TOP STORIES
Bergen Brunswig Corp., Orange, will sell its Stadtlander Drug Co. unit to CVS Corp. for $124 million and post a $250 million charge in its fiscal third quarter related to the deal and the earlier sale of its Bergen Medical unit to Cardinal Health (Bergen acquired Stadtlander in 1999 for $400 million from Counsel Corp., which it now is suing, alleging misrepresentation); Bergen shares rose 55%, to 9, in two days following the news … PacifiCare Health Systems Inc., Santa Ana, will drop 26,600 members from its managed care plan for Medicare recipients and raise prices and lower benefits for the nearly 1 million remaining members … Brookfield Homes of California Inc., Costa Mesa, acquired the homebuilding assets of Catellus Residential Group, Irvine, for $147.5 million … MBK Real Estate Ltd., Irvine, sold its MBK Construction unit to The Haskell Co., Jacksonville, Fla. … ICN Pharmaceuticals Inc., Costa Mesa, acquired Solco Basel AG of Switzerland, a maker and distributor of prescription and non-prescription drugs … Tickets.com Inc., Costa Mesa, will reorganized into two divisions,ticketing and client services,and cut 220 of its 620 jobs by the end of next year … Pacific Sunwear of California Inc., Anaheim, issued a warning that second quarter earnings per share will be in the 23 cents to 25 cents range, vs. Wall Street’s consensus estimate of 26 cents.
TECHNOLOGY
Newport Corp., Irvine, filed for a secondary offering of 3 million shares, which were trading near 90 late last week; the company also said it received $7 million in orders last week for its high-precision optical products … Shares of Irvine-based Broadcom Corp., which was added to the S & P; 500 June 30, surged Friday in tandem with a broader market rally, bringing the stock within striking distance of its high before the spring downturn Rainbow Technologies Inc., Irvine, and Israel-based Voltaire Advanced Data Security Ltd. partnered to develop secure network access software … Chairman Robert L. Burr and director David J. Edwards, who both represented 44% stakeholder Fleming Asset Management, resigned from the board of Alyn Corp., Irvine … David A. Young resigned as CFO of Datum Inc., Irvine, and was replaced on an interim basis by controller Christopher Felfe … Pen Interconnect Inc., Irvine, will acquire E Ware Systems Inc., New York, for $1.2 million; the company also has renegotiated its lease agreement for its Irvine headquarters … American IC Exchange, Aliso Viejo, was acquired by a unit of VerticalNet Inc. … InterGame, Costa Mesa, named COO and CFO Arvin Erickson to the additional post of president Santa Ana-based Ingram Micro Inc. said it will work with IBM Corp. to offer products and services for small businesses.
GOVERNMENT
Gov. Gray Davis signed a $99.4 billion state budget for fiscal 2001, 18% larger than the FY2000 spending plan; he vetoed $18 million in the state budget for the purchase of 22 acres of the Headlands area in Dana Point that were part of a development deal for the site; he also vetoed $5 million for an environmental study of a proposed private toll road extension of the Orange (57) Freeway to the San Diego (405) Freeway … The Industrial Welfare Commission broadened its definition of management employee for the purpose of eligibility for overtime compensation … OC prosecutors Patrick Donahue and M. Marc Kelly were appointed to the OC Superior Court by Gov. Davis.
HEALTHCARE
St. Joseph Health System, Orange, said it will stop accepting new HMO patients and moved to end its contract with PacifiCare Health Systems Inc., Santa Ana … Heartland Advisors, a 5.2% stakeholder in Costa Mesa-based ICN Pharmaceuticals Inc., said the company’s proposed restructuring into three firms does not go far enough and said Chairman and Chief Executive Milan Panic should relinquish control of its U.S. operations and concentrate on its Eastern European efforts … Cardiac Science Inc., Irvine, acquired Bedford, Mass.-based Cadent Medical Corp. for $22.5 million … Edward C. Cymerys, a vice president of PacifiCare of California, Cypress, was appointed to a seven-member board that will examine the financial problems of the state’s HMOs … University of California, Irvine researchers have isolated a chemical from scorpion venom that may lead to treatments for autoimmune system diseases such as lupus … Gayle L. Arnold resigned as CFO of Lake Forest-based I-Flow Corp. Irvine-based Imagyn Medical Technologies Inc. said customers and distributors of its medical devices now can place orders over the company’s Web site.
WHAT’S NEW
The Orange County District Attorney’s Office said it doesn’t have enough evidence to charge Dennis Rodman with disturbing the peace despite 36 complaints about parties or noise at the former basketball star’s Newport Beach home … UCI recruited physicist Wilson Ho, a top nanotechnology researcher, and his team from Cornell University … Mossimo Inc., Irvine, received a $4.5 million loan from CIT Inc. … Shares of Day Runner Inc., Fullerton, moved from the Nasdaq national market to the over-the-counter bulletin board … Closet World Inc., Whittier, settled a lawsuit filed by Orange County prosecutors by paying an $80,000 fine and agreeing not to advertise items as on sale that were never offered at higher prices … Safaricentre International Inc., Anaheim, filed for bankruptcy … The Federal Deposit Insurance Corp. is investigating San Clemente-based San Clemente Securities for allegedly failing to disclose large commissions to customers … Disneyland was sued by a park visitor who alleged he was injured when the Space Mountain ride stopped in a power failure.
