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

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

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

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

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

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.

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