FINANCE
Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
Costa Mesa VCers Do It Differently
FINANCE: CerraCap pair tries to hit all out of the parkCerraCap Ventures LLC co-founders Saurabh Ranjan and Saurabh Suri decided to try a different model when they began the venture capital firm in 2015.Unemployment Up to 2.9%
Orange County’s unadjusted unemployment rate rose to 2.9% in October from a revised 2.8% in September and down from year-ago estimate of 3.2%, according to the state Employment Development Department.
Philanthropy Day Honors Zhangs, Ueberroths
OC’s chapter of the Association of Fundraising Professionals honored nine of the county's outstanding givers at the annual National Philanthropy Day luncheon Thursday before a crowd of 700 at City National Grove in Anaheim—part of a day of recognition, nationwide.
Buena Park Group in Hotel Deal
Harbor Hotels LLC, an Arizona family investment group affiliated with Cornerstone Hotel Group LLC in Buena Park, bought the Courtyard by Marriott near Long Beach Exchange, a shopping and entertainment development, from Delaware-registered Mach II Chartres Long Beach.
Next Pendry: Utah, Near Montage
Pendry Hotels plans to build a ski resort in the Canyons Village area of Park City, Utah, about five miles from Montage Deer Valley, a resort run by Pendry sister company Montage Hotels & Resorts.
SEC Drops Complaint Against Mazzo
The Securities and Exchange Commission is dropping its complaint of insider trading against James Mazzo, former chairman and chief executive officer of Advanced Medical Optics Inc., for allegedly tipping information about his company's acquisition to a friend, former professional baseball player Doug DeCinces.
Select Interior 3Q Sales Up 35%
Select Interior Concepts Inc., an Anaheim-based building products and services company, reported third quarter sales increased 35% to $127.6 million from the same period a year earlier.
Kofax Buys Unit for $400M
Irvine-based Kofax Inc. is paying $400 million in cash to obtain the document imaging division of Nuance Communications Inc. (Nasdaq: NUAN).
Cylance Being Sold for $1.5B?
Irvine’s Cylance Inc. may be sold to BlackBerry Ltd for as much as $1.5 billion, according to a Business Insider report that cited unidentified people familiar with the matter.
Allied Universal Names CFO
Santa Ana-based Allied Universal, the largest U.S. security firm, named Andrew Vollero incoming chief financial officer to replace Bill Torzolini, who retires next year after 15 years in the role.
Midday Stock Roundup
The S&P 500 declined 1.1% in midday trading to 2,774.09.
AutoWeb Q3 Revenue Down, Stock Slides
AutoWeb Inc. (Nasdaq: AUTO), an Irvine-based marketing firm for automakers and dealers, reported a third quarter loss of $18 million, or $1.41 per share, compared to net income of $69,000 a year ago.
Skyworks Shares Down on Guidance
Shares of Skyworks Solutions Inc. are down after the chipmaker provided December quarter revenue and earnings targets below Wall Street expectations.
Disney Resorts Q4 Revenue Up 9%
Walt Disney Co.’s parks and resorts division, which includes Anaheim’s Disneyland Resort, said fourth quarter profit climbed 11% to $829 million as revenue rose 9% to $5.1 billion from the same period a year earlier.
OC Hotel Occupancy Dips in September
Several Orange County hotel submarkets in September showed lower average daily rates and revenue per available room year-over-year, and five of seven showed lower occupancy, which also fell countywide to 77% from 80% for the same month last year.
Alteryx Q3 Revenue Up
Alteryx Inc. reported revenue increased 59% year-over-year to $54.2 million while posting a narrower loss of $244,000, compared to a loss of $3.3 million in the same period a year ago.
Beacon Pointe Hires UBS Exec
Newport Beach’s Beacon Pointe Advisors, which has more than $9 billion in assets under management, hired Michael Dow, an executive at UBS Global Asset Management, as chief investment officer and chairman of its investment committee.
AVD Sales, Income Up
Newport Beach-based American Vanguard Corp. (NYSE: AVD) reported third quarter sales climbed 24% to $111.8 million while net income jumped 60% to $6.5 million.
Habit Names Marriott Creative Exec to Board
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine added Karin Timpone to its board of directors, which now has eight members.
El Pollo Loco 3Q Sales, Profit Rise
El Pollo Loco Holdings Inc. (Nasdaq: LOCO) in Costa Mesa reported third quarter net income of $6.8 million on revenue of $106.7 million, compared with a loss of $4 million on revenue of $101.2 million in the same period a year ago.
Masimo 3Q Sales up 8.9%
Masimo Corp. (Nasdaq: MASI) reported third quarter revenue climbed 8.9% to $210.6 million. Product sales grew 12% to $202.1 million for the quarter while royalty and other revenue declined 38% to $8.5 million.
Taco Bell Strong; Yum Mixed
Irvine-based Taco Bell Corp. sales rose 8% to $2.6 billion in its most recent quarter, making it the top-performing chain in Louisville-based parent company Yum Brands Inc. (Nasdaq: YUM) portfolio for the period.
Duck, Duck Donuts
Two down, three to go: Duck Donuts plans five locations in Orange County; two are open, in Huntington Beach and Irvine, the latter at Trade Food Hall.
Habit Revenue, Swings to Loss on Charge
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine reported a $600,000 net loss, including a one-time charge, on revenue of about $105 million in its most recent quarter, compared with $400,000 in net income on revenue of $85 million, year-over-year.
BJ’s Revenue, Income Up
BJ’s Restaurants Inc. (Nasdaq: BJRI) in Huntington Beach earned nearly $9 million in net income on $270 million in revenue in its most recent quarter, up 257% and 10% respectively.
Habit Taps QSR Vet for Brand Post
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine named Iwona Alter chief brand officer; she joins the fast-casual burger chain December 10 from San Diego-based Jack in the Box Inc. (Nasdaq: JACK).
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