Stories for July 2011
Sunday, July 31
Silver Spoons Out, Work Ethic In for These Offspring
A look at children of rich OC parents, aka Generation W
ECONOMY: OC up 3, L.A. adds 8, no change in San Diego
The region’s bunch of billionaires grows.
Some other locals estimated to be worth $100 million or more, though an exact number is hard to pin down
Food Adventure at Anqi; A Night at L’Opera
Fifi Chao visits Studio Garden, newly opened Katsuya and more
Both in Deals to Increase Share of $20B Market
Valeant looks to grow business alongside its neurology drugs, in Healthcare
Sales Opportunity Seen as Pressures on Cost Continue
Western Digital expects continued pressure on costs, in Technology
Years of Brand Building Followed Early Stumble
Hyundai takes top spot for brand loyalty in survey, in Media and Marketing
Brokers: San Diego Outfit Takes Over From Centra
Pacific Medical Buildings takes over plans to build medical center, in Real Estate
Pepperdine associate deans make case for high-wage jobs climate
State’s Plan for More Revenue Gets Messy
Commentary: state’s plan for more revenue from Internet tax gets messy
REAL ESTATE: TA Associates buys at estimated $210 per SF
TA Associates Realty snaps up Santa Ana building for about $52M
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
A listing of events happening all around Orange County. August 1-11, 2011
Apparel Makers, BJ’s Aboard for $500K Goal
Surfing’s positive effect on the disease helps bring out the surf industry for the Cystic Fibrosis Foundation of Orange County’s annual Pipeline for the Cure fundraiser.
ECONOMY: Shift from tactical to strategic needs shows progress
OC management consultants adjusting to clients’ needs.
APPAREL: Up to 7,000 retailers, press expected at HB edition
Agenda will kick off two-day trade show Wednesday.
HEALTHCARE: Sole drug aimed at another difficult-to-treat niche
Questcor taking steps to introduce sole drug to a new market.
Inland Empire Industrial Perks Up, Office Struggle Continues
Overview of Inland Empire market. Includes Real Estate Watch industry performance charts.
RESTAURANTS: Late bond payment brought downgrade
Real Mex makes late payment on $130M bond.
Celebrities, others swoon over Fisker Automotive’s hybrid sports car
ECONOMY: Richest see 4.6% bump
It was a good year for the ultra-wealthy here. Includes the 2011 OC's WEALTHIEST list for download (pdf)
TECHNOLOGY: Rosy view helps offset concerns on Nokia, Samsung
Investors, analysts appear to put aside Broadcom’s troubles with Nokia.
Friday, July 29
Shares of Santa Ana-based solid state storage drive maker STEC Inc. continued to fall Friday after a handful of analyst downgrades.
Irvine-based Ista Pharmaceuticals Inc.’s shares fell sharply Friday, a day after the company said that its experimental dry eye drug didn’t meet the main goal of a late-stage clinical trial.
Thursday, July 28
Shares of Irvine-based chipmaker Microsemi Corp. ros ein afterhours trading Thursday after the company reported quarterly profits that beat Wall Street expectations and issued a strong outlook for the current quarter.
Santa Ana-based Ingram Micro Inc. on Thursday reported second quarter profits and revenue in line with Wall Street estimates.
Santa Ana-based title insurer First American Financial Corp. posted a better-than-expected quarterly result on Thursday, thanks in part to cost cutting and a boost in income from its commercial real estate business.
Wednesday, July 27
Shares of Anaheim drug maker Questcor Pharmaceuticals Inc. jumped Wednesday, a day after it reported improved second-quarter financial results fueled by higher demand for its core Acthar drug.
Irvine-based chipmaker Microsemi Corp. may have some competition as it tries to buy Canada’s Zarlink Semiconductor Inc. through a hostile bid.
Tuesday, July 26
Anaheim-based Questcor Pharmaceuticals Inc. on Tuesday reported second-quarter results that beat analysts’ estimates.
A recently launched ad campaign from the San Clemente-based California Milk Processor Board that attempted to be funny about the effects of premenstrual syndrome on women has been called off in response to public backlash.
Monday, July 25
Shares of Newport Beach’s Mindspeed Technologies Inc., a maker of networking chips, are up in afterhours trading Monday after the company reported adjusted profits and revenue in the June quarter that topped Wall Street estimates.
Shares of Irvine chipmaker Broadcom Corp. shot up in afterhours trading Monday after the company reported profits in the June quarter that beat Wall Street expectations.
