After recovering from the Boesky affair, the...
After recovering from the Boesky affair, the stock market was hit immediately by the Reagan-Iranian arms affair, a falling dollar and a weak bond market. Amid these rapidly changing events, San Diego stocks were mixed, according to Irving Katz, director of research at San Diego Securities.
Pacific Southwest Airlines gained three-quarters, to 10, after a 1-point gain the previous week. PSA President Paul Barkley said that the airline and PS Group, PSA Inc.’s new corporate name, are doing very well in the last quarter and will both be profitable for the year.
PS Group, however, was up only one-quarter for the week, to 31 3/4, after a three-quarter-point rise the previous week.
Energy Factors was up 1, to 13 3/4, recovering somewhat from its 5 1/2-point setback last week, Katz said.
Mission West Properties was up five-eighths, to 10 7/8, after announcing a $10-million gain on the sale of its Del Mar property.
Henley Group was up seven-eighths, to 21 5/8, as the market continues to be attracted to “Dingman’s Dogs,” as Chairman Michael Dingman’s collection of Allied Signal’s spinoff companies is known.
Linear Corp. hit a new high of 7 7/8, apparently successful with a new line of security systems, Katz said.
Cousins Home Furnishings, on the other hand, made a new low of 2 as investors became less enchanted with its prospects and continued to take tax losses, Katz said.
First National Bank was up only one-eighth on the bid side and traded at 9 1/2 on announcement of its proposed merger with three other independent banks.
Handyman was up one-eighth, to 45, as the market had anticipated that the previously announced liquidation and dissolution would be in the 45 range. The company said that the best estimate was for a total cash distribution, over an indefinite period, of at least $47.11 per share.
Rohr Industries was down 1 point in continued reaction to lower first-quarter earnings.
International Totalizator Systems was up one-half on increased volume with no news since its announcement of winning a $10-million Australian lottery contract last month.
Annual meetings on the horizon in San Diego:
WD-40, at 2 p.m. today at the Mission Valley Inn; Personal Computer Products at 2 p.m. Friday at company headquarters; Maxwell Laboratories at 10 a.m. Dec. 10 at the Hotel Inter-Continental, and Western Health Plans at 6:30 p.m. Dec. 19 at company headquarters.
