Qualstar, Arrowhead Among Week’s Biggest MoversFriday, 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.