The Los Angeles Business Journal’s index of largest local public companies dropped nearly 5 percent for the week ended July 29 on mixed earnings reports and investor unease over the congressional battle over the debt ceiling.
The weighted LABJ index ended the week down 4.9 percent to 122.12, with decliners outpacing gainers 129 to 35 and 16 companies were unchanged.
CytRx Corp. was the largest decliner after the West L.A. biotech priced a stock and warrant offering that investors considered too dilutive. Shares fell 37 percent to 44 cents.
Most of the other big movers were related to earnings announcements that were worse or better than expected.
NetSol Technologies Inc., a Calabasas provider of leasing software, dropped nearly 18 percent to 88 cents. The company warned that earnings for its fiscal year ended June 30 would be down because orders were delayed when its customers were concerned that unrest in Pakistan following the killing of Osama bin Laden would affect NetSol’s facility in Lahore. Agoura Hills video game developer THQ Inc. fell 17 percent to $2.66 after reporting weak earnings for its fiscal first quarter.
Long Beach managed care provider Molina Healthcare Inc. was down 15 percent to $22.65 on weak second quarter net income. RealD Inc., the Beverly Hills 3-D film technology company, fell 15 percent to $15.48 after reporting a revenue drop.
Among the biggest gainers for the week was Stamps.com Inc., the Los Angeles company that provides Internet-based postal services. Shares rose 23.5 percent to $16.75 after the company reported a 26 percent jump in second quarter revenue and solid earnings, making it one of the biggest movers on the Nasdaq Friday.
CrowdGather Inc., a Woodland Hills company that develops and hosts forum-based Web sites, gained 17 percent to close at 55 cents after reporting record fourth quarter revenue and a smaller net loss. Skechers USA Inc. shares jumped 14 percent to $16.65 after the Manhattan Beach shoe maker reported a second quarter loss as it clear out inventories of its toning shoes. Preferred Bank in Los Angeles
