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Thursday, Jun 8, 2023

UTi Worldwide, California Resources Corp. Among This Week’s Movers

The Los Angeles Business Journal’s index of the largest local public companies was up for the week. The weighted LABJ index rose 3 percent to close at 227, with gainers outpacing losers 119 to 30. Seven companies closed the week unchanged.

Among stocks trading above a dollar, logistics firm UTi Worldwide Inc. was the week’s leading gainer. Shares were up 60 percent to close at $7.13 after news Friday that Denmark’s DSV Group, a transport and logistics firm, has agreed to buy the company for $1.35 billion.

Westwood oil giant California Resources Corp. was also one of this week’s leading gainers. Shares rose 56 percent to close at $4.71 as a result of the higher oil prices.

Los Angeles water marketer Cadiz Inc. was among the week’s losing stocks. Shares of the company fell 62 percent for the week, closing at $3.01 after it was notified by the federal Bureau of Land Management that it would need an environmental permit to build a pipeline in order to convey water from its desert aquifer to the regional water grid.

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