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Saturday, Mar 2, 2024

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies fell for the week ended May 6 on mixed earnings reports.

The weighted LABJ index closed down 1.34 percent to 126.20, with decliners outpacing gainers 112 to 56.

Among the biggest decliners was Obagi Medical Products Inc., which lost 24 percent to $9.80. The Long Beach medical skin care company reported a first quarter net loss that led three analysts to downgrade the stock.

A poor earnings report also hurt Monrovia prepaid debit card company Green Dot Corp., which fell 19 percent to $39.19.

Ducommun Inc. slid 15 percent to $19.39. The Los Angeles aerospace components maker reported disappointing first quarter results and announced it was suspending its quarterly dividend as it prepared to close a large acquisition.

Among the biggest gainers was Herbalife Ltd., which jumped nearly 17 percent to $104.84. The Los Angeles nutritional supplement maker report particularly strong first quarter profit.

DineEquity Inc. gained 9 percent to $54.56. The Glendale parent of the IHOP and Applebee’s restaurant chains reported better-than-expected first quarter profits and raised its overall sales guidance.

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