Stories for May 2008
Friday, May 30
Mercedes Moving Design Center from Irvine to Carlsbad
Germany's Daimler AG said it is more than doubling its Mercedes-Benz design studio space,just not in Irvine, where it opened its studio in 1990.
Wet Seal Soars Day After Beating Estimates
Foothill Ranch-based retailer Wet Seal Inc. saw its shares rise as much as 15% Friday before closing up about 5%, a day after the retailer beat expectations for the recently ended quarter and upped its profit outlook for the current one.
April Auto Sales Continue Slump, With Some Twists
April auto sales in Orange County saw some surprises and more of the same,sales were down 10% from a year earlier.
UAL, US Air Not Pursuing Merger Right Now, CEOs Say
UAL Corp., parent of United Airlines, and US Airways Group have decided not to merge, the chief executives of the two carriers said on Friday in separate messages to employees.
ECRI: Annualized Growth Rate at 22-week High
A gauge of future economic growth slipped in the latest week but its annualized growth rate, while still in recessionary territory, was at a 22-week high, indicating improvement in short-term growth prospects, a research group said on Friday.
U.Mich: Consumers' Mood at 28-Year Low in May
Consumer confidence fell to a 28-year low in May as inflation expectations soared, according to a survey released on Friday that presents a dilemma for the Federal Reserve.
Thursday, May 29
CEO Morris Named Chairman of Pacific Life Parent
The parent company of Newport Beach's Pacific Life Insurance Co. named Chief Executive James T. Morris as its chairman, completing a succession that started a year ago.
GDP Growth Revised Higher, Jobless Claims Up
The economy grew at a revised 0.9 percent annual rate in the first quarter, slightly better than previously thought because of lower demand for foreign goods and services and a pickup in non-residential building, the Commerce Department said on Thursday.
Bear Stearns Shareholders Approve Sale to JPMorgan
Bear Stearns Cos. shareholders approved the sale of the company to JPMorgan Chase & Co. on Thursday, a JPMorgan spokesman said.
Costco's Profit Up 32 Percent, Above Expectations
Costco Wholesale Corp., the biggest U.S. warehouse club operator, said on Thursday its quarterly profit jumped 32 percent, beating expectations, as shoppers flocked to its stores for discounts on food and gasoline.
Wednesday, May 28
Durable Goods Orders Show Surprising Strength
New orders for long-lasting manufactured goods dipped last month but demand outside of transportation jumped and a gauge of business investment rose sharply, suggesting surprising strength in the factory sector.
Report: SEC to Probe Bear Stearns Trading Data
Bear Stearns Cos. plans to turn over documents to securities regulators showing that financial giants like Goldman Sachs Group, Citadel Investment Group and Paulson & Co. cut their exposure to the securities firm before its collapse, the Wall Street Journ
Ambassadors Shopping Cruise Line
Ambassadors International Inc. has put its upscale cruise line up for sale.
Report: Ford to Cut Up to 12 Percent of Salaried Jobs
Ford Motor Co. plans to cut its U.S. salaried work force by up to 12 percent after its turnaround plan stalled because of the downturn in the economy, the Detroit News reported on Wednesday.
BioSensors Downsizing Newport Beach Office
Biosensors International Group Ltd., a Singapore-based medical device maker, is scaling back its Newport Beach operations.
Mexican Retailer Soriana Selling Gigante Anaheim Store, Others
The fate of Grupo Gigante SA de CV's Southern California grocery stores is clear now after the December sale of the Mexican retailer.
Tuesday, May 27
Top Exec, Others Leave SunCal Homebuilding Arm
The top executive and others at Irvine-based SunCal Cos.' homebuilding arm have left the business started by the real estate developer late last year.
Consumer Confidence Hits 16-Year Low in May
Consumer confidence plunged unexpectedly to its lowest in 16 years in May as rising gasoline costs and falling home prices made Americans nervous about the future, a survey released on Tuesday showed.
Standard Pacific Gets $530M Investment; Shares Soar
Shares of Irvine-based Standard Pacific Corp. closed up more than 45% Tuesday after the homebuilder announced it struck a deal for $530 million in funding from a New York private equity fund.
Anaheim, EarthLink in Talks Over Fate of City Wireless Network
The city of Anaheim is talking with EarthLink Inc. on how best to wind down their wireless Internet venture.
S & P;: Home Prices Fell at Record Pace in First Quarter
Prices of single-family homes plunged a record 14.1 percent in the first quarter from a year earlier, marking a pace five times faster than the last housing recession, according to the Standard & Poor's/Case Shiller national home price index reported on T
Anaheim Could See $75M Impact From All-Star Game
Angel Stadium of Anaheim is set to host baseball's 2010 All-Star Game is what could be a $75 million economic boost to the city.
April New Single-Family Home Sales Rose 3.3 Percent
Sales of newly constructed single-family homes rose 3.3 percent in April to a 526,000 annual rate but they were down 42 percent from a year ago, which was the largest year-over-year drop in nearly 27 years, government data on Tuesday showed.
