The Los Angeles Business Journal’s weighted index of the area’s largest public companies rose for the week.
The weighted LABJ Stock Index rose by 2 percent to 200 for the trading week ending July 3. Gainers outpaced losers by 109 to 45, with nine companies flat.
Soft drink manufacturer Reeds Inc. was the biggest mover of the week. The L.A. company’s stock rose 21 percent to end the week at $5.64 on the NYSE. The improvement in Reed’s stock price follows the company’s June 24 announcement that Birmingham, Ala. retail chain Books-A-Million will carry its Reed’s and Virgil’s branded drinks in at least 130 stores.
Sport Chalet also had a big week. The La Canada Flintridge-based retailer announced its pending purchase by Vestis Retail Group for nearly $70 million in cash and assumed debt. The share price rose 18 percent to end the week at $1.19 on the Nasdaq.
Staar Surgical Co. had the biggest drop of the week. Shares of the Monrovia manufacturer of implantable optical lenses fell 14 percent to $14.15 on the Nasdaq after the Food and Drug Administration posted a warning to the company over inadequate record-keeping.