Charlotte, N.C.-based Wachovia Corp. said it plans to buy Irvine-based auto lender Westcorp for $3.4 billion. Wachovia also will buy the 16% of Irvine’s WFS Financial Inc. that Westcorp doesn’t own for $490 million … Irvine-based St. John Knits International Inc. named actress Angelina Jolie as its new spokesmodel. St. John is shaking up its clothing line in a bid to appeal to younger buyers.
Newport Beach-based Acacia Research Corp. said it plans to sell $10.5 million worth of shares in its CombiMatrix unit … Irvine-based DataLogic International Inc. bought Phoenix-based CBSi Holdings Inc. for undisclosed terms. Both companies provide satellite tracking services Irvine-based Gateway Inc. has started selling its eMachines computers in the United Kingdom at Staples Inc. stores Aliso Viejo-based Buy.com Inc. said it plans to sell in-stock books at 10% below what Amazon.com Inc. sells them for. The promotion could become permanent, Buy.com said Mindspeed Technologies Inc., the Newport Beach maker of networking chips, said it expects sales to come in higher than expected for the current quarter. The company forecast revenue growth of 8% to 12% from the prior quarter, up from the 5% to 10% sequential gain it predicted in July … Santa Ana-based Powerwave Technologies Inc. saw its stock soar after key customer Nokia Corp. raised its guidance for the third quarter. Nokia said earlier in the week that sales for the quarter could reach $10.4 billion, up from an earlier view of up to $10.1 billion. Powerwave, a maker of amplifiers for wireless phone networks, saw about 10% of its revenue come from Nokia in the second quarter Irvine-based Comarco Inc.’s stock jumped after the company reported it returned to profitability during the quarter ended July 31. Comarco,a maker of wireless testing products, notebook power supplies and roadside call boxes,posted a profit of $327,000 for the quarter, versus a year-ago loss of $1.7 million, excluding a onetime charge Newport Beach-based security products maker Universal Guardian Holdings Inc. said it plans to buy Hong Kong-based MeiDa Information Technology Co. for about $2.7 million Santa Ana-based SRS Labs Inc. said the president of its Hong Kong-based Valence Semiconductor Ltd. unit resigned for personal reasons.
Costa Mesa-based drug maker Valeant Pharmaceuticals International said it was selling a plant in Bryan, Ohio, to Sun Pharmaceutical Industries Ltd., a drug maker based in India. Terms weren’t disclosed Irvine heart valve maker Edwards Lifesciences Corp. said it plans to buy back as many as 2 million additional shares.
The sale of Santa Ana-based First American Corp.’s credit information group to affiliate First Advantage Corp. closed. The $600 million deal, which first was announced in March, calls for title insurer First American to up its stake in First Advantage from 67% to 80% Homebuilder Standard Pacific Corp. reported an 18% increase in orders for new homes in July and August versus a year earlier. Standard Pacific reported 2,018 new home orders, or contracts to buy homes it’s building, during the past two months.
Passenger traffic at John Wayne Airport rose 3.2% to 899,923 in August, versus a year earlier. Total takeoffs and landings rose 5.1% to 32,634 in the month Kerry Vandell was named executive director of the University of California, Irvine’s Center for Real Estate. Vandell comes from the University of Wisconsin, where he ran its real estate program.
A U.S. judge granted a motion by Aliso Viejo-based Fluor Corp.’s Caribbean unit for a second trial in a dispute with the developer of a resort hotel in the Cayman Islands. In June, a jury came back with a $28.8 million verdict against Fluor … Foothill Ranch-based Wet Seal Inc. said that a judge dismissed a shareholder lawsuit against the teen apparel maker and some of its former directors and executives. A federal district court judge said that shareholder claims against the company were forward-looking statements that are protected by law … Teen clothing retailer Pacific Sunwear of California Inc. said it secured a five-year, $200 million credit line with several banks. The revolving credit line replaces PacSun’s $50 million credit line from one bank that was set to expire in 2007. PacSun didn’t say how it plans to tap the credit except that it could be used for direct borrowings and the issuance of letters of credit.
ECONOMIC INDICATORS
Up: Orange County’s housing picture in August, with the median price of homes sold up 13.6% to $617,000, versus a year earlier, and the number of homes sold up 25% to 4,708, according to DataQuick Information Systems.
