Despite a steady barrage of bad economic and financial news, the Los Angeles Business Journal's index of the 200 largest local public companies eked out slight gains for the week ended July 18, gaining 1.81 percent to end at 133.09. Of the companies, 111 were up and 72 lost ground.
First California Financial Group Inc. soared 23 percent to $8.25 on positive analyst comments about the bank trading below tangible book value despite having steered clear of any significant credit issues. Mattel Inc. jumped 19 percent on better-than-expected second quarter earnings and the El Segundo toymaker's victory in the Bratz doll case. Newly merged Activision Blizzard gained 17 percent to $37.24 as first quarter earnings topped company guidance.
IndyMac Bancorp was the biggest percentage loser, plunging 83 percent on the week to 14 cents as the feds had a rocky reopening of the bank after taking it over the previous week. The NYSE kicked IndyMac off its exchange and onto the pink sheets.
Shares in DineEquity Inc. lost 32 percent of their value to $22.87 after IHOP's parent said that it was lowering its same-store sales projections at its newly acquired Applebee's chain. Internet advertising company ValueClick Inc. slid 29 percent to $10.20 after cutting its full-year forecast due to weak advertising spending.
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