Same story, different week. The Los Angeles Business Journal's index of the 200 largest public companies took another hit, losing 1.7 percent for the week, amid uncertainty about the economy. It was the third straight week, and fourth of the last five, in which local stocks edged down by a similar amount.
Dropping the most was denim maker Blue Holdings Group. Its shares dropped 19 percent for the week after the Commerce-based company received notice from Nasdaq that it was in danger of being de-listed. Shares closed at 62 cents per share and have shed 62 percent since the beginning of February.
Shares in battered lender Countrywide Financial Corp. also took a beating this week, dropping 13 percent after concerns surfaced that the Calabasas-based company's credit rating was going to drop into "junk" status. Shares closed the week at $12.07, hitting a new 52-week low during trading Friday.
Finally for the decliners, shares in Gemstar-TV Guide International Inc. tumbled 14 percent after some institutional investors dumped the stock. The stock of the Los Angeles-based media company closed at $5.70 after hitting a 52-week high of $7.28 three weeks ago.
The biggest gainer of the week was Iris International Inc. Its stock was bought up by several large investors because they felt the Chatsworth-based biotech firm was undervalued, propelling shares up 14 percent. Shares closed the week at $17.95.
The stock of Arden Group Inc. gained 13 percent after the company reported strong third-quarter earnings and declared a dividend. Shares in the Compton-based supermarket owner and operator closed at $149.33.
Finally, shares in Santa Monica-based real estate investment trust Anworth Mortgage Asset Corp. added 7 percent after reporting an increased loss that was better than expected. Shares closed the week at $6.98.
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