The Los Angeles Business Journal? index of the 200 largest local public companies closed up slightly for the week ended Nov. 6, as the markets were dampened by news that the U.S. unemployment rate hit 10.2 percent last month, the highest level since 1983. The weighted LABJ index closed up 0.32 percent to 106.27, with gainers outpacing decliners 92 to 87. Several local stocks were hurt by lackluster quarterly financial reports.
Thomas Properties Group Inc. dropped 25 percent to $2.34 after announcing a secondary stock offering that would have nearly doubled its shares outstanding. Citing poor market conditions, the Los Angeles office real estate investment trust soon canceled its plans.
Move Inc., the Westlake Village publisher of Realtor.com, fell 23 percent to $1.66 after reporting nearly 16 percent drop in third quarter revenue and warned of further declines in the fourth quarter.
True Religion Apparel Inc. dropped 20 percent to $21.02 after the Vernon premium denim maker reported a 9 percent drop in third quarter earnings that failed to meet Wall Street expectations.
Jakks Pacific Inc. lost 19 percent to $11.95 after the Malibu toymaker announced plans to raise $85 million through a private placement of convertible senior notes, with net proceeds to buy back older debt.
Among the top gainers was El Segundo retail chain Big 5 Sporting Goods Corp., which jumped 18 percent after reporting third quarter earnings that topped analysts?expectations.
Health Net Inc. rose nearly 15 percent to $17.81 after the Woodland Hills managed care provider reported a third quarter loss that was better than Wall Street forecasts. Herbalife Ltd. gained 14 percent to $39.67 after the Los Angeles nutritional supplements company also reporting a better-than-expected quarter.