California Coastal Communities to Buy Shares

Irvine home builder California Coastal Communities Inc. said Friday that it plans to buy 1.23 million of its shares from a New Jersey company for $5.75 apiece, or about $7.1 million. The purchase, from environmental services firm Wheelabrator Technologies Inc., is part of California Coastal’s plan to retire shares in an effort to boost its stock price, company President Raymond J. Pacini said. The company’s shares closed unchanged Friday, at $6.25, in Nasdaq trading.