San Diego stocks have suffered more than...

San Diego stocks have suffered more than stocks in general during the current bear market, says Irving Katz, director of research for Thomas Green/San Diego Securities.

San Diego’s two largest savings and loans both reached new lows this past week, Katz noted. HomeFed has fallen 86% to $4.75 from its 1990 high of $33.875, and Great American Bank has fallen by 90% to $.6875 from its year’s high of $7.50.

Other major casualties included Advance Marketing Services, which made a new low of $1.25, down from its year’s high of $13.75. The company recently reported a second-quarter loss of $.02 a share compared with earnings during the like quarter a year ago of $.11. “The selling would seem to be overdone as the company has a book value of $6 per share,” Katz said.

Intermark, a mini-conglomerate, has seen its stock fall by 79% to $2.50, from a year’s high of $11.875.

The expected real estate slowdown in California has affected Burnham Pacific Properties, which made a new low of $11.25, down 43% from its 1990 high of $19.625. “The company, with an estimated liquidation value in excess of $20 per share, is currently returning a 12% yield with its present dividend,” Katz said.

Magma Power has fallen from $37.50 to $24, where it still sells at a lofty 20 times its price-earnings ratio. The company also has seen “an increase of 70% in short interest to 253,114 shares,” Katz said.

Molecular Biosystems, which has yet to show operating earnings, made a new low of $13.375, down 44% from its year’s high of $24.125.

Other stocks down this past week--but which failed to make new lows--include Price Co. and Lidak Pharmaceuticals, both down $1.50.

On Sept. 28, International Totalizator Systems chairman James Walters said that the company’s $2.50-per-share price did not accurately reflect long-term growth prospects. But the market did not concur, Katz said, because ITS this past week hit a new low of $1.75.

ITS on Monday reported a third-quarter loss of $.09 per share on $4.3 million in revenue, contrasted with a $.15-per-share profit on $10.1 million in revenue during the corresponding quarter the previous year, Katz said. The company is projecting an additional loss for the fourth quarter.

Some stocks moved up last week, Katz noted. Wahlco Environmental gained $1.50 after Congress finally passed a new Clean Air Act. Gensia Pharmaceuticals gained $1.25 after announcing an agreement to acquire the drug unit of Boston-based Kendall Co.