The Week’s Big MoversFriday, September 21, 2012
The Los Angeles Business Journal’s index of largest local public companies closed down for the week. The broader markets slipped slightly Friday after rallying most of the week following positive action by the Federal Reserve.
The weighted LABJ Stock Index closed down 1.6 percent to 139.33 for the week ended Sept. 21. Decliners outpaced gainers 86 to 80, with 10 companies unchanged.
The biggest gainer was Image Entertainment Inc., which jumped 75 percent to 7 cents. Shareholders of the Chatsworth film distribution company approved the company’s acquisition by a blank check company controlled by Black Entertainment Television founder Robert Johnson.
Virco Manufacturing Corp. gained 57 percent to $2.44. The Torrance manufacturer of school furniture reported better-than-expected quarterly earnings.
Iris International Inc. rose 49 percent to $19.47. The Chatsworth medical diagnostic test equipment maker said it had agreed to be acquired by a competitor for $338 million.
KB Home rose 18 percent to $15.26. The Los Angeles homebuilder swung to a fiscal third-quarter profit as the builder delivered more homes at higher prices.
Among the largest decliners was MPG Office Trust Inc., which fell 12 percent to $3.25. The downtown Los Angeles real estate investment trust that it disposed of a non-core office property in Orange County in a trustee sale.
RealD Inc. fell 9 percent to $9.17. The Beverly Hills provider of 3-D cinema technology said it would open its first office in Russia later this month.