Nova, Herbalife Among Week’s Biggest MoversFriday, January 24, 2014
The Los Angeles Business Journal’s index of largest local public companies closed down for the week.
The weighted LABJ Stock Index dropped 1.7 percent to 178 for the trading week ended Jan. 24. Decliners outpaced gainers 92 to 61, with eight companies unchanged.
The biggest decliner was Nova Lifestyle Inc., dropping 29 percent to $6.26. The Los Angeles furniture company was one of last week’s biggest gainers as investors cheered its move the Nasdaq from the Over-the-Counter Bulletin Board.
Herbalife fell 16 percent to $60.06. The downtown L.A. nutritional supplement company faced increased scrutiny from a variety of government officials, and also was hurt by an investigation in China into another multi-level marketing company.
Reed's Inc. fell 12 percent to $7.42. The Los Angeles specialty soda company said its chief financial officer was leaving at the end of the month.
The biggest gainer was Immunocellular Therapeutics Inc., jumping 29 percent to $1.26 on speculation about the Calabasas biotech’s drug pipeline.
Mandalay Digital Group rose 14 percent to $3.71. The Hollywood mobile communication products company said it signed a deal with Verizon Wireless.