Monday, May 26
Software Maker Thunderhead: More Offices, IBM Tie
Irvine's Thunderhead is set to open a handful of offices around the globe, in the Technology column
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Publisher Moves to Other Coast; 'Mood Lighting' at Luncheon
Publisher Moves to Other Coast; 'Mood Lighting' at Luncheon
CALENDAR
A listing of events happening all around Orange County
PRINTERS CONSOLIDATE
Costs, Technology Demands From Clients Squeeze Industry
OCBJ SUPPLEMENTS and GUIDES - OC BOATING
OC BOATING 2008
Ford Aims to Help Dealers, Change Sagging Perception
Ford Motor is trying to spruce up its image, especially to local consumers, in the Marketplace column
O'Donnell/Atkins Launches Lender Consulting Business
Irvine-based land brokerage O'Donnell/Atkins is starting up a consulting business for lenders, in the Real Estate column
OCBJ SUPPLEMENTS and GUIDES - TECH & TELECOM
TECH & TELECOM SPRING 2008
UST Global Eyeing Plans To Go Public
Aliso Viejo's UST Global is readying to go public next year
New Maguire CEO Sees Long-Term Turnaround
Orange County is set to get "hands-on" attention from Maguire Properties new chief executive
THEY SAY
Crisis Lingers. Predictions of a credit market turn around are a bit premature
Chew's Mix
Don Chew isn't your conventional businessman
REAL ESTATE WATCH: Airport area/Central coast
The airport area office market saw a decrease in tenant demand and higher vacancy. PLUS: CHARTS - Net Absorption; Vacancy Rates; Average Asking Lease Rates
Top Exec, Others Leave SunCal's Building Arm
The top executive and others have left SunCal's homebuilding arm
Anaheim Wireless Internet Network Up in the Air
The city of Anaheim and EarthLink are in talks about winding down their wireless Internet venture
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Boeing: Local Move Already Paying Off
Boeing's big move of its Anaheim operations to Huntington Beach already is paying off
Printers Post Sales Gain Despite Slow Economy, Cut Jobs
Printers Post Sales Gain Despite Slow Economy, Cut Jobs
Maker of Alternative Fuel Auto Kits Surges on Global Business
A maker of fuel converter kits for autos is big in Europe
AROUND THE COUNTY
Projects, developments and other activity in cities in and around OC
Healthcare Technology Growth Slows After Heady Run
Expect some slowing in the growth of healthcare information technology, in the Healthcare column
VIEWPOINT
Double Bottom Line. Nearly any thing you own can be put to work for the causes you care about and trim your taxes
Broadcom Founders' Era Fades With Samueli Shift
Wall Street thinks Broadcom has moved out of the shadows of its founders
BioSensors Downsizing Newport Beach Office
A Singapore-based medical device maker is scaling back its Newport Beach operations
Art Concierge
A Laguna Beach art consultant is behind the art at some of the county's posh hotels
Irvine's Capita Nabs $12.5M Contract from L.A. County
Irvine's Capita Technologies landed a big contract from Los Angeles County, in the Media & Marketing column
PEOPLE
Hirings, promotions and other moves at local businesses
OCBJ SUPPLEMENTS and GUIDES - ANAHEIM
ANAHEIM GUIDE 2008 - A Translucent Retail and Dining Experience
Friday, May 23
Pacific Sunwear Continues to Slide on Profit Warning
Shares of Anaheim-based Pacific Sunwear of California Inc. were down again Friday, a day after the mall retailer reduced its quarterly and annual profit outlooks.
Survey: Homeowner Sentiment Darkens in May
Twice as many Americans expect the value of their homes to fall in the next 12 months than a year ago, while price rises in the next five years will fail to keep pace with inflation, according to the results of a survey.
ECRI: Gauge of Economy Lower in Latest Week
A gauge of future economic growth was slightly lower in the latest week due to higher interest rates and slower housing, while its annualized growth rate reached a four-month high, a research group said on Friday.
April Existing Home Sales Fall to 4.89 Million Pace
The pace of existing home sales in the United States fell 1 percent in April to a 4.89 million-unit annual rate, the National Association of Realtors said in a report on Friday that was slightly better than expectations.
Thursday, May 22
UCI Medical Center Chief, Other Women Honored
The head of Orange County's largest hospital and four other women were honored Thursday at the Business Journal's annual Women in Business awards luncheon in Irvine.
Economy Still Facing Recession, Rebound Seen Tepid
The economy is still facing a possible recession this year, with any recovery stunted by inflation that prevents the Federal Reserve from cutting interest rates again, according to a Reuters poll.
Ford Abandons 2009 Profitability Goal
Ford Motor Co. said on Thursday it no longer expects to meet a long-held goal of returning to profitability in 2009 and would cut production through the remainder of this year to adjust to a slumping U.S. market.
Adelphia Founder and Son to be Resentenced
A federal judge on Thursday will re-evaluate the prison sentences of Adelphia founder John Rigas and his son Timothy after an appeals court overturned one part of their convictions last year.
SM & A;, Founder Strike Deal to End Board Fight
An agreement announced Thursday between Newport Beach-based aerospace consultant SM & A; and its founder ends a short but bitter proxy battle for control of the company's board.
