The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ index rose nine points, or about four percent, to close at 233, with gainers outpacing losers 100 to 50. Eight companies closed the week unchanged.
Among stocks trading above a dollar, Amgen Inc., the Thousand Oaks biotech giant, was one of the week’s leading gainers. Shares rose 10 percent to close at $170.10 on Friday despite some bad news for the company: A federal judge on Thursday denied Amgen’s attempt to block the sale of a drug that will compete with one of Amgen’s best-selling products.
Vitesse Semiconductor Corp., a Camarillo supplier of integrated circuits for the communications industry, was also among the week’s leading stocks after Microsemi Corp., a semiconductor manufacturer in Aliso Viejo, offered $389 million to acquire Vitesse. Shares rose 37 percent to close the week at $5.34.
Downtown clothing retailer and manufacturer American Apparel Inc. was among the week’s losing stocks. Shares fell 11 percent to close the week at $0.69 – their lowest price since mid-December – after company officials said they would not be able to file their latest annual report by the deadline because of talks with creditors about changes to its credit agreements.
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