Daily Business Report-Jan. 6, 2021
Visual Capitalist
The U.S. Stock Market:
The Best and Worst Performing Sectors of 2020
To say that 2020 was an unusual year in markets would be a vast understatement.
In 2020, we saw the quickest and deepest bear market decline in history, trillions of dollars of global stimulus, the highest volatility (VIX) on record, negative oil prices, and the fastest recovery from a bear market ever—just to name a few of the abnormalities.
And while the broader economy is still in a state of repair, investors finished the year in the black. The S&P 500, for example, ended with 16.3 percent gains, which was an above-average outing for the benchmark index.
The best and worst performing sectors generally fall into two categories: those that benefitted from COVID-19, and those that didn’t.
This massive divergence is evident in the numbers. Companies in winning sectors are often up double or triple digits—while their losing counterparts were often down double digits, sometimes even halving in value from how they started the year.
Winners:
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Software Applications
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Internet Retail
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Basic Materials
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Freight and Logistics
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Semiconductors
Losers:
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Oil and Gas
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Diversified Banks
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Real Estate–Retail
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Airlines
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Aerospace/Defense
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Agile Six and Cognitive Medical
Systems launch joint venture
Two San Diego-based veteran-owned firms — Agile Six and Cognitive Medical Systems — announced the launch of CivitasDX, a joint venture to help federal, state and local government organizations better serve their constituents. Agile Sixcreates custom, digital transformation solutions for government agencies. Cognitive Medical Systemshelps large public and private organizations make the most of their comprehensive healthcare IT investments.
“The formation of CivitasDX is a purpose-driven, strategic move by both organizations,” said Robert Rasmussen, co-founder and CEO of Agile Six, who will also serve as CivitasDX’s managing director. “This joint venture combines our companies’ collective expertise to help a wide array of federal, state, and local government organizations better serve their constituents. We will do so through a robust and modern, yet practical and responsive, approach to technology development. Together we will maximize project outcomes.”
Among the services offered by CivitasDX:
- Agile Software Development – building software responsively within active feedback loops and delivering value often to meet stakeholder needs in the shortest time possible.
- Knowledge Management & Analytics Platforms – implementing systems that store, organize, analyze, and react to information to provide agencies actionable data.
- Digital Workflow Transformation – enabling agencies to seamlessly adjust processes to embrace the best practices desired by their targeted constituents.
- User Experience Research & Design – utilizing a mixed-methods approach to tackle tough tech problems and design the right solutions around the right people.
- Systems Integration – Using systems thinking to re-imagine, guide, implement, and maintain the secure integration of separate systems and subsystems within and enterprise to ensure efficient delivery of services and data.
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Civic Community Partners and Norwood
Development form middle-income housing fund
Civic Community Partners and Norwood Development Strategies announced the formation of a San Diego housing investment fund to increase the production of housing in San Diego County that is affordable to middle-income families.
To launch the fund, Civic has contributed $400,000 through the Middlemarch Fund which has in turn made its first investment in Secoya on Fifth.
“Secoya” is an upcoming eight-story, 100-unit mixed-income housing development in the heart of Bankers Hill, steps from Balboa Park. According to developer Russ Murfey of Murfey Company, “we acquired the best site we could find near Downtown’s employment base along transit and designed a mixed-income housing development that intentionally mixes a broad spectrum of household income levels under the same roof. We are breaking ground today (Monday), and the project should be complete in 2022.”
The goal of the Middlemarch Fund is to raise $100 million from employers, foundations, and social impact investors to invest in a number of similar projects located throughout the county. Civic and Norwood are actively working to identify qualified projects to receive this type of investment.
For more information on funding and the qualification requirements, contact Michael Lengyel at lengyel@civicsd.com.
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Carlsbad Planning Commission approves
apartments for Aviara Parkway site
Carlsbad planning commissioners unanimously approved a four-story apartment complex on a 9.2-acre lot bisected by Aviara Parkway. Out of 329 apartments, 81 of those will be allocated for low-income residents. Most of the apartments designated as affordable will be reserved for residents whose income does not exceed 90 percent of the area’s median income, which for San Diego County this year is $92,700. Seven apartments will be designated for “very low-income residents” who earn no more than 30 percent of the area’s median income.
The largest part of the complex will be built west of Aviara Parkway on the property that for many years was a wholesale flower distributor and produce-packaging operation. The developer, Keven Doherty of SummerHill Apartment Communities, said his company worked with Carlsbad city staffers and residents for four years to perfect the plan. Amenities at the western building will include an outdoor recreation area, a pool, courtyards, an indoor fitness facility, a multi-purpose room, and a WiFi cafe.
