A lackluster market caused little movement in...
A lackluster market caused little movement in San Diego stocks last week, but some stocks fell on profit-taking by investors despite seemingly positive news announcements, according to Irving Katz, director of research at San Diego Securities.
WD-40, which recently completed a record-breaking year, predicted in its annual report to shareholders that fiscal 1987 would be another banner year, what with the lower tax rate.
Despite that, the company’s stock fell 1 3/4 to 26 3/4.
Cubic Corp., which announced a computerized parking contract at Los Angeles International Airport, fell 1 3/4 to 14 7/8 despite a ValueLine prediction that it would earn $1.70 per share next year. ValueLine predicted that Cubic would lose 20 cents per share for the year recently ended.
Home Federal Savings & Loan was down three-fourths for the week and gained only one-eighth Monday after its favorable mention in Barron’s magazine.
Cipher Data Products was down 1 to 10 1/8 despite significant new products and contracts on quarter-inch tape back-ups.
On the other side of the coin, Price Co. was down 1 to 34 3/4 as analysts cut earnings estimates for the next two years, citing rising competition in the discount warehouse industry.
The Democratic majority in the Senate appeared to affect some defense-oriented stocks. Maxwell Labs fell three-fourths, and IRT Corp., which reported second-quarter earnings of only 1 cent per share, dropped one-half.
DH Technology fell one-half to 3 7/8 after its recent run-up on good earnings, Katz said.
Cousins Home Furnishings was down three-eighths to 2 1/2 as it appointed a new president.
Sym-Tek Systems gained three-fourths on surprisingly good second-quarter earnings of 15 cents per share in a very depressed semi-conductor industry, Katz said.
BSD Bancorp gained one-eighth after the disclosure that the FBI had dropped its investigation of company Chairman James Brown.
Rohr Industries was up five-eighths to 30, and Christiana Cos. was up one-eighth to 5 1/2. Both companies have been under accumulation by asset-value institutional investors, Katz said.
Fabulous Inns of America rose one-quarter to 4 1/2, bid, after it postponed its contested annual meeting until Jan. 30.
Video Library climbed three-eights to 4 1/2 on improved earnings of 11 cents in the third quarter and 32 cents for the nine months, compared to losses last year.
Precision Aerotech, based in La Jolla, went public last week, selling 1 million shares at $7.75 per share. The company, a manufacturer of precision metal and electrical assemblies and components for the aircraft and aerospace industry, closed Monday at 7 7/8 on the American Stock Exchange.
