– National
Stocks ended slightly higher Monday as investors sought out bargains after last week’s selloff and disappointing earnings in the financial sector raised fresh concerns about corporate profits.
The Dow Jones Industrial Average rose 21.38, or 0.2 percent, to 10,688.77. The S & P; 500 climbed 2.33, or 0.2 percent, to 1,263.82. The Nasdaq Composite Index added 0.77, or 0.03 percent, to 2,248.47.
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– Local
Local movers were led by Alexandria Real Estate Equities Inc., which gained 2.8 percent to $86.45, Saehan Bancorp, which jumped by 10 percent to $16.50, and PS Business Parks Inc., which climbed 2.5 percent to $54.40. On the down side, shares of Health Net Inc. dipped 1.8 percent to $48.69.
Shares of Arden Group Inc. sank 4 percent to $85.81 after the Compton-based operator of Gelson’s Markets said it purchased 78,900 shares of its common stock in an unsolicited private transaction with an unrelated party for a purchase price of about $6.5 million.
KB Home slipped 2.3 percent to $74.98 after the L.A.-based homebuilder’s stock rating was downgraded to “market outperform” from “strong buy” by JMP Securities. The price target was cut to $90 per share from $102.
Pacific Energy Partners LP rose 2.1 percent to $31.99 after the Long Beach-based crude oil company’s stock was rated “outperform” in new coverage by Credit Suisse. The 12-month price target was set at $36 per share.
Keystone Automotive Industries Inc. gained 1.5 percent to $33.69 after thePomona-based collision repair parts distributor said its Chief Financial Officer John Palumbo resigned to accept a similar position at a Los Angeles-based solar energy company. Terry Tuttle, currently the company’s controller, will become vice president finance. A search for Palumbo’s replacement has already started. An orderly transition is expected, the company said.
