Monday’s recovery of 30 points helped reverse...
Monday’s recovery of 30 points helped reverse the four straight days of losses in the Dow Jones Industrial Average. San Diego stocks, however, did not manage to participate in either direction, said Irving Katz, director of research of Thomas Green/San Diego Securities.
Two local stocks, Rohr Industries and Mission West Properties, reached 1989 highs over the last week. One, Gensia Pharmaceuticals, hit a new low.
Gensia Pharmaceuticals was founded in 1986 to discover, develop and manufacture novel pharmaceutical products for the treatment and diagnosis of cardiovascular disease. The company went public last Tuesday, selling 2.8 million shares at $11 per share. The stock immediately rose to $12 on huge volume and spent the rest of the week declining before hitting a new low of $9.375. Gensia closed Monday at $9.375, still down 11% from its offering price.
Mycogen Corp., which manufactures and markets biopesticides, also had a public offering last week of 2.5 million shares at $17.75 per share. The issue was a complete sellout at a higher-than-expected price but closed the week down at $17.25
Good gainers of more than $1 for the week were HomeFed, up $3.125; Rohr industries, plus $1.50; Magma Power, up $1.75, and Xytronyx, plus $2.75.
Additions to our stock chart this week are Charter Golf, Gensia Pharmaceuticals and Jack’s.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
