Compiled by Julie Leupold
TOP STORY
President Obama delivered a fiery speech of economic populism before about 1,500 fans, politicians and some businesspeople at the Orange County Fairgrounds in Costa Mesa. The president made the county his first stop on a swing through Southern California. Obama drew cheers when he said federal stimulus money could go to widening the Riverside (91) Freeway and by railing against AIG bonuses and corporate excesses (see OC Insider column).
TECHNOLOGY
A San Diego court dismissed a complaint by Irvine-based Broadcom Corp. against rival Qualcomm Inc. in the two chipmakers’ ongoing battles over cell phone chip patents. Broadcom filed a suit in October in which it alleged that San Diego-based Qualcomm’s way of doing business amounts to “patent misuse” that allowed it to collect double royalties. Judge William Hayes dismissed the case because Broadcom failed to identify patents that could be categorized as “exhausted.” Broadcom intends to re-file the case.
Newport Beach chipmaker Mindspeed Technologies Inc. upped its sales outlook for the current quarter to $27.5 million to $28.5 million. The low end of the new forecast tops Mindspeed’s prior outlook of $26 million to $29 million. The company said it saw an additional $2 million from the sale of patents and a boost in demand for networking and voice over Internet Protocol chips stemming from increased spending on wireless projects in China.
Santa Ana’s Ingram Micro Inc., the biggest distributor of technology products, software and consumer electronics, is set to shutter some of its Scandinavian operations as part of its efforts to cut costs and boost profits. Ingram said it intends to sell or close its businesses in Demark, Finland and Norway and focus on operations in Sweden, where it gets better profits. Germany’s Actebis Group AG is buying the distribution business in Denmark. Terms of the deal, which is expected to close in the third quarter, weren’t disclosed.
HEALTHCARE
British regulators approved Azzalure, a rival to Allergan Inc.’s Botox, for treating wrinkles that form between eyebrows. Ipsen SA, a French drug maker, makes Azzalure, which has been sold as a muscle relaxer. Ipsen plans to start selling Azzalure for cosmetic use in Britain at the end of June. Scottsdale-based Medicis Pharmaceutical Corp. has the rights to market Azzalure in the U.S. under the Reloxin name. The drug is pending approval by the Food and Drug Administration, which is expected next month.
InstaMed Inc., a healthcare payment processing company, said it has raised $6 million in equity financing. New investors Osage Partners of Bala Cynwyd, Pa., and Ashby Point Capital of Arnold, Md., joined existing investors in the funding.
REAL ESTATE
Local Lennar Corp. executive Emile Haddad could be tapped to run a new company that would oversee the assets of LandSource Communities Development LLC if they are acquired out of bankruptcy by the Miami-based homebuilder and others, the Wall Street Journal reported. Lennar is said to be negotiating with creditors of Miami-based LandSource to create a company that would acquire much of LandSource’s assets, including the 12,000-acre Newhall Ranch north of Los Angeles that Lennar once owned. Haddad, Lennar’s chief investment officer, is expected to continue working on big Lennar projects, including the redevelopment of the former El Toro Marine base.
OC’s median home price inched up $5,000 in February, the first month-over-month increase in prices seen here since last June. The median price of an OC home was $375,000 in February, up nearly 1.4% from January, according to La Jolla-based DataQuick Information Systems Inc. The median price here is down about 28% from a year earlier and is off nearly 42% from its
all-time high in June 2007. Sales in the county increased 28% from a year earlier, with 1,879 sales in February, up 4% from January.
William H. Lyon is taking over as president of Newport Beach homebuilder William Lyon Homes. Lyon is the son of Gen. William Lyon, the company’s founder, chairman and chief executive. He previously was executive vice president of William Lyon Homes. As president, he replaces Douglas F. Bauer,
who resigned to spend more time with his family and to pursue personal interests. Bauer also resigned as a member of the company’s board.
FINANCE
Bill Thompson, the former chief executive of Newport Beach bond fund manager Pacific Investment Management Co., was nominated as a director at Citigroup Inc. Shareholders will vote on April 21 to approve a new slate of directors for the finance company, now about 40% owned by the government.
OTHER NEWS
Chief Executive Michael Haynes of Santa Ana-based Collectors Universe Inc. is set to step down from the company at the end of the month. Director Michael McConnell will take over as interim chief executive. The move came a week after investor Shamrock Capital Advisors Inc. pressed Collectors directors to put the company up for sale.
ECONOMIC INDICATORS
Down: Employment as 72,300 workers were cut in February from a year earlier, surpassing January’s 64,600 layoffs. The county’s unemployment rate rose to 7.8% last month, up from a revised 7.6% for January and 4.3% a year earlier, according to the state’s Employment Development Department.
