The Los Angeles Business Journal’s index of largest local public companies closed down for the week ended June 17 as investors reacted to mixed economic news.

The weighted LABJ index fell 1.53 percent to 123.18, with decliners outpacing gainers 91 to 73, with 18 companies unchanged.

One of the largest decliners was Physicians Formula Holdings Inc., which fell 16 percent to $3.95. The Azusa cosmetics company was seen as taking a risk by expanding into the skin care business, announcing a line that initially will be carried in Wal-Mart stores.

Los Angeles medical imaging center operator RadNet Inc. fell more than 14 percent to $4.10 as investors shifted their positions in advance of the company’s expected inclusion next week on Russell 3000 Index.

The biggest gainer was Internet hotspot provider Boingo Wireless Inc. Shares of the Santa Monica company have lagged since a May initial public offering, but jumped more than 16 percent to $8.91 after four Wall Street analysts initiated coverage and recommended the stock.

Los Angeles designer apparel firm Joe’s Jeans Inc., which plunged last week after receiving a Nasdaq delisting warning, recovered this week, gaining 13 percent to close at $8.91.