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Tuesday, Dec 5, 2023

This Week’s Big Movers

The Los Angeles Business Journal’s index of the 200 largest local public companies surged for the week ended Nov. 28. The last five trading days marked the biggest Wall Street rally in more than 75 years.

The local index closed up 15 percent to $93.45 Friday compared to a week ago, with gainers outpacing decliners 138 to 47.

Image Entertainment Inc. skyrocketed 190 percent to $2. The Chatsworth home-entertainment company agreed to sell itself to a San Francisco private equity company.

Jacobs Engineering Group Inc. surged 70 percent to $44.77. The Pasadena-based engineering firm and other construction-related stocks benefited from speculation that President-elect Barack Obama will push for more spending on infrastructure as part of an economic stimulus package.

Reliance Steel and Aluminum jumped 64 percent to $20.62. The Los Angeles operator of metals service centers reported a more profitable October than anticipated as it reduced its working capital and inventories.

Nara Bancorp Inc. rose 47 percent to $10.86. The Los Angeles bank holding company said it received a $67 million investment in Nara Bancorp as part of the federal government’s TARP Capital Purchase Program.

Conversely, Hanmi Financial Corp. fell 24 percent to $2.35. The Los Angeles bank holding company said it applied for $105 million from the government’s financial bailout program, and noted a recent sharp decline in its share price could be traced to a large investor having to cover a margin call.

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