Stories for April 2009
Thursday, April 30
The number of workers filing new claims for unemployment benefits fell last week, but the weak job market continued to pressure incomes and spending in March, government data showed on Thursday.
Chrysler LLC is expected to file for bankruptcy on Thursday after talks to restructure its debt with lenders broke down, a government official said.
Santa Ana-based Ingram Micro Inc., the largest distributor of technology products, reported mixed first-quarter results and said it doesn't expect growth for months or until 2010. But the company doesn't "feel the market getting worse at this stage," Chie
The recession continues to be good to Santa Ana-based vocational school operator Corinthian Colleges Inc., which reported quarterly results Thursday that bested expectations and offered an upped outlook for the current quarter.
Exxon Mobil Corp., the world's largest publicly traded company, posted a 58% drop in quarterly profit, missing Wall Street estimates, as the global recession sliced into demand for crude oil and depressed prices.
The Food and Drug Administration has approved a rival to Botox, the blockbuster wrinkle-reducing drug from Irvine-based Allergan Inc.
Santa Ana-based title insurer and business data provider First American Corp. reported first-quarter earnings that beat analyst expectations on Thursday, thanks to big cuts in corporate expenses and an increase in loan origination and default-related tran
Shares of Aliso Viejo-based QLogic Corp., a maker of electronics for data storage networks, slumped Thursday after the company reported results for the March quarter that missed Wall Street's expectations.
Wednesday, April 29
Broadcom Corp. may have to up the ante for Emulex Corp., according to analysts.
Irvine-based Freedom Communications Inc., parent company of the Orange County Register, said Wednesday a group of lenders extended until Dec. 31 a deadline for the company to meet credit terms it technically defaulted on in September.
Bank of America Corp.'s embattled CEO, Kenneth Lewis, may have to give up the post of chairman as shareholders hold a referendum on his eight-year tenure as head of the largest U.S. bank.
Newport Beach-based Alliance HealthCare Services Inc. posted a 26% higher first-quarter profit and reaffirmed its full-year revenue outlook on Wednesday.
Time Warner Inc. posted a stronger-than-expected quarterly profit, as a rise in cable networks revenue helped offset declines in advertising sales at its AOL Internet and Time Inc. publishing units.
Shares of QLogic Corp., the Aliso Viejo-based maker of electronics for data storage networks, jumped Wednesday on speculation that it could be a possible takeover target of EMC Corp.
Foothill Ranch-based Kaiser Aluminum Corp. posted lower first-quarter earnings as metal prices and demand slumped. But the company said it expects sales to stabilize.
The Fed confirmed what Wall Street has already concluded: The recession is starting to ease.
Health insurer Aetna Inc. reported a slight rise in net income on Wednesday as membership increased, but it cited higher-than-projected medical costs in its commercial business that serves employers.
Tuesday, April 28
Northrop Grumman Corp. has bought the unmanned plane unit of San Clemente-based Swift Engineering Inc.
Beckman Coulter Inc. on Tuesday affirmed its 2009 outlook and reported a first-quarter profit that beat expectations.
Pfizer Inc. reported a better-than-expected first-quarter profit on Tuesday, as cost-cutting helped offset sharply lower sales of its Lipitor cholesterol fighter and its Chantix smoking-cessation drug.
Costa Mesa-based body armor maker Ceradyne Inc. said it expects sales this year at the lower end of a previous forecast.
Irvine-based Sun Healthcare Group Inc. on Tuesday reported first-quarter financial results that were generally in line with analysts' expectations.
The Securities and Exchange Commission secured an emergency court order on Monday freezing the assets of California financier Danny Pang and two of his firms, accusing the Newport Beach resident of defrauding Asia-based investors of hundreds of millions o
Consumer confidence posted its biggest jump in more than three years in April while the slump in home prices showed signs of slowing in February, adding to hopes that the recession may be waning.
Shares of Newport Beach chipmaker Mindspeed Technologies Inc. rallied Tuesday, a day after the company gave an outlook for the current quarter that surpasses Wall Street's expectations.