Wednesday, May 21
CEO: JPMorgan to Cut 55 PCT of Bear Staff
More than 7,600 Bear Stearns Cos' employees, about 55 percent of its staff, are expected to lose their jobs as the troubled investment bank is absorbed into JPMorgan Chase & Co., JPMorgan Chief Executive James Dimon said Tuesday.
American Airlines to Slash Capacity Up to 12 Percent
American Airlines said on Wednesday it plans to cut jobs, retire old planes and slash domestic capacity by 11 percent to 12 percent in the fourth quarter as fuel prices reach record highs and the weak economy saps air travel demand.
Impac Reports Delayed 2007 Results, Posts $2 Billion Loss
Irvine-based Impac Mortgage Holdings Inc. saw its stock drop 10% at the close of New York trading Wednesday after reporting a staggering $2 billion loss for 2007.
Boeing Laying Off Satellite Workers in Seal Beach, El Segundo
Layoffs are coming at Boeing Co.'s Seal Beach site after the company lost a military contract to make satellites.
Time Warner to Separate Cable in $10.9 Billion Deal
Time Warner Inc. will completely split with Time Warner Cable Inc. by the end of the year, in a $10.9 billion transaction to separate its content and distribution businesses.
Pimco Buys $2.5B in Mortgage Bonds From Israeli Bank
Newport Beach-based bond manager Pacific Investment Management Co. has bought $2.5 billion worth of subprime mortgage bonds from Israel's Bank Hapoalim Ltd.
Tuesday, May 20
Home Depot Profit Falls as Housing Woes Weigh
Home Depot said on Tuesday that quarterly profit fell 66 percent as the housing meltdown hurt sales and it took a charge to close stores and curb expansion plans.
Buffett Says Will Continue to Buy U.S. Businesses
Warren Buffett said on Tuesday he would not shy away from making acquisitions outside the United States, but he would also continue to buy U.S. companies.
Broadcom: Prosecutors Weighing Indictments of Samueli, Dull
Federal prosecutors are weighing criminal indictments of Broadcom Corp. cofounder Henry Samueli and general counsel David Dull, the Irvine chipmaker said in a Securities and Exchange Commission filing on Tuesday.
Jazz Set To Keep Name, Operations Under Tower Semi
Newport Beach-based contract chipmaker Jazz Technologies Inc. is set to continue operating under its own name with just a few initial changes under a deal to be bought by Israel's Tower Semiconductor Ltd.
Source: Third Point Backs Icahn in Yahoo Fight
Third Point LLC, a $5.7 billion hedge fund headed by activist Dan Loeb, has recently accumulated a stake of over 5 million shares in Yahoo Inc. and is supporting investor Carl Icahn's proxy battle, a source familiar with the matter said on Tuesday.
Monday, May 19
MacGregor: Survivor From County's Yacht-Making Heyday
MacGregor Yacht is one of the few to survive the local boat building world
Lamborghini OC Party: Celebs, Helicopters, Fast Cars
Lamborghini Orange County held a party to mark the launch of a laptop computer from Italy's Automobili Lamborghini, in the Marketplace column
Maguire Properties' OC Offices Push $48.6M Q1 Loss
The county continues to be a drag on Los Angles-based landlord Maguire Properties, in the Real Estate column
OCBJ SUPPLEMENTS and GUIDES
BANKING & FINANCE GUIDE 2008
Big San Juan Capistrano Projects in Works
Several large housing and commercial projects are getting under way along a two-mile stretch of land running just along the east side of the San Diego (I-5) Freeway in San Juan Capistrano.
EXECUTIVE SUMMARY
This past week's news from www.ocbj.com and other sources
O'Quinn Clothing Brings Touch of Class to Beachwear
Orange County's surf- and skate-inspired clothing is a little classier these days, in the Small Business column
No Call Waiting
Time Warner Cable is set to offer phone services to Southern California businesses
Quality Systems Buys Healthcare Billing Company
Quality Systems Inc., an Irvine medical software maker, said Monday that it was buying Healthcare Strategic Initiatives, a healthcare billing company out of St. Louis.
SBA Loans Slow With Economy, More Cautious Credit Market
The number of loans made by the top 20 SBA lenders in the county was down from a year earlier
No End In Sight to Market Woes Say Trichet, Buffett
The end to the credit crunch is still not in sight, European Central Bank President, Jean-Claude Trichet and Warren Buffett, the world's most famous stock market investor, warned on Monday.
Jazz Being Bought by Israeli Chipmaker
Newport Beach's Jazz Semiconductor Inc. said Monday it's set to be bought by Israeli chipmaker Tower Semiconductor Ltd. for $169 million.
John Laing Expands to Custom Homebuilding
John Laing is starting a custom homebuilding business
LETTER TO THE EDITOR
Eminent Domain. Letters to the Editor
Robert Maguire Out at Maguire Properties
Maguire Properties Inc. founder Robert Maguire was ousted over the weekend as chief executive of the company he founded.
