San Diego stocks continued their lack of...
San Diego stocks continued their lack of participation in general market trends, the only upward movement being made by companies in special situations, said Irving Katz, director of research at Thomas Green/San Diego Securities.
MarrowTech reached a new high of $4.875 as it announced it is close to receiving a patent for a method of growing living skin outside the body. This could be used on burn patients to prevent infection and loss of body fluids.
International Totalizator hit a new high of $6.44 as it delivered its first automated airline ticket and boarding pass printer to a large travel agency.
Medical Imaging Centers made a new high of $13.125 after the company successfully sold 2.45 million shares at $12.125 each in a public stock offering. The company will use the proceeds from the sale to retire indebtedness incurred in connection with its recent acquisition of Quantum Imaging. The balance of the proceeds will be used to purchase imaging and other high technology medical equipment, for working capital and for possible acquisitions.
HomeFed fell to 52-week low of $21 as analysts continue to predict the worst for California real estate in general and lenders such as HomeFed in particular, lowering earnings estimates once again.
For the six months ended June 30, San Diego stocks turned in their customary mixed performance, with more stocks moving down than up, despite the 4.6% gain by the Dow Jones Industrial Average over 1990’s first half.
Five stocks gained more than 25% during the first six months. These included Xytronyx, up 92.3%; Mycogen, up 37.7%; Christiana, up 33.8%; Cubic, up 29.5%, and Magma Power, gaining 26%.
On the down side, seven local stocks lost more than 25% over the first half of the year. Great American Bank was down 57.6%; Advanced Marketing Services, down 57.1%; Precision Aerotech, down 55.6%; Intermark, down 39.2%; Triton Group Ltd., down 38.8%; HomeFed Corp., down 31.9%, and Beeba’s Creations, down 28.9%.
“We should not forget Imperial Corp. of America, which closed 1989 at $.94 and became valueless in 1990,” Katz said.
