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Wednesday, Jun 29, 2022

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies closed down for the week, as the markets reacted to disappointing jobs and other economic data.

The markets were closed on Good Friday. The weighted LABJ Stock Index closed down 1.13 percent to 130.37 for the shorter trading week ended April 5. Decliners outpaced gainers 102 to 54, with 18 companies unchanged.

Among the biggest decliners was Electro Rent Corp., which fell 14 percent to $16.10. The Van Nuys provider of electronic testing equipment reported lower-than-expected fiscal third quarter revenue and earnings.

Boingo Wireless Inc. slid 16 percent to $11.09. Steelpoint Capital said in a regulatory filing that it had acquired a 9.51 percent passive stake in the Los Angeles operator of public Internet hotspots.

Disappointing news in the homebuilding sector hurt two local homebuilders. Ryland Group Inc. of Westlake Village dropped nearly 11 percent to $8.28 and KB Home of Los Angeles fell 8.4 percent to $8.28.

Among the biggest gainers was Cherokee Inc., which gained 10 percent to $12.51. The Van Nuys apparel licensing company announced revisions to its business model in advance of its quarterly earnings release.

Joe’s Jeans Inc. gained 9.7 percent to $1.35. The Commerce apparel company said it had regained compliance with Nasdaq listing requirements.

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