Perhaps the market is experiencing the January...
Perhaps the market is experiencing the January effect--by which small stocks rebound from late-year drops spurred by tax-loss selling--or maybe it is moving contrary to the consensus of economists’ forecasts, suggested Irving Katz, director of research for Thomas Green/San Diego Securities.
But, for whatever reason, some San Diego stocks have done quite well during the first two weeks of the new year, Katz said.
Five San Diego stocks have attained 52-week highs:
- Cohu hit $13.25 after announcing it had joined a consortium of American companies working on a compatible high-definition television technology.
- PS Group hit $34.375 after announcing that it was selling a substantial portion of its oil and gas properties.
- Beeba’s Creations rose to $10 in continued response to a profitable first quarter.
- Pancretec, which was the largest percentage gainer of any San Diego stock in 1988, added $1 to last year’s closing price, making a new high of $9.50.
- First National Corp., which closed 1988 at $10, made a new high of $11.75
A good gain was also made by General Microelectronics, which closed 1988 at $2 and has risen $.875 during the past two weeks.
Rohr Industries continued to move up and down on repeated merger and takeover rumors.
Smaller gains were made by Infrasonics, which gained $.375 after press reports of adverse effects bothering some competitors who also manufacture infant ventilators.
Humphrey Inc. gained $.25 as the company reported its largest backlog.
BSD Bancorp likewise gained $.25. This undervalued stock continues to sell at two-thirds of book value.
On the down side, a 52-week low was recorded by Imperial Corp. America, at $7.50, in continued reaction to the announcement of $50 million in fourth-quarter write-offs.
Price Co., which holds its annual meeting today in Phoenix, was down $1.50. Advanced Marketing Services, which supplies books to warehouse clubs, was down $1.75 for the week.
For those investors still attempting to understand Henley Group, old Henley shareholders now own .225 shares of new Henley “A” stock--which is selling at $70.25--and one share of Wheelabrator Group--which closed Monday at $7.75.
