Preferred Bank, Stamps.com Among Week’s Biggest MoversFriday, October 18, 2013
The Los Angeles Business Journal’s index of largest local public companies rose slightly for the week, as the markets rebounded from earlier losses.
The weighted LABJ Stock Index closed up 2.4 percent to 175.32 for the trading week ended Oct. 18. Gainers outpaced decliners 127 to 28, with eight companies unchanged.
Among the biggest movers was Preferred Bank, jumping 14 percent to $20.61. The downtown Los Angeles bank benefited from an analyst initiating coverage with an “outperform” rating.
Stamps.com Inc. rose 11 percent to $46.62. The El Segundo provider of Internet-based postage services was named to Forbes Magazine's List of America's Best Small Companies.
Demand Media Inc. fell more than 10 percent to $5.20. The Santa Monica digital media content company announced that its high-profile co-founder, Richard Rosenblatt, was resigning as chief executive.
Last week’s biggest decliner, CytRx Corp. rebounded 9 percent to $2.45. The West Los Angeles cancer drug developer completed a secondary stock offering and benefited from favorable media coverage of one its experimental therapies.
Green Dot Corp. fell more than 8 percent to $20.95. Analysts downgraded the Monrovia prepaid debit card company on fears of increased competition from larger competitors, including American Express Co.
Joe’s Jeans Inc. fell more than 8 percent to $1.06. The Commerce designer denim maker moved to a loss in the third quarter on declining sales of one brand and expenses related to an acquisition.