The Los Angeles Business Journal's index of the 200 largest local public companies was down slightly in the week ended Aug. 22, despite a Friday market rally prompted by an oil price retreat and a prediction by Fed Chairman Ben Bernanke that inflation pressures were likely to moderate.
The local index was down less than 1 percent to 140.18 on Friday compared to a week ago. Losers outpaced gainers 68 to 115.
DineEquity Inc. dropped 21 percent to $20.37, and Grill Concepts Inc. fell 14 percent to $2.10. DineEquity, the Glendale-based operator of IHOP and Applebee's, and Grill Concepts, the Woodland Hills-based operator of The Grill and other upscale casual restaurants, were adversely affected by a U.S. Labor Department report indicated consumers were slowing their spending at bars and restaurants.
Hot Topic Inc. fell 19 percent to $5.40. The City of Industry teen clothing retailer forecast weaker-than-expected earnings for the rest of the year, despite a smaller loss in the last quarter.
MannKind Corp. fell 15 percent to $3.29. The Valencia biotech continued to feel the effects of an earlier earnings report in which it reported steep losses on higher research and development costs for its experimental diabetes therapy.
FirstFed Financial Corp. jumped 33 percent to $12.60. The Los Angeles parent of First Federal Bank of California reported that it had reduced its exposure to adjustable-rate loans and mortgage-backed securities in July.
International Rectifier Corp. rose 17 percent to $22.04. The El Segundo maker of power management semiconductors received a buyout offer earlier this month that investors believe is too low and likely to be sweetened.
Reed's Inc. gained 10 percent to $3.00. Los Angeles specialty soda maker reported a second quarter loss that was smaller than a year ago. Talon International Inc. soared 53 percent to 29 cents. The Los Angeles maker of zippers and other apparel accessories reported a second quarter that exceeded expectations.
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