With the stock market caught in a...
With the stock market caught in a tug of war, moving little in either direction, most San Diego stocks are at a stalemate, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
Robust increases in earnings and dividends pushed prices in one direction, while rising interest rates and the possibility of renewed inflation moved prices in the opposite direction. Nevertheless, there were some new annual highs in individual stocks, for reasons that were not apparent, Katz said.
Those highs were recorded by WD-40, $31.50; Rohr Industries, $26, and Pancretec, $3.875.
In addition, Cohu Inc. reached a new high of $10.50 in continued response to increased first-quarter income and backlog.
Agouron Pharmaceuticals made a new high of $13.50 in continued response to its working arrangements and investment by Eli Lilly.
Henley Group was down $1.25, to $23.625, despite what Katz described as “deal-a-week Dingman’s entry into the leveraged buy-out arena” with Wasserstein, Perella & Co.
Kaypro, which has seen its staff and profits shrink, reported a new low of $.5625, and Xscribe, which reported a net loss for its fourth quarter ended March 31, hit a new low of $2.375.
Burnham Pacific Properties will hold its annual meeting at 10 a.m. today. Cohu will hold its annual meeting at 2 p.m. today.