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Friday, Oct 7, 2022
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The Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies closed down slightly for the week ended Aug 13 as mixed economic and earnings reports confused investors.

The weighted LABJ index closed down 0.39 percent to 117.66, with decliners outpacing gainers 144 to 36.

THQ Inc. fell 30 percent to $3.34 after the Agoura Hills video games publisher reported a smaller fiscal first quarter loss but gave a second quarter outlook below analysts’ expectations. Vitesse Semiconductor Corp. lost 26 percent to $3.72 after the Camarillo chipmaker also reported worse-than-expected earnings for its fiscal third quarter.

MPG Office Trust Inc. dropped 20 percent to $2.69 after the L.A. real estate investment trust reported a second quarter loss partially fueled by write-downs on the value of some of its office properties.

Skechers U.S.A. Inc. fell 17 percent to $27.39 after publication of a study disputing the benefits of the Manhattan Beach shoemaker’s trendy new toning sneakers, plus news of consumer lawsuits over the issue.

Among the gainers was Broadway Financial Corp., which gained 6 percent to $3.08 after the Los Angeles savings and loan holding company reported strong second quarterly earnings.

Green Dot Corp. rose 4 percent to $45.01 after the Monrovia provider of prepaid debit cards reported better-than-expected adjusted results for the second quarter in its initial financial report since going public last month.

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