Monday, April 27
Two local developers say they're still on schedule to open a mega-project in Carson in a few years, in the Real Estate column
Pacific Pioneer Insurance Group recently moved to Cypress from La Mirada to accommodate its new division, in the Small Business column
Two local developers say they're still on schedule to open a mega-project in Carson in a few years, in the Real Estate column
Rising business stars, a lawyer to Donald Bren and a religious adviser to executives and presidents make up 2009's freshman class of OC 50
Local employment agencies saw a steep drop in revenue last year but are hoping the stabilization of the past few weeks marks a turning point
The Greater Los Angeles office market continues to slide. Plus: RE Charts.
The recent sale of a big Irvine industrial building is a welcome sign for the area's sluggish industrial market
Allergan is gearing up an advertising launch for eyelash enhancer Latisse, in the Media & Marketing column,
Boeing and its contractors across the county are bracing for potential cuts to one of its biggest government contracts here
Why Pimco's Mohamed El-Erian thinks the economy is headed toward a "new normal,"
Costa Mesa's Emulex Corp., a maker of electronics for data storage networks, on Monday gave an outlook for the current quarter that fell short of what Wall Street had been expecting.
Irvine-based heart valve maker Edwards Lifesciences Corp. on Monday said its first-quarter profit rose 23%, surpassing analysts' expectations.
An analyst recently downgraded Wall Street darling Quality Systems, in the Healthcare column
There were signs of a rebounding economy at the Newport Boat Show last week, in the Marketplace column
Irvine-based chipmaker Broadcom Corp. and San Diego rival Qualcomm Inc. have struck a deal to end more than three years of legal sparring over cell phone chips with Qualcomm paying Broadcom $891 million over four years.
April 27-May 6, 2009. A listing of events happening all around Orange County
Ireland has opened a trade office in Irvine to drum up more investment from local companies,
Broadcom may have to up the ante in play for Emulex
Clarient is shedding about $30 million in debt with an investment deal from a venture capital firm
Verizon Communications Inc. posted higher-than-expected quarterly profit due to growth in cell phone customers, solidifying its market leadership following its acquisition of smaller rival Alltel.
Automaker Chrysler LLC showed signs of progress with its unionized workers in its battle to stay alive on Sunday with just days left to complete deals to slash labor and debt costs or face bankruptcy.
General Motors Corp. on Monday said it would cut debt, close plants, slash jobs and drop the Pontiac brand as part of a sweeping restructuring that would see the automaker emerge under the ownership control of the government and its major union.
Marshal8e6 recently bought a small company, in the Technology column
Visiogen Inc., an Irvine eye device maker, said Monday that it's raised $40 million in financing from new and existing investors.
Friday, April 24
Shares of Lake Forest's Western Digital Corp., a maker of disk drives, slumped Friday after an analyst downgraded the stock on concerns about demand.
Vertos Medical Inc., a venture-backed maker of devices that treat degenerative spinal diseases, recently moved its headquarters to Aliso Viejo from San Jose as it readies its first product.
Diversified manufacturer 3M Co. reported a 48% drop in quarterly profit and cut its full-year earnings forecast, citing falling demand as its customers reduce inventories.
Brea-based IMS Co., a maker of portable in-flight entertainment players and related software, said Friday it acquired Irvine-based Flight Deck Resources Inc.
More manufacturers are giving up the hopes they had for an economic rebound later this year.
Ford Motor Co. posted a smaller-than-expected first-quarter loss and said it was on track to at least break even in 2011 and did not expect to seek government loans, sending its shares up more than 22%.
Thursday, April 23
Irvine chipmaker Microsemi Corp. reported lower quarterly sales and profits in line with Wall Street's modest expectations and offered more of the same in its outlook for the current quarter.
Costa Mesa-based startup EPS Corp., which makes software that helps companies cut down on energy costs, said Thursday it landed a $30 million round of venture funding.
