The stock market remained oblivious to the...
The stock market remained oblivious to the stock sell-off in Japan, which has reduced the value of that country’s stocks by 10% during the past week, Irving Katz, director of research for Thomas Green/San Diego Securities, said.
Monday’s gain off $38.29 in the Dow Jones Industrial Average was limited to large capitalization, institutional-quality stocks with little movement in the smaller stocks, including those in San Diego, Katz said.
Five local companies posted new lows, Katz said.
Imperial Corp. of America, whose Imperial Savings subsidiary was seized by the federal government on Friday, fell to a new low of $.15625, below the $.50 where it has traded for weeks. “For those who still hold it, the stock will prove to be worthless, as are many of its assets,” Katz said.
HomeFed Corp. was San Diego’s stellar performer of the week, gaining $2.375 to $30.50 on a strong buy recommendation by Merrill Lynch analyst Gerry Gitt. A survey of 15 analysts by Zack’s Investment Research produced a mean earnings estimate of $5.80 a share for HomeFed in 1990.
Great American Bank continued to meander at its all-time low of $5.625 as investors wait for anything positive to restore hope.
Another new low was recorded by Chart House Enterprises, at $10. The company went public last August at $13.50.
Intermark hit a new low of $8.375 as it continues to await its merger with Triton Group, its 50% controlled subsidiary.
TCS Enterprises, which is 19% owned by the federal government, recorded a new low of $1.625. The company recently reported $142,000 in net income after a $400,000 write-off, but still managed to pay officers’ salaries of $3.2 million, Katz said.
Advanced Marketing Services, which has been reporting poor quarterly-earning comparisons, hit a new low of $5.75
Other stocks under pressure during the week were Mail Boxes Etc., down $1.25, Maxwell Laboratories and Xytronix, each down $1.50.
SSI Corp. said it would merge with a Texas company and will be dropped from the San Diego stock list.
