The Week’s Big MoversFriday, May 11, 2012
The Los Angeles Business Journal’s index of largest local public companies declined for the week as the woes in the nation’s finance sector dragged down Wall Street for the second straight week.
The weighted LABJ Stock Index closed down 1.5 percent to 128.31 for the week ended May 11. Decliners outnumbered gainers 111 to 53, with 11 companies unchanged.
Among the biggest losers was Torrance coffee maker Farmers Bros. Co., which dropped 22 percent to $6.96 after reporting a $5.5 million quarterly loss.
Tutor Perini Corp. declined 20 percent after it reported a $1.2 million quarterly loss compared with a $6.9 million profit a year earlier. Later in the week the Sylmar construction firm announced a contract to build a $135 million Indian casino in Arizona, but the stock did not recover.
Among the biggest gainers was Physicians Formula Holdings Inc jumped 28 percent to $3.97. The Azusa company announced a four-fold increase in quarterly earnings.
First California Financial Group Inc. rose 27 percent to $6.97 after the Westlake Village company rejected a takeover offer from Century City’s PacWest Bancorp that valued the company at $7.25 a share.