TOP STORIES
San Clemente-based Sunstone Hotel Investors Inc. raised $359 million in an initial public offering of 2.1 million shares at $17 per share. The share price was lower than the expected range of $18 to $20. Shares of Sunstone, which owns 54 hotels, closed flat at 17 after their first day of trading on the New York Stock Exchange … Santa Ana-based MSC.Software Corp. rejected a $275 million buyout offer from San Francisco’s ValueAct Capital Partners LP. A committee of independent MSC directors said the offer wasn’t in the best interest of shareholders.
San Jose-based Quantum Corp. said it plans to buy Costa Mesa-based Certance LLC for $60 million. Privately held Certance used to be the data storage tape drive and head unit of Scotts Valley-based Seagate Technology … Laguna Hills-based Interchange Corp. raised $22 million in an initial public offering of 2.75 million shares. The paid Internet advertising provider sold shares at $8 a share, at the low end of its projected $8 to $10 a share price. Newport Beach-based Roth Capital Partners LLC led the offering. Interchange shares trade on the Nasdaq SmallCap Market … Shares of Irvine-based Broadcom Corp. fell 12% to 26.7 late last week after the chipmaker said fourth-quarter sales would be $530 million to $540 million, lower than analysts’ expectations of $664 million. Delays in sales were blamed for the dimmer outlook. Meanwhile, Broadcom said it swung to an operating profit of $68.2 million in the third quarter, versus a loss of $26.1 million a year earlier, on a 52% jump in sales to $646.5 million … Aliso Viejo-based Buy.com Inc. said it bought Boston-based Metails Inc. for undisclosed cash and stock. Metails operates a Web site where groups and friends recommend products … Santa Ana-based SRS Labs Inc. licensed its surround sound technology to Milwaukee-based Johnson Controls Inc., which makes auto interiors for General Motors Corp., Ford Motor Co. and DaimlerChrysler AG.
The Navy said it plans to auction in January all four parcels of the 3,700-acre former El Toro Marine base set for development. The online auctions will be held at the same time … Meanwhile, Irvine approved guidelines for a redevelopment zone at El Toro. The city could raise up to $1 billion by borrowing against future tax revenue expected to be generated from the site. The funds could be used to clean up contaminated land or developing parkland … A jury found Irvine-based New Century Financial Corp. not guilty in a scheme involving a former employee, her boyfriend and a mortgage brokerage, Envizon Financial. Envizon charged its name was used to make fraudulent mortgage loans that were funded by New Century. The jury found the employee and her boyfriend guilty and ordered them to pay Envizon $27,000.
First Vietnamese American Bank’s application to start up in Westminster was approved by the California Department of Financial Institutions. First Vietnamese hopes to raise $11 million in startup funds.
Anaheim said the National Football League is paying for site plans and market research as part of the city’s consideration for a team. The league is set to meet this week for initial discussions on four Southland sites for an NFL team.
The James Irvine Foundation gave $3 million to the Orange County Performing Arts Center. Half of the funds will be used to build the Renee and Henry Segerstrom Concert Hall and Samueli Theater, with the rest of the funds establishing an endowment that will be tapped for the center’s new education center … Irvine-based Keith Cos. won work for an undisclosed amount from the Alyeska Pipeline Service Co. in Alaska … The sale of bankrupt gun maker Bryco Arms of Costa Mesa is being challenged by losing bidder Brandon Maxfield. Maxfield, who was paralyzed by a defective gun made by Bryco, claims the winning bidder is financially backed by the family that used to own the gun maker. Maxfield asked the bankruptcy court to invalidate the winning $510,000 bid … Independent stock analyst C. Clive Munro was charged with trying to extort money from CKE Restaurants Inc., the parent company of Anaheim-based Carl’s Jr. restaurants.
ECONOMIC INDICATORS
Up: Orange County’s jobs picture in September, with the unemployment rate at 3.2%, versus 3.7% a year earlier, and 5,900 jobs added last month, according to the state Economic Development Department.
Up: OC apartment rents in the third quarter, up 4.5% to $1,317 versus a year earlier, according to RealFacts.
Mixed: The county’s hotel picture in August, with the average daily rate flat at $121.65, versus a year earlier, and occupancy down 5.9% to 77.9%, according to PKF Consulting.
