Even with all the good news--low inflation,...

Even with all the good news--low inflation, a stable economy and level interest rates--factored into the market, the only thing remaining for the market to do is either move down on unexpected news or continue to move in its narrow trading range, according to Irving Katz, director of research for Thomas Green/San Diego Securities. Usually, the news that causes upward movement in stocks involves takeovers, leveraged buyouts or restructuring, Katz said.

“But there don’t seem to be any on the horizon for San Diego-based companies,” he said. “Of the 67 stocks in our chart, only two stocks moved more than one point in either direction. And both moved down.”

Rohr Industries was down $3.75 for the week, and Price Cos. was down $1.50. Both stocks are institutional favorites whose drops can only be attributed to profit taking, because neither company made any news announcements, Katz said.

Two local stocks managed new highs on excellent third-quarter earnings reports.

Medical Imaging Centers made a new high of $6.375 as it reported third-quarter earnings of $.13 per share versus a 1987 loss, and nine-month earnings of $.32 versus a nine-month loss a year ago.

DH Technology made a new high of $6.125 on a doubling of revenues and third-quarter earnings of $.21, versus $.17. The company also announced a breakthrough in its impact matrix print heads.

However, good earnings failed to help Monitor Technologies, which fell $.375 to $4.50 despite announcing nine-month earnings of $.66, versus $.51. The stock is trading at a multiple of 5.1 times its earnings over the past 12 months.

Triton Group Ltd., which is receiving $152 million in cash plus preferred stocks and warrants for its Continental Graphics subsidiary, signed an option agreement to purchase 1.3 million shares of Fuqua Industries from founder J. B. Fuqua.

Cipher Data Products will hold its annual meeting at 10 a.m. Thursday at the La Jolla Marriott.