In a week where the Dow Jones industrial average gained more than 300 points or more than 2 percent, the Los Angeles Business Journal's index of the 200 largest public companies added a paltry 0.11 percent. The companies were nearly split down the middle between gainers and losers.
Adding the most was New York-based record label Warner Music Group which has a substantial office in Burbank. The label added 35 percent for the week after it was announced that long-time head Clive Davis had been ousted. Shares closed the week at $8.24.
Shares in microturbine energy systems manufacturer Capstone Turbine Corp. added 13 percent after the Chatsworth-based company said it inked a distribution deal with a Texas company. Shares closed at $2.91.
Lastly, investors snatched up shares of Los Angeles-based real estate developer Meruelo Maddux Properties Inc. after the company hit a 52-week low two weeks earlier. Shares gained 13 percent to $2.98.
On the way down was Santa Monica-based FirstFed Financial Corp., which shed 24 percent. Poor earnings in the sector prompted a sell-off of regional bank stocks. Shares closed at $17.06.
Also losing ground was Pasadena bank East West Bancorp, which dropped 18 percent after reporting poor first quarter earnings. Shares closed at $13.97.
Finally, shares in Valencia-based biotech company MannKind Corp. continued to drop after it was left as the only company in the inhalable insulin market after all major competitors said there was no viable market for the product. Shares lost 17 percent to $2.09.
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