The Los Angeles Business Journal’s index of largest local public companies closed down for the week, as the markets reacted to disappointing China growth data and other economic concerns.
The weighted LABJ Stock Index closed down 2.6 percent to 126.90 for the week ended April 13. Decliners outpaced gainers 112 to 49, with 13 companies unchanged.
Caught by a poor week in the markets was the initial public offering of Oaktree Capital Group LLC., which priced at the low end the company’s earlier announced range and raise less than expected. Shares of the downtown L.A. investment firm fell 3.5 percent from its initial offering price to $41.50.
Among the largest decliners was Molina Healthcare Inc., which dropped 26 percent to $25.78. The state of Ohio dropped the Long Beach managed care provider as a one of the managers of its Medicaid program, which was a significant contract for the company.
Image Entertainment Inc. fell 17.5 percent to 66 cents. The Chatsworth film distribution company signed a joinder agreement establishing a trust fund as part its pending acquisition by RLJ Acquisitions Inc.
Among the biggest gainers was American Apparel Inc., which jumped 30 percent to $1. The stock benefited by a series of media appearances by founder and Chief Executive Dov Charney.
Salem Communications Corp. rose 9 percent to $5.16. The Camarillo Christian and family-format broadcaster signed a potential lucrative online streaming broadcast deal.
Cherokee Inc. rose nearly 6 percent to $13.12. The Sherman Oaks brand management company reported better-than-expected financial results for its fiscal fourth quarter.