As the stock market continues in its...
As the stock market continues in its summer doldrums, the only San Diego stocks showing any trading activity or movement were those affected by interest rate speculation, earnings reports or acquisitions or takeovers, said Irving Katz, director of research at Thomas Green/San Diego Securities Inc.
The perceived threat that the Federal Reserve Board would raise the discount rate to stem inflation put pressure on local savings and loans. Imperial Corp. of America closed the week down $1.375, Home Federal down $1.25 and Great American First Savings down $.625.
The announcement that SCEcorp, parent of Southern California Edison, would like to acquire San Diego Gas & Electric added $.125 to SDG&E;’s stock after a $1.625 upward move last week. The board of SDG&E; is expected to respond to the offer by Friday.
Triton Group, controlled by locally based Intermark, dropped $.875 despite the announcement of its participation in the leveraged buyout of Western Sizzlin, a 600-franchise family steakhouse chain.
Price Co. was up $1.125 after announcing a proposed $52-million acquisition of Alfred M. Lewis, a food wholesaler with extensive real estate holdings in Los Angeles, San Diego and Phoenix.
Positive earnings reports helped some stocks move up moderately. Magma Power gained $.625 as it reported second-quarter earnings of $.11 per share, compared with $.09 last year. Psicor was up $.50 as it reported earnings of $.15 per share, compared with $.08 last year, as it increases its market share in perfusion services in the expanding cardiovascular surgery market.
Monitor Technologies gained $.25 upon announcing second-quarter earnings of $.19, compared with $.12 last year.
Cubic Corp., which was down more than 1 point last week because of the defense procurements scandal, gained all of it back Monday as it announced greater than expected third-quarter earnings of $.50, compared with $.33 a year ago. Cubic’s backlog also increased to $358 million, compared with $220 million a year ago. Chairman Walter Zable predicted increased earnings for the fourth quarter and into fiscal 1989.
