The Los Angeles Business Journal’s index of largest local public companies fell for the week as the broader markets reacted to uncertainty about the direction of “fiscal cliff” negotiations.
The weighted LABJ Stock Index fell less than one-half percent to close at 134.82 for the week ended Dec. 14. Decliners outpaced gainers 90 to 75, with78 companies unchanged.
One of the biggest decliners was Reed Inc., falling 23 percent to $9.94. The Los Angeles specialty soda company did not report any market-moving news this week.
Vitesse Semiconductor Corp. fell 12 percent to $1.93. The Camarillo chip maker issued 10 million new shares to raise $16 million that the company intends to use for working capital and to reduce debt.
Cadiz Inc. fell 9 percent to $7.57. The decline came despite an announcement that the Los Angeles development company struck a favorable deal for access to a 96-mile pipeline segment for its Mojave Desert water project.
One of the biggest gainers was Farmer Bros. Co., jumping 19 percent to $13.18. People with knowledge of the industry say the Torrance coffee roaster has made a deal to sell coffee to McDonald’s.
Downtown L.A. denim company Joe’s Jeans Inc. rose 13 percent to 99 cents after disclosing that it had received a delisting warning from Nasdaq.