United Parcel Service reported a lower-than-expected profit and gave an outlook below analysts' views as the global economic downturn caused fewer packages to be shipped, sending its shares down more than 7%.
President Barack Obama will weigh in on Thursday on the lending practices of credit card companies, an issue that has triggered an outcry from consumers hit with high fees and interest rates.
Lake Forest-based disk drive maker Western Digital Corp. on Thursday reported March quarter results that were down from a year earlier but surpassed Wall Street's expectations.
The number of newly laid off workers filing claims for jobless benefits rose last week and sales of previously owned homes fell in March, data showed on Thursday, indicating the 16-month old recession was far from over.
The effects of the downturn may last a couple years making it a "Great Recession," California State University, Fullerton, economists said Thursday.
Wednesday, April 22
Morgan Stanley posted its second straight quarterly loss on Wednesday and slashed its dividend as real estate investment losses and a debt-related charge wiped out gains from its trading businesses.
Boeing Co. said its quarterly profit narrowed due to order deferrals by cash-strapped airlines but its shares rose as the planemaker did not increase cuts in production rates.
Prices of single-family homes rose by a seasonally adjusted 0.7% in February from January but were down 6.5% from a year earlier, the Federal Housing Finance Agency said on Wednesday.
Irvine apparel maker nZania LLC has shut down. The company, which had licensed or produced clothes under the brands Black Flys, Andy Warhol by Levi's, Disney and others, closed after a bank withdrew a credit line in September amid the financial meltdown.
Irvine-based chipmaker Broadcom Corp. is said to be in settlement talks with rival Qualcomm Inc. that would end more than three years of legal sparring over cell phone chip patents.
Shares of Newport Beach-based chipmaker Conexant Systems Inc. soared Wednesday after the company said it's set to sell the rest of its broadband chip product line to Fremont-based Ikanos Communications Inc. for $54 million.
Tuesday, April 21
Newport Beach-based Ambassadors International Inc. has sold its travel and event division to a Milwaukee private equity fund for an undisclosed price.
UnitedHealth Group Inc. posted sharply higher-than-expected quarterly profit on Tuesday, sending its shares up 4.5% as the insurer also retained more customers than anticipated.
Irvine chipmaker Broadcom Corp. came out early with first-quarter results Tuesday and a $764 million acquisition bid for Costa Mesa's Emulex Corp. that's set to have big reverberations in the county's technology industry.
The Treasury still has about $134.6 billion available in its coffers from last fall's bank bailout package and that should be enough for it to avoid asking Congress for more money, Treasury Secretary Timothy Geithner said on Tuesday.
The ball is in Emulex Corp.'s court. The Costa Mesa-based maker of electronics for data storage networks had confirmed it received the $764 million buyout offer made early Tuesday by Irvine-based chipmaker Broadcom Corp.
The Obama administration will make about $500 million available to Chrysler LLC through the end of this month as it seeks to reach an alliance with Fiat, and up to $5 billion through May to help General Motors Corp. restructure outside of bankruptcy, an i
Monday, April 20
A look into a maker of navigation software for cell phones,
OC's seeing another mortgage-related line of business pick up steam
A spinal disease device maker has moved its headquarters to Aliso Viejo
The economy has slowed the Inland Empire's office and industrial market, in Real Estate Watch
All eyes are on Irvine-based chipmaker Broadcom Corp., which saw its shares slide Monday after rival Texas Instruments Inc. reported first-quarter earnings that beat Wall Street's expectations.
A look at people, companies and institutions receiving awards, accolades, grants and other honors
A look inside the foundation where many of the county's wealthy channel their money
Edwards is taking on Japan's treatment of foreign medical device makers through a U.S. association, in the Healthcare column
One new company sees opportunity in scandal
How Valeant's headquarters move is affecting the drug maker
The board of Irvine-based Autobytel Inc. urged shareholders to reject the unsolicited $15.8 million buyout offer from a major shareholder of the automotive Internet marketing company.
