Stories for June 2009
Tuesday, June 30
Emulex Slides on Fear of Rejection of New Broadcom Offer
Shares of Costa Mesa-based Emulex Corp. plunged Tuesday as investors feared the company's management could drag on a two-month takeover drama, despite a higher offer from Irvine's Broadcom Corp. on Monday.
Creditors Push Bankruptcy for Apartment Investor's Properties
Bankruptcy petitions have been filed for more than 20 properties and affiliates related to Pacific Property Assets, an Irvine-based apartment investor.
Magna-Opel Deal in Doubt
Efforts to save two leading European carmakers took a twist on Tuesday that could change the ownership of both crisis-hit General Motors Corp.'s Opel and German sportscar maker Porsche.
Nursing Home Operator Sees $8.4M Charge in Restatement
Foothill Ranch-based nursing home operator Skilled Healthcare Group Inc. said Tuesday it wrapped up a restatement of more than three years of financial statements with a charge to past earnings of $8.4 million.
Gloomy Consumers Clip Housing Recovery Hopes
Consumer confidence took an unexpectedly steep slide in June, figures released on Tuesday showed, suggesting the 18-month-long recession had yet to loosen its grip on the economy.
FDA Panel Recommends Smaller Doses of Painkillers
Government experts say the maximum daily dose listed on Tylenol and dozens of other painkillers should be reduced to help curb deadly overdoses.
Monday, June 29
REAL ESTATE WATCH: Research & Development Space
South County's research and development market is feeling the brunt of the economy, in Real Estate Watch
Ingram Micro's Latest: Help To Get Stimulus Cash
Ingram is trying to put its customers in the path of federal stimulus dollars
Renewing the American Dream
A local exec takes a look at America's shifting values, in Viewpoint
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
College Plans $24M Newport Beach Site
Fountain Valley's Coastline Community College plans to build a $24 million, 60,000-square-foot learning center in Newport Beach.
Pacific Life: Big TV Advertiser, but not that Big, It Says
Jacuzzi Brands has hired Truth to come up with a summer promotional campaign, in the Media & Marketing column
Allergan Ramps Up Eye Implant After FDA Approval
Allergan's eye drug arsenal is about to pick up a new weapon in the coming weeks, in the Healthcare column
Captive Audience
Why OC advertisers are turning to movies
Former Petco Exec Calls in Favor From Dog Whisperer for Venture
A local exec is opening an Irvine dog care center with a pedigree
State Street May Face SEC Charges Over Mortgages
Asset management and servicing giant State Street Corp. said it might face civil charges by securities regulators for exposing investors to losses on subprime mortgages.
Big Names Drive United Way, Cushion Downturn
A look at the Orange County United Way
Broadcom Ups Bid for Emulex, Plays Nice
Irvine's Broadcom Corp. appears to have done an about-face Monday in its efforts to buy Costa Mesa's Emulex Corp.
Recent Office Sales Set Lower Benchmark
A look at the beleaguered office market
Enterprise Partners to Buy Teppco for $3.3B
Enterprise Products Partners LP said on Monday that Teppco Partners LP had accepted its sweetened $3.3 billion bid in a deal that would form the largest publicly traded energy partnership.
CALENDAR
A listing of events happening all around Orange County. June 29-July 8, 2009
Aerospace, Defense Contractors Keeping Employee Losses Low
Employment at local aerospace and defense contractors held up fairly well against a weakened economy
Hotel Owner Sunstone Reworks Credit Line
San Clemente-based Sunstone Hotel Investors Inc. has reworked a line of credit as part of the hotel owner's ongoing efforts to get a handle on its debt.
PEOPLE
Hirings, promotions and other moves at local businesses
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Madoff Sentenced to 150 Years in Prison
District Court Judge Denny Chin sentenced disgraced financier Bernard Madoff, 71, to 150 years in prison on Monday for perpetrating Wall Street's biggest and most brazen investment fraud.
Irvine Medical Office Files for Bankruptcy
A newly built medical office property in the Spectrum has filed for bankruptcy
Opus Exec Starting Co. To Buy, Run Buildings
The head of Opus West's Southern California operations is leaving the troubled developer to start a new venture
Defense Contractors Uneasy about Government Spending
Political and economic currents are making local defense contractors uneasy.
Building on Linksys, Cisco Flips Out
It's Christmas in July at Cisco
Analyst Takes Stab at Broadcom's Wireless Chip Profits
One analyst has taken a stab at guessing Broadcom's wireless chip profits, in the Technology column
He Slayed Enron's Ken Lay, Now Defends Countrywide's Mozilo
He Slayed Enron's Ken Lay, Now Defends Countrywide's Mozilo
Fuel Systems Solutions Selling $30M in Shares
Fuel Systems Solutions Inc. plans to raise $30 million by selling stock to institutional investors.
AROUND THE COUNTY
Projects, developments and other activity in cities in and around OC
KUDOS
A look at people, companies and institutions receiving awards, accolades, grants and other honors
First American Bids for Rest of First Advantage
Santa Ana-based First American Corp. offered on Monday to buy the 26% of First Advantage Corp. that it doesn't already own for about $218 million.
CHOC Sells Bonds for $560M Expansion
CHOC is lining up some of the money it needs to pay for its upcoming $562 million expansion
Friday, June 26
Consumer Sentiment Rises in June
Consumer confidence rose in June to the highest since February 2008, as expectations grew that the worst economic recession since the Great Depression may be ending, a survey showed on Friday.
KB Home Posts Loss, Says Housing Drop Moderating
KB Home, the No. 5 homebuilder, posted a wider-than-expected quarterly loss on Friday, but said it saw signs that negative trends in the housing market were moderating.
