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Top News & Analysis California


  • Illinois Q3 foreclosures up 31 percent over 2011 Thursday, 11 Oct 2012 | 10:23 AM ET

    A report released Thursday by Irvine, Calif.- based RealtyTrac shows Illinois with 42,176 foreclosure filings from July through September. On a monthly basis, Illinois foreclosures dropped 20 percent in September compared to August. Arizona and California also have foreclosure rates higher than Illinois.

  • News Summary: Safeway's profitability slips in 3Q Thursday, 11 Oct 2012 | 10:14 AM ET

    THE BOTTOM LINE: Safeway Inc. said its net income rose 21 percent in the third quarter, boosted by the sale of its Genuardi's stores.

  • UPDATE 1-Safeway sales miss Street view, shares tumble Thursday, 11 Oct 2012 | 10:13 AM ET

    Oct 11- Safeway Inc, the second-largest U.S. supermarket chain, reported quarterly sales that missed Wall Street's view, and its shares fell nearly 5 percent. Traditional grocers like Safeway and Kroger Co are fighting for every sale amid tough competition from Wal-Mart Stores Inc and other retailers.

  • Nevada remains 5th in nation for foreclosure rate Thursday, 11 Oct 2012 | 10:10 AM ET

    LAS VEGAS-- Nevada's foreclosure rate remains fifth in the nation after big drops in activity compared with last year. RealtyTrac reports Thursday that Nevada's September foreclosure rate is down 19 percent from August and down more than 75 percent from the same time last year. That rate fell behind Florida, California, Illinois and Arizona.

  • How US states fared on jobless claims, at a glance Thursday, 11 Oct 2012 | 10:06 AM ET

    Mississippi: Down 3,393, no reason given. Michigan: Down 2,639, no reason given. Florida: Down 1,972, due to fewer layoffs in agriculture, construction, and wholesale trade.

  • Safeway's profitability slips on launch of program Thursday, 11 Oct 2012 | 10:01 AM ET

    NEW YORK-- Safeway Inc. said Thursday that its profit margin slipped in the third quarter as it spent money on launching a new customer loyalty program, an investment the supermarket operator said should drive sales going forward. The sale of Safeway's Genuardi's chain helped offset the declines and pushed the company's net income up 21 percent.

  • Thoratec promotes Taylor Harris to finance chief Thursday, 11 Oct 2012 | 9:34 AM ET

    PLEASANTON, Calif.-- Heart device maker Thoratec on Thursday said it promoted Taylor C. Harris to chief financial officer. Thoratec, based in Pleasanton, Calif., makes HeartMate pumps, which are used in patients who are waiting for a heart transplant or for those who are too sick to have heart transplant surgery.

  • Safeway's sale of Genuardi's lifts 3Q profit Thursday, 11 Oct 2012 | 9:20 AM ET

    NEW YORK-- Safeway Inc. says its net income rose 21 percent in the third quarter as it benefited from the sale of its Genuardi's stores. The Pleasanton, Calif.- based company, which also operates Vons, Dominick's and other grocery chains, says it earned $157 million, or 66 cents per share, in the period. That compares with $130.2 million, or 38 cents per share, a year ago.

  • Safeway net profit helped by sale of Genuardi's stores Thursday, 11 Oct 2012 | 9:20 AM ET

    Oct 11- Supermarket operator Safeway Inc posted a lower quarterly profit from continuing operations on Thursday amid rising competition from other grocery sellers, while net profit increased, helped by the sale of some stores.

  • CA judge: Rite Aid must pay $800,000 settlement Thursday, 11 Oct 2012 | 9:19 AM ET

    SAN DIEGO-- City officials say a San Diego judge ordered Rite Aid Corp. and its California subsidiary Thrifty PayLess Inc. to pay $800,000 to settle a complaint alleging false advertising.

  • Kythera Biopharmaceuticals raises $70.4M in IPO Thursday, 11 Oct 2012 | 9:12 AM ET

    Kythera Biopharmaceuticals Inc. has raised about $70.4 million in its initial public offering of 4.4 million shares. The Calabasas, Calif., company, which is developing an injectable treatment for double chins, priced its IPO at $16 per share, or the top end of its estimated range.

  • Blair upgrades Williams-Sonoma as shares hit highs Thursday, 11 Oct 2012 | 8:51 AM ET

    NEW YORK-- Williams-Sonoma's potential for international expansion could position the company for solid sales growth in the near and long term, William Blair as it raised its rating on the upscale home goods company.

  • Man gets 23 years over California-based scam Thursday, 11 Oct 2012 | 8:47 AM ET

    DALLAS-- A federal judge in Texas has sentenced a man to 23 years in prison and ordered him to pay $13 million in restitution over an investment scam he ran out of his home in California. Federal prosecutors said Wednesday that 37- year-old Bradley Stark, formerly of Riverside, Calif., was sentenced on seven counts of wire fraud and one count of securities fraud.

  • *IRS taking' hard line' on accounting issue-lawyer. The dispute centers on an accounting practice- known as the "completed contract method"- that the IRS has scrutinized for years.

  • Move buys Relocation.com for $11.5 million Thursday, 11 Oct 2012 | 7:20 AM ET

    CAMPBELL, Calif.-- Online real estate company Move Inc. has purchased Relocation.com for $11.5 million in cash in order to strengthen its offerings and moving services. Move Inc. shares closed at $8.37 per share on Wednesday. Its shares are down 17 percent from their 52- week high of $10.06 set on March 26.

  • *Research house IDC still ranks HP in the lead* Lenovo shares rise nearly 2 pct in Hong Kong trade* HP stock touches lowest level since October By Poornima Gupta and Lee Chyen Yee.

  • Oct 11- Stan Lee Media, a company that says it controls the rights to Marvel characters including Spider Man and Iron Man, has filed suit in U.S. District Court in Colorado against the Walt Disney Co seeking "billions of dollars of profits." Disney acquired Marvel Enterprises, which had been renamed Marvel Entertainment, in 2009 for $4.3 billion.

  • WASHINGTON, Oct 11- The number of Americans filing new claims for jobless benefits slid last week to the lowest level in more than four and a half years, according to government data that may provide a boost to President Barack Obama a month before voters go to the polls.

  • AVONDALE, Penn., Oct 11- The Federal Reserve's stated intention to keep interest rates ultra low for nearly three more years is suggesting to some that the Fed is willing to cut the jobless rate at the expense of higher inflation, putting the central bank's credibility at risk, a top official of the U.S. central bank said on Thursday.

  • Safeway bets that loyalty program will pay off Thursday, 11 Oct 2012 | 12:20 AM ET

    NEW YORK-- Safeway Inc. is betting that its investment in a new customer loyalty program will eventually pay off, as the supermarket operator looks to fend off big-box retailers and other competitors that are expanding their grocery aisles.