Mini-Madoff? Pang Battles Allegations; Gaddi's New Gig
Orange County's contingent on the 2009 Fortune 500 list of the nation's largest companies held steady at four, while the county lost one entry on the magazine's larger Fortune 1000 ranking.
Several big gainers on this week's list of 50 smaller public companies helped drive an 8% revenue gain
There's a new-to-OC suitor rumored to be looking to buy Maguire's trophy office tower in Irvine, in the Real Estate column
An Irvine startup recently landed a second round of venture funding, in the Technology column
Investments into local startups from venture capitalists totaled about $100 million for the first quarter, with healthcare receiving the majority of the money.
PepsiCo Inc. offered $6 billion to buy the remaining stakes in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas Inc., as it seeks to cut costs and secure more control of its distribution.
A survey conducted by W.B. Doner has shown that retail therapy is largely a thing of the past, in the Media & Marketing column
Bank of America Corp. said its purchase of Merrill Lynch & Co. helped quarterly profit more than double, but results included a big increase in troubled loans and the bank's shares tumbled 12%.
ZPizza plans to open 300 restaurants in the next five years
Oracle Corp. plans to enter the computer hardware market by buying Sun Microsystems Inc. for more than $7 billion, swooping in after Sun's talks with IBM fell apart.
Friday, April 17
General Motors Corp. Chief Executive Fritz Henderson said on Friday the automaker could still restructure out of court, but warned it was more probable GM may need to seek bankruptcy protection to complete that process.
General Electric Co. reported a better-than-expected quarterly profit as strength at its energy equipment business offset falling earnings at its hefty finance arm and the NBC Universal media unit.
Orange County's seeing another mortgage-related line of business pick up steam, thanks to the country's foreclosure crisis.
Orange County added jobs in March versus February but unemployment continued to climb as yearly job losses remained at a level not seen since the 1990s recession.
Citigroup Inc. reported a smaller-than-expected first-quarter loss as cost-cutting and improved investment banking and trading results helped offset red ink from consumer banking and credit cards.
Thursday, April 16
The ongoing success of blockbuster online video game "World of Warcraft" by Irvine's Blizzard Entertainment Inc. is helping its parent project better-than-expected quarterly results.
San Clemente device maker ICU Medical Inc. on Thursday posted first-quarter results that beat Wall Street's expectations and maintained its full-year outlook.
San Clemente-based hotel owner Sunstone Hotel Investors Inc. offered investors an update on its operations for the first quarter as its struggles with the travel downturn and works to shore up its finances.
The number of workers filing new claims for jobless benefits unexpectedly fell last week, government data on Thursday showed, but so-called continued claims rose to a fresh record as the recession bit.
JPMorgan Chase & Co. reported better-than-expected first-quarter profit as improved investment banking performance offset increased losses from credit cards and other consumer debt, sending its shares up as much as 4.5%.
General Growth Properties Inc., the second-largest mall owner, declared bankruptcy on Thursday in the biggest real estate failure in U.S. history.
Wednesday, April 15
AMR Corp., parent of American Airlines, on Wednesday reported a quarterly net loss on weaker travel demand, although it was much smaller than expected.
Irvine's Epicor Software Corp., a maker of business software for retailers and manufacturers, promoted one of its own as finance chief.
Orange County's median home price increased $15,000 in March, the second straight month that prices here have seen a monthly increase.
Danny Pang of Irvine-based Private Equity Management Group Inc. in Irvine faces questions about his resume and allegations he's run a Ponzi scheme, according to a Wall Street Journal story.
UBS AG will cut 11% of staff as it tries to stem losses and client withdrawals, its new chief executive said on Wednesday, warning that Switzerland's largest bank still faces an uncertain future.
Fiat SpA's chief executive, facing a two-week deadline to work out a partnership with Chrysler LLC, warned the troubled U.S. carmaker's unions he would ditch the idea unless they agreed to cut labor costs.
