EXECUTIVE SUMMARY
Compiled by Roger Bloom
TOP STORIES
Boeing Co. said it expects to receive a $9.7 billion order from the Pentagon for 60 more C-17 transports, which are built in Long Beach with parts from Huntington Beach Broadcom Corp., Irvine, said it expects to reduce its goodwill expenses from acquisitions by $581 million under a new rule adopted by the Financial Accounting Standards Board; meanwhile, Broadcom co-founders Henry Nicholas and Henry Samueli each lost $17.2 million in the failure of Irvine-based Broadband Interactive Group last year, according to a Broadcom filing.
TECHNOLOGY
Carlsbad-based Jmar Technologies Inc. plans to lay off 13 people at its Irvine-based Jmar Semiconductor Inc. unit and eventually close its 26,000-square-foot Irvine facility UBS Warburg downgraded the stock of Intersil Corp., Irvine, from “buy” to “hold” and its share price fell 10% on the news to 26.65; the following day, Deutsche Bank Alex. Brown upgraded Intersil from “buy” to “strong buy” and the stock rose 4% to 27.80 (see related item, page 7) Datum Inc., Irvine, said its first-quarter results will not meet expectations, and its shares fell 17% to 11.16 on the news A Missouri judge ruled in a case brought by Aliso Viejo-based Fax.com that that state’s ban on unsolicited fax advertising is unconstitutional.
HEALTHCARE
A group of investors in Costa Mesa-based ICN Pharmaceuticals Inc. protested the drug maker’s plan to grant officers options for shares of its Ribapharm Inc. unit when it is spun off; meanwhile, ICN said it will acquire Circe Biomedical Inc., Lexington, Mass., for $26 million Interpore Cross International Inc., Irvine, said it will appeal a federal judge’s ruling that part of a patent it holds relating to spinal implants is invalid PacifiCare Health Systems Inc., Santa Ana, offered members of its Secure Horizons Medicare HMO plan in California 30% discounts on drug purchases if they buy at least a 90-day supply through PacifiCare’s mail-order pharmacy, Prescription Solutions The Food and Drug Administration delayed approval of Corona-based Watson Pharmaceuticals Inc.’s Oxytrol skin patch for urinary incontinence, asking for more data, and the company’s shares fell 12% to 27.09 on the news Nexell Therapeutics Inc., Irvine, said it is looking for a buyer and is running low on cash Cardiac Science Inc., Irvine, sued Massachusetts-based Zoll Medical Corp. for alleged infringement of two patents related to cardiac defibrillators Sicor Inc., Irvine, received federal approval to market a generic version of Novartis AG’s Aredia drug (see item, page 41).
GOVERNMENT
President Bush will name Orange County Republican Party chairman Tom Fuentes to the board of the federal Legal Services Corp., which distributes federal money for legal assistance to low-income people A judge ruled that gun makers including Davis Industries of Chino are not liable in a fatal 1999 shooting spree by a white supremacist in Los Angeles The Orange County Sanitation District board approved a plan to add bacteria-killing chlorine to sewage before it is piped to an ocean outfall off Huntington Beach An Orange County Superior Court judge refused to throw out a lawsuit by the Santa Ana Unified School District challenging Tustin’s planning for the former Tustin air base A federal appeals court ruled that unions may use dues from non-member employees at unionized businesses to pay for recruitment at other businesses.
REAL ESTATE
Lexington Corporate Properties Trust ac-quired the two-building, 100,000-square-foot Lake Forest complex leased by Apria Healthcare Group Inc. as its headquarters for $16.97 million.
WHAT ELSE IS NEWS
Bates USA West, Irvine, laid off 14 of its 170 employees Ford Motor Co.’s Irvine-based Premier Auto Group debuted the Lincoln Aviator luxury sport utility vehicle at the New York International Auto Show Fluor Corp., Aliso Viejo, received a $125 million contract to build a Ritz-Carlton hotel in the Cayman Islands The Disneyland Resort raised its single-day ticket prices by $2 America West Airlines reduced its business-class fares by as much as 60% and simplified its rate structure Callaway Golf Co., Carlsbad, settled a patent-infringement suit against Wood Arts Golf Inc. for cash and a promise form Wood Arts it stop selling golf clubs that infringe on a Callaway patent Chicago Pizza & Brewery Inc., Hun-tington Beach, named Michael Nakhunst chief operating officer A judge refused to dismiss an age-discrimination suit against Walt Disney Co. by three former employees of Disneyland.
