The Week’s Big MoversFriday, March 9, 2012
The Los Angeles Business Journal’s index of largest local public companies closed down slightly for the week, even as the markets rose on heartening domestic and overseas economic news.
The weighted LABJ Stock Index closed down 0.71 percent to 130.40 for the week ended March 9. Gainers outpaced decliners 89 to 76, with 9 companies unchanged.
The biggest gainer was Evoq Properties Inc., formerly Meruelo Maddux Properties, which jumped 32 percent $3.20. The stock of the downtown L.A. landlord generated saw increased activity after the name change was announced.
Other big movers were tied to earnings reports. Joe's Jeans Inc. gained another 17 percent to close at 95 cents, after jumping 44 percent last week. The Commerce denim apparel maker earlier reported a better-than-expected fourth quarter.
RadNet, Inc. rose 17 percent to $3.45. The Los Angeles operator of outpatient diagnostic imaging services reported a fourth quarter that exceeded expectations.
Obagi Medical Products Inc. added 14 percent to $13. The Long Beach maker of therapeutic skin health products also reported fourth-quarter earnings that exceeded Wall Street forecasts.
Among the biggest decliners was U.S. Auto Parts Network Inc., which dropped another 27 percent to $3.63 after losing 19 percent late last week. The Carson online provider of aftermarket automobile and light truck parts earlier reported disappointing fourth quarter earnings.
Carson’s Ducommun Inc. fell 10 percent to $13.73. The Carson aerospace and defense industry parts supplier moved to a loss in the fourth quarter, largely due to a large acquisition-related charge.