The market seemed to shake off some...
The market seemed to shake off some of the recent junk-bond-crisis selling and manage a modest gain during the past three trading days, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
The liquidity crisis in the junk bond market might have been a factor in the new low recorded by Imperial Corp. of America, which has a substantial junk bond portfolio.
Most of the remaining San Diego stocks appear to be in a state of suspended animation, except for a handful that recently reported new developments.
Mail Boxes Etc. USA, which had moved up $10 in the past 1 1/2 months, was hurt by an $4-million jury verdict for events that occurred before the company went public in 1983. The judgment, which is not fully covered by insurance, was awarded against the company ($2.5 million) and President Anthony W. DeSio ($1.5 million).
Rohr Industries continued to slip on a recent poor fourth-quarter report that prompted analysts to downgrade fiscal 1990 earnings projections. Merrill Lynch revised its estimate to $2.10 for the fiscal year ended July, 1990, down from a previous estimate of $2.70.
Molecular Biosystems, which had gained $4 in the past 1 1/2 months, gave up $1.25 during the past three trading days.
Charthouse Enterprises, which had its initial public offering at $13.50 a share and immediately moved to $14.625, saw some profit taking and hit a new low of $13. The stock reacted dramatically, falling $3 and regaining $1.50 on Monday.
