Los Angeles Business Journal

Qualstar, Arrowhead Among Week’s Biggest Movers

By Deborah Crowe Friday, February 14, 2014

The Los Angeles Business Journal’s index of largest local public companies closed higher for the week.

The weighted LABJ Stock Index rose 3 percent to 187.13 for the trading week ended Feb. 14. Gainers outpaced decliners 123 to 32, with six companies unchanged.

The biggest gainer was Qualstar Corp. jumping 36 percent to $1.56. The Simi Valley maker of data storage and power supplies reported a better-than-expected fourth quarter and fiscal year results.

Other companies also gained on better-than-expected earnings reports. Manhattan Beach shoe company Skechers USA Inc. rose 28 percent to $35.47. Motorcar Parts of America Inc., a Torrance manufacturer and distributor of automotive aftermarket parts, gained 24 percent to $26.26.

Arrowhead Research Corp. rose 31 percent to $18.99. Analysts at Piper Jaffray raised their 12-month target price for shares to $20.

Puma Biotechnology Inc. rose 19 percent to $123.59. The West L.A. biotech on Friday completed a $138 million public offering of common stock.

The biggest decliner was Reachlocal Inc. dropping more than 17 percent to $10.57. An analyst downgraded the stock of the Woodland Hills online marketing company after it missed Wall Street estimates for the quarter.

Ducommun Inc. fell 11 percent to $24.26. The Los Angeles aerospace contractor said it would take $14.1 million in charges when it reports fourth quarter results due to cost overruns for the development and production phases of a large contract.