UBS Woes To Remain After $3.5B Capital Hike
Investors welcomed UBS plans to raise $3.5 billion of new capital but said the bank will not turn the corner until it stems client withdrawals and settles U.S. legal problems.
Regulators Close Irvine's MetroPacific Bank, Shift Deposits to Sunwest
Bank regulators closed MetroPacific Bank, of Irvine, California, on Friday, the 44th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
Thursday, June 25
Radio Station Moving to Irvine
A Thousand Oaks radio station is moving to Irvine, according to a report in the Ventura County Star newspaper.
Irvine Co. Spending $100M-Plus on Fashion Island
Irvine Company plans to spend more than $100 million in the next two years to expand and revamp its Fashion Island shopping center in Newport Beach.
Congress Grills Bernanke on BofA/Merrill Deal
Federal Reserve Chairman Ben Bernanke, facing one of his toughest grillings yet by lawmakers on Thursday, denied he had ever threatened to fire Bank of America management if they pulled the plug on a planned merger with Merrill Lynch.
BP Taps Ericsson CEO as Next Chairman
Ericsson said its chief executive, Carl-Henric Svanberg, was stepping down to become chairman of BP PLC in a surprise appointment that ends the oil major's fraught search for a successor to Peter Sutherland.
Kimberly-Clark to Cut About 1,600 Jobs
Kimberly-Clark Corp. said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3% of its workforce, as it tries to trim costs and respond faster to rivals and store brands.
We've Moved
The Business Journal has relocated its offices near John Wayne Airport in Irvine.
Wednesday, June 24
Recession to Bottom Out This Year: OECD
A severe recession will bottom out this year, but any recovery will be weak due to anemic markets and shrunken consumer wealth, the Organization for Economic Cooperation and Development said on Wednesday.
FDA: Ista Drug Has No Serious Side Effects
Irvine-based Ista Pharmaceuticals Inc.'s proposed eye allergy drops didn't cause serious safety problems in clinical trials, Food and Drug Adminisration reviewers said in documents released Wednesday.
Second Adviser Recommends Against Broadcom Proposals
A second shareholder advisory group has come out with a report against Irvine-based Broadcom Corp.'s proposals that would change board members and make it easier to acquire Costa Mesa's Emulex Corp.
Orders for Big-Ticket Items Surge, Housing Data Mixed
An unexpected jump in durable goods orders last month backed hopes that the economy was healing, but news from the hard-hit housing market remained mixed.
Fed to Hold Fire on Buying, Talk Down Rate Hikes
The Federal Reserve is expected to emphasize the economy's fragile state in a policy statement on Wednesday as it talks down expectations for a rate hike this year and holds fire on expanding asset purchases.
Tuesday, June 23
May Existing Home Sales Rise
Sales of previously owned homes rose at a slower-than-expected pace in May, an industry survey showed on Tuesday, pointing to a sluggish recovery from the severe economic recession.
Fuel Systems Solutions Selling $30M Worth of Shares
Fuel Systems Solutions Inc., a maker of kits to convert cars to run on propane and natural gas that's moving from Santa Ana to New York, plans to raise $30 million by selling stock to institutional investors.
Hospital Adding $50M Tower for Outpatients
Orange Coast Memorial Medical Center in Fountain Valley is wrapping up work on a $50 million expansion.
Boeing Delays Dreamliner Test Flight Again
Boeing Co. on Tuesday said the first test flight of its long-delayed 787 Dreamliner would be postponed again, a move sure to disappoint investors and customers who have ordered the revolutionary carbon-composite aircraft.
Edwards Selling Kidney Devices to Baxter
Edwards Lifesciences Corp. said Tuesday that it's selling medical devices that help patients with malfunctioning kidneys to Baxter International Inc. for $65 million.
Ford, Nissan, Tesla to Get Technology Loans
Ford Motor Co. will receive nearly $5.9 billion in government loans to spur development of more fuel-efficient vehicles, the Obama administration said on Tuesday.
Monday, June 22
Even in Downturn, Biggest Advertisers Here Spend $3B
Tacos, cars, life insurance and Botox drive an estimated $3 billion in yearly advertising by local companies
Local Effort to Buy Fairgrounds; New Bren Adviser
Local Effort to Buy Fairgrounds; New Bren Adviser
Apple Sells More Than 1M iPhone 3GS
Apple Inc. said it had sold more than 1 million of its newest iPhone in the first three days of launch, beating analysts' expectations for the 3GS smartphone's debut.
El Pollo Loco Airs Latest in KFC Grilled Chicken Spat
El Pollo Loco has aired its latest commercial in an ongoing game of chicken with KFC, in the Media & Marketing column
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Clean Energy To Sell 6 Million Shares in Public Offering
Seal Beach-based Clean Energy Fuels Corp., a provider of natural gas for trucks, announced Monday it would sell 6 million shares of its stock in a public offering.
Construction Cos. Saw Drop In Revenue, Contract Value
Construction Cos. Saw Drop In Revenue, Contract Value
IOGear Markets Computer Devices to TV Users
IOGear is chasing sales among tech-savvy consumers who want to use their TVs as extensions of their computers
Local Development Dropped 55% in '08, Projects on Hold
How commercial developers saw a 55% drop in business last year
New York Investor Makes Local Debut with Office Buy
Emmes Group has found itself the owner of one of OC's most prominent buildings
REAL ESTATE WATCH: MANUFACTURING & WAREHOUSE
Why the current market is like the "Fight Night" event that NAIOP sponsors, in Real Estate Watch
CALENDAR
A listing of events happening all around Orange County
UCI Names Edwards Center Director
The University of California, Irvine's Henry Samueli School of Engineering on Monday named Steven George as the founding director of its Edwards Lifesciences Center for Advanced Cardiovascular Technology.
