With all the major stock averages making...
With all the major stock averages making new highs last week, only five of the 60 San Diego companies included in the accompanying chart--plus one initial public offering--managed to keep pace, according to Irving Katz, director of research at San Diego Securities Inc.
WD-40 made a new high of 46 on Friday but fell 6 3/4 points on Monday as investors took note of an earnings report released after Friday’s close, Katz said.
The report described an extraordinary charge of $432,000 from payment of a legal settlement--which may later be reimbursed. WD-40’s quarterly operating earnings were still below the comparable quarter of the previous year, and sales were relatively flat at $19 million, Katz said.
While WD-40, which had an excellent first quarter, has enjoyed superior growth over the years, profit-taking appeared to be in order, Katz said.
Despite a lack of news, GTI Corp. made a new high of 6 5/8.
Henley Group made a new high of 26 7/8 as even more brokerage firms began trumpeting the fact that Henley’s parts are worth more than the whole, Katz said.
Last week Henley announced a distribution of one share of Fisher Scientific for each 16 shares of Henley Group. It also announced a distribution of its Wheelabrator subsidiary some time in the future.
San Diego biotech stocks making new highs were Molecular Biosystems, 11, and Xytronyx, 18 5/8.
A new initial public offering of 625,000 shares of Agouron Pharmaceuticals was completed through underwriters San Diego Securities Inc., Katz said. The offering went to an immediate premium on Friday and on Monday closed at 12 bid, 12 offered.
The company has developed a new method of “rational design to develop new drugs and molecules for the health care and food industry,” Katz said.
At the other extreme, Western Health Plans hit a new low of 3 5/8 as it discharged its first apparently independent president--after just eight months on the job--and returned operating control to its physician membership, Katz said.
Energy Factors was up one-half to 12 3/4 after announcing the acquisition of two Allied-Signal units.
Cipher Data was up 1 3/8 to 15 3/8, recouping some of its recent drop to 14.
Video Library was up an eighth to 4 5/8 despite reporting a previously announced fourth-quarter loss.
