The Week’s Big MoversFriday, May 18, 2012
The Los Angeles Business Journal’s index of largest local public companies closed down for the week, as concerns about Europe’s economy sent the markets lower during the week.
The weighted LABJ Stock Index closed down 4 percent to 122.54 for the week ended May 18. Decliners outpaced gainers 137 to 31, with seven companies unchanged.
The biggest decliner was Motorcar Parts of America Inc., which dropped 27 percent to $5.42. The Torrance distributor of aftermarket automobile parts reported a worse-than-expected fiscal third quarter.
MannKind Corp. fell 18 percent to $1.60. The Valencia biotech said results from a trial of its inhaled diabetes drug Afrezza may be delayed by about three months.
Two local apparel companies were hurt after competitors provided mixed outlooks for the year in their earnings reports. Joe’s Jeans Inc. dropped nearly 17 percent to $1.04. American Apparel Inc. fell 14.5 percent to 79 cents.
Tutor Perini Corp. continued to suffer from the previous week’s poor first quarter report. Shares of the Sylmar construction company fell 11 percent to $10.66.
Among the top gainers was Daily Journal Corp., up 7 percent to $83.75. The Los Angeles publisher of legal newspapers reported strong gains on its investment portfolio.
Farmer Bros. Co. rose 7 percent to $7.73. Regulatory filings showed that the chief executive of the Torrance coffee roaster and institutional beverage service had acquired shares.