The Los Angeles Business Journals index of the 200 largest public companies eked out its second-straight week of gains, although it added just less than 1 percent with the companies split in half between gainers and losers.
Gaining the most was natural beverage maker Reed's Inc., which inked a deal with the nation's largest grocery chain, Kroger Co., last week. Shares in the Los Angeles-based company added 49 percent for the week, closing at $3.23.
Also seeing a surge was Valencia-based biotech company Mannkind Inc., which saw shares add 35 percent on rumors the FDA trials for its inhalable insulin product were going well. Shares closed the week at $3.92.
Lastly, shares in Monrovia-based implantable contact maker Staar Surgical Co. gained 22 percent after the company reported surprising earnings. Shares closed the week at $4.32.
Getting hit particularly hard were local banks. Shares in Los Angeles-based Beverly Hills Bancorp were hit as investors soured on smaller banks. Shares lost 28 percent to $1.01.
Shares in CB Richard Ellis Group Inc. also were hit after the company reported disappointing earnings. They shed 26 percent to $13.45, hitting a 52-week low of $12.60 July 31.
Finally, another regional bank, First Regional Bancorp, was also hurt as investors fled the banking sector. Shares in the Los Angeles-based bank lost 23 percent to $5 hitting a 52-week low of $3.30 on July 28.
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