.
The pace of housing construction rose more than expected in May after three months of declines as groundbreaking on both single-family and apartments and condominiums jumped but permits for future projects fell, a government report showed on Tuesday.
Orange County homes prices hit another record in May, even as sales for the month dropped to their lowest level in more than 20 years.
Two major rating agencies cut General Motors Corp.'s debt rating deeper into junk territory on Tuesday after the automaker said it was offering banks collateral to renew a credit facility.
Time Warner Inc. on Tuesday said it was looking into whether company funds were used by its chief financial officer for gifts he allegedly gave an accused prostitution ringleader.
Manufacturer Rockwell Automation Inc. on Tuesday said it plans to sell off two industrial components units representing nearly one fifth its revenue as it shifts from making gears and motors to high-tech factory automation systems.
Monday, June 19
The city of Irvine is considering a big increase in its housing development fees for the area around John Wayne Airport
The industrial market in North/Central OC continues to improve with some big leases. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
A maker of telecommunications software has landed some venture funding, in the Technology column
Switzerland's Nestle bought U.S. weight-loss company Jenny Craig for around $600 million, it said on Monday, expanding its high-margin nutrition and health business.
The U.S. Senate on Monday approved the nomination of Federal Reserve Board Governor Donald Kohn, a monetary policy veteran, to be vice chairman at the central bank.
Homebuilder sentiment sank to its lowest in more than 11 years in June as rising interest rates made houses less affordable and sent speculators fleeing, an industry group said on Monday.
Venture funding by local investors turned around in OC last year
SpecificMedia nabbed $10 million in venture funds to grow its online advertising business
Niche magazine publisher Action Pursuit Group is turning to the Web, in the Media & Marketing column
The Irvine Company made it official: Richard Gilchrist is head of its office unit
Nokia and Siemens have agreed to combine the bulk of their telecom equipment businesses to create one of the biggest players in the industry, sending shares in both firms higher.
A sale of Triangle Square could be in the works
It's been a bloodbath for local technology companies during the past few months
3M Co. has moved a unit that makes tape used in casting broken bones from Irvine to Poland.
Mobile Edge is taking on Targus with stylish computer bags
Circuit City Stores Inc. on Monday posted better-than-expected quarterly profit, boosted by strong sales of big-ticket items like flat-panel televisions.
Costa Mesa has the highest retail sales per person in OC, in the Marketplace column
Irvine-based Freedom Communications Inc. has made its first deal under Chief Executive Scott Flanders, paying $17 million for an upstate New York TV station.
The Melting Pot's dinner series melds fondue to wine, in the Executive Dining column
Ford Motor Co. said on Monday it expects 10,000 to 11,000 unionized hourly workers to accept early retirement and buyout offers by the end of the year.
A new owner could be in the works for one of Orange County's most troubled shopping centers, Costa Mesa's Triangle Square.
Costa Mesa-based Secova Inc., a human resources and benefits outsourcing company, has landed $8 million in funding.
Some planned condo projects could turn into apartments as the housing market slows, in the Real Estate column
3M has consolidated a former Irvine medical tape-making operation at a plant in Poland
A couple of local prosthetic companies make limbs for war amputees
Quirky stock guru Jim Cramer says Allergan's appeal to vanity makes it a good investment, in the Healthcare column
Nokia and Siemens have agreed to combine the bulk of their telecom networks businesses to create one of the biggest players in the industry, sending shares in both companies higher.
Tech Coast Venture Network is aiming to push more investment funds to the smallest of companies
Friday, June 16
Orange County's unemployment rate fell to 3.2% in May, according to a report from the state Employment Development Department on Friday.
Consumer sentiment improved unexpectedly in early June, but inflation expectations have fallen since May, a report showed on Friday.
Energy Partners Ltd. said on Friday it delivered a firm agreement to the board of Stone Energy Corp. to acquire Stone for $1.4 billion plus the assumption of debt.
Santa Ana-based Ingram Micro Inc. has bought a European technology products distributor that expands its retail and inventory management operations, the company said Friday.
Irvine-based SpecificMedia Inc., an Internet advertising company, has landed a $10 million first round of funding, which it plans to spend on sales and marketing, among other uses.
Boston Scientific Corp. shares, which sank to a 3-1/2 year low earlier this week, rose by as much as 5% on Friday after a favorable court ruling in a long-standing patent battle with archrival Johnson & Johnson.
Thursday, June 15
Santa Ana-based First American Corp. said Thursday that it plans to take a $25 million charge in the second quarter to account for a lawsuit against one of its title insurance units.
