The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ index rose almost 1 percent to close at 214. Losers just outpaced gainers 80 to 74. Six companies closed the week unchanged.
Santa Monica’s Macerich Co., a real estate investment trust, was one of the week’s leading gainers. Shares rose 14 percent to close at $77.74 on Friday after rival mall operator Simon Property Group Inc. disclosed that it owns 5.71 million shares of Macerich, giving it a nearly 4 percent stake in the company.
Clinical-stage biotech company Kite Pharma Inc. of Santa Monica also had a good week. Shares rose 13 percent to close at $44.63 after the company announced that its experimental cancer treatment, KTE-C19, received a positive opinion from a European medical committee.
Valencia's Wesco Aircraft Holdings, among the world's biggest sellers and distributors of aerospace parts and components, was among the week’s losing stocks. Shares fell 18 percent to close the week at $13.98 after reporting earnings that missed analysts’ expectations, primarily due to a decline in operating margins and higher interest expenses from its acquisition of Haas Group Inc.