Sunday, July 24
Institute Arrives Amid Plan to Cut $1B in Costs
Cisco cuts jobs, adds to incubator in Irvine, in Technology
Segment Accounts for 31% of Revenue, Seeing Growth
The FDA cleared another Edwards device for sale, in Healthcare
Ads, PR on Fresno-Based Brand’s Domestic Debut
DGWB is working on a campaign for olive oil, in Media and Marketing
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Aliso Viejo-based gaming software startup Gaikai Inc. has raised $30 million from some big backers in a recent funding round.
FINANCE: Manulife follows Scottish Re by three years
Pacific Life’s recent acquisition adds market share for reinsurance
Mid-Counties Outlook Improves on Big Tenants, Buyers
The mid-counties industrial market turned in the best first quarter since 2007
Upstart Pays $51 Per SF for Pair on 85% Vacancy Rate
An upstart investor bought an Anaheim office complex, in Real Estate
Custom Inspirations From Wine Cellars, “Iron Man”
Homes at the Montage Laguna Beach offer a unique lifestyle, in Luxury
HEALTHCARE: 9-0 vote favors Sapien; questions on U.S. rollout
Edwards Lifesciences is one step closer to introducing its less-invasive heart valve
TECHNOLOGY: deal would add telecom, medical lines
Microsemi has taken a hostile bid for a chipmaker to shareholders
The Business Journal is seeking submissions for consideration on our fifth annual list of fast-growing privately held companies. The list seeks to identify private companies that have seen their yearly sales grow rapidly from mid-2009 to mid-2011.
A listing of events happening all around Orange County. July 25-August 3, 2011
LAW: Intellectual property firm seeks more face time with clients
Knobbe Martens Olson & Bear plans to open a Silicon Valley office
HEALTHCARE: Analyst calls Provenge potential “blockbuster”
Dendreon’s manufacturing plant in Seal Beach is now making drugs
REAL ESTATE: 110,000 SF; office, warehouse consolidated
Incipio Technologies is moving to the Irvine Spectrum
HEALTHCARE: Pacific Dental grows by putting cleanings, root canals under one roof
HEALTHCARE: Pacific Dental grows by putting cleanings, root canals under one roof.
ECONOMY: big years make up most of $12B in sales, 32% jump
ABOUT THE LIST: Kingston Technology and Vizio led sales gains for companies on this week’s list. Includes the 2011 OC's LARGEST MINORITY-OWNED BUSINESSES list for download (pdf)
REAL ESTATE: purchasing 7.5 acres from city for pair aimed at business
R.D. Olson has a land deal for a pair of hotels in Tustin
Surf City Spotlight, Action Sports Showcase, 500,000 Fans
This year’s US Open of Surfing is set to make a big splash
LAW: K&L Gates boosts Irvine, seeks partners, associates
LAW: K&L Gates’ Irvine office is shopping for new space
Friday, July 22
The Roman Catholic Archdiocese of Orange on Friday made a $50 million bid for Crystal Cathedral Ministries' iconic building and 35-acre campus in Garden Grove.
The county’s unemployment rate rose in June amid seasonal cutbacks in education that offset the private sector's modest rebound from job losses in May.
The publisher of Irvine-based Freedom Communications Inc.'s Orange County Register is retiring.
Thursday, July 21
Huntington Beach-based restaurant operator BJ’s Restaurants Inc. exceeded analyst expectations for the recently ended quarter on profit and revenue.
Irvine-based disk drive maker Western Digital Corp. on Thursday reported revenue and profits in the June quarter that beat Wall Street expectations.
Edwards Lifesciences Corp. on Thursday posted a slightly higher second-quarter profit as growing sales of its heart valves offset higher costs.
A group representing hundreds of private colleges has filed a lawsuit against the Department of Education in hopes of blocking new regulations on loan repayment and student debt levels.
Wednesday, July 20
A Food and Drug Administration advisory panel on Wednesday cleared a replacement heart valve made by Irvine-based Edwards Lifesciences Corp. for patients too sick to have open-heart surgery.
Aliso Viejo-based software startup Gaikai Inc. has raised $30 million from some big industry players in a recent funding round, the company announced Wednesday.
Irvine-based chipmaker Microsemi Corp. announced plans to take a $548.7 million cash offer for Zarlink Semiconductor Inc. to shareholders after directors of the Canadian company turned down two earlier offers.
