RadNet, Cherokee Among Week’s Big MoversFriday, August 8, 2014
The Los Angeles Business Journal’s index of the largest public companies rose for the week. The weighted LABJ Stock Index climbed about a point to 198. Gainers outpaced losers by 81 to 76, with seven companies unchanged.
Shares of RadNet Inc., a Los Angeles medical imaging business, rose 36 percent to $6.92 after earnings beat analyst expectations. The company on Friday reported net income of $5.1 million (12 cents a share), up 89 percent above the same quarter last year. Revenue increased nearly 2 percent to $179 million. Analysts had expected earnings of a half cent per share.
Cherokee Inc., a clothing brand licensor in Sherman Oaks, was another gainer. Share prices rose 10 percent over the past week $18.43 as investors warmed to the idea of the company trimming dividends in favor of investing in growth.
Starr Surgical Co. of Monrovia was the week’s biggest loser. Share prices of the implantable lens company fell 17 percent to $10.74. The stock price dropped after Staar reported a $1.8 million net loss (5 cents a share) for the three months ended July 4 compared with $278,000 in net income for the same quarter last year.