UnitedHealth's Medicare Strategy Scares Some Analysts
UnitedHealth saw its stock slide earlier this month over concerns that its bid to win Medicare contracts would ding profits, in the Healthcare column
Hospital Adding $50M Tower for Outpatients
Orange Coast Memorial Medical Center is wrapping up work on a $50 million expansion
Valeant Drug: New Life Treating Wrinkles?
A look at what Valeant may do with a skin cancer cream that has been found to reduce wrinkles
Medical Scanners Take Different Paths in Search of Growth
The county's two dominant medical scanning companies are taking different paths in search of growth
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Costa Mesa Co.: Seat Cover Chic
A local manufacturer that purposely stayed small is finding a bit of comfort in a larger headquarters, in the Small Business column
ASK THE EXPERTS
Q & A; with local experts on what they expect for the future; how construction companies saw a 7% drop in business in 2008
Tough Times Loom for New Toyota Chief
Akio Toyoda takes charge at Toyota Motor Corp. this week with the company facing its biggest ever loss, but few expect his appointment to bring about the changes needed to drive the world's No.1 automaker back into the black.
Vizio Wins Patent Suit, Gears Up for Additional Appeal
Vizio eked out a win in an ongoing battle over chip patents with Funai Electric, in the Technology column
Bridgford Sees Run-up in Thinly Traded Stock
Shareholders of frozen food maker Bridgford Foods aren't feeling the chill these days
OCBJ SUPPLEMENTS and GUIDES
HUMAN RESOURCES GUIDE, SUMMER 2009
Quest Buys Back Stock Instead of Cos.
Quest is taking a breather from its years-long buying binge
PEOPLE
Hirings, promotions and other moves at local businesses
Sperry Van Ness Franchise Still Active, Hiring in Irvine
Sperry Van Ness still has an active Orange County presence and is looking to hire, in the Real Estate column
Manufacturing Survey Sees 2010 Hiring Rebound
A new report based on a survey of small- to mid-sized manufacturers has found that 44% of the companies plan to begin hiring workers again as soon as next year if the economy rebounds as they expect.
Solar Startup Sets Up Local Operation
A Foster City-based solar startup is making a local push and hiring OC workers
Adviser Recommends Against Broadcom Proposals
A shareholder advisory group has come out against a set of proposals by Irvine-based Broadcom Corp. that would make it easier to acquire Costa Mesa's Emulex Corp.
Failed Daily Pilot Bid Leads Veterans to Start News Site
A pair has launched an Internet news site after being unable to buy The Daily Pilot from bankrupt Tribune Co
Construction Challenges
How the number of building permits are falling
Upscale Thrift Store Takes Advantage of Empty Space
Laura's House of Treasures Thrift Store has reopened in Lake Forest, in the Marketplace column
Friday, June 19
Cabinetmaker RSI Starts Up Homebuilder
An offshoot of Newport Beach-based cabinetmaker RSI Home Products Inc. has gotten into homebuilding with plans for inexpensive, easy-to-build homes.
SunCal Delays Vote on Bay Area Project
Irvine-based developer SunCal Cos. is delaying until next year a vote on its plans to redevelop a former Naval base in Northern California.
County Sees Fourth Month of 70,000-Plus Yearly Job Losses
The county continued to lose jobs at a dramatic pace on par with the worst of the 1990s recession in May, according to the state Employment Development Department.
Switzerland Strikes Tax Deal with U.S.
Switzerland and the United States have reached agreement on a double taxation treaty, the Swiss finance ministry said on Friday, a key step toward removal from a list of tax havens.
RIM Outlook Disappoints, Sending Shares Lower
Research In Motion offered investors an outlook on Thursday that fell short of some expectations, sending the BlackBerry maker's stock sliding 5% even as the company reported a higher quarterly profit that topped forecasts.
Stanford Indicted in Massive Fraud Case
Texas billionaire Allen Stanford and four associates were indicted on fraud and obstruction charges in a $7 billion pyramid scheme to bilk investors, the Justice Department said on Friday.
Thursday, June 18
FDA OKs Allergan Eye Drug
Irvine-based Allergan Inc. said Thursday that the Food and Drug Administration approved its eye implant for treating retinal disease.
Sunstone Sells Hotel in Riverside
San Clemente-based Sunstone Hotel Investors Inc. said Thursday it's completed the sale of a Riverside hotel for $19.3 million.
Jobless Benefit Rolls Drop Sharply to Nearly 6.7M
The total number of people on the unemployment insurance rolls dropped for the first time since early January, the government said Thursday, while new claims for benefits rose slightly.
Leading Economic Indicators Up More than Expected
A private research group's forecast of economic activity rose in May by the largest amount in more than five years, the latest sign that the recession is easing.
Broadcom Again Extends Emulex Offer
Irvine chipmaker Broadcom Corp. has extended for a second time its offer to acquire Costa Mesa's Emulex Corp.
Geithner Urges Quick Action by Congress on Reforms
Treasury Secretary Tim Geithner urged Congress to act quickly on the Obama administration's regulatory reform proposals, saying past efforts had started too late after the will to act had faded.
Wednesday, June 17
Pacific Sunwear Taps Former Vans Exec as CEO
Anaheim-based Pacific Sunwear of California Inc. has tapped a former Vans Inc. executive to lead the mall retailer as it works through a turnaround.
