The Dow Jones Industrial Average could not...
The Dow Jones Industrial Average could not make it nine days in a row on the upside and fell a small fraction Monday, said Irving Katz, director of research at Thomas Green/San Diego Securities.
However, there were new highs and price movements during the week in some San Diego-based stocks.
General Microelectronics recorded a new high of $5.75 as it announced a joint venture to produce a supercomputer with Concurrent Computer, using technology licensed from Princeton University. General Microelectronics will change its name to Supercomputing Solutions Inc.
New highs were also reached by DH Technology at $13 and Burnham Pacific Properties at $20.375. Among the large movers of the week was San Diego Gas & Electric, which rose $1.50, to a new high of $41.875. The stock moved in tandem with SCEcorp, which also reached a new high.
SCEcorp has proposed merging with SDG&E; by swapping 1.3 shares of its stock for every share of SDG&E.; Should the merger be consummated today, SDG&E; would have a value of $47.75 in SCE stock .
Southwest Bank gained $.625 to a new high of $7.50 as shareholders approved its merger with Security Pacific Bank. At Security Pacific’s current price, Southwest Bank shareholders would receive $8.05 of Security Pacific stock.
A major downward move was made by Maxwell Laboratories, which dropped $1.75 for the week as Jaycor withdrew its merger offer of $17 a share.
PSICOR fell 1 point as an analyst lowered his projected earnings for the year.
Gen-Probe has its annual meeting today at 10 a.m. at the La Jolla Marriott.