Facebook Stresses Independence Amid Microsoft Talk
Facebook Inc. founder and CEO Mark Zuckerberg stressed his company's independent spirit on Monday, after a report the social networking site might be sold to software giant Microsoft, which is hunting for ways to beef up its Internet business.
Big San Juan Projects in Works
A few developers with local ties are putting up large housing and commercial projects along Ortega Highway
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Inside Ceradyne
A scrappy, can-do attitude drives the corporate culture of Costa Mesa's Ceradyne, in Corner Offices
Minimum Wage Hike Just Another Burden for Small Businesses
Minimum Wage Hike Just Another Burden for Small Businesses
Going Green
Environmentally Friendly Practices No. 1 Trend Among Hotels
Investors Wanted
What Small-Business Owners Should Know Before Seeking Out Investors
New Valve Prospects Help Propel Edwards
The rollout of a new type of heart valve is helping to spur Edwards Lifesciences on Wall Street
REVIEW
"Grand Canyon Adventure: a River at Risk" focuses on the delicate nature of the natural world
Penrose Steps into Top Spot at St. Jude Medical
Former chief financial officer Lee Penrose is taking the top spot at Fullerton's St. Jude Medical Center
Jets Parts Company Buys U.K. Business
A plane parts supplier has picked up a British company despite unfavorable exchange rates
Brainsaw Sees Opportunity in Del Taco Account Loss
Brainsaw plans to go after more restaurant work now that it doesn't have the Del Taco account, in the Media & Marketing column
UCI Thinks Big; DeVore Gets Power Boost from Brown
UCI Thinks Big; DeVore Gets Power Boost from Brown
CALENDAR
A listing of events happening all around Orange County
Local Company Looking to Enhance Vision for Legally Blind
Huntington Beach's Enhanced Vision aims to make life easier for the blind
Laser Vision
Irvine-based Mitsubishi Digital Electronics America is pushing the next generation of flat-screen TVs
Lehman, Goldman, Morgan Stanley Outlooks Cut at Citi
Citigroup slashed its earnings outlook for Wall Street investment banks, Goldman Sachs Group Inc., Lehman Brothers Holdings Inc. and Morgan Stanley, citing a tough operating environment.
Spectrum Raises Money with Sale of Profit Stake, Drugs
Irvine drug maker Spectrum Pharmaceuticals is raising money, in the Healthcare column
Moreland & Associates Acquired by Sacramento's Macias
Sacramento-based Macias, Gini & O'Connell has acquired a Newport Beach firm to build on its business here
KUDOS
A look at people, companies and institutions receiving awards, accolades, grants and other honors
Epicor's New Chief Projects Rebound from Tough Q1
Epicor Software weathered a handful of one-time events that made for a tough first quarter, in the Technology column
GIVING
Fundraisers and charitable donations from companies and people
Stormy Weather
Slow Economy Forcing Small Business Owners
VIEWPOINT
Despite the tall tale in the 2006 film "Who Killed the Electric Car?" General Motors Corp.'s EV1 was not ready for prime time.
Friday, May 16
Fannie Mae Relaxing Loan Down Payment Requirements
Fannie Mae, the nation's largest source of home financing, said on Friday it is lowering the amount of down payments required on mortgages it purchases, even in areas where home prices are falling.
County Sees Sixth Straight Month of Yearly Job Losses in April
Orange County's yearly job losses continued in April while employment picked up slightly from March.
Medical Scanner Alliance Rises on Upgrade
Shares of Alliance Imaging Inc., an Anaheim medical scanning company, were upgraded to "hold" from "buy" Friday by a Deutsche Bank Securities analyst.
Abercrombie & Fitch Profit Tops View
Teen apparel retailer Abercrombie & Fitch Co. reported higher quarterly profit on Friday, topping Wall Street estimates, as a lower tax rate and better gross profit helped offset the impact of lower same-store sales.
April Housing Starts Rise Best Since Jan 2006
Construction starts on new homes rose by a surprisingly strong 8.2 percent in April and applications for new building permits turned up for the first time in five months, the Commerce Department said on Friday in a report showing the hard-hit housing sect
Thursday, May 15
April Figures Show More Downey Loan Losses
Financial data released by Newport Beach-based Downey Financial Corp. sheds light on further loan losses for the thrift operator.
CBS to Buy Web Publisher CNET
CBS Corp. said on Thursday it would buy web media company CNET Networks Inc. for about $1.8 billion to boost the television broadcaster's reach across the Internet.
Icahn to Fight Yahoo to Accept Microsoft Bid
Financier Carl Icahn on Thursday launched a proxy battle to force Yahoo Inc. to reopen buyout talks with Microsoft Corp., saying the Yahoo board had acted "irrationally" in refusing its $47.5 billion offer.
Jobless Claims Rise 6,000 in Latest Week
The number of workers filing claims for initial jobless benefits rose by 6,000 in the latest week while the number on benefit rolls after a first week of aid hit a four-year high, a government report showed on Thursday.
Muted Reaction to Samueli Resignation on Wall Street
Wall Street reacted mildly Thursday to the resignation of Broadcom Corp. cofounder Henry Samueli as chairman and to his leave of absence as the chipmaker's technology chief.