Tuesday, April 14
Shares of Irvine-based chipmaker Microsemi Corp. slumped Tuesday after an analyst downgraded the stock on concerns about weak demand in the aerospace industry and a lawsuit Microsemi is facing.
Sales at retailers unexpectedly fell in March after two months of increases, a government report showed on Tuesday, dimming hopes the recession was close to hitting bottom.
A potential rival to Irvine-based Allergan Inc.'s Botox wrinkle-reducing drug is facing a delay.
Goldman Sachs Group Inc. sold $5 billion of stock to help fulfill what it called its "duty" to repay a federal bailout, but the government fears a quick return of the funds would put other banks in a bad light.
Newport Beach-based InteliCloud Inc., a startup maker of data networking devices, said Tuesday it closed an initial round of venture funding from Aliso Viejo-based Media One Direct LLC.
Regulators have delayed approval of what would be the only rival to Irvine-based Allergan Inc.'s Botox as they continue talks about side effects of the wrinkle remover.
Federal Reserve Chairman Ben Bernanke said Tuesday the latest figures on housing and consumer spending suggest a rapid contraction in the economy could be easing.
Monday, April 13
Silver Star Casting has outgrown its San Clemente offices and will be making a big jump to Irvine, in the Small Business column
Express Scripts Inc. will buy health insurer WellPoint Inc.'s NextRx prescription business for $4.68 billion, giving the pharmacy benefit manager more leverage in driving down drug prices and in competing against its larger rivals.
Tenants Running Negotiations for Empty Office Space
A look at how the AIG effect is hurting the local meetings market
Company spending on technology goods and services is set to continue its downward slide this year, in the Technology column
QLogic has a tenuous lead on local rival Emulex in the race to market a new technology
Local Brokerages' Business Dropped $6 Billion in 2008
A real estate management consulting company starting up in Irvine has some big names on its executive team, in the Real Estate column
A look at FreeCreditReport.com's ad campaign, in the Media & Marketing column
Shares of General Motors Corp. plunged 17% on Monday after a report that the Treasury is directing the automaker to lay the groundwork for a bankruptcy filing by June 1.
Fsker Automotive Inc., a maker of hybrid electric sports cars, has raised $85 million in its fourth round of venture funding
Boeing Co. shares sank more than 6% on Monday as analysts said cuts in production would hurt the plane maker's earnings this year.
Spectrum Pharmaceuticals is hoping to revive a well-traveled cancer drug it recently obtained sole rights to, in the Healthcare column
A look at rating agencies and their role in the financial meltdown, in Viewpoint
DAY JOB. If you are a lender or a Republican hopeful, you probably know Dale Dykema
The Los Angeles Venture Association is bring its yearly conference to Anaheim next week
Commercial Construction Stalls: Good for Owners of Vacant Buildings, Bad for Employment
The key rival of Lake Forest-based Western Digital Corp. on Monday offered a better-than-expected outlook for the rest of the year, a week before Western Digital itself is set to report results and a forecast.
Allergan and a competitor are anxiously awaiting the FDA's decision on a Botox rival
Beard's Off, Now He Seeks Tax Cut; Recalling O'Neill
Dodge Dealers Puts Land to Use as Racing Parts Store, in the Marketplace column
Newport Beach-based bond manager Bill Gross of Pacific Investment Management Co. has added government debt to his holdings, bringing it to its highest percentage in two years.
Two executives who rode the housing boom are starting a business building homes on land acquired at a discount during the downturn.
The mid-counties industrial market's central location has provided some insulation from the recession, in Real Estate Watch
The latest in OC's dining scene, in the Executive Dining column
An aging population is driving San Juan Capistrano's Silverado Senior Living
"Swoon," CD by Silversun Pickups; "Grace/Wastelands," CD by Pete Doherty; "The Planets are Blasted," CD by Boston Spaceships
Friday, April 10
Japanese Prime Minister Taro Aso unveiled a new stimulus package Friday, calling for 15 trillion yen ($150 billion) in government spending to lift the world's second-largest economy from a painful recession.
