The Federal Reserve Board did what pundits...
The Federal Reserve Board did what pundits said wouldn’t happen in an election year--it raised the discount rate another half point and sent the stock market reeling, said Irving Katz, director of research at Thomas Green/San Diego Securities.
San Diego stocks joined in the downturn with new yearly lows being made by IRT Corp., Decom Systems, Western Health Plans and Gen-Probe.
The interest-sensitive stocks moved down again, with Home Federal off $1.125, Imperial Corp. down $.50 and Great American First Savings $.125. San Diego Gas & Electric, which received an extension on its merger offer from Southern California Edison, was down $1.
Minus signs also predominated with the institutional favorites. Price Co. was down $2.25 and Henley Group was down $1.50 after reporting a disappointing second-quarter loss and initial trading on the Chicago Board of Options. Molecular Biosystems dropped $1.25.
Defense and technology stocks joined in the downturn. Maxwell Laboratories was down $1.25, Cipher Data Products down $1, and Cubic and Cohu down $.75.
Fabulous Inns and International Robomation were dropped from the NASDAQ system of stock quotes after their equity capital dropped below minimum listing requirements.
Advanced Marketing Services successfully sold 1 million shares at $13.50 and closed the week unchanged at that price. First National Corp. remained unchanged, despite the termination of its acquisition agreement with Overland Bank of Rancho California.
