In last week’s very indecisive stock market,...
In last week’s very indecisive stock market, one issue stood out by registering an all-time high.
WD-40, which went public in 1973, rose 3 points to a new high of 32 3/4, according to Irving Katz, director of research at San Diego Securities.
The company raised its quarterly dividend by 18% to 33 cents per share and announced a first-time, 20-cent bonus payment. Both dividends are payable Jan. 30 to shareholders of record on Jan. 9.
Most other San Diego stocks moved aimlessly, drifting up or down, with year-end profit-taking or tax-loss selling keeping the lid on prices, according to Katz.
Video Library was down five-eighths to 3 3/4 after company President Barry Rosenblatt’s announcement that the end of investment tax credits would hurt fourth-quarter earnings.
The major San Diego savings and loans, selling at approximately five times estimated 1986 earnings--and at less than book value--are still finding it difficult to find support in the market, Katz observed. Great American First Savings Bank was down seven-eighths, while Home Federal Savings & Loan and Imperial Corp. of America were both down three-quarters of a point.
PS Group was down one-half to 35 3/4 as investors speculated on what the holding company will do with proceeds of the $400-million sale of Pacific Southwest Airlines other than reduce its debt, Katz said.
Rohr was down five-eighths to 29 5/8 after management’s announcement that higher-than-expected development expenditures would hurt annual earnings.
San Diego Gas & Electric was down 1 5/8, but the drop included an as-yet-unpaid 59-cent dividend.
Titan Corp. was up three-eighths to 7 1/8 after the announcement of a major organizational streamlining.
Langley was down three-eighths to 7 3/4 on the company’s announcement of lower fourth-quarter earnings and a reduced backlog.
New yearly lows were posted by Cousins at 1 7/8, Syntro Corp. at 3 1/8 and Telequest Corp. at 4 7/8.
Integrated Software Systems, which has been purchased by Computer Associates International at $12.37 per share, will no longer be listed in the accompanying stock chart.
