With the market advancing for five consecutive...
With the market advancing for five consecutive weeks, stocks were ready for a rest or a consolidation, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
As the Bush Administration prepared to act on the savings and loan crisis, Home Federal Savings & Loan and Imperial Corp. of America each gained $.625.
Intermark reached a new high of $15 after Fuqua Industries--which is 9.9.% owned by Intermark’s Triton Group subsidiary--agreed to sell Georgia Federal Bank. The sale evidently clears the way for some sort of combination among Fuqua, Intermark and Triton, Katz said.
La Jolla Bancorp recorded a new high of $8 as the smaller San Diego banks continued to respond to the announcement that Southwest Bank will be acquired at 2.5 times book value by Security Pacific. BSD Bancorp was up. $25.
Good gains were made last week by Henley Group, up $3.75, and Magma Power, up $1.
On the downside, Synbiotics fell $.625 on word that SmithKline Beckman was withdrawing from an agreement to market human diagnostics being developed by Synbiotics. Cipher Data fell $1.125 and Price Co. dropped $1 as investors continued to puzzle over an impending issue of preferred stock.