Beckman Coulter Upgraded by S
Beckman Coulter Inc., the Fullerton-based medical testing maker, got an upgrade from Standard & Poor's Thursday on a "successful transition" to a new type of lease for its equipment.
Wednesday, May 14
Macy's Affirms Full-Year Forecast, Shares Rise
Macy's Inc. reported a quarterly loss on Wednesday, hurt by restructuring costs and falling sales, but the department store operator stood by its full-year earnings forecast, and its shares rose 7 percent.
MBA: Mortgage Applications Rise in Latest Week
Mortgage applications rose for a second consecutive week, fueled by a jump in demand for home refinancing loans as interest rates dropped, an industry group said on Wednesday.
Freddie Mac Loss Widens Less Than Feared
Freddie Mac posted a smaller-than-expected quarterly loss on Wednesday and the second-biggest home-financing company said it would raise capital as credit losses deepened. Its shares rose more than 9 percent.
Advanced Medical: FDA OK's Vision Surgery Laser
Santa Ana-based Advanced Medical Optics Inc. said Wednesday the Food and Drug Administration approved a new laser for use in vision correction surgeries.
SEC Sues Broadcom Founders, Other Past, Current Executives
Former and present Broadcom Corp. executives, including cofounders Henry Samueli and Henry Nicholas, were sued by the Securities and Exchange Commission Wednesday over stock options backdating at the Irvine chipmaker.
Kingston Upped Lead in Memory Modules in 2007
Fountain Valley's Kingston Technology Co., the biggest maker of memory products, widened its market share last year for sales of circuit boards loaded with memory chips that go into computers.
Tuesday, May 13
Bernanke Says Markets Healing But Still Not Well
Federal Reserve Chairman Ben Bernanke said on Tuesday that emergency Fed liquidity measures have helped relieve strain in financial markets, but the recovery process remains incomplete.
Two Olenicoff Bankers Indicted in Tax Evasion Case
Two bankers employed by Newport Beach-based developer Igor Olenicoff are under criminal indictment for allegedly helping the Olen Properties Corp. founder and president hide assets and evade taxes, according to reports.
Retail Sales Show Resiliency
Total sales at retailers weakened modestly in April, the government reported on Tuesday, but outside the hard-pressed auto sector they showed more resiliency than many analysts had anticipated.
Wal-Mart Profit Up, But Shares Fall
Wal-Mart Stores Inc., the world's largest retailer, reported a 7 percent rise in quarterly profit on Tuesday as discounts drew shoppers looking for bargains on necessities like food and pharmacy items.
Valeant Up on Epilepsy Drug Results
Shares of Valeant Pharmaceuticals International closed up 5.5% on Tuesday on positive trial results for retigabine, an anti-epilepsy drug.
Investor: MSC.Software Should Explore Alternatives
A large shareholder in Santa Ana-based MSC.Software Corp. said on Tuesday the maker of industrial simulation software should "explore strategic alternatives",including a possible sale.
Monday, May 12
PEOPLE
Hirings, promotions and other moves at local businesses
Economic Concerns Weighing Down Allergan
Implants boost cosmetic sales, small part of unit
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
AROUND THE COUNTY
Projects, developments and other activity in cities in and around OC
Next Generation of Givers: Involved, Connected; Big Checks to Come Later
The county's new breed of philanthropists is big on participation, with big checks to come later
Former QLogic Executive Joins Rival Emulex
Jeff Benck has joined Costa Mesa-based Emulex Corp., two months after abruptly leaving rival QLogic Corp. of Aliso Viejo.
INDUSTRIAL MARKET
Industrial Market Claims Strong Rents, Vacancy Stays Low
Economic Jitters Felt in Los Angeles' Office Lease Rates
Economic Jitters Felt in Los Angeles' Office Lease Rates
WEST MARKET
Since 2004, an influx of mortgage, title and residential real estate companies had spread across the valley to take advantage of the exploding housing market.
Ritz Interactive Broadens Web Sales Beyond Cameras
Irvine's Ritz Interactive Inc. is a dot-com survivor that sells cameras, electronics, even boating and fishing gear
READER LETTERS
The Case for Bill Hunt, Commentary by Chris Mears
Beckman Pursuing Hepatitis C for New Testing System
Beckman Coulter is looking to add hepatitis C virus testing to its machines that run tests for hospitals and doctors, in the Healthcare column
OFFICE MARKET
Number of Office Buildings Grow, Jobs Declining
Clear Channel Trial Delayed Till Tuesday
The scheduled start on Monday of a trial over financing for the $20 billion buyout of Clear Channel Communications has been delayed until Tuesday.