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Thermo Fisher Scientific to open plasmid DNA
manufacturing facility in Carlsbad
Thermo Fisher Scientific announced it will open a new factory in Carlsbad to make plasmid DNA for cancer treatments, vaccines, and other medical products. The new 67,000-square-foot facility on Thermo Fisher’s campus off College Boulevard north of McClellan–Palomar Airport is expected to be completed in the first half of 2021 and will add 150 jobs over the next 12 months.
“The race to develop new transformative cell and gene therapies and vaccines is outpacing supply of commercial-quality plasmid DNA that can be produced at scale,” said Mike Shafer, senior vice president and president, pharma services at Thermo Fisher.
Boston-based Thermo Fisher is a leading producer of scientific instrumentation, diagnostics, reagents and other supplies for healthcare, life sciences and researchers in academia, government and industry.
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Kelly Floyd and Marlene Nowlin promoted
to partner at Finch, Thornton & Baird LLP
The construction industry law firm of Finch, Thornton & Baird LLP has promoted Kelly A. Floyd and Marlene C. Nowlin to partner effective Jan. 1, 2021.
Floyd is a litigator, business advocate, and negotiator who works with business owners, officers, and project management. His practice focuses on construction litigation and claims, business and commercial litigation, general business advising, and trademark registration and litigation. Clients include general contractors, subcontractors, construction managers, owner-developers, established businesses, and startups.
Nowlin brings extensive experience to the representation of businesses and individuals in complex commercial, real estate, and construction litigation. Her practice includes defense of employers against wage and hour class actions and PAGA claims, as well as in wrongful termination, discrimination, sexual harassment, and other employment-related litigation in state and federal court, arbitration, and before various governmental agencies.
Floyd earned his Bachelor of Arts in International Studies – Political Science from the University of California, San Diego. Nowlin received her juris doctor from the University of California, Los Angeles; and earned her Bachelor of Science in Business Administration and Accounting from California State University, Los Angeles, from which she graduated cum laude.
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Construction completed on One Paseo in San Diego
Design firm Ware Malcomb announced that construction is complete on One Paseo located on the southwest corner of Del Mar Heights Road and El Camino Real in San Diego. Ware Malcomb provided master planning and architectural design services for the retail project component.
Located in the Del Mar Heights community, One Paseo is a mixed-use master-planned project incorporating office, residential and retail space. In addition to providing master planning services for the project, Ware Malcomb designed the 12 single-story restaurant and high-end retail buildings totaling approximately 96,000 square feet located within the new development. Ware Malcomb has completed additional tenant improvement projects within One Paseo including The Butchery and ColorCounter as well as Architect of Record services for Pigment and Alcheme.
Additional amenities incorporated within the retail landscape design include a children’s play area with a climbing art log, a relaxing fire pit area, community workout area and a lawn area for events adjacent to the residences and offices. The restaurants in One Paseo feature a mix of first-to-market locations like Blue Bottle and locally owned Parakeet Cafe with outdoor dining and plazas.
Ware Malcomb also designed a three-level parking structure accommodating 548 parking stalls with a top level shade structure.
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Port welcomes Sandy Naranjo
as new port commissioner
The Port of San Diego welcomes Sandy Naranjo as the newest commissioner to represent National City. On Jan. 3, Naranjo was sworn in at a virtual ceremony by her sister, Susan Naranjo, who was deputized by Port Clerk Donna Morales to administer the oath of office.
Naranjo, a South Bay native, is a political economist, environmental justice advocate, labor advocate, and community organizer who has been involved in numerous regional and statewide boards and commissions. In 2019, she was appointed by National City Mayor Alejandra Sotelo-Solis to the Sweetwater Authority Citizen Advisory Committee, selected for the AB 617 steering committee to advise the San Diego Air Pollution Control District, and selected by Commissioner Patty Monahan for the California Energy Commission’s Advisory Committee for the Clean Transportation Program Investment Plan.
She was most recently the California organizing manager for Mothers Out Front, a national climate justice organization, and the National City Land Use Policy Advocate for the Environmental Health Coalition. Prior to her work with the environmental non-profits, she was with the San Diego-Imperial Counties Labor Council and the United Food and Commercial Workers.
Naranjo earned three bachelor’s degrees in political science, economics, and political economy with a minor in women’s studies at California State University, San Bernardino.
