The Los Angeles Business Journal’s index of largest local public companies closed up strongly during a week when the overall market also advanced on news of a bailout and stimulus plan in Europe.
The weighted LABJ Stock Index closed up 3.9 percent to 131.41 for the week ended June 29. Gainers outpaced decliners 127 to 42, with six companies unchanged.
Among the biggest gainers was KB Home, which reported better than expected quarterly results on Friday and announced two new housing projects in Irvine earlier in the week. KB Home’s stock gained 25 percent this week to $9.88.
Manhattan Bancorp in El Segundo gained 26 percent to close at $3.85. Earlier this month the company completed its acquisition of Professional Business Bank in Pasadena.
Among the biggest decliners was Jakks Pacific. The Malibu toymaker completed a stock buy-back program that disappointed investors. Nearly all outstanding shares were tendered for the company to purchase, but it will buy only 16 percent of every shareholder’s stock. Jakks lost 11 percent for the week to close at $15.96.
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