With the American Stock Exchange index hitting...

With the American Stock Exchange index hitting an all-time high and the NASDAQ index flirt i ng with an all-time high, San Diego stocks continued to forge ahead, according to Irving Katz, director of research for Thomas Green/San Diego Securities.

Ten San Diego stocks reported 1989 highs for the week, Katz said.

Maxwell Laboratories logged the largest upward move, gaining $3.25 to a new high of $17, matching the $17-a-share merger bid announced last week by JAYCOR, a privately held defense contractor. Maxwell’s board rejected that offer, but “it would appear that Maxwell Laboratories will be forced to consider other--and maybe better--offers as the stock now comes into play,” Katz said.

Shareholders of Maxwell have vocally expressed disapproval of management at past shareholder meetings and probably would be amenable to a buyout at a higher price, Katz said.

Monitor Technologies recorded a new high of $8.125, gaining $1.375 for the week. The increase was probably driven by the Bush Administration’s clean-air policy, which could eventually help Monitor’s core air-monitoring business, Katz said.

Beeba’s Creations set a new high of $15.125 on a report of a favorable upcoming earnings report.

Lower interest rates helped Great American First Savings Bank to a new high of $14.375 and Home Federal to a new high of $41.75.

Mail Boxes Etc., which reported a 43% increase in fourth-quarter earnings and annual earnings of $.94 cents per share versus $.72 during the previous fiscal year, reached a new high of $21.50.

Other new highs were recorded by Mycogen at $8.25, Burnham Pacific Properties at $19.375, and General Microelectronics $5.25. Fisher Scientific Group reached a new high of $20.75 after Henley Group, which owns 80% of Fisher’s shares, bid $20.50 for remaining shares. The market seems to be indicating that the offer is inadequate, Katz said.

First National Corp. gained $.50 for the week and announced that it was in discussions to acquire Torrey Pines Bank.

Molecular Biosystems, one of the rare profitable biotechnology companies, reported good earnings for the year of $.24, versus $.11., and gained $.25 for the week.