As the Dow Jones Industrial Average continues...
As the Dow Jones Industrial Average continues to reach new highs, a smattering of San Diego stocks have finally begun to show some life, said Irving Katz, director of research at Thomas Green/San Diego Securities.
New highs were recorded over the past week by eight local stocks, while four others fell to new lows. The largest percentage gainer was Natural Alternatives International, which gained 31% for the week and hit a new high of $4.25. The company reported third-quarter earnings of $.09 versus $.04 for the same quarter last year. For the nine months, earnings were $.24 per share, versus $.08.
The second largest percentage gainer of the week was Xytronyx, up $4.125, or 26%, after hitting a new high of $22.25. The company announced that its periodontal disease detection kit to be distributed by Colgate-Palmolive received a positive review from a Food and Drug Administration panel .
The third largest percentage gainer and largest point gainer was Price Co., which gained $5, or 15%. The company recently announced a repurchase of 1.25 million shares, or 2.5% of its outstanding stock at an average price of $36.37 per share. Sol Price, founder of Price Co., was reported to have purchased 200,000 shares in April at a a price of about $34 a share.
Highs were also recorded by PS Group, at $38.75, which was still benefiting from news that investor Warren Buffett had increased his stake in the company. PS Group’s annual meeting will be held today at 10 a.m. at the Del Mar Inn. The annual meeting is the only forum at which PS Group discusses its prospects for its future.
Wahlco Environment, a company that is 80% owned by San Diego Gas & Electric, recorded a new high of $16.375. The company went public at $13 a share April 24.
Other new highs by local stocks were made by Cubic Corp., Mission West Properties and La Jolla Bancorp. The La Jolla bank’s merger with Security Pacific will be completed soon, with shareholders receiving $15 in Security Pacific Stock for each share they own of La Jolla Bancorp.
Among the casualties during the week were HomeFed Corp., down $1.875, which announced an increase of 10% in its gross nonperforming assets during April. New lows were registered by Great American, at $1.625, which holds its annual meeting on Thursday at 9 a.m. at Symphony Hall.
