Despite favorable analyst reports and improved earnings,...
Despite favorable analyst reports and improved earnings, most San Diego stocks found it difficult to avoid negative fallout from the Dow Jones’ 100-point plunge during the past week, according to Irving Katz, director of research at San Diego Securities.
Great American First Savings Bank, which received a favorable mention in Barron’s magazine on Monday, was down one-eighth for the week.
Molecular Biosystems, which linked its first-ever earnings to a $750,000, one-time license fee payment from du Pont, was down three-sixteenths to 5 9/16.
Southwest Bank, which reported second-quarter earnings of 14 cents, was down one-quarter to 3 5/8.
The few gainers of the week included PSA Inc., which was up 2 1/8 on a report that Heine Securities had purchased 5.3% of the company’s stock over the past six months at an average price of $26.50.
International Totalizator was up 1 to 4 1/2, the largest percentage gain of any of the San Diego stocks, Katz said. The market felt that pressure from several Assembly members from San Diego County might help ITS win the designation as the second source for electronic terminals to be used in an upcoming California lottery game, he added.
Home Federal was up seven-eighths and Video Library was up three-quarters with no news forthcoming.
On the down side, profit taking on high price-to-earnings multiples of several San Diego companies’ stock brought Beeba’s Creation down 2 to 20 3/4, Price Club down 3 1/2 to 40 1/2 and Cipher Data Products down 1 3/4 to 12 7/8.
La Jolla Bancorp was down one-half after reporting lower second-quarter earnings.
CCT Corp. was down another three-quarters to 4 after falling 6 points last week on the announcement that negotiations to acquire Acton Computer Technology had been dropped.
International Robomation was down 1 1/2 to 12 after announcing a private placement of 516,000 shares at $9.50.
Infrasonics was down five-eighths to 1 11/16 after announcing that its warrants, exercisable at $1.20 per share, would be called in August.
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