Despite the Dow Jones Industrial Average’s scoring...
Despite the Dow Jones Industrial Average’s scoring its greatest-ever weekly point gain in the aftermath of the Oct. 13 mini-crash, San Diego stocks were little affected, said Irving Katz, director of research at Thomas Green/San Diego Securities.
The recent spate of third-quarter earnings had very little effect on local stock prices, with most results coming in as expected. Stocks of savings and loans and small banks, selling on buyout and merger expectations, seem to be awaiting Godot or an offer of any kind as they continue to back and fill.
The best mover of the week was Price Co., which was mentioned in this column last week as being the most undervalued stock in discount warehousing, a group that includes Pace Membership and Costco Wholesale. The stock gained $6.25 to close Monday at $47 after announcing excellent fourth-quarter earnings of 49 cents per share, an increase of 29% over the comparable quarter the year before.
HomeFed announced its switch to a federal savings bank charter from a federal savings and loan but saw its stock drop $1.25 for the week. Cipher Data Products reported a large first-quarter loss that exceeded analysts’ estimates: 97 cents a share. The stock fell to $4 but recovered to end the week at $4.875. Book value is more than $10.
Triton Group finished its purchase of Liquor Barn, which lifted it to a $.375 gain for the week. The stock continues to sell at a 25% discount from its book value. Advanced Marketing Services, whose earnings were in line with Wall Street’s expectations, saw its stock gain half a point. Strong video sales should help AMS’ third-quarter earnings.
Maxwell Laboratories announced its first-ever cash dividend of 40 cents a share, payable Nov. 29 to shareholders of record on Oct. 31. The stock gained $.75 for the week. Wavetek, which reported fiscal year earnings of 10 cents a share, hit a new low of $4.25 but closed the week at $4.50.
A roller coaster ride was taken by Mail Boxes Etc., which moved from $27.25 on Oct. 16 to $20.25 on Oct. 18 and back up to $23.50 Monday. Molecular Biosystems moved from $22 to $24.75 to $22.625 on those same dates.
