TOP STORIES
Continuing concerns about a possible dip in sales drove shares of Irvine-based Broadcom Corp. to the 130 level in midday trading Friday, a decline of more than 40% in two weeks and a drop of more than half from the 52-week high of 273 5/8 set Aug. 24; meanwhile, Conexant Systems Inc., Newport Beach, which offers a broader array of semiconductors, was riding out the chip sector downturn with relative stability: it’s shares stood at 29 1/4 at midday Friday, near the high end of their narrow two-week range … The UC Board of Regents will appropriate $235 million to build a new hospital at the UCI Medical Center in Orange, to comply with new seismic safety requirements … Masimo Corp., Irvine, set its planned IPO at 5 million shares, about 27% of the company, at $11 to $13 per share, which would raise up to $65 million and impute a value of up to $241.5 million to the firm … Australia-based Anaconda Nickel Ltd. demanded that Fluor Corp., Aliso Viejo, pay more than $532.6 million for failing to complete construction of a mine on time and within budget; Fluor called Anaconda’s claims unfounded; arbitration proceedings in Australia are pending … The Coastal Commission approved development of a 60-acre portion of the Bolsa Chica mesa in Huntington Beach; developer Hearthside Homes, Newport Beach, had been seeking approval to build on 183 acres … ICN Pharmaceuticals Inc., Costa Mesa, agreed to license up to three hepatitis-fighting compounds to Schering-Plough Corp. to settle a dispute over ICN’s hiring of former Schering-Plough researchers; ICN also said it has given Schering-Plough first and final licensing rights to compounds related to treatment of infectious diseases or cancer and to the next generation of its ribavirin anti-hepatitis drug, which Schering-Plough sells in the U.S. and Europe … Health plans are seeking state approval of contingency plans to move patients from financially struggling KPC Medical Management, Anaheim.
TECHNOLOGY
Conexant Systems Inc., Newport Beach, said it will sell 20% of its Internet equipment unit in a public offering and hopes to raise $100 million … Irvine-based Newport Corp. CEO Robert Deuster said the firm is looking to make acquisitions to broaden its product lines … John Sculley left the board of Aliso Viejo-based Buy.com, which added Jon Firestone and former Ingram Micro Inc. president Sanat K. Dutta as directors … John B. Rush was named COO of Micro Therapeutics Inc., Irvine … Emulex Corp., Costa Mesa, set a 2-for-1 share split for Dec. 15.
HEALTHCARE
A UC San Francisco researcher and consultant to Irvine-based Allergan Inc. said the firm’s Botox drug provided relief for 20 of 24 migraine sufferers in a study … Shares of Radiance Medical Systems Inc., Irvine, rose 22% to 7 3/4 on the announcement of positive results of a phase one clinical study of one of its radiation-delivery catheters … The state Department of Managed Care approved a recapitalization of SafeGuard Health Enterprises Inc., Aliso Viejo, that will see lenders John Hancock Life Insurance Co. and Silicon Valley Bank become 63% shareholders … A management-led group acquired NDT Systems Inc., Huntington Beach, from parent Curlin Medical Products and named Gregory M. Smith president … Providential Holdings Inc., Fountain Valley, will acquire Houston-based Datalogic Consulting Inc., which has operations in Garden Grove … Ansys Diagnostics, Lake Forest, changed its name to Ansys Technologies Inc.
GOVERNMENT
A group of federal and state agencies released a list of alternatives to the proposed Foothill South (241) Toll Road extension, ranging from no new roadways to expansion of the San Diego (I-5) Freeway and surface streets; meanwhile, federal officials declared nine miles of creek bed that crosses the proposed route of the extension to be critical habitat for an endangered fish … The regional water board ordered The Irvine Company, Caltrans and the state Department of Parks and Recreation to stop polluted runoff from their properties into the ocean off Crystal Cove State Park … Cal State Fullerton officials withdrew a proposal to pave 3.5 acres of the 26-acre Fullerton Arboretum on campus to create 350 parking spaces … Cox Communications, citing a recent appellate court decision in an Oregon case, said it will stop paying the 14 OC cities where it holds the cable TV franchise additional fees for providing high-speed Internet services … Supervisor Tom Wilson asked the full board to endorse a 20-year extension of a federal court settlement that limits operations at John Wayne Airport through 2005; meanwhile, JWA officials proposed a valet-parking plan for the facility.
FINANCE
Leucadia National Corp., New York, cut its stake in Irvine-based Fidelity National Financial Inc. from 9.9% to 8.6% … A court-appointed receiver said investors who put more than $159 million into Brea-based TCL America Inc., whose principals are the targets of an SEC fraud suit, could lose more than $50 million … RevCare Inc., Cypress, which recently changed its name from Cypress Financial Services Inc., switched to the ticker symbol RVCR last week.
REAL ESTATE
A group led by Blum Capital Partners LP and including Newport Beach-based Koll Holding Co. offered $740 million for the 62% of Los Angeles-based CB Richard Ellis Service Inc. they don’t already own … An Orange resident filed suit to overturn the city’s approval of The Irvine Company’s 1,746-home Santiago Hills Phase II project … Legg Mason Wood Walker Inc. raised its rating of Newport Beach-based Nationwide Health Properties Inc. from “market perform” to “buy” … Owner Richard Hall signed a letter of intent to sell the Seal Beach Trailer Park for $7.5 million to LINC Housing Corp., which intends to sell it to park residents through rent increases over the next 35 years.
WHAT’S NEW
Western State University College of Law, Fullerton, was acquired by Argosy Education Group Inc., Chicago … CKE Restaurants Inc., Anaheim, sold 73 Hardee’s and Carl’s Jr. restaurants to franchisees in two deals totaling $29 million … Collectors Universe Inc., Newport Beach, won a contract to authenticate autographed memorabilia sold in eBay Inc.’s NFL auction site … Anaheim-based Opal Concepts Inc. named Cameron J. McConnell CEO and president, replacing founder Ted D. Nelson, who remains chairman, and Robert E. Greene, who is retiring … Three OC firms were among 12 enjoined from selling kick scooters pending a hearing on Cerritos-based Razor USA LLC’s patent-infringement suit against them … Corinthian Colleges Inc., Santa Ana, set a 2-for-1 share split for Dec. 15 … A magnitude 2.8 earthquake rattled windows near its Upper Newport Bay epicenter
