After two weeks of solid gains, the Los Angeles Business Journal's index of the 200 largest public companies took a dip this week, dropping 2.1 percent. In all, 130 of the companies either lost ground of stayed flat for the week.
Losing the most was Los Angeles-based real estate firm Meruelo Maddux Properties Inc., which shed 35 percent for the week after reporting disappointing first quarter earnings. Shares closed the week at $1.64 per share hitting a 52-week low of $1.61 May 8.
Shares in troubled lender Countrywide Financial Corp. dipped 21 percent after Bank of America Corp. said it may not guarantee $38 billion in the Calabasas-based company's debt when the bank acquires the company, alarming investors. Shares closed at $4.76.
Finally, Corona-based maker of Monster energy drinks, Hansen Natural Corp., lost 18 percent for the week after the company reported solid earnings that missed Wall Street expectations. Shares closed at $28.60.
On the way up was Downtown L.A. based Cash Technologies Inc., which provides financial services to companies, after the company made moves to regain listing compliance with the American Stock Exchange. Investors were pleased, sending shares up 218 percent for the week to 35 cents per share.
Shares in high-end denim retailer True Religion Apparel Inc. surged 18 percent after the Vernon company reported stellar first quarter earnings along with a strong guidance for the rest of 2008. Shares closed at $22.27
Finally, shares in videogame developer Activision Inc. shot up 15 percent after the Santa Monica company reported strong fourth quarter earnings. Shares in Activision closed at $31.64.
For reprint and licensing requests for this article, CLICK HERE.