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Monday, Oct 2, 2023

The Week’s Big Movers

The Los Angeles Business Journal’s index of the 200 largest local public companies closed down for the week ended Jan. 23 as investors reacted to mixed earnings reports.

The weighted LABJ index was down 2.2 percent to $89.79 Friday compared with a week ago, with decliners outpacing gainers 119 to 61.

Thousand Oaks engineering and electronic products maker Teledyne Technologies Inc. ended the week down 21 percent to $29.49 after warning it expects this year’s earnings will be well below Wall Street expectations.

Several financial stocks fell on continued concerns about the sector. Los Angeles-based Cathay General Bancorp dropped 18 percent to $13.89. Westlake Village-based First California Financial Group Inc. fell 16 percent to $5.80. Los Angeles-based Hanmi Financial Corp. was down more than 14 percent to $1.98.

The stock of OSI Systems Inc., a Hawthorne company that makes health care equipment and security scanners, was downgraded by Stanford Research and fell 14 percent to $11.21.

Among gainers, Woodland Hills-online wagering service Youbet.com Inc. added 21 percent to $134 after announcing it had agreed to terms with several prominent tracks over the past few weeks and has started taking wagers.

Move Inc., a Westlake Village online real estate company, rose 15 percent to $1.70 after announcing it had hired an experienced Internet industry executive as CEO.

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