In what's been a tough start of the year for stocks, the Business Journal's index of the largest 200 local public companies was hit hard for the second-straight week losing 3.6 percent. In all, 147 of the companies lost ground.
Leading the way was Countrywide Financial Crop., which was wrought with legal troubles and bankruptcy rumors earlier in the week. Shares recovered slightly near the end of the week after Bank of America Corp. said it was buying the Calabasas-based lender. Shares closed the week down 33 percent at $4.20. A year ago to the day, shares were trading in the $42 range.
Pasadena-based lender IndyMac Bancorp was also stung by the mortgage and real estate market turmoil, shedding 24 percent for the week to $5.23, hitting a 52-week low of $3.95 on Jan. 9.
Finally, El Segundo-based sporting goods retailer Big Five Sporting Goods Corp. lost 22 percent after the company reported poor fourth quarter sales, causing it to lower its guidance. Shares closed at $10.56, hitting a new 52-week low of $10.36 amid trading Friday.
On the upswing was Glendale-based casual dining chain Ihop Corp., which reported strong fourth quarter same-store sales, helping propel shares 17 percent for the week after hitting a 52-week low the week before. Shares closed at $44.96.
The stock of Chatsworth-based biotech firm Isis International Inc. gained 11 percent for the week, hitting a 52-week high on Friday. Shares gained as investors became bullish on the undervalued stock. The stock, which closed the week at $21.77, has added 92 percent over a year.
Lastly, PeopleSuport Inc. shares surged 9.3 percent, nearly all on Friday, after outsourcing firm IPVG Corp. upped its unsolicited bid for the Los Angeles-based outsourcing services provider. The initial bid was rejected by PeopleSupport's board in December. Shares closed the week at $14.76.
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