The Week’s Big MoversFriday, March 16, 2012
The Los Angeles Business Journal’s index of largest local public companies gained slightly during a week of positive economic reports that pushed the stock market higher.
The weighted LABJ Stock Index closed up 1.36 percent to 132.21 for the week ended March 16. Gainers outpaced decliners 115 to 49 with 10 companies unchanged.
The week’s biggest gainer was Evoq Properties Inc., which jumped 78 percent to $4.30. The downtown real estate company continued to gain under new management, which changed its name from Meruelo Maddux Properties.
Other big movers were tied to the release of earning reports. Salem Communications rose 45 percent to $3.99. The Camarillo-based Christian broadcaster announced increased revenue for the fourth quarter.
Hamni Financial Corp. gained 24 percent to $10.40. The Koreatown parent of Hamni Bank issued a positive annual earnings report, while brokerage D.A. Davidson & Co. initiated coverage with a “buy” recommendation.
Among the biggest decliners was Monrovia prepaid debit card company Green Dot Corp., which lost 14 percent to $27.88. Green Dot acquired a Silicon Valley company for $43.4 million last week in a bid to enter the mobile payment market.
U.S. Auto Parts Network Inc. fell 10 percent to $3.59 after the Carson online auto parts seller was downgraded by Barrington Research.