First American's Businesses Split Set to Wrap Up in Q4
Safeco is putting up space for sublease in Aliso Viejo, in the Real Estate column
VIEWPOINT
The Case for Bill Hunt, Commentary by Chris Mears
Shaky Ground
Orange County Apartments Outpacing National Average, Hit By Job Loss, Slow Economy
EVENTS CALENDAR
Projects, developments and other activity in cities in and around OC
Fifi Does Restaurant Scene: Roy's, Blue Coral, Others
Fifi Does Restaurant Scene: Roy's, Blue Coral, Others
OCBJ SUPPLEMENTS and GUIDES
HEALTHCARE GUIDE, JUNE, 2008
Teridian Recognized for Satellite Set-Top Box Chips
Irvine chipmaker Teridian Semiconductor Corp. got a nod for its satellite TV set-top boxes, in the Technology column
Handicapping OC Sheriff's Derby; Ask Mrs. Puri
Handicapping OC Sheriff's Derby; Ask Mrs. Puri
Fullerton Cracks Down on Nightlife With Tighter Laws
Fullerton has laid down new rules for the booming bars and restaurants in its downtown
Star Trac No. 3 in Gym Gear; Eyeing Growth
Irvine-based exercise equipment maker Star Trac is No. 3 in its industry
RETAIL SPACE
Demand for Retail Space Drops With Consumer Spending
Analyst Upbeat on Allergan, Alcon, Cautious on Advanced Medical
Irvine's Allergan Inc. and Alcon Inc., which has some 500 workers in Irvine, could see continued growth, an analyst said Monday.
Bust to Boom
Broken Condominium Projects Present Opportunities for Apartment Developers
Park Place Lexus Mission Viejo Seeing Improvements
Park Place Dealerships is putting its mark on Lexus Mission Viejo, in the Marketplace column
Cablevision and Tribune Seal Newsday Deal
Cablevision Systems Corp. sealed a $650 million deal to buy 97 percent of Newsday Media Group from Tribune Co., the companies said on Monday, after Rupert Murdoch's News Corp. withdrew its bid.
Morgan Stanley Raises Billions for Infrastructure
Morgan Stanley and a fund set up by General Electric and Credit Suisse said on Monday they had collectively raised almost $10 billion for funds to invest in infrastructure.
Tech Entrepreneur Looks to Invest in Environmental Co.
Investor John Clarey is looking for an environmental company to back
W.B. Doner Named Ad Shop for Del Taco Restaurants
W.B. Doner & Co. in Newport Beach landed work from Lake Forest-based Del Taco Inc., in the Media & Marketing column
NATIONAL MARKET
While economists debated the financial health of the country, the office real estate sector in Pittsburgh remained healthy and busy...
CALIFORNIA MARKET
The effects of the subprime mortgage meltdown have hit hardest in Orange County...
Irvine Business Complex's Planned Projects At Risk
Irvine Business Complex's Planned Projects At Risk
Pacific Life Unit Does $10.5B in Plane Orders
Pacific Life's jet leasing arm is buying $10.5 billion of Boeing planes
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Unsold Homes, Falling Land Values Drive Another Big Standard Loss
Irvine-based homebuilder Standard Pacific Corp. posted another big loss for the first quarter on nearly $200 million in write-offs in the value of unsold homes and undeveloped land.
Saturday, May 10
Cable Business Journal VideoCast
There are over 160 nominees for the Business Journal's Women In Business Awards program this year. This month's guest is one of those who has been recognized at that event.
Friday, May 9
Citigroup Aims to Sell $400 Billion of Assets
Citigroup Inc, the largest U.S. bank, said on Friday it aims to shed $400 billion of assets -- nearly 20 percent of its total -- over the next two to three years to become more efficient and profitable.
Spectrum Sells Drugs to Focus on Other Products
Spectrum Pharmaceuticals Inc. said Friday that it has sold four of its injectable generic drugs.
Siemens Ex-CEO Faces No Criminal Charges in Probe
Prosecutors investigating suspected bribery at German engineering group Siemens said on Friday they have found no evidence to warrant criminal charges against former Chief Executive Heinrich von Pierer.
Coatings Maker SDC Selling to Mitsui for $95M
Irvine-based SDC Technologies Inc., a maker of coatings for glasses, windows and display screens, is being sold to Japan's Mitsui Chemicals Inc. for $95 million.
Fremont Could File for Bankruptcy
Brea-based Fremont General Corp., once one of the country's largest subprime lenders, says it might file for bankruptcy.
March Trade Gap Narrows More than Expected
The trade deficit narrowed more than expected in March on a record plunge in the value of imports, even as average oil prices surged to a new record, a Commerce Department report on Friday showed.
Quest Jumps on Q1 Results
Aliso Viejo-based business software maker Quest Software Inc. saw its shares rise 7% in midday New York trading Friday, a day after beating expectations for first-quarter results and offering a 2008 sales forecast that topped expectations at the high end.
Thursday, May 8
Shoppers Go After Bargains for April Rebound
Retail sales rebounded in April after the worst March in 13 years, as warmer weather boosted demand for spring and summer apparel, while most discounters shined as cash-strapped consumers hunted for bargains.
Report: U.S. Not Slipped into Recession, Lazear Says
U.S. Council of Economic Advisers Chairman Edward Lazear is confident the economy has not slipped into a recession and is optimistic that the economic stimulus payments could help growth in the current quarter, the Wall Street Journal said on Thursday.
Microsoft: No Plans For Another Bid for Yahoo
Microsoft has no plans to make another approach for Yahoo Inc. after it pulled its $47.5 billion bid earlier this month, Microsoft's Chief Research and Strategy Officer Craig Mundie said on Thursday.
