The Week’s Big MoversFriday, October 19, 2012
The Los Angeles Business Journal’s index of largest local public companies rebounded for the week, although gains were muted by a late-week selloff in the broader markets.
The weighted LABJ Stock Index, which fell 3 percent last week, rose 2.4 points, or 2 percent, to close at 138.42 for the week ended Oct. 19. Decliners outpaced gainers 92 to 72, with 11 companies unchanged.
Home builders KB Home of Los Angeles and Ryland Group Inc. of Calabasas were among the top gainers, gaining 15 percent and 8 percent respectively to close at $16.90 and $32.85. The stocks benefited from a Commerce Department report that U.S. home construction hit a four-year high last month.
Unico American Corp. rose more than 8 percent to $11.96. The Woodland Hills property and casualty insurance company received an analyst upgrade on its shares.
The biggest decliner was CytRx Corp., dropping 29 percent to $2.52. The West Los Angeles cancer drug developer on Thursday priced a public offering of 8 million common shares at a nearly 20 percent discount to its closing price the day prior.
A discounted stock offering price also hurt shares of MannKind Corp., which fell 18 percent to $1.98. The Valencia biotech on Thursday priced an offering on stock and warrants at a 23 percent discount on the stock’s Wednesday’s closing price.