As the market continued to muddle through another indecisive week, two San Diego stocks reached new highs, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
Mail Boxes Etc. hit a record $16.50 and closed the week up $2 at $15.25. Monitor Technologies reached a record $5.625, reflecting increased interest in its air-monitoring equipment.
Other good gains were made by WD-40, which raised its quarterly dividend from $.35 to $.40. With one exception, the company has raised its dividend every year since going public in 1973, Katz said. WD-40 also paid a $.25 extra dividend in March. The stock now trades at a 5% yield.
San Diego Gas & Electric was up $.375 as SCEcorp, the parent company of Southern California Edison, purchased 1,000 shares and requested a copy of SDG&E;'s shareholder list. It wants to communicate directly with shareholders regarding SDG&E;'s projected merger with Tucson Electric Power.
Fisher Scientific continues its free fall, dropping $2.25 last week after a $2.75 loss the previous week, Katz said. The only apparent explanation would be the realization that next year’s earnings increases will be at a lower rate than analysts expected.
Kaypro remained unchanged despite the dramatic increase in short position, from 4,746 shares to 46,382 shares in the month ended Sept. 15.