Despite the demise of Ivan Boesky and...

Despite the demise of Ivan Boesky and his activity in the market, mergers and acquisitions were still alive in San Diego as Pacific Southwest Airlines agreed to be acquired by Pittsburgh-based USAir Group at $17 per share.

After Monday’s announcement, the airline’s stock rose 38% to close at 16. However, PS Group, the holding company that owns nearly 80% of PSA’s stock, rose just 11% to close at 36, observed Irving Katz, director of research for San Diego Securities.

The airline will leave the holding company with a tremendous amount of cash, according to Katz, who added that the market is uncertain what PS Group will do with that money.

Last week, the stock market managed a new high but subsequent profit taking wiped out most of the gain, Katz said.

New San Diego highs were reached by WD-40, which sold at 29 3/4 in continuing recognition of President Jack Barry’s prediction of record earnings for the year.

First National Bancorporation made a new high of 10 after investors realized that an announced merger with three local banks would turn First National into the second largest San Diego-based bank, Katz said.

Henley Group made a new high of 24 with the announcement that it would repurchase 10 million shares and spin off 20% of its Fisher medical unit.

New lows in San Diego stocks were reported by BSD Bancorp, which hit 2 3/8; Cousins Home Furnishings, 2 1/8; Women’s Health Centers, 2; Telequest, 5 3/4; Northview Corp., 10 1/2, and Syntro Corp., 3 3/8.

Syntro reported a 5-cent-a-share loss in its latest quarter compared to a profit in the previous year, Katz said, and tumbled dramatically from its initial offering at $8.