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Sunday, Aug 14, 2022

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies closed down slightly for the week as the overall markets reacted to mixed earnings forecasts and worries about Spain’s economy.

The weighted LABJ Stock Index closed down 0.19 percent to 133.13 for the week ended July 20. Decliners outpaced gainers 94 to 71, with 10 companies unchanged.

The biggest mover was ReachLocal Inc., which jumped 25 percent to $12.55. Analysts at BofA/Merrill Lynch upgraded shares of the Woodland Hills online advertising company from “underperform” to “buy.”

Dole Food Co. rose 18 percent to $10.15. The Westlake Village fresh fruit and vegetable company confirmed speculation that it had retained two investment banks for a strategic review that could include a potential sale or spinoff of its packaged-foods unit.

J2 Global Inc. gained 14 percent to $29.41. The Hollywood provider of efax and other Internet business services sold $250 million of senior unsecured notes in a private placement.

Mattel Inc. rose 10 percent to $34.39. The El Segundo toymaker reported better-than-expected second-quarter net income.

Among the biggest decliners was Staar Surgical Co., which fell 27 percent to $6. The Monrovia maker of implantable eye lens estimated second-quarter revenue below expectations.

DTS Inc. fell 23 percent to $19.32. The Calabasas developer of high-definition audio technology also estimated second-quarter revenue that disappointed Wall Street.


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