The Week’s Biggest MoversFriday, March 8, 2013
The Los Angeles Business Journal’s index of largest local public companies climbed for the week as the Dow ended a week of record-breaking gains.
The weighted LABJ Stock Index closed up nearly 3 percent to $150.40 for the trading week ending March 8. Gainers outpaced decliners 127 to 37, with 6 companies unchanged.
Earnings reports and guidance presented at investor meetings fueled many of the biggest local movers.
The biggest mover was American Apparel Inc., jumping 29 percent to $1.71. The Los Angeles apparel maker and retailer showed strong gains in online sales in its fourth quarter report.
Hot Topic Inc. shares soared 28 percent to $13.83. The City of Industry retailer announced that it will be acquired by private equity firm Sycamore Partners for about $600 million.
Research Solutions Inc. gained 17 percent to close at $1.29. The Los Angeles research information company changed its name from Derycz Scientific Inc. as part of an initiative to improve its brand identity.
CytRx Corp. also rose 17 percent to close at $2.46. The West L.A. cancer drug developer made a well-received presentation at an investor conference earlier in the week.
Two of the biggest declines were fueled by disappointing quarterly reports and cautious guidance. Malibu toymaker Jakks Pacific Inc. continued to suffer from lower fourth quarter earnings reported recently.
AeroVironment Inc. fell 14 percent $19.01. The Monrovia developer of drone aircraft slashed its guidance, largely due to reduced orders from its government clients.