The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ Index rose less than 1 percent to close at 217, with gainers outpacing losers 80 to 72. Seven companies closed the week unchanged.
Among the stocks trading above a dollar, City National Corp., the largest lender in Los Angeles, was one of the week’s leading gainers. Shares rose 18 percent to close at $89.01 on Friday after the company announced that it would be acquired by Toronto’s Royal Bank of Canada in a $5.4 billion transaction.
Los Angeles oil and gas drilling partnership BreitBurn Energy Partners also had a better week. Its shares, which had been tumbling as oil prices fell, rose 11 percent to close at $5.41. The stock rebounded from news earlier this month that the company slashed its distributions to shareholders by just over 50 percent.
West Hollywood marijuana dispensing company Medbox Inc. was among the week’s losing stocks. Shares fell 25 percent to close the week at $4.51 after several law firms announced class action lawsuits against the company, alleging violations of the Securities Exchange Act.
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