Seven San Diego companies saw their stocks...
Seven San Diego companies saw their stocks hit record highs in the last week as the stock market continued to new heights, according to Irving Katz, analyst at San Diego Securities.
San Diego Gas & Electric hit a new high of 33 1/8, following an item in Monday’s Wall Street Journal implying that SDG&E; and other utilities are due for an investment upgrade. In addition, George Phelps, 88-year-old founder of Duff & Phelps bond rating service, made a buy recommendation for SDG&E;, Katz said.
Imperial Corp. of America finally joined the parade of other area savings and loan associations by hitting a new high--13 7/8.
Handyman also hit a record high, of 29 7/8, as investors sought to take advantage of a price-to-earnings ratio of 10, considered low by today’s standards.
IRT Corp. reached a new high of 11 3/4 as the market continued its expectation of profitability after earlier research and development write-offs, Katz said.
Southwest Bank hit a new high of 4, a continued reaction to the Vista-based company’s speaking tour to California analysts.
Decom Systems reached a 12-month high of 3 3/4, giving added life to its warrants, according to Katz.
Wavetek made a new recovery-period high of 11, while Home Federal Savings & Loan, following a 5-cent-a-share dividend, rose one-quarter. More than 80% of Home Fed’s stock is now owned by institutions, ranking it among the nation’s leaders in that category, Katz said.
Rohr Industries rose 2 as Wall Street searched for stocks with a low price-to-earnings ratio.
Mission West Properties, 51% controlled by San Diego-based Intermark, was up seven-eighths on low volume, as news of its Del Mar property settlement became widely known.
Western Health Plans rebounded 2 1/8 points in the past week. Last week, the company announced that President James Stumpfel had departed.
Cousins Home Furnishings rose 2 points in the past two weeks, in anticipation of a $4.5-million equity investment, announced Monday. (See story on Page 2A.)
International Robomation and Intelligence rose three-eighths last week, following its announcement of $2.15 million in contracts for five inspection units.
