The Los Angeles Business Journal's index of the 200 largest local public companies closed down for the week ended Feb. 13 as investors remained depressed about prospects for economy despite progress in Congress on passing an stimulus package.
The weighted LABJ index was down 2 percent to 89.54 Friday compared to a week ago, with decliners outpacing gainers 114 to 14.
Several financial stocks were hit by concerns over the broader economy. Nara Bancorp Inc. plunged 42 percent to $2.14, First Regional Bancorp fell 32 percent to $1.09 and FirstFed Financial Corp. dropped 23 percent to 57 cents.
Live Nation Inc. dropped 32.5 percent to $3.53 on doubts that its proposed merger with Ticketmaster Entertainment Inc. would survive anti-trust scrutiny and resistance by its largest shareholder. Skechers U.S.A. Inc. lost 27 percent to $7.32 after warning it expects to report a fourth-quarter loss.
The top gainer was Image Entertainment Inc., which jumped 144 percent after reporting a third quarter profit and announcing that its pending acquisition by Nyx Acquisitions Inc. was back on track after Nyx made a required payment.
Molina Healthcare Inc. gained 15 percent to $21.72 after reporting fourth quarter net income that met Wall Street expectations. DaVita Inc. rose 9 percent after reporting a fourth quarter that surpassed Wall Street expectations.
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