As the Dow Jones Industrial Average closes...

As the Dow Jones Industrial Average closes in on its all-time high, most San Diego stocks continue to meander in a narrow range, with few exceptions.

New highs this past week were reached by Medical Imaging Centers, at $11.50, and Xytronyx, at $14.125. There have been no announcements during the past week to account for either of these moves.

HomeFed Corp. announced that, by merging with its thrift subsidiary, Columbus Savings, it will use some of its net-loss carryforward of $170 million to offset fourth-quarter loss allowances of $115 million.

HomeFed’s allowance will serve to optimize its future earnings and capital position as well as prepare for a possible slowdown in the economy, which might effect California real estate values.

HomeFed stock, which sold in early October at $47.50, fell to $28 last week but managed to close Monday at $31.375 as it attracted bargain hunters and found favor with some brokerage analysts.

Mail Boxes Etc. seems to be in its own bear market. Reported earnings have been rising, but the stock has been under pressure, falling $2.50 the past week. New lows were recorded by Rohr Industries, which recently reported poor earnings, and TCS Enterprises, which is involved in the Charles Keating-Lincoln Savings affair.

First National Corp. dropped $1, to $18.75, down from its year’s high of $23.125. Agouron Pharmaceuticals holds it annual meeting at 10 a.m. Dec. 7 at Embassy Suites Hotel in La Jolla.