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Friday, Sep 30, 2022

The Week’s Big Movers

The Los Angeles Business Journal’s index of largest local public companies rose for the week ended July 22 on mixed news about prospects for a deal on the federal debt ceiling.

The weighted LABJ index rose 2 percent to 128.41, with gainers outpacing decliners 103 to 64 and 13 companies unchanged.

The biggest movers locally were companies that took a hit after previewing or reporting disappointing earnings. NetSol Technologies Inc. was the biggest decliner. The Calabasas specialty business software developer lowered its revenue guidance for the fiscal year and shares plunged 35 percent to $1.

Molina Healthcare Inc. dropped 13 percent to $23.76 after the Long Beach managed-care provider reported second quarter net income lower than analysts expected.

Avery Dennison Corp. dropped nearly 12 percent to $33.69 after the Pasadena office supply company made a downward revision to its quarterly and annual outlook.

RadNet Inc., a Los Angeles operator of diagnostic imaging centers, was hurt by an analyst downgrade. Shares dropped 12 percent to $12.05.

Among the biggest gainers was On Assignment Inc., a Calabasas professional staffing agency for the healthcare and engineering companies. Shares rose 13 percent to $10.91 after news about the merger of two large human resources companies led analysts to speculate that problems during the consolidation might create opportunities for smaller firms.

ValueClick Inc., a Westlake Village online advertising company, rose 9 percent in advance of its upcoming second quarter report.


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