The Los Angeles Business Journal’s index of the largest local public companies closed up for the week ended April 23 as the Dow Jones industrial average marked its longest winning streak in more than six years.
The weighted LABJ index closed up 2 percent to 124.35, with gainers outpacing decliners 123 to 58.
The biggest local gainer was Ante4 Inc., former owner of the World Poker Tour, which announced that it had taken proceeds from its sale of the Tour to go enter a new industry and had acquired a private oil and gas operation. Shares of the Los Angeles company, renamed Voyager Oil and Gas Inc., soared 145 percent to $3.56.
Los Angeles specialty soda maker Reed’s Inc. jumped 34 percent to $2.25 after reporting better-than-expected first quarter earnings.
Center Financial Corp. gained 23 percent after the Koreatown parent of Center Bank announced it had acquired the banking operations of failed Innovative Bank in Oakland from the Federal Deposit Insurance Corp.
Lions Gate Entertainment Corp. ended the week up nearly 13 percent to $7.18 as its proxy battle with activist investor Carl Icahn took a new turn. The board urged shareholders to reject the latest $7-per-share tender offer from the Icahn Group. But the company also changed its mind and would counts shares from Icahn’s 18.9 percent stake in the company during a May 4 special meeting vote on a proposed “poison pill” shareholders rights plan designed to thwart unfriendly takeover bids.
Among the largest decliners was online dating site operator Spark Networks Inc., whose board rejected an offer by a major investor to acquire the rest of the company. The Beverly Hills company ended the week down nearly 10 percent to $3.45.