Tuesday, July 19
Irvine-based chipmaker Microsemi Corp. has acquired a specialized technology used to detect weapons and contraband in airports, military posts, government buildings and other law enforcement settings, the company announced Tuesday.
Irvine-based intellectual property law firm Knobbe Martens Olson & Bear LLP is looking to grow in Silicon Valley with a new office.
Newport Beach’s Mobilitie LLC, which buys and builds cell phone towers and then leases them to wireless phone network operators, has secured a $415 million credit line with Toronto-based TD Securities.
Irvine’s Allergan Inc. said Tuesday that it is spending up to $275 million to buy a skin drug maker.
Monday, July 18
San Clemente-based device maker ICU Medical Inc. on Monday posted second-quarter financial results that surpassed Wall Street’s expectations and issued a mixed full-year outlook.
Lake Forest-based Red Digital Cinema Camera Co. has released its Epic-M camera.
Newport Beach’s Pacific Life Insurance Co. is buying a unit of Canada’s largest insurance company.
The former chief financial officer of Costa Mesa-based Volcom Inc. is now on the board of trendy headphone maker Skullcandy Inc.
Sunday, July 17
Trend has everyone talking, “lot of meetings taking place”
As competition gives way to talks of possible buys, mergers are adding up as a factor to consider in Orange County’s accounting industry.
REAL ESTATE: Recent buys point to appetite for more risk
A string of recent industrial buys suggest a turnaround in the sector
TECHNOLOGY: $300,000 for top players at Anaheim fan fest
Blizzard is bringing two big online gaming competitions to OC
HEALTHCARE: Veteran investor at helm; bid for non-invasive treatment
Ellipse Technologies is prepping for the release of its spine device in Europe
Market View of Talon Automotive Chief, OC Auto Dealers Association President
A Q & A with OC Automobile Dealers Association President Jon Gray
RETAIL: Six open, planned in recent months; Volcom on PCH
A number of local apparel makers are opening stores
Buy in Sunnyvale Plays to Aerospace Heritage
Microsemi’s latest buy gave shares a boost, in Technology
Got Milk? Agency Tries Humor in Latest Pitch
The group best known for “Got Milk?” is targeting men, in Media and Marketing
Demand in China, Brazil Help; Nod for Baxter, too
Masimo is set to outperform the stock market, in Healthcare
The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance
Opened at End of Boom; Near-Full on New Leases
An Anaheim office built during the boom has traded hands, in Real Estate
The county’s R & D sector saw a downward turn
Nearly held even last year; gains expected as clients resume growth
ABOUT THE LIST - Orange County’s accounting firms have stemmed worker losses as more of their clients plan for growth, mergers and new tax laws and regulations. Includes the 2011 OC's LARGEST ACCOUNTING FIRMS list for download (pdf)
HEALTHCARE: Deals would cut reliance on Sun; offering in works
Sabra Health Care is spending nearly $100 million for four nursing homes
AUTOS: No job cuts seen, charitable efforts to continue
Penske has bought Crevier BMW and Mini Cooper at the Santa Ana Auto Mall
Two-year losing streak over; Resources Global tops list again
ABOUT THE LIST - The county’s largest management consultants combined to hold steady on employment in the past 12 months after more than two years of shedding jobs. Includes the 2011 OC's LARGEST MANAGEMENT CONSULTANTS List for download (pdf)
ENERGY: plans for more fuel stations, commercial adoption
Clean Energy Fuels says a recent $150 million investment is a game changer
A listing of events happening all around Orange County. July 18-27, 2011
VCs, UC Irvine, 65M Customers Around World
Local glaucoma companies are vying for share in a booming market
REAL ESTATE: $56.5 million for Yard House HQ building
An investor with Chinese ties has bought a prominent Irvine Spectrum building
RETAIL: Anaheim retailer gains in consolidation, eyes global sales
Hill Corp. has expanded into the East Coast with two recent buys
Friday, July 15
Serial entrepreneur Frank Delgadillo, the founder of the Ambiguous and Comune brands, has launched a new apparel company called Chapter.
Thursday, July 14
Shares of Irvine-based Resources Connection Inc. were up in afterhours trading after the professional services firm beat analysts’ expectations on profit for the recently ended quarter.
Irvine-based Taco Bell Corp.’s sales during the recently ended quarter continued to fall on lingering effects of a dropped lawsuit against the fast food chain.
Wednesday, July 13
Irvine’s Newport Corp., which makes lasers and related equipment, is buying an Austrian laser designer and manufacturer in its second deal in as many weeks.
