The Week's Big MoversFriday, March 23, 2012
The Los Angeles Business Journal’s index of largest local public companies fell as higher oil prices fueled a downturn in the broader stock market.
The weighted LABJ Stock Index closed down 0.3percent to 131.63 for the week ended March 23. Gainers outpaced decliners 92 to 73, with nine companies unchanged.
The biggest loser for the week was residential builder KB Home, which declined 21 percent to $10.29. The Los Angeles company reported a larger quarterly loss than analysts had anticipated, as well as higher cancellations for new home orders.
Ixia, a Calabasas company that sells testing and monitoring equipment for computer networks, lost 9 percent to $12.20 after two analyst downgrades.
Shares of natural resources developer Cadiz fell 6 percent to $9.91. The Los Angeles company, which is attempting to develop Mojave Desert land holdings into an underground water storage facility, said its losses widened last year.
On the upside, On Assignment Inc. rose 26 percent to $17.09. The Calabasas health care and technology staffing firm announced its acquisition of rival staffing firm Apex Systems for $600 million.
UTi Worldwide, a freight logistics company in Long Beach, gained 12 percent to $17.70 after reporting higher quarterly net income than analysts expected.