Savings and loans are an anomaly in...

Savings and loans are an anomaly in today’s market, selling off despite reporting much higher than expected earnings, according to Irving Katz, director of research at San Diego Securities.

Great American First Savings was down three-eighths, Home Federal was down 1 1/8 and Imperial Corp. was down 1.

At their current prices, these S&Ls; are selling at five to six times this year’s estimated earnings, far lower than many stocks in the Standard & Poor’s averages, Katz said.

San Diego Gas & Electric was up 1 point for the week after a positive report by a California administrative law judge that approved passing on to customers the entire $4.5-billion cost of building Units 2 and 3 at San Onofre Nuclear Generating Station. The law judge’s report will be reviewed by the state Public Utilities Commission on Wednesday. SDG&E; has a 20% interest in Units 2 and 3.

The largest percentage mover of the week was DH Technology, up seven-eighths to 4 1/8. DH released quarterly earnings of 14 cents per share, compared to 6 cents during the same quarter a year ago, Katz said.

Rohr Industries moved up 1 5/8 to 29 with the announcement that it would, from time to time, purchase 500,000 shares in the open market.

Cohu was up three-quarters despite lower third-quarter and nine-month earnings, Katz said.

La Jolla Bancorp was up five-eighths to 5 7/8, a new high since being listed on the Amex. The holding company appears to be positioning itself for a takeover next year, according to Katz, who said that starting in July, out-of-state banks will be able to acquire California-based banks.

Pancretic was up three-eighths with the signing a new contract with a division of Baxter-Travenol.

Kaypro gained three-sixteenths amid a flurry of announcements of new products and several service contracts. However, “investors are still patiently awaiting results of last year’s earnings--if any,” Katz said.

BSD Bancorp was down a quarter to 2 5/8 with the unexpected announcement that the third quarter would bring a loss of 9 cents a share. That would reduce earnings for the first three quarters to just 2 cents a share, Katz said.

Cipher Data, which came in with lower-than-expected first-quarter earnings, hit a new low of 9 7/8.