The Los Angeles Business Journal’s index of largest local public companies closed up slightly for the week. A better-than-expected quarterly report from JPMorgan on Friday boosted financial stocks and erased earlier market declines.
The weighted LABJ Stock Index closed up 0.52 percent to 133.38 for the week ended July 13. Decliners outpaced gainers 95 to 71, with nine companies unchanged.
Wellpoint Inc.’s announced acquisition of a large Medicaid health care provider boosted shares of similar companies, including Molina Healthcare Inc. in Long Beach. Shares jumped 14.7 percent to $26.63.
Obagi Medical Products Inc. gained 10.6 percent to $17.15. The board of the Long Beach maker of medical skin-care products killed a “poison pill” plan in response to a recent vote at the company’s annual meeting.
Cadiz Inc. rose 7.8 percent to $7.77. The downtown L.A. development company released the final environmental impact report for its Mojave Desert water resources project, a key regulatory milestone.
Among the biggest decliners was Preferred Bank, falling 15 percent to $11.93. The Chinese-American bank in Los Angeles announced loan charge offs that it expects will result in a quarterly loss.
Weak European sales figures for Levi Strauss & Co. hurt a number of local jeans makers. Guess Inc. in downtown Los Angeles lost 11.7 percent to $27.15, and True Religion Apparel Inc. of Vernon fell 8 percent to $27.49.