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Thursday, Feb 29, 2024

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies edged down slightly for the week ended March 11 as the prospect of lower oil consumption in Japan following its massive earthquake reduced earlier losses driven by rising oil prices.

The weighted LABJ index closed down 0.18 percent to 124.56, with decliners outpacing gainers 113 to 58.

Camarillo power equipment maker Power-One Inc, which also makes components for solar panels, dropped more than 12 percent to $7.31. A fund manager said he shorted the company’s stock because reduction of solar energy incentives in Europe is likely to result in a glut of solar panels.

Crown Media Holdings Inc. fell 11.5 percent to $2.31. The Studio City cable television channel operator announced a new chief financial officer after its prior executive resigned and took another job.

BreitBurn Energy Partners L.P. lost 8.5 percent to $20.35, The Los Angeles oil and gas company reported a larger fourth-quarter loss due to poorly performing derivative contracts.

Among the biggest gainers was 99 Cents Only Stores, which closed up 21 percent to $19.59. The Los Angeles discount store chain received a $1.34 billion buyout bid from its management and largest shareholders, backed by a prominent West L.A. private equity firm.

AeroVironment Inc. gained 15 percent to $33.56. The Monrovia maker of unmanned aircraft and chargers for electric vehicles reported strong fiscal third-quarter results and raised its revenue outlook for the year.

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