Los Angeles Business Journal

The Week’s Big Movers

By Deborah Crowe Friday, October 12, 2012

The Los Angeles Business Journal’s index of largest local public companies closed down for the week.

The weighted LABJ Stock Index fell 3 percent to 135.48 for the week ended Oct. 12. Decliners outpaced gainers 129 to 38, with 8 companies unchanged.

One of the biggest decliners was Green Dot Corp., which dropped 24 percent to $9.80. Investors in the Monrovia prepaid card provider, which gets nearly two-thirds of its revenue from cards sold at Wal-Mart Inc., were concerned by the retailer’s announcement that it was working with American Express Co. to launch a competing prepaid card.

Broadway Financial Corp. fell 17 percent to $1.28. Investors drew back from shares of the L.A. parent of Broadway Federal Bank, which the week before had jumped 28 percent after the company reported a return to quarterly profit.

THQ Inc. fell 15 percent to $3.35. The Agoura Hills video game developer was hurt by an industry report that sales of videogame software fell 18 percent last month.

Ceres Inc. lost 10 percent to $5.38. The Thousand Oaks developer of crops used for bio-fuels announced that its longtime chief scientific officer, Richard Flavell, would be leaving his operational role. Flavell will remain affiliated with the company, however, as chief scientific adviser.

Among a small handful of double digit gainers was True Religion Apparel Inc., jumping 23 points to $25.92. The Vernon designer denim maker announced that it was forming a committee to evaluate strategic options that could include a sale.

Reed’s Inc. gained 15 percent to $7.33 after the Los Angeles specialty soda maker made an online presentation to potential investors.

Guidance Software inc. rose 4.5 percent to $12.04 after the Pasadena business forensics software company showcased a new version of its legal discovery software at a trade show.