The Los Angeles Business Journal’s index of largest public companies closed down for the week amid broader market fears about potential tax increases and budget cuts that would send the country over the “fiscal cliff.”
The weighted LABJ Stock Index fell nearly 3 percent to close at 130.43 for the week ended Nov. 16. Decliners outpaced gainers 127 to 37, with 11 companies unchanged.
Many of the biggest movers were prompted by earnings reports. One of the biggest decliners was DTS Inc., an audio technology company in Calabasas, which reported a quarterly loss last week. Shares fell 26 percent to $15.21.
Other decliners include biopharmaceutical company CytRx Corp., which reported a steep rise in research and development spending for the quarter. Shares of the Los Angeles company fell 22 percent to $1.63. OSI Systems Inc. fell 17 percent to $63.94 following a news report claiming it had falsified test results about its body scanners.
The biggest gainers were helped by strong quarters. The stock of apparel company Ever-Glory International Group Inc. went up 25 percent to $1.61 after reporting a rise in third quarter wholesale and retail sales.
City of Industry retailer Hot Topic was up 7 percent to $9.18 after reporting net income growth and boosted profitability at one of its teen brands. Lions Gate Entertainment Corp. continued to rise after reporting a strong fiscal second quarter earlier this month. Shares were up more than 6 percent to $15.55.