U.S. inflation developments "bear watching," but the impact of high energy costs on other prices has been limited and the economy will adjust over time, Federal Reserve Chairman Ben Bernanke declared on Thursday.
Microsoft Corp. Chairman Bill Gates said Thursday he will transition out of a day-to-day role at the company he co-founded to spend more time on global health and education work at the Bill & Melinda Gates Foundation.
The number of workers claiming an initial week of jobless claims unexpectedly fell by 8,000 last week to the lowest level in nearly four months, a government report showed on Thursday.
Veteran Wall Street dealmaker Joseph Perella on Thursday announced the long-awaited launch of Perella Weinberg Partners, a corporate adviser and investment firm that enticed a string of senior bankers from big investment banks.
Pfizer Inc.'s chief executive said on Thursday he was not leaning either way on whether the world's top drug maker would spin-off or sell its consumer products business.
About 525 workers at the Newell Rubbermaid Inc. plant in Centerville will lose their jobs when the consumer products maker closes the plant after 21 years of operation.
Costa Mesa-based Valeant Pharmaceuticals International said Thursday that the Food and Drug Administration approved Zelapar, a pill to use in combination with others to treat Parkinson's disease.
Shares of wireless testing gear maker Comarco Inc. fell about 6% in afterhours trading Thursday after the Irvine-based company reported first-quarter results.
Wednesday, June 14
U.S. power company Constellation Energy Group Inc. said on Wednesday it will sell part of a natural gas exploration and production business in an initial public offering in an attempt to take advantage of high gas prices.
Bayer finally won control of Schering on Wednesday for an increased price of almost $22 billion as Merck KGaA bowed out and sold its stake to the larger drugs and chemicals group.
IBM, the world's biggest computer services provider, is selling its experience running research programs to other companies as it expands its consulting business, it said on Wednesday.
Rising rents pushed up U.S. core prices an unexpectedly steep 0.3% for a third straight month in May, according to a government report on Wednesday that cemented expectations of higher interest rates.
Federal Reserve officials said on Wednesday they wanted to avoid undermining growth by raising interest rates too fast, a clear hint that a half-percentage-point hike was not on the table for June.
Boeing Co. shares surged on Wednesday after European rival Airbus announced a delay in its new superjumbo plane, potentially losing orders to Boeing, and the U.S. aircraft maker scored a key contract to sell 20 of its popular new midsized 787 jetliners.
Nexus Cos. has started construction on a two-tower, $350 million condominium project in Santa Ana.
Tuesday, June 13
Illinois-based United Plastics Group Inc. plans to close its Anaheim plant and shift work to a new Tijuana plant, laying off about 140 people in the process.
Best Buy Co. Inc., the nation's largest consumer electronics retailer, said Tuesday that cost-cutting and sales of big-ticket items powered a fiscal first-quarter profit increase of nearly 38%.
Consumers, battered by surging gasoline prices and rising interest rates, cut back sharply on their spending in May, providing further evidence suggesting the economy is slowing.
Wireless technology company Qualcomm Inc. on Tuesday raised its quarterly revenue forecast above market expectations, citing strong growth in its shipments of microchips for advanced mobile phones.
The New York Stock Exchange halted trading of William Lyon Homes Inc. on Tuesday, and said it plans to have the stock delisted amid a dearth of shares available to trade.
The Irvine Company made official a public secret in real estate circles on Tuesday by announcing the hiring of former Maguire Properties Inc. executive Richard Gilchrist as head of its office division.
The Treasury Department is reviewing the procedure for approving debt issues of mortgage giants Fannie Mae and Freddie Mac in response to accounting scandals at both companies.
Irvine-based Autobytel Inc. said Tuesday it's cutting 10% of its workers. The online marketing company, which had 426 people as of December, will cut about 40 jobs.
U.S. producer prices rose modestly last month, but core producer prices climbed more than expected and retail sales excluding gasoline slowed, according to government reports released on Tuesday that signal possible inflation pressures.
Monday, June 12
Isotis Orthobiologics, a developer of bone graft substitutes, is adding more workers and space in Irvine
Vessia and J. Lohr Winery are readying for a special Italian dinner, in the Executive Dining column
A wrap-up from Action Sports Retailer's first holiday trade show, in the Media & Marketing column
An analyst is expecting some good news in Emulex's quarterly report, in the Technology column
Its Inamed buy is paying off for Allergan after FDA approval, in the Healthcare column
Fletcher Jones is the nation's No. 2 auto seller, in the Marketplace column
The county could hear some rumblings as it gets set to consider its biggest budget ever
Acquisitions, Spending Spur Sales Gains at Software Makers
South County's industrial market continued to gain in the first quarter. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
J & J; has reached into Orange County to add another medical device company to its portfolio
The Securities and Exchange Commission has asked Broadcom Corp. for documents relating to the chipmaker's granting of options, making it the second Orange County company to be probed on the timing of options grants.
