The Week’s Big MoversFriday, May 25, 2012
The Los Angeles Business Journal’s index of largest local public companies closed up for the week, even as concerns about Europe’s economy made investors cautious going into the Memorial Day weekend.
The weighted LABJ Stock Index closed up 1.76 percent to 124.70 for the week ended May 25. Gainers outpaced decliners 92 to 77, with 7 companies unchanged.
The biggest gainer was Bidz.com Inc., which gained 55 percent to 76 cents. The Culver City online jewelry retailer said that it had been notified that the Nasdaq Stock Market planned to initiate procedures to delist Bidz.com’s stock, which it planned to appeal.
CytRx Corp. rose 15 percent to $3.45. The West L.A. biotech’s stock rose in advance of an important oncology medical meeting, during which the company planned to present findings on one of its experimental cancer treatments.
National Technical Systems Inc. rose more than 12 percent to $5.89. The chief executive of the Calabasas provider of technology testing and engineering services made a well-received presentation at the B. Riley & Co. Investor Conference in Santa Monica.
The biggest decliner was CyberDefender Corp., which fell 68 percent to less than 1 cent. The downtown L.A. software company, which is in Chapter 11 reorganization, filed with the state its intention to lay off most of its work force in advance of its planned sale to Santa Monica infomercial marketer Guthy-Renker Corp.
Motorcar Parts of America Inc. slid 24 percent to $4.37. The Torrance distributor of after-market automobile parts, which reported a worse-than-expected fiscal third quarter said it had entered into a new employment agreement with Chief Executive Selwyn Joffe that included a raise and bonuses.