The Treasury Department is asking banks not to mention the regulatory "stress tests" as part of their first-quarter earnings results, according to a source familiar with government discussions.
Executives at Irvine-based Allergan Inc. and a rival maker of a wrinkle-removing drug might have a few worry lines popping up on their foreheads on Monday.
Shares of Irvine-based Broadcom Corp. have broken out of a six-month funk, outpacing a larger rebound among chipmakers.
The economy is set to emerge from recession in the second half of this year as consumer spending and the housing sector recover, but unemployment will rise well into 2010, according to a survey.
Thursday, April 9
Moody's Investors Service cut its credit ratings on Berkshire Hathaway Inc. from Aaa, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett's holding company reduced its ability to support funding ne
A judge has ordered Microsoft Corp. to pay $388 million in damages to Irvine's Uniloc USA Inc., a maker of network security software, after the software kingpin was found to have infringed on a Uniloc patent.
Costa Mesa-based bank Pacific Mercantile Bancorp said it has declined to accept a $25.5 million government investment.
Wells Fargo & Co. said it expects to post a $3 billion first-quarter profit, sending its shares soaring, lifting a wide range of stocks, and providing a welcome jolt to the troubled banking sector.
Foothill Ranch-based mall retailer Wet Seal Inc. saw sales at stores open at least a year fall 11.4% in March, worse than the 10% drop Wall Street expected.
Toyota Motor Corp. plans to announce a major overhaul of its U.S. operations, bringing sales, manufacturing and engineering under one powerful executive, The Wall Street Journal reported.
Wednesday, April 8
Pulte Homes Inc.'s plan to buy Centex Corp. stands to boost the Michigan-based homebuilder's local operations.
Pulte Homes, the fourth-largest homebuilder, said it would buy the third largest, Centex Corp, for $1.3 billion in stock as it looks to save costs and get through the housing downturn.
Shares of Lake Forest-based disk drive maker Western Digital Corp. rose Wednesday after an analyst upgraded the stock on a more positive demand outlook.
Chrysler is working around the clock to complete an alliance with Italy's Fiat SpA that would also result in a new board for the automaker, Vice Chairman Jim Press said on Wednesday.
The Treasury Department plans to extend the Troubled Asset Relief Program to certain life insurers, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Tuesday, April 7
Major retailers likely ended March with lackluster sales as consumers put off Easter and Spring purchases for April.
The chief executive of Goldman Sachs said on Tuesday that the economic crisis had been "deeply humbling" for financial firms, and that banks receiving taxpayer money need to pay back the funds as soon as possible.
Cianna Medical Inc., an Aliso Viejo maker of devices to treat breast cancer, said Tuesday that it completed a $10 million second round of financing.
More consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.
Irvine-based startup WiSpry Inc., which makes chips for cell phones, said Tuesday it raised $10 million in a third round of venture funding with the possibility of adding more.
Irvine-based Fisker Automotive Inc., a maker of hybrid electric sports cars, has raised $85 million in its fourth round of venture funding, the company said.
Monday, April 6
Ingram Micro recently inked a deal with PC maker Dell, in the Technology column
Syspro is keeping George Argyros as its landlord in Costa Mesa, in the Real Estate column
Smaller industrial buildings are the hardest hit in West County, in Real Estate Watch.
Orange County technology startup veterans Ryan and Chad Steelberg are at it again. Last year the brothers quietly started their fifth venture together, Irvine's Brand Affinity Technologies Inc.
Lennar's financial partners might see the slow OC housing market differently than it does,
Some young, local clothing companies talk about how they're weathering the economic storm, in the Apparel column
New York's attorney general brought civil fraud charges against hedge fund operator Ezra Merkin on Monday, saying he duped investors by secretly steering $2.4 billion in client money into Bernard Madoff's Ponzi fraud.
Fountain Valley's Kingston Technology Co., the biggest maker of memory products for computers and consumer electronics, has taken a small stake in a Taiwanese chipmaker, according to reports.
