The Los Angeles Business Journal’s index of the 200 largest local public companies closed down for the week ending Oct. 2, the second consecutive weekly decline. A disappointing monthly jobs report increased concerns that a recovery in the labor market may be a long way off.
The weighted LABJ index closed down 2.45 percent to 104.95, with decliners outpacing gainers 132 to 50.
Qualstar Corp. dropped 24 percent to $2.08 after the Simi Valley electronic data storage company reported disappointing fourth quarter earnings.
KB Home dropped 18 percent to $15.19 after the Los Angeles homebuilder reported a third quarter loss.
Nara Bancorp Inc. fell 14 percent to $6.36 after the Los Angeles bank holding company said it agreed to settle Justice Department complaints involving high-interest auto financing contracts.
Among the largest gainers was Los Angeles biotech Abraxis BioScience Inc., whose founder, Dr. Patrick Soon-Shiong, was profiled in Forbes magazine’s annual Forbes 400 issue. The company’s stock rose 17 percent to $36.37.
Entravision Communications Corp. gained 8 percent to $1.84 after the Santa Monica Spanish language media company said it received notice that it had regained compliance with New York Stock Exchange’s continued listing requirements.
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