The Week’s Big MoversFriday, July 6, 2012
The Los Angeles Business Journal’s index of largest local public companies closed up slightly for the week, as Friday’s sharp market sell off spurred by weak national jobs data nearly erased the gains from earlier in the week.
The weighted LABJ Stock Index closed up 0.22 percent to 131.70 for the week ended July 6. Gainers outpaced decliners 126 to 42, with eight companies unchanged.
MannKind Inc. was one of the biggest gainers on news that Al Mann, the Valencia biotech’s founder and largest shareholder, had significantly added to his stake by converting debt to stock. Shares jumped 20 percent to $2.75.
KB Home reported a narrower quarterly loss as the housing market recovers. Shares of the Los Angeles homebuilder rose more than 19 percent to $10.38
ValueClick Inc. shares gained nearly 17 percent to $16.48 after the Westlake Village online marketing company issued a strong second quarter earnings forecast.
Among the biggest decliners was Studio City discount ticket seller Tix Corp. Shares slid 18 percent to $1.65 after Chief Executive Mitch Francis withdrew an offer to buy all outstanding shares.
Preferred Bank fell 12 percent to $11.67. The downtown L.A. commercial bank warned that it would likely report a second quarter loss due an unexpected write-down on two loans.