Stories for November 11, 2010

Lead stories

Schwarzenegger to Call Budget Special Session


Gov. Arnold Schwarzenegger will call a budget special session starting Dec. 6 that focuses on resolving the $6.1 billion current-year deficit.

REIT’s CEO Resigns

MPG Office Trust Inc. said that Chief Executive Nelson C. Rising had resigned in a blow to the office landlord as it attempts to recover from the real estate downturn.

CB Richard Ellis Refinances Debt

CB Richard Ellis Group Inc. has arranged for $1.5 billion in new credit, paid back $460 million in debt and refinanced another $650 million.

Disney’s Quarter Misses Forecasts

Walt Disney Co.'s fiscal fourth-quarter earnings fell 7 percent, mainly due to accounting issues.

California Pizza Kitchen Reports Loss

California Pizza Kitchen Inc. said it lost money in its third quarter, hurt by lower sales at established restaurants and some one-time charges.

Income Falls for Disney in Q4

The consumer products and interactive media division of The Walt Disney Co. were the bright spots in the fourth quarter for the entertainment and media conglomerate, according to its recent earnings release.

Providence Gets New Regional Executive

Providence Health & Services has a new regional leader for California, announced the health services group that has three centers in the San Fernando Valley.

Activision Says Black Ops First-Day Sales a Record


Activision Blizzard Inc. sold about 5.6 million copies of "Call of Duty: Black Ops" for $360 million on its first day Tuesday, setting a new record for the video game industry.

Broadcom, Other Local Tech Names Slump Alongside Cisco

Shares of Irvine-based Broadcom Corp. slumped on Thursday, dragged down after San Jose-based networking gear maker Cisco Systems Inc. reported an outlook for the current quarter that fell well below Wall Street’s expectations.

Easton-Bell Reports Q3 Earnings

Net income dropped in the third quarter for sports equipment manufacturer Easton-Bell Sports Inc. when compared to the same period a year ago.

LAEDC Names 'Business-Friendly' Cities

Alhambra and Cerritos have taken top honors this year for the most business-friendly cities in Los Angeles County, according to the Los Angeles County Economic Development Corp.

Local Malls Launch Shopping App

Glendale Galleria and Northridge Fashion Center are offering a holiday shopping mobile application, the shopping centers announced.

Aecom Profit Up

Aecom Technology Corp.’s fourth-quarter earnings rose 25 percent, but the company said the upcoming year might not meet analysts’ forecasts.

Mall Owner Exits Bankruptcy

Glendale Galleria owner General Growth Properties Inc. has completed the final steps of its financial restructuring and has emerged from Chapter 11 bankruptcy protection, the Chicago-based company announced.

Clean Energy Raising More Than $35M in Stock Offering

Seal Beach’s Clean Energy Fuels Corp. is selling 3 million shares of common stock to raise money to build stations and natural gas plants, as well as for other uses.

Cisco Shares Plummet, Sink Broader Market

Tech bellwether Cisco Systems lost 17% of its market value in frenzied trading, a day after a gloomy revenue outlook left investors jittery, and some brokerages downgraded the stock.

US Homes Lost to Foreclosure Drops 9% in Oct.

The number of U.S. homes repossessed by lenders last month fell by the sharpest margin this year, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly.

Mortgage Rates Fall to Fresh Lows This Week

Rates on fixed mortgages dropped to their lowest levels in decades this week after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth.