Another indecisive week in the stock market...
Another indecisive week in the stock market saw the Dow Jones Industrial Average hit a new, post-October stock crash high, then give most of the gain back quickly in profit taking, said Irving Katz, director of research at Thomas Green/San Diego Securities.
“There is still doubt remaining whether we are having a rally in a bear market or the beginning of a new bull market,” Katz said.
Although most stocks showed little movement, several good gains were made after significant news developments.
WD-40 was up $1.25 after announcing third-quarter earnings of $.48 a share, up from $.31 the previous year, and a $1.52-a-share profit for the nine months, up from $1 a share in 1987. The company is well on its way to meeting projections of $2 a share in earnings for the fiscal year ending in August.
Xytronyx was up $.50 to $7.25 as it concluded a $2.6-million private stock placement after reporting a loss of $1.3 million, or 87 cents a share, for the fiscal year ended March 31.
Other good gains were made by Home Federal Savings & Loan, up $.875, and Medical Imaging Centers, up $.75. Intermark gained $.875 as it continues to tell the investment community that its stock is undervalued in this market. Triton Group, which is controlled by Intermark, will hold its annual meeting today at 2 p.m. at the La Jolla Marriott.
Henley Group was up $1.25 on recurrent rumors that it is increasing its stake in Santa Fe Southern Pacific Corp. Burnham Pacific Properties successfully completed a stock offering of 1.5 million shares at $18.25 each. Burnham stock subsequently rose to $18.50, where it closed the week unchanged.
Stocks that moved down on profit taking include Price Co., down $2.125, and Rohr Industries and Cohu, down $.75 each. Molecular Biosystems was down $1.375 despite receiving Federal Drug Administration approval for another of its DNA probe diagnostic kits.
International Robomation Intelligence hit a new low of $.75 before closing the week at $1.125. It reported a loss of $5.9 million for the year ended Jan. 31 and said it was in default on loans worth $7.245 million.