FedEx Outlook Disappoints, Says Worst May Be Over
FedEx Corp reported a larger quarterly loss on Wednesday and gave an outlook well below Wall Street estimates for the current period, citing the recession's impact on package volumes and rising fuel costs that will hit its bottom line.
Register Parent Picks Interim Chief Executive
The parent company of the Orange County Register has picked a former newspaper publisher and wire service chairman to be its interim chief executive.
Home Prices Rise $30,000 in May, Back Above $400,000
Orange County's median home price jumped $30,000 in May, thanks in large part to an increase in sales of more expensive homes and fewer foreclosure sales.
Obama Pushes Reform to Restore Investor Confidence
President Barack Obama will lay out on Wednesday his vision for reshaping financial regulation, aiming to tighten oversight of the largest firms whose excessive risk-taking triggered a global recession.
Chapman Economists See Pick Up In Jobs Next Year
The county won't likely start gaining jobs again until the middle of next year, according to economists at Chapman University.
Watson To Go Global With $1.75B Arrow Buy
Watson Pharmaceuticals Inc. said on Wednesday that it would buy privately held Arrow Group for $1.75 billion, clinching a long-expected deal by the generic drugmaker to expand internationally.
Tuesday, June 16
Etihad Engine Deal Eclipses Airbus, Boeing
An engine deal from Abu Dhabi's Etihad Airways worth more than $5 billion could be the biggest news to come from this week's Paris Air Show, where the global recession has frozen sales of planes from Airbus or Boeing Co.
Best Buy Sales, Forecast Disappoint, Shares Fall
Best Buy Co. posted lower first-quarter earnings and weaker-than-expected sales on Tuesday and also implied earnings for the rest of the year would be worse than forecast, dragging its shares down 3%.
Downey Executives, Regulators Share Blame for Thrift Failure
Executives at the failed savings and loan of Newport Beach-based Downey Financial Corp. ignored government warnings about risky loans, ultimately leading to the thrift's November failure, according to a report Tuesday.
STEC Shares Soar on Q2 Outlook, Higher Analyst Estimates
Shares of Santa Ana's STEC Inc., a maker of flash drives for corporate and industrial uses, soared Tuesday after the company upped its outlook for the current quarter.
Housing Starts Jump in May, Inflation Muted
New housing starts and permits surged in May from record lows, while producer prices rose at a slower pace despite higher gasoline prices, boosting prospects for the economy's recovery from recession.
Nursing Home Operator Sun Rises on Upgrade
Shares of Irvine-based Sun Healthcare Group Inc., an operator of nursing homes, rose Tuesday after an analyst upgraded the company.
Monday, June 15
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Quiksilver Gets Lifesaving Deal, But Investors Balk at Costs
Quiksilver has struck what could be a lifesaving investment and loan deal
CALENDAR
A listing of events happening all around Orange County, June 15-24, 2009
Allergan Files Plans For Irvine Expansion
A look at Allergan's plans for a 250,000-square-foot addition to its campus
Microsemi Switches Up Buying Strategy with Deal for Startup
Microsemi broke its long streak of rolling up small makers of chips that cater to military, aerospace and industrial uses
'Twilight' Drives BB Dakota, Billabong Sales
How "Twilight" has boosted sales at Billabong and BB Dakota
Irvine Ad Shop Revamps Web Site for Struggling St. Regis
The St. Regis is making moves to improve its customer service, even as its owners are prepping to turn over the keys to the resort, in the Media & Marketing column
PEOPLE
Hirings, promotions and other moves at local businesses
Venture Capital Firms Largely on Hold, Target Familiar Cos.
Why venture capitalists invested more money in local companies in 2008 than they did in 2007
COMMERCIAL BANKS
Alphabetical listing of Orange County Commercial Banks
REAL ESTATE WATCH: North & Central Orange County
North and Central County had a rough first quarter, in Real Estate Watch.
Cabinetmaker RSI Starts Up Homebuilder
An offshoot of cabinet maker RSI Home Products has made its debut in homebuilding
Ex-Socialite Ready For Biz Spotlight; Forbes Finds Fisker
Ex-Socialite Ready For Biz Spotlight; Forbes Finds Fisker
REAL ESTATE LENDERS
Alphabetical listing of Orange County Real Estate Lenders
Trucking Along
A look at Santa Ana-based Tom's Truck Center
EQUIPMENT LEASING, FINANCING
Alphabetical listing of Orange County Equipment Leasing, Financing firms
SAVINGS and LOANS
Alphabetical listing of Orange County Savings and Loans
Six Flags Won't Sell Parks, Cut Workers: CNBC
Six Flags Inc. will not sell assets or reduce its workforce as a result of its Chapter 11 bankruptcy filing this weekend, the theme park operator's chief executive told CNBC on Monday.
Stimulus to Slightly Boost Economy: IMF
The International Monetary Fund on Monday said a heavy dose of stimulus would ease the recession this year and lift growth marginally in 2010.
Roy's Loses Chef; Ritz Partner Opts Out, Jacobi Steps In
The latest in OC's dining scene, in the Executive Dining column
Boeing Sees Mid-2010 Commercial Plane Recovery
The commercial aircraft chief of planemaker Boeing expects growth to return to the industry in the middle of next year, he told a news conference at the Pairs Air Show on Monday. The recovery would be in both air freight and air traffic, though the big qu
INVESTMENT BANKS
Alphabetical listing of Orange County Investment Banks
Freedom Deadlocked on Replacement CEO
It looks as if battle lines are being drawn in Freedom Communications' boardroom over potential chief executive replacements
Skyworks' Buy Grows Share in Emerging Markets
A look at Skyworks Solutions' recent local acquisition
Irvine Laser Maker Trades Part of Business with Rival
A look at an intricate local business deal that involved bartering, in the Technology column
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Allergan Plans Big Irvine Expansion
Allergan Inc., maker of Botox and other drugs, has filed plans with Irvine officials to build a 250,000-square-foot, four-story office tower at its campus near John Wayne Airport.
