The Dow Jones Industrial Average moved up...
The Dow Jones Industrial Average moved up more than 100 points in the past week and took with it the stocks of some of San Diego County’s larger companies, according to Irving Katz, director of research for Thomas Green/San Diego Securities Inc.
Home Federal Savings & Loan moved up $1.375, Price Co. was up $1.25, Rohr Industries was up $1.875 and Imperial Corp. of America was up $1.
Other good gains were made by some of San Diego’s secondary stocks. Cubic Corp. and Advanced Marketing Services were both up $.75.
Mail Boxes Etc. climbed $1.50 to $15.75, with investors believing that the company will benefit from cutbacks by the U.S. Postal Service.
Agouron Pharmaceuticals gained $1.50 to $11.50 as it announced the appointment of a vice president and director of research, who is coming from Burroughs Wellcome, Katz said.
Magma Power was up $.625 to $12 after announcing that it will build a fourth geothermal generating plant in Niland.
Wavetek gained $.25 to $7.50 after a favorable Merrill Lynch recommendation, Katz said.
Synbiotics was up $.50 to $9 after signing a marketing agreement with a division of SmithKline Beckmann for commercialization of diagnostic products for physicians’ offices. The development phase would bring $1.7 million over five years to Synbiotics, with the potential of $25 million over five years for the manufacturing portion. SmithKline Beckmann owns 8.2% of Synbiotics.
Gascard Club is no longer quoted on the NASDAQ system because the company did not meet NASDAQ’s minimum capital and surplus requirements.
Annual meetings this week include: Southwest Bank, at 2 p.m. Thursday, and Lancer Orthodontics, at 2 p.m. Friday. Both meetings are at the Olympic Resort Hotel in Carlsbad.
