The Week’s Big MoversFriday, January 27, 2012
The Los Angeles Business Journal’s index of largest local public companies gained only slightly for the week as investors reacted to reports that the U.S. economy in the fourth quarter grew at a slower pace than expected.
The weighted LABJ Stock Index closed up 0.81 percent to 127.14 for the week ended Jan. 27. Gainers outpaced decliners 95 to 64, with 13 companies unchanged.
Among the biggest gainers was MannKind Inc., which jumped 15.9 percent to $3.28. Investors appeared to be taking advantage of the low price of the Valencia biotech’s beaten down stock, which fell 70 percent last year after regulators balked at approving its inhaled insulin product until the company agreed to additional clinical trials.
Wesco Aircraft Holdings Inc. rose 13 percent to $14.35. The Valencia distributor of aircraft components reported better-than-expected earnings and revenue for its fiscal first quarter.
Jakks Pacific Inc. gained 13 percent to $15.15 on renewed speculation that Oaktree Capital may make another offer to take the Malibu toymaker private.
K-Swiss Inc. rose near 10 percent to $9.84. The Westlake Village shoemaker had been benefitting from a new advertising campaign featuring celebrity fitness trainer Jillian Michaels.
Among the biggest decliners was Bidz.com Inc., which fell 14.6 percent to 41 cents. The Culver City online jewelry retailer recently received a warning letter from Nasdaq regulatory about company’s compliance with listing requirements.
Green Dot Corp. fell 5.2 percent to $28.59. The Monrovia prepaid debit card issuer reported fourth quarter revenue below Wall Street expectations.