With many of the major averages making new all-time highs, it was only a matter of time before activity spilled over into some San Diego-based companies, according to Irving Katz, director of research for San Diego Securities Inc.
As interest rates on long-term bonds came down, the bonds in turn rallied and carried the local savings and loans with them, Katz observed. Home Federal Savings & Loan was up 1 5/8 to 31 5/8; Imperial Corp. of America was up 1 to 14 5/8; Great American First Savings Bank was up three-quarters to 19 3/8.
Other institutional favorites joining in the action were Price Co., up 2 7/8 to 46 3/4; Rohr Industries, up 2 to 29 1/8; Beeba's Creations, up three-quarters to 13 3/4, and WD-40, up three-quarters to 33.
Triton Group Ltd. was up seven-thirty-seconds to 1 after announcing the registration for a late July public offering of 1.5 million shares of its Continental Graphics subsidiary. Triton Group is 41% controlled by Intermark Inc., which has options to increase its ownership to more than 50%.
Katz said the plan for Triton is similar to that of Intermark: Expand each division, take them public as they mature, and gradually sell off the holdings, using the proceeds to make further acquisitions and pay off debt. Its three main divisions are Continental Graphics--graphics, commercial printing, including the recently merged U.S. Press, and film services; Simplicity Pattern--the leading manufacturer and distributor of patterns for the home sewing market, and National Airmotive Corp., a major aircraft engine overhauler and parts distributor.
Triton, while trading in the $1 to $2 range since Intermark gained control, will vote on giving management the option to execute a 1-for-10 reverse split at the annual meeting today. On June 4, Burnham Pacific Properties moved from the NASDAQ over-the-counter system to the American Stock Exchange and began trading under the symbol BPP.
Annual meetings this week include Triton, 2 p.m. today at the La Jolla Marriott, and Oak Industries, 10 a.m. Wednesday at the company's Rancho Bernardo office.