Arnold-Doti Duo; Brother, Bruin Help Troubled Trojan
Recent news on inflation has been troubling, but if the economy moderates as forecast, a federal funds rate of 5% is near a point that will gradually improve the inflation outlook, a top Federal Reserve official said on Monday.
Three new companies, including online job site Monster Worldwide Inc. on Monday disclosed inquiries into their stock options grants in a scandal that has widened to some 40 companies.
Santa Ana-based Powerwave Technologies Inc. said Monday it plans to buy a majority of British-based Filtronic PLC's wireless infrastructure unit for about $340 million in cash and stock.
Donald Bren, chairman of The Irvine Company, went off "the ranch" for his latest donation: $1 million for after-school programs in Santa Ana.
Power generator Mirant Corp. withdrew its $8 billion unsolicited bid for NRG Energy Inc. on Monday under pressure from Mirant shareholders, who said they could make more money if Mirant sold itself instead.
Wireless technology company Qualcomm said on Monday it had filed a complaint against mobile phone maker Nokia over six patents, the latest volley in their battle over intellectual property.
Computer Device Makers See Some Local Employment Gains
Technology companies are wondering what to do with all that cash
Consultant Walter Hahn is a long-term bull on the housing market, in the Real Estate column
A couple of local medical device makers are hoping Wall Street casts a favorable eye on them,profits or not
A look at people, companies and institutions receiving awards, accolades, grants and other honors
United Plastics plans to close its Anaheim plant and shift work to a new Tijuana plant, laying off about 140 people in the process
R.D. Olson has done plenty of hotel development and building for Marriott, Hilton, Ritz-Carlton and others
Cheap Mexican labor is a myth in the landscape industry, a Viewpoint by Robert Wade, president of Laguna Beach-based Wade Landscape and chairman of the California Landscape Contractors Association's Legislative Committee.
Banco Bilbao Vizcaya Argentaria, Spain's No. 2 bank, on Monday agreed to buy two Texas banks, Texas Regional Bancshares Inc. and State National Bancshares Inc., for $2.64 billion to triple its retail presence in the state and reach more Hispanic customers
Friday, June 9
The trade deficit widened less than expected in April to $63.4 billion, as oil import prices surged close to historic highs and exports turned in a near record performance, a government report showed on Friday.
Shares of Huntington Beach-based Quiksilver Inc. rose more than 8% Friday, a day after the surfwear maker reported results that analysts interpreted as good news.
The revival in business productivity since the mid-1990s still has a ways to run, since it takes time to fully tap the potential of new technologies, Federal Reserve Chairman Ben Bernanke said on Friday.
Anaheim-based retailer Pacific Sunwear of California Inc. is planning a 400,000-square-foot warehouse near Kansas City, Mo., to serve its stores in the central and eastern parts of the country.
Isotis Orthobiologics Inc., a developer of bone graft substitutes, is adding more workers and space in Irvine.
Securities and Exchange Commission Chairman Christopher Cox said the agency will consider adjusting its executive-pay disclosure proposal to deal with the issue of backdating stock-option awards.
Thursday, June 8
Ingram Micro Inc. said Thursday it expects to meet its guidance for the current quarter, despite challenges in Europe.
A man described as Abu Musab al-Zarqawi's "spiritual adviser" inadvertently led US forces to the spot where the militant leader was finally located and killed, the US military says.
Cisco Systems Inc. on Thursday said its board has approved a management succession plan that designates John T. Chambers as future chairman of the company in addition to his role as chief executive.
Orange County's largest office landlords expect the tight office market and healthy lease rates to continue for the next several years, despite some uncertainty in one of the county's big group of office workers,the mortgage industry.
Federal Reserve Board Governor Donald Kohn, the nominee to be No. 2 at the central bank, said elevated inflation readings had raised a "warning flag" that demanded the attention of policy-makers.
The number of workers claiming an initial week of jobless aid tumbled by a greater-than-expected 35,000 last week to the lowest level in two months, a government report showed on Thursday.
Santa Ana-based Advanced Medical Optics Inc. on Thursday upped its profit outlook for 2006 and next year, thanks to a share buyback and debt retirement.
Senate Banking Committee Chairman Richard Shelby on Thursday said stock option backdating, the focus of a widening federal investigation, is a serious offense that undermines investor confidence.
