Quote of the Week
‘They may have to pay higher interest rates because of all the bad news. Then again, maybe they won’t. By not being in the bond market for a while, it perversely works in your favor.’
, Kyle Klein of the California Municipal Bond Advisor newsletter, referring to the city of San Diego’s plans to re-enter the bond market this year.
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Friday, Aug. 3
Top Thinkers Take On Autism:
UC San Diego said the National Institutes of Health has chosen the university as an Autism Center of Excellence. The center at UCSD should receive more than $10 million in funding and will be an autism-specific place of research and treatment.
Autism affects more than 2 million people in the country and has symptoms of reduced brain development.
The center’s research will be focusing on discovering distinct autism bio-markers to quickly recognize the onset of autism and administer treatment.
, Preet Anand
Monday, Aug. 6
Blue Monday For Qualcomm:
The White House decided to let a federal agency’s ban on Qualcomm Inc.’s chips stand.
The administration had the option of overturning the U.S. International Trade Commission’s action of June 7, banning the importation of advanced telephone handsets containing certain Qualcomm microchips.
The quasi-judicial commission ruled that certain Qualcomm chips infringed patents held by Orange County-based Broadcom Corp. Qualcomm denies that it infringed Broadcom patents, adding that Broadcom’s patent claims are invalid.
The White House had the option of overruling the commission within 60 days of the order.
Qualcomm said it will appeal and renew its request for a stay on the ban.
In other news from Aug. 6, a federal judge ordered Qualcomm to pay attorney fees and related expenses for rival Broadcom following a trial regarding two patents.
Judge Rudi M. Brewster also ruled that the two Qualcomm patents are unenforceable and that Qualcomm committed misconduct during the litigation.
Qualcomm apologized for errors made during the case and said it will appeal.
Qualcomm had taken Broadcom to court, alleging Broadcom had infringed patents related to video encoding. Qualcomm filed its suit in October 2005. In January, a jury found in favor of Broadcom.
, Brad Graves
Wednesday, Aug. 8
Burger Joint Cooks:
Jack in the Box Inc., a San Diego-based quick-service restaurant chain, said net revenue for the quarter ended July 8 was $680 million with a net profit of $34.7 million. To compare, the same quarter last year had net revenue of $643 million with a net profit of $27.8 million.
Diluted earnings per share for the quarter were $1.08 versus 77 cents for 2006. Jack in the Box says earnings beat analyst estimates of 89 cents per share because of an insurance recovery, re-franchising of 22 restaurants and higher sales.
Company shares trade on the New York Stock Exchange as JBX.
, Preet Anand
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Sprawling Building, Big Deal:
Cushman & Wakefield said First Industrial Realty Trust purchased a 424,800-square-foot warehouse and distribution facility at 4000 Ruffin Road in Kearny Mesa for $77 million.
The fully leased building sits on 19 acres of land and is home to several tenants, including Sharp HealthCare, Cal-State Auto Parts and Alexander’s Mobility Services. The facility, built in two phases from 1979 to 1980, is the largest of its kind in Kearny Mesa.
Rick Putnam and Jeffrey Cole of Cushman & Wakefield’s Southern California Capital Markets Group represented the seller, a fund advised by DRA Advisors LLC. Landmark Asset Management Group served as DRA’s operating partner and property manager. Mickey Morera and James Duncan of Burnham Real Estate served as the facility’s marketing team.
, Sam Blanchard
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Putting The Posh In Pauma:
The Pauma Band of Mission Indians offered a glimpse of the $300 million casino-resort project it would like to build on its reservation in Pauma Valley. A 66-acre complex would replace the current Casino Pauma, which is housed in temporary buildings.
The tribe laid out its plans in an environmental document.
The proposed casino includes 2,500 slot machines, 50 table games and 10 poker tables in a casino with 83,100 square feet of gaming area.
, Brad Graves