Another Bubble?
Why local banks are bracing for potential problems with commercial real estate loans
Study Shows Valeant Skin Drug Smooths Wrinkles
A cream made by Aliso Viejo-based Valeant Pharmaceuticals International to treat the early signs of skin cancer also may reduce wrinkles, researchers said Monday.
CHIP CRUSADE
Broadcom and Emulex seem to have reached an impasse in their bitter takeover battle
Sunstone May Hand Over Other Hotels
Sunstone Hotel Investors became the first publicly traded hotel owner in the downturn to hand back keys to a lender
IDM Pharma Sale Could Mark Drug, Device Trend
The recent sale of IDM Pharma could speak to a new trend in the drug and medical device industry, in the Healthcare column
Maguire Sells Trophy OC Tower, WaMu Campus in Doubt
Los Angeles-based Maguire Properties Inc. said Monday it sold its trophy office property in Orange County, Irvine's 3161 Michelson tower, to the Emmes Group of Cos., a privately owned real estate investment company based in New York.
Apartment Complexes Finding Buyer, Investor Interest
It's been a busy month for sales of some of OC's larger apartment complexes, in the Real Estate column
What May Be Behind St. Regis, Ahead for Makar
A calculated gamble by the debt holder of the St. Regis appears to be behind the foreclosure push on the hotel
OCBJ SUPPLEMENTS and GUIDES
ERNST & YOUNG ENTERPRENEUR OF THE YEAR 2009
Friday, June 12
Chemical Maker American Vanguard's Shares Rise On Exec Change
Shares of Newport Beach agricultural chemical specialist American Vanguard Corp. were up 10% Friday after making an adjustment to its sales team.
Three Suitors Emerge for Boston Globe: Report
Three Boston businessmen, including a member of the family that used to own The Boston Globe, have emerged as suitors for the 137-year-old daily newspaper that The New York Times Co. is trying to sell, the Globe reported on Friday.
GM Sale of Saab Looms as Koenigsegg Steps Up
General Motors is close to selling loss-making Swedish unit Saab after tiny supercar maker Koenigsegg agreed to ride to the rescue, a source familiar with the talks told Reuters.
Skyworks' Buy Grows Share in Emerging Markets
Skyworks Solutions Inc., a chipmaker that has an office in Newport Beach, expanded its business of selling chips to makers of low- cost cell phones with a recent local acquisition.
BlackRock Lands BGI, Barclays Boosts Capital
BlackRock has agreed to buy Barclays Global Investors to create the world's biggest asset manager in a $13.5 billion deal that British bank Barclays hopes will put to rest concerns about its capital.
Edwards Wins British Patent Case
Irvine heart valve maker Edwards Lifesciences Corp. said Friday that a British court determined that it did not infringe on a less-invasive heart valve patent held by Cook Inc.
Thursday, June 11
Qualcomm Raises Forecast, But Cautious on Q4
Qualcomm Inc. raised its current-quarter profit and revenue targets on stronger sales of mobile phone chips, but its warning that shipments would fall next quarter dampened investor enthusiasm.
Western Digital, Ceradyne Sue Lehman
Disk drive maker Western Digital Corp. and military body armor supplier Ceradyne Inc. are suing bankrupt investment bank Lehman Brothers Holdings Inc. for nearly $200 million over investment deals they say went bad.
Mortgage Rates Erase Fed's Handiwork
Mortgage rates leaped with bond yields in the past week to the highest since November, erasing strides made by a massive government program to help revive housing.
Investor Takes Stakes in Banks, Eyes More
Local banks are on the menu for a Pennsylvania investor with a partner stationed in Irvine. Context Capital Partners, based just outside of Philadelphia, has invested in four Orange County-based banks as part of its bid to buy stakes in small banks it hop
Daily Pilot Veterans Launch Local News Site
Two Daily Pilot veterans have launched a daily Internet news site for Newport Beach and Costa Mesa.
Boeing Cuts Global Outlook for Aircraft Demand
Aircraft maker Boeing has slashed its forecasts for new plane demand due to the industry downturn, and said it was focused on delivering existing orders rather than chasing new ones.
Wednesday, June 10
Mortgage Demand Withers as Loan Rates Spike
Spiking mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday.
Home Depot Raises Profit Forecast
Home Depot Inc. said earnings could be flat this year, rather than falling as it previously forecast, saying the worst of the housing correction had passed.
St. Regis Set To Be Sold in Auction
Dana Point's ritzy St. Regis Monarch Beach Resort will get a new owner next month if a foreclosure-driven sale moves forward.
STEC's Shares Fall on Downgrade
Shares of Santa Ana-based STEC Inc. fell Wednesday after an analyst downgraded the stock.
Nursing Home Operator Skilled To Restate Results
Foothill Ranch-based nursing home operator Skilled Healthcare Group Inc. plans to restate more than three years of financial results to correct accounting mistakes by a former employee, the company said Wednesday.
Fiat Closes Chrysler Deal
Italian carmaker Fiat SpA closed its takeover of Chrysler on Wednesday, sealing the deal on Fiat's ambitious move to create a growing global player following one of the worst crises in the auto industry's history.
Tuesday, June 9
Ceradyne Falls On Lowered Outlook
Costa Mesa-based military body armor maker Ceradyne Inc. on Tuesday cut its 2009 earnings forecast in half on lower sales expectations for its bulletproof vests.
