This Week’s Biggest Movers

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The Los Angeles Business Journal? index of the 200 largest local public companies closed virtually flat for the week ended May 22, ending a choppy week in the overall markets ahead of the Memorial Day weekend.

The weighted LABJ index ended the week up just 0.04 percent to 93.23, with decliners outpacing gainers 103 to 78.

Among the biggest gainers was Los Angeles managed care provider Prospect Medical Holdings Inc., which gained 41 percent to $2.35 after reporting better-than-expected net income in the first quarter.

Cougar Biotechnology Inc. jumped 22 percent to $42.82 after Johnson & Johnson said it would buy Los Angeles cancer drug developer for about $894 million in cash.

Among the biggest decliners for the week was Los Angeles apparel maker American Apparel Inc., which slid 35 percent to $3.51 after reporting a first quarter net loss worse than Wall Street expected.

Teen retailer Hot Topic Inc. fell 20 percent to $6.97 after analysts downgraded the stock following a disappointing earnings report.

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