Fremont Selling Last Remaining Business: Mortgage Servicing
Brea-based Fremont General Corp. has struck a deal to sell what's left of the onetime subprime lender.
Wet Seal Shares Rise on Upped Outlook; PacSun Sees Bigger Loss
Foothill Ranch-based retail Wet Seal Inc. reported a decline in April same-store sales but its shares jumped on a raised outlook for the recently ended quarter, while Anaheim's Pacific Sunwear of California Inc.'s April sales fell short of expectations an
Jazz Mum on Buyers; Observer Comes Up With Short List
Newport Beach-based contract chip maker Jazz Technologies Inc. didn't offer an update on talks with potential buyers during its quarterly conference call earlier this week.
Wednesday, May 7
Allergan Beats Expectations; Concerns About Botox
Irvine-based Allergan Inc. said Wednesday that its first-quarter profit prior to charges exceeded analysts' expectations, but its shares fell as much as 5% and closed down 3%, likely on concerns about slowing domestic sales of flagship wrinkle-remover Bot
UCI Nabs $27.2 in State Funding for Stem Cell Center
The University of California, Irvine, on Wednesday said it received $27.2 million from the state to build its stem cell research facility.
CEO: Valeant Results Show
Valeant Pharmaceuticals International, an Aliso Viejo drug maker that's undergoing restructuring, said Wednesday that it posted a first-quarter profit before charges.
Report: Sunstone Hotel Up for Sale
San Clemente-based hotel owner Sunstone Hotel Investors Inc. is up for sale with Bear Stearns taking bids on the company, according to a report by London-based market tracker dealReporter.
Tuesday, May 6
Fannie Mae Posts Loss, To Cut Payout, Raise Capital
Fannie Mae on Tuesday cut its dividend and set plans to raise $6 billion in fresh funds to weather the severe housing market slump, driving its shares and the broader stock market lower.
Homebuilding Slump Continues to Play Out at William Lyon
Newport Beach-based William Lyon Homes Inc. continued its slide with first-quarter results, though a onetime tax change helped the homebuilder report a narrower loss from a year earlier.
Grubb & Ellis Posts Q1 Net Loss of $5.9M
Santa Ana-based Grubb & Ellis Co., in its first full quarter of operations following its merger with local real estate investment firm NNN Realty Advisors LLC, posted revenues of $160.6 million and a net loss of $5.9 million, the company said on Tuesday.
Circuit Board Maker M-Flex Surges on Strong Results, Diversification
Anaheim-based Multi-Fineline Electronix Inc., a maker of circuit boards for wireless phones and other devices, saw its shares jump after reporting strong quarterly results boosted by business with newer customers.
D.R. Horton Posts Quarterly Loss
D.R. Horton Inc., the largest U.S. home builder, posted a large quarterly loss on Tuesday after a $834.1 million charge for the lower value of land and inventory of unsold homes and aggressive price cuts to move unsold homes.
Microsoft Intl Exec Says at End of Road on Yahoo
Microsoft Corp. has come to the "end of the story" with Yahoo Inc. and will now focus on its own, clear strategy of evolving as a leading provider of Internet services, the president of Microsoft International said.
Monday, May 5
Slumping Powerwave Jumps on Q1 Results
Santa Ana-based Powerwave Technologies Inc., a maker of equipment for wireless networks that's slumped on Wall Street since the fall, saw its shares jump Monday on better than expected first-quarter earnings.
Solel Solar on the Hunt for Newport Beach HQ Space
Solel Solar Systems plans U.S. headquarters in Newport Beach this year, in the Small Business column
REVIEW
A new play, The Injured Party, at the South Coast Repertory is reviewed
REAL ESTATE WATCH: HIGH-RISE OFFICE MARKET
Vacancy for local high-rise space increased, in Real Estate Watch. PLUS: CHARTS - Net Absorption; Vacancy Rates; Average Asking Lease Rates
Yahoo Shares Plunge After Microsoft's Exit
Yahoo Inc.'s shares tumbled as much as 20 percent on Monday after Microsoft Corp. withdrew its $47.5 billion takeover offer, wiping about $7.6 billion off the Internet company's market capitalization and piling pressure on its leadership.
PowerDirect Debuts Smaller Door Hangers in Spanish
A marketing shop wants to target Hispanics, in the Media & Marketing column
TriZetto: Shelter from Scrutiny, Better Valuation
TriZetto's deal to go private is a way for the company to get out of Wall Street's glare
Morrison & Foerster Closes OC Office, Manatt Picks Up 2
Morrison & Foerster LLP is shuttering its Orange County office
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
AN UNCERTAIN SUMMER
The tourism boom of the past couple of years might wane this summer as consumers scale back spending in the face of rising living costs, shrinking jobs and an uncertain economy.
Resorts Eye More Guests With Unique, Specialized Services
A variety of vacation experiences bodes well for OC during this uncertain economy.