Irvine’s Blizzard Entertainment Inc. is bringing two of the biggest online gaming competitions in the world back home.
Tuesday, July 12
Shares of Aliso Viejo-based Quest Software Inc. plummeted in afterhours New York trading after the company cut its sales and profit outlook in the June quarter and fiscal year.
Shares of Seal Beach-based Clean Energy Fuels Corp. jumped Tuesday, a day after the natural gas fueling stations operator received $150 million in seed money from Chesapeake Energy Corp.
Michigan’s Penske Automotive Group Inc. has purchased Santa Ana-based Crevier BMW and Mini for an undisclosed amount.
Monday, July 11
Irvine-based Local.com Corp. continued to grow its daily deals business with its purchase of Screamin’ Media Group Inc.
Sunday, July 10
Interior Design Firms Benefit From Landlords’ Concessions
A lot of companies taking advantage of the still-recovering market for office space in Orange County are getting a bonus in the form of concessions.
Office bargains, relocations spur business; KPRS holds No. 1 despite revenue lag
ABOUT THE LIST: Includes the 2011 OC's LARGEST TENANT IMPROVEMENT CONTRACTORS list for download (pdf)
Once-Vibrant Retail Village Seeks New Course
Newport Beach’s Lido Marina Village has fallen on hard times in recent years
REAL ESTATE: Santa Monica firm with Maguire ties gets 308,000 SF
An Irvine office tower has traded hands for an estimated $70 million
EDUCATION: Doti says donors interested; in talks on Hoag link
Chapman is eyeing the Crystal Cathedral as a site for a medical school
LAW: Alpay, four others chosen as honorees at 2nd annual event
GENERAL COUNSEL AWARDS - A look at the honorees: John Alpay, Foothill Ranch-based Oakley Inc.
HEALTHCARE: Medtronic presses new cases ahead of key FDA panel
Edwards Lifesciences is back in court with a longtime rival
TECHNOLOGY: Interim CEO Sanders aims to cut red tape
Lantronix recently saw an executive shake-up that has it regrouping
A listing of events happening all around Orange County. July 11-20, 2011
Sees Potential Sales Boost in Longer Customer Visits
Taco Bell is making changes to its U.S. restaurants, in Media and Marketing
Former PacifiCare Unit Eyes $19 Billion in Sales
The prescription drug arm of UnitedHealth is looking to grow, in Healthcare
$4.5M for Five-Bedroom Home Near Little Corona
A former Pimco executive bought a house in Shore Cliffs for $4.5 million
Nutwood Avenue Complex Goes for $154,000 Per Unit
An apartment complex in Fullerton has traded hands, in Real Estate
Industrial Market Momentum in West County
The west county submarket started the year with a healthy run of activity
Congressman Ed Royce thinks corporate tax breaks will help the economy
RETAIL: “most” of proceeds to founders before expansion
Tilly’s has filed for a $100 million initial public offering
ENVIRONMENT: All Green riding security, recycling trends
All Green Electronics Recycling is planning a local and national expansion
Kudos for CoreLogic Split, Subsequent Sales, Acquisitions
GENERAL COUNSEL AWARDS - A look at the honorees: Stergios “Terry” Theologides, CoreLogic Inc.
Peterson Serves Knobbe Martens With ‘Grace and Style’
GENERAL COUNSEL AWARDS - A look at the honorees:
Maletta Wears Several Hats, Values Legal Department’s Culture
GENERAL COUNSEL AWARDS - A look at the honorees: Matthew Maletta, Allergan Inc.
Burke Gets Results, Plaudits for Leadership Style
GENERAL COUNSEL AWARDS - A look at the honorees: Daniel Burke, St. John Knits International Inc.
14-Day Cap on Trial Lifted; “Bait” Good Until Level 20
Blizzard has a new deal for potential players of its main game, in Technology
Friday, July 8
Irvine’s Newport Corp., which makes lasers and related equipment, is buying an Israeli equipment maker for $230 million, the company announced Friday.
Shares of Irvine-based search engine operator Local.com Corp. surged Friday on news that the company has signed a two-year deal with Google Inc.
Thursday, July 7
Shares of Anaheim’s Multi-Fineline Electronix Inc. plummeted in afterhours trading Thursday after the company cut its sales outlook for the June quarter.
Shares of Foothill Ranch-based Wet Seal Inc. rose after the company reported higher than expected June sales.
