The New Year is taking a toll on the Los Angeles Business Journal's index of the 200 largest public companies. This week was the third straight week of losses, with 151 of the companies either losing ground or remaining flat, culminating in a 4.2 percent drop for the index during the week.
Investors continue to sour on the lending sector. This week, Calabasas-based mortgage lender Countrywide Financial Corp. shed 22 percent despite the company agreeing to be bought by Bank of America Corp. Shares closed at $4.96.
Rancho Cucamonga-based PFF Bancorp. also was hit, dropping 17 percent after it announced it expected bigger losses from bad loan investments. Shares closed the week at $8.02.
No to be left out, Pasadena-based lender IndyMac Bancorp. lost 15 percent after the lender said it was cutting more than 2,400 jobs and sustained a credit-rating downgrade by Moody's. Shares closed at $4.42.
On the upswing was Torrance-based PC Mall Inc., which saw its trading volume double amid rumors of acquisition talks. Shares gained 19 percent to $8.41, after hitting a 52-week low on Jan. 15 of $6.32.
Shares in aerospace and satellite parts maker Hi-Shear Technology Corp. gained 13 percent to $12.70 after the Torrance-based company reported stellar second-quarter earnings.
Finally, shares in Youbet.com Inc. gained 11 percent to $1.24. The Woodland Hills-based software developer sold its Bruen Productions unit after saying it was no longer part of Youbet's core business.
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