The Los Angeles Business Journal’s index of the 200 largest public companies gained 2.6 percent this week thanks in large part to a rate cut by the Federal Reserve that sent 123 of the index’s companies, and nearly all companies touched by the housing or real estate markets, up for the week.
Shares in Fremont General Corp. gained 19 percent for the week following the half-point cut by the Fed. Shares in the Santa Monica-based lender closed the week at $5.96.
Anworth Mortgage Asset Corp. also got a boost from the rate cut and also helped its own cause by announcing it will take a $143 million charge, essentially writing off its investment in a mortgage investment subsidiary, relieving investors that the issue would linger. Shares in the Santa Monica REIT gained 15 percent for the week and closed at $5.86.
Keeping the real estate theme going, CB Richard Ellis Group Inc. gained 15 percent, tentatively calming concern that the commercial real estate market was heading the way of the housing market. Shares in the El Segundo firm closed the week at $29.01.
On the down side was Trio-Tech International, which dropped 25 percent after reporting disappointing earnings. Shares in the Van Nuys-based computer chip testing facility closed at $11.37.
Sporting goods retailer Sport Chalet also dropped 7.8 percent on poor earnings. Shares in the La Canada-based company closed at $8.90.
Finally, shares in First California Financial Group Inc. shed 6.8 percent after the company announced it had ended the employment agreement with its Chief Credit Officer and Executive Vice President Robert Bartlett. Shares closed at $9.34.