The Los Angeles Business Journal’s index of the area’s largest public companies was flat for the week.
The weighted LABJ Stock Index went down less than 1 percent to close at 206. Laggers outpaced gainers with 111 stocks falling, 44 rising and six unchanged.
Digital Marketing company Conversant Inc. of Westlake Village was among the week’s leading gainers. Shares of Conversant rose 28 percent to end the week at $34.27 after the company announced it will be acquired by Alliance Data Systems of Plano, Texas, for a $35 a share in a deal expected to close this year.
Calabasas company NetSol Technologies, which makes software that tracks vehicle leases for auto dealers and lenders, also had a strong week. Shares rose 17 percent, closing at $3.56 Friday, despite reporting earnings this week that fell short of analyst’s expectations. Najeeb Ghauri, the company’s chief executive, bought 25,500 shares of NetSol stock Wednesday at an average price of $3.15 a share.
CytRx Corp. was among the week’s biggest losers. Shares of the Los Angeles drug developer fell 18 percent to close at $2.76 after Tuesday’s announcement that a law firm is investigating the company for violation of securities laws. The company is accused of hiring a promoter, The DreamTeam Group, to publish favorable articles about CytRx without disclosing they were paid for them.