Momentum seems to have left the stock market despite last week's high volume and evidently was attributable to Friday's triple-witching hour, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
The Dow Jones Industrial Average, which fell during the past two weeks, fell again on Monday on low volume.
Henley Group was the large loser of the week, giving up $3. The company continues to confuse its shareholders with its machinations, Katz said. Henley's latest gambit is to combine Wheelabrator Group and Wheelabrator Technologies. "But the market largely said, 'Who cares?' " Katz said.
In addition Henley's offering of $20.50 for the 20% stake that it does not own of Fisher Scientific resulted in a shareholder suit. Fisher then made a new high of $21.25 and "it would appear that Henley's ante will have to be raised," Katz said.
Interest-sensitive stocks moved down as interest rates inched up. Great American Bank was down $1.25 and Home Federal Savings & Loan was down to $2.375 for the week.
San Diego Gas & Electric made a new high of $40.75. But the stock is still selling at a substantial discount given Southern California Edison's offer to exchange 1.3 shares of its stock for every share of SDG&E.; On the basis of Edison's close on Monday at $35.625, SDG&E; stock would be worth $46.375, Katz said.
Cubic was down $1 for the week as it announced its subsidiary is a target of a federal probe. The company also reported that it had, for the first time, lost a government contract to build one of its so-called "Top Gun" air combat training systems.