Israel’s Tower Semiconductor Ltd., which runs a chip plant in Newport Beach, plans to sell its stake in a Chinese foundry it acquired in 2003.
Lake Forest-based medical device maker Tenex Health Inc. said it recently received $5 million in private equity financing. T
Wednesday, July 6
The Diocese of Orange, which has sought to build a new cathedral here for some time, is interested in the Crystal Cathedral Ministries' iconic building and campus in Garden Grove.
Irvine-based Microsemi Corp. has acquired ASIC Advantage Inc., a Northern California “fabless” chipmaker.
Tuesday, July 5
Chapman University in Orange has made a $46-million bid to purchase Crystal Cathedral Ministries' 35-acre campus in Garden Grove.
Doug Collier has ended an 18-year run as chief financial officer at Costa Mesa-based Volcom Inc.
Sunday, July 3
TECHNOLOGY: looks to build on LEDs used in flat TV sets
Irvine’s Vizio is changing things up with its new product: light bulbs
Office Part of NNN Realty, Tenant-in-Common Legacy
A Brea office building is on the sales block, in Real Estate
EVENTS CALENDAR - A listing of events happening all around Orange County. July 5-13, 2011
Buy Helps Test Firm “Do a Little Better” Than Rival
A recent buy is boosting LabCorp’s outlook, in Healthcare
Aims to Give Middlemen All They Need on Launch
Toshiba is marketing its phone system thoroughly, in Media and Marketing
Another Step Beyond Flat TVs in Stores This Month
Vizio has entered the tablet market, in Technology
Experian PLC said last week that it was buying Medical Present Value Inc. for $185 million.
APPAREL: Yorba Linda mom does clutches with glam flare
Michelle Monroe’s jewelry, handbags appeal to stars and regular consumers
DINING: 2010 sales flat at $7B, recovery seen playing out in ’11
ABOUT THE LIST - Locally based restaurant chains saw sales take a slight dip last year. Includes the 2011 OC's LARGEST OC-BASED RESTAURANTS list for download (pdf)
CONSTRUCTION: Boosted by status as veteran-owned business
LM2 Construction nabbed a $30 million contract from the Defense Department
MEDIA: Lyster joins Irvine Co. as corporate communications VP
The Business Journal’s Jerry Sullivan is set to take over as editor
ECONOMY: Local Q3 outlook falls on national, global concerns
Cal State Fullerton’s index shows a tempered outlook for the third quarter
HEALTHCARE: Hurley made CEO; Danaher names directors
Interim chief J. Robert Hurley is set to head Beckman Coulter
MEDIA: Media firm ‘more like Yahoo’ with deal for flagging site
Irvine’s Specific Media bought social networking site Myspace
LAW: 2nd annual event draws more than 400, recognizes five
Laywers for Oakley Inc., CoreLogic Inc. and others were honored last week at the Business Journal’s second annual General Counsel Awards at the Hyatt Regency Irvine.
HEALTHCARE: Low-profile, high hopes on glaucoma device
Ivantis got $17 million in a round of venture funding for its main product
R&D Occupancy Falls; Lack of Construction Keeps Lease Rates Up
The county’s R & D sector saw a downward turn in the first quarter.
APPAREL: tattoos are “brand vision,” juniors line in works
Sullen Clothing is doubling the size of its Huntington Beach headquarters
HEALTHCARE: room to train more doctors; new hires in works
Vertos Medical will move to a bigger headquarters in Aliso Viejo this year
Hispanics Move Up, Fiesta Market Moves On
Santa Ana’s Fiesta Marketplace is rebranding itself
FINANCE: debt specialist sees new hires, bigger office ahead
Sabal Financial Group plans to expand into lending and boost hiring
From Afghan to Vietnamese, Restaurants Bring Global Flavor
Fifi Chao picks her favorite local ethnic eateries.
Man Behind Taps, Catch is Indie Success Story
Joe Manzella has been named the Business Journal’s Restaurateur of the Year
Friday, July 1
Irvine-based based First Foundation Bank will pay $16 million in cash and stock for Desert Commercial Bank in El Centro.
Orange County automakers saw vehicle sales rise in June even as sales nationally stalled on production and inventory issues.
Irvine-based action sports retailer Tilly's Inc. filed documents with the Securities and Exchange Commission on Friday to raise $100 million in an initial public offering.
The Business Journal is producing its fifth annual list of fast-growing privately held companies in October.
The president of Irvine-based action sports apparel maker La Jolla Group is no longer with the company.