Bruin Coach Coaxes Trojan to Donate; OC 50 Rundown
Bruin Coach Coaxes Trojan to Donate; OC 50 Rundown
OCBJ SUPPLEMENTS and GUIDES
WOMEN IN BUSINESS PROFILES 2008
John Laing Chief Is Out, Emaar Exec In
Homebuilder John Laing Homes is seeing a big shake-up of its executive ranks
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
EXECUTIVE SUMMARY
This past week's news from www.ocbj.com and other sources
PEOPLE
Hirings, promotions and other moves at local businesses
CalPers Calls for Change to Standard Pacific's Board
Irvine-based Standard Pacific's recent executive change isn't enough, in the Real Estate column
Device Makers Up After Hearing on Laser Eye Surgery
A recent FDA hearing on the safety of laser eye surgery hasn't affected the stock prices of medical device makers, in the Healthcare column
Irvine Co. Inking Leases for Local Offices
It's taken a while, but The Irvine Company is starting to see some leasing at the office towers and low-rise buildings it's putting up
Here's a Switch: Window Maker Leaving Phoenix, Expands Here
Window maker Atrium is making an unusual consolidation
Blizzard Fans Converge on City of Light for Convention
Fans of Blizzard's online video games are gearing up for the company's fifth annual worldwide invitational convention and tournament, in the Technology column
Quiksilver Restructuring Part of Brand Refocus
Quiksilver's eyeing more profits with its latest restructuring
Going Green
The American Hotel & Lodging Association calls the greening of the hotel industry the No. 1 trend this year.
ISM Survey: Service Sector Grows in April
The service sector grew unexpectedly in April, snapping a three-month period of contraction, according to a report released on Monday.
Window Maker Shifting Dallas Operations to Anaheim
Window maker Atrium Cos. is consolidating operations amid a slowdown in sales caused by the weak housing market.
Q1 Local Auto Sales Drop Outpaces National Decline
A decline in first-quarter auto registrations wasn't pretty, in the Marketplace column
STEC Jumps on Results, Outlook
Santa Ana-based STEC Inc., a maker of data storage drives that use memory chips instead of disks, beat first-quarter expectations and upped its guidance for the current quarter, sending its shares up.
More Big Losses Expected From Fannie, Freddie
Fannie Mae and Freddie Mac, reeling from the deterioration in the housing market, will likely post steep losses for the first quarter, but the two largest home funding companies are expected to escape previous record losses.
KUDOS
A look at people, companies and institutions receiving awards, accolades, grants and other honors
Arbor Day
Renovation of El Toro Road has given way to stores and eateries at The Arbor
Friday, May 2
Central Banks Extend Liquidity Lifeline to Markets
Major central banks on Friday announced larger liquidity injections in a bid to wrestle down market interest rates as they extended joint efforts to tackle stubborn tensions on money markets.
Chevron Earnings Up on Record Oil Prices
Chevron Corp. said on Friday its first-quarter earnings rose 10 percent as record oil prices outweighed weak profits from gasoline production.
Job Cuts in April Less Severe Than Feared
Fewer jobs were lost in April than economists feared and the unemployment rate unexpectedly improved, raising hopes an economic downturn was not gathering steam as the second quarter opened.
Drug Maker Valeant Cutting Half of Workforce
Drug maker Valeant Pharmaceuticals International of Aliso Viejo said Friday it will cut nearly half of its workforce as part of a restructuring plan.
Sun Healthcare Group Rises on Upgrade
Shares of Irvine health services company Sun Healthcare Group Inc. were upgraded Friday by a Friedman Billings Ramsey analyst who said that Medicare is making smaller-than-expected reimbursement cuts to nursing homes.
Thursday, May 1
Report: Microsoft's Board Fails to Decide on Yahoo
Microsoft Corp.'s board met on Wednesday to discuss its stand-off with Yahoo Inc. over its $41.8 billion takeover bid, but failed to reach a decision on what to do next, according to a Wall Street Journal report.
H & R; Block Wraps Up Option One Sale
H & R; Block Inc. has completed the sale of its Irvine-based Option One Mortgage Corp. for $1.3 billion, with most of the proceeds going to pay off debt.
Jobless Claims Jump But Consumer Spending Up
The number of workers applying for jobless benefits surged last week in gloomy news for the labor market, but personal spending in March was stronger than expected, government data on Thursday showed.
First American Q1 Profit Falls 65%, Tops Expectations
Santa Ana-based First American Corp. on Thursday said that its earnings continued to be impacted by the slowdown in real estate and mortgage markets in the first quarter, with net income falling to $29.3 million from $83.8 million a year ago.
Advanced Medical Rises on Results, Affirmed Outlook
Advanced Medical Optics Inc. said Thursday that its first-quarter profit before charges met Wall Street's expectations and affirmed its full-year profit guidance.
Exxon Profit Disappoints Even With Record Oil
Exxon Mobil Corp. on Thursday posted a $10.89 billion first-quarter profit but the results still disappointed investors as weak production and low refining margins took some steam out of profits from record-high crude prices.
Software, Computer Supplier Datallegro Raises $20M
Aliso Viejo-based Datallegro Inc., a reseller of servers loaded with its database software, landed nearly $20 million in its latest round of funding.