The Los Angeles Business Journal’s index of largest local public companies gained for the week, as news that several European Union countries may lose their top credit ratings was offset by earlier strong market gains.
The weighted LABJ Stock Index closed up 1.19 percent to 123.91 for the week ended Jan. 13. Gainers outpaced decliners103 to 58, with 12 companies unchanged. In comparison, the Dow Jones Industrial Average closed up 0.3 percent to 12,422.06.
Among the top gainers was Reed's Inc., which soared 35 percent to $1.54. The Los Angeles maker of natural sodas announced an enhanced distribution partnership with United Natural Foods Inc.
American Apparel Inc. jumped 29 percent to 97 cents. The Los Angeles apparel maker and retailer announced a 12 percent improvement in December same-store sales compared with the previous year.
KB Home gained 23 percent to $8.83. The Los Angeles homebuilder benefitted from competitor Lennar Corp.’s announcement of a 20 percent jump in new home orders.
Ixia rose 17 percent to $11.52. The Calabasas computer network services provider increased its guidance for the fourth quarter.
MannKind Corp. rose 14 percent to $2.74. Executives of the struggling Valencia biotech said during an investor conference that the company is in talks for additional financing.
Among the biggest decliners was IPC the Hospitalist Co., which fell 30 percent to $31.54. Executives of the North Hollywood operator of hospital-based physician practices warned that fourth quarter profits would be lower than expected.
Big 5 Sporting Goods Corp fell 23 percent to $7.79. The El Segundo retailer cut its fourth quarter earnings outlook, saying that a warmer-than-expected winter in key markets led to lower seasonal sales.