Decliners outpaced gainers on the Los Angeles Business Journal’s index of the largest local public companies for the week ended Jan. 15 as investors reacted to a disappointing consumer sentiment survey and some negative quarterly reports in the banking sector.
The weighted LABJ index closed up 0.46 percent to $114.51, with decliners outpacing gainers 95 to 78.
Chatsworth home entertainment distributor Image Entertainment Inc. soared 40 percent to 45 cents. A San Francisco private equity firm took a controlling stake in the company in a preferred stock deal and a new management team and board were installed.
Valencia biotech MannKind Corp. rose 20 percent to $10.01 as company executives rallied to make a convincing pitch about the Mannkind’s prospects during a San Francisco investment conference. The gain came despite the delay of an approval by the Federal Drug Administration.
Los Angeles drug developer CytRx Corp. rose 13 percent to $1.30 after announcing that it will soon begin clinical trials for a new leukemia drug.
Among the largest decliners was Calabasas sound technology developer DTS Inc., which fell 12 percent to $29.98 despite a stock upgrade to “outperform” by a Barrington Research analyst.
El Segundo retail chain Big 5 Sporting Goods Corp. fell 10 percent to $15.35 after lowering its fourth quarter guidance.
Malibu toymaker Jakks Pacific Inc. fell 9 percent to $11.62 after a BMO Capital Markets analyst downgraded the stock “market perform,” citing weak sales and excess inventory.
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