Wednesday, June 7
Irvine-based mortgage lender New Century Financial Corp. said Wednesday it did $5.5 billion in loans in May, up 28% from a year earlier.
Economists have raised their forecasts for U.S. growth in the first half of 2006 but have cut forecasts for the second half against a backdrop of rising inflation pressures, according to a survey conducted by the Philadelphia Federal Reserve Bank released
ConAgra Foods Inc.'s restructuring has resulted in a sizable chunk of vacant space coming up for grabs at the Park Place office complex in Irvine.
John Moorlach and Chriss Street, who worked as a tag team calling the county's early 1990s bankruptcy, prevailed by wide margins in Tuesday's voting over intense opposition from public employee unions.
Irvine-based Spectrum Pharmaceuticals Inc. agreed to grant stock worth $550,000 to Reno, Nev.-based Altair Nanotechnologies Inc. to resolve a licensing dispute between the drug developers, Altair said Wednesday.
L-3 Communications Holdings Inc. Chief Executive Frank Lanza died unexpectedly late on Tuesday, leaving the mid-tier U.S. defense contractor without a designated leader and prey to acquisition-hungry rivals.
Americans increased their borrowing in April at the fastest pace in 10 months as credit card spending and auto loans both picked up.
Stronger-than-expected semiconductor demand for cellular phones and other consumer electronics prompted the Semiconductor Industry Association to boost its projection of chip sales in 2006 to growth of 9.8% from a previous forecast of 7.9%.
Despite rising prices for energy and other materials, America's chief executives feel pretty good about the business climate and are bullish about their sales prospects, according to a survey released Wednesday.
Motorola Inc., the world's second-largest handset maker, said on Wednesday it will spend $100 million in India in stages to boost sales in one of the world's hottest mobile markets.
Tuesday, June 6
IBM Corp., the largest computer services company, announced on Tuesday plans to invest nearly $6 billion in India over three years, underscoring the country's growing importance as a global hub for information technology expertise.
Lake Forest-based contact lens and surgical products maker Cooper Cos. reported a lower quarterly profit Tuesday and warned about results for the rest of this year and next.
BAA PLC, the world's biggest airport operator, accepted a sweetened $19 billion takeover bid from a consortium led by Spain's Grupo Ferrovial SA on Tuesday, rejecting a higher offer from a group led by Goldman Sachs.
Stocks closed lower Tuesday, following a second day of negative price action after Federal Reserve Chairman Ben Bernanke's fighting talk on inflation increased the likelihood of further interest rate increases, while his remarks that economic growth is sl
Chip maker Intel Corp. is looking to sell parts of its communications chip business according to a report on the Wall Street Journal Web site on Monday.
Employers hired fewer workers during April, while the number of jobs that opened rose for the fourth straight month, a government report showed on Thursday.
An Irvine company that makes products for managing software on corporate computers has landed $10 million in a second round of funding.
Margaret Karcher, the wife of Carl's Jr. founder Carl N. Karcher, died Tuesday at 91 from liver cancer.
Hewlett-Packard Co. on Tuesday said it reached a favorable tax settlement with the U.S. government that will cause it to restate second-quarter profits upward by $443 million.
Monday, June 5
Orange-based ACC Capital Holdings Corp., parent of lender Ameriquest Mortgage Co., is putting as much as 600,000 square feet of office space on the market.
Austria's Bawag PSK bank will pay at least $675 million to avoid prosecution and to settle bankruptcy claims after admitting its role in the collapse of commodities brokerage Refco Inc., U.S. authorities announced Monday.
Telecommunications company Level 3 Communications Inc. said on Monday it agreed to buy Looking Glass Networks Inc., a privately held provider of metropolitan fiber optic networks, for $96 million in stock and cash.
Office vacancy fell sharply in the JWA area in the first quarter, with construction picking up steam. PLUS: CHART - Net Absorption; Vacancy Rates; Average Asking Lease Rates
The Air Resources Board wants to crack down on forklift emission standards, in Regulation Watch
An Irvine software maker has landed $10 million in funding
Expect Supes Battle If Moorlach Wins; CC Packs Them In
Fifi samples the fare at Arroyo Trabuco Golf Course, in the Executive Dining column
Shares of Irvine-based Standard Pacific Corp. sunk Monday after the homebuilder said it plans to lower its outlook for profits and homes sold for 2006, following a steep drop in new home orders in the past two months.
SenoRx has filed to raise $86 million in an IPO, in the Healthcare column
Reaction to Irvine Mayor Beth Krom's comments on the proposed tunnel linking Orange County to the Inland Empire
Riverside is targeting OC companies with incentives
Even though the once barreling U.S. economy is now slowing down, Federal Reserve Chairman Ben Bernanke on Monday called recent increases in inflation unwelcome and pledged to make sure surging energy prices don't make things worse.
