The Los Angeles Business Journal's index of the 200 largest local public companies closed down for the week ended Nov. 14 as investors reacted to poor economic news at the end of a turbulent week.
The local index closed down 6 percent to $92.25 Friday compared with a week ago, as decliners outpaced gainers 150 to 37.
Bidz.com Inc. plunged 52 percent to $2.84. The Culver City online retailer of jewelry posted a 9 percent drop in quarterly net income and cut its full-year revenue forecast in anticipation of a slowdown in merchandise sales.
Southwest Water Co. slid 48 percent to $4.10. The Los Angeles water, waste water, and public works services company delayed filing its quarterly report to the Securities and Exchange Commission as it corrects errors in its financial reports that date back to fiscal 2005.
Live Nation Inc. fell 46 percent to $5.50. Two analysts downgraded shares of the Beverly Hills concert promoter, warning that cash-strapped consumers may be less likely to splurge on concert tickets in a tough economy.
American Apparel Inc. dropped 41 percent to $3.94. The Los Angeles apparel maker and retailer reported its third-quarter profit fell 61 percent. It was also on the defensive against financial misconduct allegations made by a former employee in a wrongful termination lawsuit.
AECOM Technology Corp. jumped 21 percent to $19.81. The Los Angeles provider of professional technical and management support services reported 48 percent higher profits in its fiscal fourth quarter.
Hot Topic Inc. rose 10 percent to $7. The City of Industry teen retail chain bucked an industry trend by reporting same-store sales rose more than 8 percent in October.
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