Govt. Approves 10 Banks Repaying Bailout Funds
Government officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.
Consumer Confidence Improves in June
Consumer confidence rose in June, mirroring the strong gains the stock market has made since early March, a survey released on Tuesday said.
Emulex Sets Shareholder Meeting, War of Words Continues
Costa Mesa-based networking electronics maker Emulex Corp. set its 2009 annual meeting for November against the backdrop of a hostile takeover bid by Irvine's Broadcom Corp.
Quiksilver Slumps on Outlook, High Finance Costs
Huntington Beach-based Quiksilver Inc. said Monday it struck what could be a lifesaving investment and loan deal. But investors Tuesday quickly turned their attention to the deal's cost and the clothing maker's outlook, which wasn't as encouraging.
Ex-AT & T; CEO to Become Chairman of Restructured GM
General Motors Corp. said on Tuesday that former chairman and chief executive of AT & T; Inc. Edward Whitacre will become chairman of the restructured automaker later this summer.
Monday, June 8
Irvine Startup Debuts Chips to Improve Wireless
A chip startup that's flown under the radar for a few years now is trying to make its name known
Sink or Swim
A look at a local maker of swimming and snorkeling gear
Congrats and Mansion Requests for Flanders; Nick's Night Out
Congrats and Mansion Requests for Flanders; Nick's Night Out
Two Big Office Sales; Are More in Works?
There are rumblings of sales again in OC's office market
Online Game Site Operator Targets Soccer Moms, Young Guys
A local company has launched a second Web site with simple games as part of its bid to grab a slice of a growing market
Tech Startups Need More than A Good Idea to Find Funding
Venture Capitalists Are Investing Cautiously; Cos. Need Proven Business Plans, Experience
Computer Cuts
Product Makers Eliminate 500-Plus Jobs as Economy, Consumer Reluctance Slow Demand
PEOPLE
Hirings, promotions and other moves at local businesses
ACS Developing New Medical Office Building in Aliso
A medical office building is coming to Aliso Viejo, in the Healthcare column
Sunstone Turning Over W Hotel in San Diego
San Clemente-based Sunstone Hotel Investors Inc. is set to turn over the W Hotel in San Diego rather than continue paying interest on the building after failing to rework terms of its loan.
Theater Drama
Laguna Playhouse is doing all it can to endure choppy waters
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
Big Backer, Small-Store Push for Burton's Analog Clothing
A look at Analog Clothing, which is part of Burton Snowboards
Consumer Choices
Consumer Spending Holds Out for Flat TVs, Blu-ray DVD Players, Less Pricey Netbooks
OCBJ SUPPLEMENTS and GUIDES
THE 2009 OC GOLF GUIDE
REAL ESTATE WATCH: South Orange County
South County saw negative absorption in the first quarter, in Real Estate Watch
Blizzard's Growth Boosts Software Makers' Total Revenue
Top 20 see 7% rise, No. 2 Sage records drop
GIVING
Fundraisers and charitable donations from companies and people
Chipmakers See Boost in Demand This Quarter, Analysts Hold Off Celebration
Investors worry uptick in orders could be short lived
Crimes, Big-Box Store Sales Help Spur Mesa Safe Growth
The recession is helping Mesa Safe grow, in the Small Business column
McDonald's Same-Store Sales Up, But Shares Fall
McDonald's Corp. on Monday reported a 5.1% increase in May sales at restaurants open at least 13 months, with demand strong in Europe and Asia/Pacific.
Fewer Students Finish, Start Cal State Fullerton
How Cal State Fullerton is coping with California's budget cuts
Barclays in BGI Talks, $12B BlackRock Deal Seen
Barclays PLC is in talks to sell Barclays Global Investors, the British bank said on Monday, with fund manager BlackRock the frontrunner to land the asset manager for about $12 billion.
Investor Takes Stakes in Banks, Eyes More
Homegrown banks are on the menu for a local investor
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Economy Pushes Brokerages to Change Commissions
Commissions paid to the area's top brokers are piquing the interest of many, in the Real Estate column
Grubb Finds Stability, Fights for Past Stature
A look at Grubb & Ellis' wild year and what's ahead for the broker and investor
Travelogue
While in London, the Business Journal's editor was amused by Britain's political scandals
Western Digital Ups Outlook, Analyst Raises Estimates
Western Digital sees better-than-expected market conditions for the June quarter, in the Technology column
Motor Creative Doing Social Networking for Lantronix
Lantronix is looking to connect with customers through a social networking advertising campaign, in the Media & Marketing column
Mindspeed Ups Outlook, Shares Jump
Shares of Newport Beach-based chipmaker Mindspeed Technologies Inc. jumped Monday after the company increased its outlook for the current quarter.
CALENDAR
A listing of events happening all around Orange County. June 9-17, 2009
Supreme Court Asked to Delay Chrysler Sale
Indiana pension funds and consumer groups asked the Supreme Court on Sunday to stop the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA while they challenge the deal.
Microsemi Picks Up Local Chip Startup Nexsem
Irvine-based Microsemi Corp., which makes chips for military, aerospace and industrial uses, said Monday it purchased Irvine-based Nexsem Inc., a startup maker of chips that manage power in consumer electronics.
Medical Device Maker Endocare Being Bought for $16M
Irvine medical device maker Endocare Inc. is being acquired for $16 million by HealthTronics Inc. of Austin, Texas.
Auto Registrations Record Smallest Decline in 2009
Local automakers and dealers got some hopeful news recently, in the Marketplace column
Friday, June 5
Unemployment Hits Record But Job Losses Slow
Employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy's severe weakness was diminishing.
