The stock market the past week seemed able to shake off higher interest rates, fears of inflation and general disbelief in its previous rise, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
A few San Diego stocks participated in the rise, which was largely dominated by blue chips, Katz said.
Humphrey reached a new high of $4 as it announced a 1988 net profit of $226,000, up from a a $607,000 loss the previous year. The company forecasts $15 million in revenue during 1989, a distinct improvement from 1988’s $11 million, Katz said.
DH Technology recorded a new high of $7.625 as revenue and earnings continue to improve, Katz said.
Oak Industries was up $.125 to $1.125 and reported 1988 profits of $.17 a hare. This was entirely attributed to income from a patent settlement, a gain on the sale of its office building and reversals of certain reserves, Katz observed.
Cipher Data fell $1.125, to $9.25, after announcing the signing of a definitive agreement to purchase Ann Arbor-based Irwin Magnetic Systems for about $65 million in cash.
TCS Enterprises was down $1, to $2.25, as 21,500 shares traded last Friday.
Synbiotics was unchanged at $5.25, despite reporting a large third-quarter loss of $1.9 million.
Personal Computer Products gained $.125, despite reporting a second-quarter loss and the resignation of Daniel W. Zipkin, president since 1985.