The Los Angeles Business Journal’s index of the 200 largest local public companies closed nearly flat for the week ended Oct. 16. Positive news about U.S. manufacturing growth was offset by word that the federal budget deficit had grown to an all-time high of $1.42 trillion.
The weighted LABJ index closed up less than 1 percent to 109.76, with gainers outpacing decliners 101 to 80.
Los Angeles apparel maker Joe's Jeans Inc. was the top gainer, up 71 percent to $1.20 after reporting an improved and better-than-expected third quarter. El Segundo toymaker Mattel Inc., whose lower third quarter was still better than expected, added 10 percent to $20.46.
Cathay General Bancorp, the Los Angeles holding company for Cathay Bank, gained 14.5 percent to $10.01, despite selling 7.6 million shares in a secondary offering that grossed $70 million.
Among decliners was MannKind Corp., closed down 12 percent to $5.54, and was still feeling the effects of last week’s announcement that that Valencia biotech does not expect to find a marketing partner for its inhaled insulin drug candidate Afresa in 2009.
For reprint and licensing requests for this article, CLICK HERE.