Retailers report May sales declines
Sales fall 4.6% in the month compared with the same period last year. Department stores and teen apparel chains, especially those selling higher-end merchandise, fare the worst.
Talks halt walkway plan
Project to build a path along river channel waits as city, company negotiate.
FDIC Eyes Citi Top Management Shake-up: Report
The Federal Deposit Insurance Corp. is aiming at a shake-up of Citigroup Inc.'s top management, including replacing Chief Executive Vikram Pandit, the Wall Street Journal said, citing people familiar with the matter.
Volcom Slumps on Downgrade
An analyst threw cold water on a three-month rally for Costa Mesa-based Volcom Inc. by downgrading the stock, a move that sent the shares down 8% near the close of New York trading.
Wet Seal Rises for Second Day on Sales Results
Shares of Foothill Ranch-based mall store operator Wet Seal Inc. were up Friday, a day after reporting May sales results that were better than analysts expected.
PWD employees to be surveyed on cutbacks
PALMDALE - Palmdale Water District employees will be surveyed about their preferences - among layoffs, furloughs, cuts in benefits and other options - as ways to cut $700,000 in spending by October.
Ventura's Betty Belts is a finalist for an Intuit grant
Betty Belts, a Ventura business built on principles of social and environmental good, today could win an Intuit small-business grant that the owner said would let her expand her business.
Two Big Office Sales; Are More in Works?
There are rumblings of building sales again in Orange County's office market. After seeing only a smattering of big-dollar office sales so far this year, OC saw its two biggest sales of 2009 close within a day of each other last week.
GM Reaches Deal to Sell Saturn to Penske
General Motors Corp. has reached a preliminary agreement to sell its Saturn brand to Penske Automotive Group in a deal that could preserve more than 350 dealerships and 13,000 jobs, the companies said on Friday.
Thursday, June 4
Wet Seal's Same-Store Sales Fall, But Less Than Expected
Foothill Ranch-based mall store operator Wet Seal Inc. saw sales at stores open at least a year fall 8.4% in May, but that was better than what Wall Street had expected.
Global Trade Contraction May Top 6% in 09: World Bank
Global trade may contract by more than 6% in 2009 but could return to positive growth next year, World Bank chief economist Justin Lin said on Thursday.
Many Retailers' May Sales Miss Expectations
Shoppers searched for bargains and basics in May, leading many retailers to miss sales expectations on Thursday even though the bar was set pretty low for most chains.
SEC Files Charges Against Mozilo
Federal regulators have charged former Countrywide Financial Corp. chief executive Angelo Mozilo and two other former executives with civil fraud for failing to disclose to shareholders the deteriorating state of the mortgage lender's business shortly bef
Wal-Mart to Add 22,000 Jobs in U.S.
Discounter Wal-Mart Stores Inc. says it will add more than 22,000 jobs in its U.S. namesake stores in 2009.
Emulex's McCluney Accuses Broadcom of Self-Serving Agenda
Emulex Corp. again urged shareholders Thursday to disregard the latest takeover appeals by Irvine chipmaker Broadcom Corp., which is seeking to buy the Costa Mesa-based maker of electronics for data storage networks for $764 million.
Broadcom Extends Emulex Offer After Shareholders Balk
Irvine-based chipmaker Broadcom Corp. has extended by two weeks its offer to acquire shares of Costa Mesa's Emulex Corp. after nearly all of the company's shareholders passed on selling.
Guess Reports Better-Than-Expected Quarter
Guess Inc. said its net income fell 32 percent in its fiscal first quarter, which beat Wall Street expectations. The apparel company also gave a brighter outlook for the current quarter.
Wednesday, June 3
Broadcom Again Appeals to Emulex Shareholders
In a continuation of a month-long war of words, Broadcom Corp. fired back at Emulex Corp. on Wednesday by urging the company's shareholders to disregard repeated requests by management to ignore takeover appeals by the Irvine chipmaker.
Bren Endorses Whitman
Irvine Company Chairman Donald Bren has endorsed former eBay Inc. chief executive Meg Whitman in her run for governor of California, her campaign said Wednesday.
Mortgage Applications Down as Rates Surge Higher
Mortgage applications fell last week, reflecting a plunge in demand for home refinancing loans as interest rates surged to their highest levels since late January, data from an industry group showed on Wednesday.
Broadcom To Hold Spending, Pickup or Not
Broadcom Corp. Chief Executive Scott McGregor told investors and analysts Wednesday that he plans to hold down expenses until the company sees a sustained surge in orders for its chips.
Court Agrees to Hear Appeal on Chrysler Sale
A Court of Appeals agreed on Tuesday to hear a challenge to Chrysler LLC's sale of most of its assets to a group led by Italian automaker Fiat, in a move that could potentially delay the deal.
Bernanke Warns on Deficits as Treasury Rates Rise
Federal Reserve Chairman Ben Bernanke warned on Wednesday that rising debt was contributing to a spike in longer-term interest rates, and said now was the time to start working on reining in deficits.
Warehouses Going Up on PacSun's Anaheim Land
An industrial development is slated to be built in east Anaheim, adding more warehouse and distribution space to a local market that's facing its toughest leasing environment in several years.
Tuesday, June 2
Maguire Sells City Parkway Towers to Abbey Co.
Abbey Co., a Long Beach-based real estate investor, is buying the City Parkway office towers in Orange from Maguire Properties Inc., the Los Angeles-based landlord said on Tuesday.
