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Sunday, May 28, 2023

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies rose for the week ended April 8 as investors weighed the implications of a federal government shutdown.

The weighted LABJ index closed up 2.89 percent to 128.27, with decliners outpacing gainers 93 to 78.

U.S. China Mining Group Inc., a City of Industry company that operates coal mines in China, was one of the biggest losers despite reporting a rise in annual income. Shares dropped 23 percent to $290.

Enova Systems Inc., which makes hybrid electric drive systems, reversed gains earlier in the week that followed a strong quarterly report. The Torrance company’s stock dropped 20 percent to $1.19.

AeroVironment Inc. continued to feel the effects of last week’s crash of its experimental Global Observer drone aircraft during a test flight. The Monrovia company fell another 17 percent to $29.17.

Among the biggest gainers was discount performance ticketing firm Tix Corp., which jumped 22 percent to $1.60. The Studio City company’s board disclosed it was forming a committee of independent directors to study a buyout proposal from its largest single shareholder.

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