The Los Angeles Business Journal’s index of the 200 largest local public companies closed up slightly for the week ended April 24. Markets were boosted after the government finally unveiled its methods for “stress testing” the health of banks, which could force financial companies to raise more money in the public markets.
The weighted LABJ index rose almost 1 percent for the week to close at 92.70 Friday, with gainers outpacing decliners 94 to 84.
DineEquity Inc., the Glendale parent of the IHOP restaurant chain, jumped 45 percent to $25.38 on little news. However, the casual dining sector was buoyed by better-than-expected earnings from Calabasas Hills chain Cheesecake Factory Inc., which ended the week up nearly 22 percent to $17.81.
Failed mergers dominated the largest losers list. Beverly Hills Bancorp, the Calabasas parent of First Bank of Beverly Hills, dropped 46 percent to less than 4 cents after announcing that its merger agreement with Orchard First Source Asset Management LLC had been terminated. No reason was given for the termination.
Image Entertainment Inc., a Chatsworth DVD distributor, fell 37 percent to 89 cents after announcing it terminated its troubled merger agreement with Nyx Acquisitions Inc. after determining that Nyx was unable to finance the deal.