The Los Angeles Business Journal’s index of largest local public companies closed up slightly for the week ended Feb. 12, despite investor concerns that a slowdown in China’s economy could disrupt a U.S. recovery.
The weighted LABJ index rose nearly 1 percent to 108.89, with gainers outpacing decliners 117 to 72.
Crown Media Holdings Inc. rose 17 percent to $1.52 after the Studio City operator of the Hallmark Channel cable channels disclosed in a regulatory filing that its board and a lender had finalized terms of a $1.1 billion recapitalization agreement.
BreitBurn Energy Partners L.P. gained 13 percent to $15.22 after the Los Angeles oil and gas company announced settlement of all litigation with a major investor that had sought a larger role in governance of the company.
IPC The Hospitalist Company Inc. rose 10 percent to $37.64 after the North Hollywood based physician group practice company announced acquisition of a Tucson, Ariz. company whose physicians practice at skilled nursing facilities and assisted living facilities, a market beyond the company’s usual hospital-based practice.
Among decliners was Los Angeles cancer drugmaker Abraxis BioScience Inc., which fell 15 percent to $34.03 after an analyst’s downgrade.
Saehan Bancorp declined 6 percent to 80 cents after the struggling Los Angeles bank holding company announced that Saehan Bank received an extension from federal and state regulators to comply certain capital ratio requirements