Herbalife, Ryland Among Week’s Biggest MoversFriday, March 14, 2014
The Los Angeles Business Journal’s index of largest local public companies fell for the week.
The weighted LABJ Stock Index dropped 2 percent to 190 for the trading week ended March 17. Decliners outpaced gainers 98 to 56, with six companies unchanged.
The biggest loser was downtown Los Angeles nutritional supplements company Herbalife. Shares dropped 12 percent as the U.S. Federal Trade Commission opened an inquiry into its operations, which have been under attack by hedge fund manager William Ackman.
Also dropping was Westlake Village homebuilder Ryland Homes. Shares were down 9 percent to $9.46 as a report showed that February home sales fell in California.
Among the biggest gainers was U.S. Auto Parts Network. The Carson company’s shares were up 21 percent to $2.99 on earnings that showed a narrower fourth quarter loss than analysts had expected.