ConAgra Foods' restructuring has put a sizable chunk of vacant space up for grabs at the Park Place office complex in Irvine
Diversified manufacturer Danaher Corp., which recently bought Newport Beach's Sybron Dental, upped the low end of its profit guidance for the second quarter, Chief Executive Officer Lawrence Culp said in a statement on Monday.
Brookfield Properties Corp. said Monday it will acquire Trizec Properties and its Canadian arm for $4.8 billion in a commercial real estate deal creating one of North America's largest landlords.
Commercial printers are playing it safe when it comes to investing in technology, in the Media & Marketing column
Ameriquest's parent is putting as much as 650,000 square feet of space up for sublease as lending slows
OC's biggest women-owned businesses saw sales rise in the past year
Allergan Inc. said Monday that the Food and Drug Administration signed off on Juv & #269;derm, a line of skin fillers used on the lower part of the face to smooth out wrinkles and folds.
Micron Technology Inc. and Lexar Media Inc. on Monday said the boards of both companies approved an increased share swap ratio for their proposed combination deal, despite opposition from a major shareholder.
A local venture fund with big-name backers aims to fill a gaping hole in the local funding scene
A look at people, companies and institutions receiving awards, accolades, grants and other honors
Women in Business award winners: locksmith Ruth Beardsley
Jim Cramer's cooing over Conexant has cooled, in the Technology column
Publicly traded Avanir is moving from San Diego to Aliso Viejo under its chief executive,a former Allergan chief financial officer
OC's largest accounting firm is staying put at Park Tower in Costa Mesa, in the Real Estate column
Friday, June 2
Avanir Pharmaceuticals, a publicly traded drug maker in San Diego headed by a former Allergan Inc. executive, plans to move its headquarters to Aliso Viejo.
NYSE unveiled plans to buy Euronext for $10 billion, putting pressure on other exchanges to seek partnerships to catch up with what will be the world's largest financial marketplace.
John Laing Homes had been looking for an investor to infuse the Newport Beach-based homebuilder with cash to expand. Emaar Properties, a developer of futuristic masterplanned cities in the Middle East and Asia, was looking for a way to break into the U.S.
Shares of Irvine-based Allergan Inc. rose over 2% in midday trading Friday after an analyst upgraded the stock based on sales potential for the drug maker's new European glaucoma treatment and other pending pipeline products.
Employers added only 75,000 new jobs in May, far fewer than expected, but the unemployment rate slipped to a five-year low of 4.6%, the Labor Department said on Friday.
GlaxoSmithKline PLC is to bid more than $15 billion for the consumer healthcare business of U.S. rival Pfizer Inc , people familiar with the situation said on Friday.
Thursday, June 1
Irvine-based Quest Software Inc. said Thursday it has received an inquiry from the Securities and Exchange Commission regarding past stock option grants, an issue that has dogged the company for a few weeks.
Irvine-based medical device maker Endologix Inc. said Thursday that it plans to raise about $20 million in a stock sale in a move that could mute concern about its past losses.
Emaar Properties of Dubai in the United Arab Emirates has bought Newport Beach-based homebuilder John Laing Homes for $1 billion.
Recent expansion in the U.S. manufacturing sector lost some momentum last month as growth in new orders and employment retreated, but industrial costs jumped, according to data published on Thursday.
U.S. apparel chains and department stores on Thursday posted higher May same-store sales that largely trounced analyst forecasts, though No. 1 retailer Wal-Mart warned high energy prices could slow growth.
U.S. business productivity was stronger than first thought in the first quarter and labor costs were much better contained, the government said on Thursday in a report that tempered inflation jitters in financial markets.
Shares of CorVel Corp. rose 6% after the Irvine-based healthcare services company posted results for the quarter ended March 31 that beat Wall Street estimates.
With high gas prices taking center stage yet again, General Motors Corp. on Thursday reported a 12.5% decline in May U.S. vehicle sales, losing even more ground to foreign rivals than analysts had initially predicted.
Orange County's biggest clothing retailers recorded lower same-store sales results in May, with Anaheim-based Pacific Sunwear of California Inc. off 2.6% and Foothill Ranch-based Wet Seal Inc. down 8.3%.
Irvine-based Gateway Inc.'s former chief executive Jeffrey Weitzen won dismissal of a U.S. Securities and Exchange Commission lawsuit accusing him of inflating revenue to meet analysts' expectations in 2000.