The economic outlook of local executives improved for the second quarter, reversing three quarters of worsening pessimism, according to a California State University, Fullerton, survey.
UCI's FIRST FAMILY. A profile of UCI Chancellor Michael Drake and wife, Brenda, in a Business Journal Couples feature,
Western Digital's recent $65 million acquisition shows that it is planning for a sea change in its market.
A look at people, companies and institutions receiving awards, accolades, grants and other honors
Local marketers are grappling with how to use social networking, in the Media & Marketing column
Acquisitions and economic upheaval have made OC's largest public companies a smaller group than a year ago
Why Valeant is like "Extreme Makeover: Home Edition," in the Healthcare column
Shares of Sun Microsystems Inc. tumbled 23% on Monday after the company rejected rival computer and software maker International Business Machines Corp.'s $7 billion offer.
Student loan company Sallie Mae plans to move its overseas operations back to the United States, creating 2,000 domestic jobs, in what analysts called an attempt to curry favor with the Obama administration.
Sunday, April 5
Richard J. O'Neill, heir to one of the largest land holdings in Orange County, died early Saturday morning at the age of 85.
Friday, April 3
A low-profile but well-funded Newport Beach oil exploration software company has changed chief executives and laid off most of its workers, according to a report on an investing Web site.
The unemployment rate soared to 8.5% in March, the highest since 1983, as employers slashed 663,000 jobs and cut workers' hours to the lowest on record, government data showed on Friday.
Credit markets are not showing the same optimism on the economy as equities, suggesting that the recession will run far longer than most expect, Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., said on Friday.
Anaheim-based mall retailer Pacific Sunwear of California Inc. has headed off a looming board fight with takeover-minded shareholder Adrenalina Group of Miami.
Mitsubishi UFJ Financial Group is the front-runner to buy Citigroup's Japanese brokerage Nikko Cordial Securities in a deal that could be announced as early as May, a person familiar with the matter said on Friday.
Acquisitions and economic upheaval have made Orange County's largest public companies a smaller group than a year ago, according to Business Journal's annual list appearing in Monday's paper.
Thursday, April 2
Stocks added to gains on Thursday after the board that sets U.S. accounting standards agreed to give banks more flexibility in applying mark-to-market accounting to their toxic assets.
Irvine-based Quality Systems Inc.'s stock jumped on an analyst's upgrade and on Wall Street's larger upturn Thursday.
Accounting standard-setters bowed to congressional pressure on Thursday and allowed banks more flexibility to value toxic assets that have forced billions of dollars in writedowns.
Santa Ana-based Grubb & Ellis Co. is looking to raise more than $3 billion to buy healthcare-related real estate through a new fund.
World leaders agreed a trillion-dollar deal on Thursday to combat the deepest economic downturn since the Great Depression.
Kia Motors America said it has arranged a $305 million revolving credit line with three U.S. lenders.
Wednesday, April 1
Irvine-based homebuilder California Coastal Communities Inc. has taken another step to shore up its balance sheet as it weathers the housing downturn.
Job losses in the private sector accelerated in March, more than economists' expectations, according to a report by ADP Employer Services on Wednesday.
Santa Ana-based aircraft insulation maker Mexmil Co. is being bought by Triumph Group Inc. of Wayne, Pa., for an undisclosed amount.
The bankruptcy trustee of Irvine's New Century Financial Corp. is suing the defunct company's former accountant KPMG LLP, saying auditing errors led to the subprime lender's spectacular crash in 2007.
Factory activity shrank in March, though at a slower pace than the previous month, suggesting the sector remains a drag on the economy, according to an industry report released on Wednesday.
Fullerton-based Beckman Coulter Inc. said Wednesday that it is buying a genomic service business for $17 million.
Massachusetts' top securities regulator charged hedge fund firm Fairfield Greenwich Group with fraud for allegedly lying to investors about confessed swindler Bernard Madoff's phony management business.