The Los Angeles Business Journal’s index of largest local public companies closed up for the week, as hopeful news on the European debt crisis offset weak U.S. economic data.
The weighted LABJ Stock Index gained 1.09 percent to close at 127.61 for the week ended June 15. Gainers outpaced decliners 109 to 60, with six companies unchanged.
The biggest gainer for the week was Molina Healthcare Inc., which jumped 27 percent to $22.55. The Long Beach operator of Medicare managed care plans won an appeal reinstating it as a provider in Ohio. The company also named a permanent president for its Texas health plan, which has struggled with high utilization costs in some recently entered markets.
OriginOil Inc. rose 23 percent to $1.23. The L.A. developer of processes to convert algae to fuel oil benefited from an analyst’s report touting its technology.
RadNet Inc. gained 18 percent to $2.80 following its annual shareholders’ meeting. All incumbent directors were re-elected and the executive compensation plans was endorsed in an advisory vote.
Aura Systems Inc. rose 15 percent to 50 cents. The El Segundo manufacturer received $420,000 in orders from a single customer for the company’s all-electric transport refrigeration system for midsize trucks.
Skechers USA Inc. rose 12.7 percent to $20.72. A Sterne Agee analyst upgraded shares of the Manhattan Beach casual shoemaker from “hold” to “buy”.
Among the biggest decliners was NCal Bancorp., sliding nearly 33 percent to $1.92. Grandpoint Capital, the Los Angeles parent of Grandpoint Bank, announced that it was acquiring the Los Angeles holding company of struggling National Bank of California.
Response Genetics Inc. dropped 18 percent to $1.19. Lansdowne Partners, the largest shareholder of the Los Angeles developer of cancer diagnostic tests, reported that it has sold some shares.