Los Angeles Business Journal

Medbox Among Week’s Biggest Movers

By Jonathan Polakoff Friday, January 10, 2014

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

The weighted LABJ Stock Index closed up 1.2 percent to 183.12 for the trading week ended Jan. 10. Gainers outpaced decliners 101 to 55, with five companies unchanged.

The biggest gainer was West Hollywood marijuana dispensing machine company Medbox Inc. Shares rose 38 percent to $34.01 as demand for newly legalized recreational marijuana exceeded expectations in Colorado.

Also gaining was Westlake Village in-flight entertainment and Wi-Fi firm Global Eagle Entertainment Corp. Shares rose 14 percent to $16.71 as the firm announced a deal with a Russian airline.

The biggest decliner was downtown Los Angeles newspaper publisher Daily Journal Corp. Shares fell 9 percent to $164 on news that the company disclosed it missed a filing deadline with the Securities Exchange Commission.

Also declining were sporting goods retailers Sport Chalet Inc. of La Cañada Flintridge, which fell 8 percent to $1.16, and Big 5 Sporting Goods Corp. of El Segundo, which fell 7 percent to $18.50.