Emulex Defends Growth Prospects in Broadcom Fight
If it's Tuesday, there must be a new salvo in the increasingly nasty war of words between Emulex Corp. and rebuffed suitor Broadcom Corp.
GM in Deal to Sell Hummer, But Won't Say to Whom
General Motors Corp. said it had reached a preliminary deal to sell its Hummer brand, part of its effort to shed half of its eight lines and leave bankruptcy court protection as a leaner company.
Biggest Gain in Pending Home Sales Since 2001
Pending sales of previously owned homes in April unexpectedly saw their biggest monthly gain in 7-1/2 years, a report from a trade group on Tuesday showed, buttressing views the recession was easing.
B of A, JPMorgan, Others Raise $19B
Bank of America Corp., JPMorgan Chase & Co. and several other banks said they have raised more than $19 billion as lenders scramble to extricate themselves from Washington's grip.
Chip Startup Axiom Microdevices Snagged by Skyworks
Woburn, Mass.-based chipmaker Skyworks Solutions Inc., which has operations in Irvine, said Tuesday it bought a smaller rival, Irvine-based startup Axiom Microdevices Inc.
Hyundai, Kia Down But Beat Industry With May Sales
Fountain Valley-based Hyundai Motor America and sister company Kia Motor America Inc. of Irvine fared better than most automakers again in May.
Monday, June 1
Hard-Hat Healthcare
Julie Miller-Phipps - OC's executive director for Kaiser Permanente
Tennis Great Backs Investor Targeting Distressed Assets
A local real estate investor run by a brother of tennis great Michael Chang is launching a new fund, in the Real Estate column
Local Cos. Shine at Spain Trade Show with Heart Valves
Less-invasive heart valves took center stage at a recent European trade show, in the Healthcare column
Heavenly Calling
Sister Eileen McNerney - the founder of a nonprofit that helps Santa Ana youths
Valeant Details Liver Drug Trial Results, Signs Japan Deal
Aliso Viejo-based Valeant Pharmaceuticals International reported final trial results for a hepatitis C treatment that it said showed the drug to be as effective as the standard treatment and signed a deal with Schering-Plough Corp. to develop and market t
Investors Look to Buy $100M of Foreclosures
G8 Capital is on a buying spree for foreclosed homes
Irvine Head Hunter Finds Chief Executive for Octane
Booster group Octane has a new chief executive, in the Technology column
Consumer Spending Eases, Income Surges
Consumer spending fell in April from March, despite personal income posting the largest increase in 11 months, a government report said on Monday, showing activity in the second quarter getting off to a slow start.
Susan's Healthy Gourmet, Johnson See Strong Appetite from SoCal Customers
Susan Johnson - the founder of a company that delivers healthy meals.
Gabbard Carves Her Niche in Tax, Estate Planning Law
Renee Gabbard - a tax and estate planning lawyer
GM Files for Bankruptcy, Chrysler Sale Cleared
General Motors Corp. filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.
Construction Spending Unexpectedly Up in April
Construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday.
Emulex Calls Out Legal Troubles of Former Broadcom Execs
Costa Mesa's Emulex Corp. took a shot at Broadcom Corp. in a lawsuit filed Monday in Santa Ana federal court.
Flanders Takes Chief Executive Job at Playboy
Freedom Communications Inc. Chief Executive Scott Flanders has taken the top job at Playboy Enterprises Inc. after weeks of speculation about a possible move.
OCBJ SUPPLEMENTS and GUIDES
Marketing & Branding Guide 2009
REAL ESTATE DEALS
Sales and leases of offices, industrial buildings, retail space and apartments
WiSpry Sees $10 Million in Venture Funding
Irvine-based chip startup WiSpry Inc., which makes chips for cell phones, said Tuesday it added another $10 million to its third round of venture funding for a total of $20 million.
OC's Fiscal Image: Chump to Champ; Temporary Turquoise
OC's Fiscal Image: Chump to Champ; Temporary Turquoise
REAL ESTATE WATCH: Airport/Central Coast Area
A local real estate investor run by a brother of tennis great Michael Chang is launching a new fund, in the Real Estate column
AROUND THE COUNTY
Projects, developments and other activity in cities in and around OC
Private TriZetto Has More Space to Grow
What TriZetto has been up to after going private last summer
United Fuel Finds Execs in OC, Business Drops with Economy
United Fuel & Energy's move to Orange was a bid for better executive talent
PEOPLE
Hirings, promotions and other moves at local businesses
Kingston Launches Budget Friendly Product
Kingston is betting on consumers' appetites to upgrade slow and aging computers instead of buying new ones
California Dreamin'
Why people who think that California isn't business friendly have got it wrong
MARKET WATCH
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Law Firm Moving to Orange's City Plaza
Orange's City Plaza tower has landed its most notable tenant since changing owners late last year
Fluor's Renewable Energy Poised for Business
Fluor has high hopes for its Irvine-based renewable energy department
Sage Software Unveils Social Site for Small Businesses
Sage Software has launched a social media business-to-business Web site, in the Media & Marketing column
Warehouses Going Up on PacSun's Anaheim Land
A new industrial development is planned for Anaheim
Wardrobe Workers
Largest Apparel Companies Drop Workers as Recession Hits Retail Sales, Production
Ford's Spectrum Buildings Sold for $73M
Torrance-based Transpacific Development Co. said on Monday it bought the Irvine Spectrum office complex that's served as the West Coast headquarters for Ford Motor Co. and which is about to become the headquarters for Irvine-based Taco Bell Corp.
Reed's Focus on Safety Doesn't Allow Error in Clinical Trials
Gena Reed - the founder of a company that runs clinical trials for drug makers