The Los Angeles Business Journal’s index of largest local public companies rose for the week ended April 29 as investors reacted to generally positive earnings reports
The weighted LABJ index closed up 1.63 percent to 126.04, with gainers outpacing decliners 124 to 48.
The biggest gainer was ReachLocal Inc., which soared more than 41 percent to $23.24. The Woodland Hills online marketing company for small to mid-size businesses announced a global search advertising partnership with Google Inc. and raised its financial outlook.
American Apparel Inc., the struggling Los Angeles apparel manufacturer and retailer, continued to benefit from news that it had received additional financing from private equity investors. Shares gained another 20 percent to $1.45.
On Assignment Inc. ended the week up 17 percent to $10.99. The Calabasas professional staffing firm reported first-quarter profit and gave a forecast for the current quarter that beat Wall Street’s expectations.
Occidental Petroleum Corp. rose 13 percent to $114.29. The Los Angeles oil and natural gas producer said its first-quarter earnings soared 46 percent as oil prices rose and the company increased production.
True Religion Apparel Inc. gained 12 percent to $30.22. The Vernon designer denim manufacturer and retailer reported first-quarter profit that far exceeded analysts' estimates.
Among the biggest decliners was Wilshire Bancorp Inc., which fell nearly 23 percent to $4. The Koreatown bank holding company reported a hefty first quarter loss. .
CB Richard Ellis Group Inc. fell 10 percent to $26.71. The Los Angeles real estate services giant reported adjusted per-share profit that beat analysts’ forecasts by a penny, but revenue came in slightly lower than expected.
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