Mixed:
New-home sales, prices and inventory in OC in the first quarter, according to The Meyers Group, which reported a 17.7% drop in homes sold compared with the first quarter of 2000, a 9.5% rise in median price to $399,000, and a year-to-year drop in inventory from 1,236 to 655.
ENERGY
Federal regulators OK’d limited price controls on wholesale power sold to California during periods of acute shortage The Assembly approved a bill to speed power-plant construction in the state Newport Generation Inc. secured delivery of natural gas for a power project it is developing in Washington state (see story on page 3).
TOP STORIES
Sacramento County Judge Charles Kobayashi ruled that the state Coastal Commission is unconstitutional and has no authority to issue permits or perform other executive functions The Irvine Company will give 377 acres in Newport Coast to the county for preservation CKE Restaurants Inc., Anaheim, will relocate the headquarters of its Hardee’s chain to St. Louis from Rocky Mount, N.C. President Bush nominated George Argyros, chairman and CEO of Arnel & Associates, to be ambassador to Spain.
TECHNOLOGY
Broadcom Corp., Irvine, will allow employees holding stock options made worthless by the firm’s share-price free fall to trade them for new ones reflecting the shares’ current level Western Digital Corp., Lake Forest, posted a smaller-than-anticipated third-quarter loss on increased revenue FutureLink Corp., Lake Forest, eliminated 25 positions,about 5% of its work force,consolidated three data centers into one and restructured its debt Smith Micro Software Inc., Aliso Viejo, said it will trim at least 23 jobs, about 20% of its work force, and close plants in Colorado and Oregon Axcelerant Inc., Irvine, raised $10 million in its first round of equity funding TekInsight.com, Irvine, acquired the government services unit of Reston, Va.-based DynCorp A fuse-box fire at Boeing Co.’s Anaheim facility injured two workers and forced the evacuation of about 100 employees for an hour.
HEALTHCARE
State Sen. Joe Dunn, D-Anaheim, introduced a bill to authorize a state bond issue to fund up to one-third of the cost of state-mandated seismic retrofitting of hospitals David E.I. Pyott, president and CEO of Irvine-based Allergan Inc., was elected to the additional post of chairman, replacing Dr. Herbert Boyer, who becomes vice chairman Sicor Inc., received FDA approval to sell a generic version of a drug used to treat breast, ovarian and bladder carcinomas and various lymphomas Masimo Corp., Irvine, withdrew its planned IPO Cooper Cos., Lake Forest, acquired the gynecology business unit of MedAmicus Inc., for $4.7 million; meanwhile, Ciba Vision Corp. sued Cooper Cos. alleging infringement on its patent for colored contact lens technology; Cooper Cos. said the suit is without merit ColorMax Technologies Inc., Tustin, laid off an unspecified number of employees and vacated its manufacturing facility A judge ruled in a patent-infringement suit brought by Irvine-based Nexell Therapeutics Inc. that AmCell Corp. can continue to use its cell-separation devices in research aimed at receiving regulatory approval Texas regulators removed Santa Ana-based PacifiCare Health Systems Inc. from “administrative oversight” stemming from complaints of late payments to doctors Micro Therapeutics Inc., Irvine, will seek shareholder approval to increase its common shares from 20 million to 35 million Dennis Simon, managing principal of Irvine-based Crossroads LLC, was named interim CEO of bankrupt Global Health Sciences Inc., Orange.
GOVERNMENT
Irvine and the El Toro Reuse Planning Authority are pursuing a ballot initiative to overturn Measure A, which mandates an El Toro airport … Bus ridership in OC will fall 3 million short of expectations this year, according to the OC Transportation Authority Bills by Assemblyman Lou Correa, D-Anaheim, and state Sen. Joe Dunn, D-Santa Ana, to require Tustin to set aside 100 acres on the former Tustin air base for Santa Ana schools were approved in their respective houses.
FINANCE
First American Title Insurance Co., Santa Ana, acquired the assets of Dallas-based American Financial Title Co. The board of Fidelity National Financial Inc., Irvine, approved the repurchase of up to 5 million shares, about 6% of outstanding Scott K. Yoshizumi of Fullerton was indicted by a federal grand jury on 24 counts of fraud and money laundering for allegedly bilking investors out of $15 million in a Ponzi scheme through is company, Concord Capital Inc. FreeRealTime.com Inc., Aliso Viejo, filed for Chapter 11 bankruptcy protection.
WHAT ELSE IS NEWS
Master-Halco Inc., La Habra, will acquire the assets of Reeves Southwestern Corp. from its parent Day Runner Inc., Fullerton, sold its Filofax unit to affiliates of its lenders for $30 million Fluor Corp., Aliso Viejo, received a $20.8 million contract from Petrogal to build a hydrogen desulfurization facility in Portugal and an equipment and services contract from Williams Group International; meanwhile, Fluor’s Global Services unit and Rockwell International Corp.’s Automation Power Systems will form a joint venture The UCI Executive Survey found nearly 80% of businesses expect to expand operations in OC in the next five years, more than 60% improved their financial positions in 2000 and 65% expect improved results this year; meanwhile, 21% of respondents expect to downsize their firms in the next five years and 24% expect to relocate from the county in that time The Keith Cos., Costa Mesa, received a contract from the National Park Service worth up to $5 million Tropitone Furniture Co., Irvine, recalled 30,600 Marrakesh dining chairs ASICS Tiger Corp., Irvine, recalled 60,000 ear guards used by wrestlers A worker was killed when scaffolding at the under-construction Marriott Residence Inn in Irvine buckled and he fell nine stories.
