The Dow Jones Industrial Average rose 24.06...
The Dow Jones Industrial Average rose 24.06 points last week, producing a new post-October 1987 high, according to Irving Katz, director of research for Thomas Green/San Diego Securities. The market, however, seemed to anticipate Monday’s cut in the prime rate to 11%, and profit-taking moved the market down 37.13 points on the Dow average.
Interest-sensitive savings and loans made some good gains. Home Federal Savings & Loan was up $2.25, making a new high. Imperial Corp. of America gained $.50, and Great American First Savings Bank was up $.375.
Southwest Bank, which has agreed to be acquired by Security Pacific, was driven up to a new high of $6.75, largely by arbitragers. At Security Pacific’s present price of $45.375, Southwest Bank shareholders should receive $7.25 worth of Security Pacific stock if the sale is completed.
IRT Corp. reached a 1989 high of $2 as it announced a $6.5-million contract to sell circuit board inspection systems to General Motor’s Delco division. Monitor Laboratories hit a new high of $6.625 as interest in its air quality inspection systems increased.
Oak Industries, which is in the midst of a proxy fight, reached a new high of $1.50. The company will hold its annual meeting today at 10 a.m. at the U. S. Grant Hotel.
At the other end of the spectrum, two San Diego companies reported new lows. Syntro, which last week said it would move its headquarters to Kansas City, fell to a new low of $.625 and Yuba Natural Resources, whose former chairman Richard Silberman faces money laundering charges, hit a new low of $.3125.
Price Co. was up $1.75, regaining more than the $1.50 dividend which is earmarked for shareholders of record on May 31.
A favorable article in Barron’s magazine did little for Maxwell’s stock, which was down $.75 for the week.
A large move on the downside was made by Molecular Biosystems, which dropped $2.25.
Sym-Tek gained $.25, to $7.75, despite reporting a fourth-quarter loss of $.39 a share and minuscule earnings of $.14 for the year.
