The Week’s Big MoversFriday, January 11, 2013
The Los Angeles Business Journal’s index of largest local public companies was flat for the week, as investors awaited the coming start of earnings season.
The weighted LABJ Stock Index ended the trading week of Jan. 11 unchanged at 139.88. Gainers outpaced decliners 100 to 63, with eight companies unchanged.
The biggest gainer was THQ Inc. jumping 88 percent to 32 cents. The Agoura Hills video game developer, which is in Chapter 11 reorganization, announced an amended bankruptcy plan giving potential buyers more time to make a bid and some of its assets.
Two West L.A. cancer drug developers, CytRx Corp. and Puma Biotechnology Inc. gained despite lack of market-moving news. CytRx rose 14 percent to $2.16, and Puma gained 12 percent to $21.24.
Joe’s Jeans Inc. rose 11 percent to $1.14. The Commerce apparel company announced the hiring of an industry veteran to oversee its international sales and received positive coverage from an investment blog.
Herbalife Ltd. rose nearly 11 percent to $40.21. The L.A. nutritional supplement company held an investor meeting on Thursday to defend itself against allegations that it was a pyramid scheme, and also learned that hedge fund manager Daniel Loeb of Third Point LLC had acquired an 8 percent stake in the company.
Among the biggest decliners was Cadiz Inc., which fell 8 percent to $7.48. The Los Angeles renewable resources company announced that President Scott Slater had been named chief executive, succeeding longtime CEO and co-founder Keith Brackpool.