Whatever is causing the current market to...
Whatever is causing the current market to go up--be it program trading or a melt-up (the opposite of a meltdown)--Wall Streeters are in any case enjoying the runaway movement in stock prices, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
The Dow Jones Industrial Average was up 61 points, or 2.5%, this past week, for a total gain of 15.3% since the first of the year. Other averages have moved up comparably, with Standard & Poor’s 500 up 15.7% and NASDAQ over-the-counter average up 15.9%.
Ten San Diego stocks reached new highs during the week, Katz said.
Monitor Labs gained $.50 to a new high of $6.50. Monitor, which makes air-quality measurement devices, recently announced good prospects for the rest of 1989.
TCS Enterprises reported excellent six-month earnings of $.15 a share and initiated a stock buy-back program. Its stock moved up $1, to $4.25. But TCS has one question to be answered, according to Katz: What will the government do with the 20% stake held by Lincoln Savings & Loan, which recently was taken over as insolvent.
Additional new highs were made by Beeba’s Creations, $12.375; PSICOR, $13.50; Mail Boxes Etc., $20.50; HomeFed Corp., $39.875; Price Co., $47.75, Maxwell Labs, $14.50; DH Technology, $10.875, and Medical Imaging Centers of America, $10.125.
Cubic Corp. gained $1, to $17.50, in continued reaction to good second-quarter earnings of $.75 a share and good prospects for higher second-half earnings.
