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Friday, Jun 9, 2023

The Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies closed up slightly for the week ended July 30 as good news for some large companies offset declines among local banks.

The weighted LABJ index closed up 2 points to 118.07, with gainers outnumbering losers 118 to 59.

Among large companies, CB Richard Ellis Group gained 16 percent for the week after it reported strong earnings on July 27. The Los Angeles-based real estate company had a quarterly profit of $54.8 million compared with a loss of $6.6 million in the same period last year.

Other big gainers included Pasadena engineering firm Tetra Tech, up 13 percent; Torrance-based PC Mall, up 14 percent; and Malibu toymaker Jakks Pacific, up 12 percent.

Many of the banks on the index reported poor second-quarter results this week. Shares of East West Bank Corp. fell 9 percent. The bank reported quarterly net income of $36.3 million, or 21 cents a share, but its guidance for the rest of the year indicated no growth in its loan portfolio.

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