The stock market has begun a moderate...
The stock market has begun a moderate rally, evidently upon the strength of President Bush’s decision to send Secretary of State James Baker to Iraq, according to Irving Katz, a San Diego-based financial analyst.
Even some San Diego stocks that have been in doldrums during recent months showed some life. However, Katz said, the activity “might be the result of the abatement of tax-loss selling.”
Only two local stocks managed gains of more than $1 during the week, Katz said. Rohr Industries, which gained $1.125, recently reported a profitable quarter, but also announced that its defense contracts were winding down. “The stock seems to move on recurrent takeover rumors and updated assessments of its large commercial backlog,” Katz said.
Mycogen gained $2 with investors evidently believing that the company is “now the only pure-play biopesticide stock in the marketplace,” Katz said.
Three companies registered $1 gains. They were: BSD Bancorp, which is recovering from a bout of short-selling; Burnham Pacific Properties, which on Monday declared its 99th consecutive quarterly cash dividend, and National Health Laboratories, with no apparent news.
Great American Bank closed the week unchanged at .8125, despite announcing that it has sold its 92 Southern California branch offices to Wells Fargo. Great American eventually will be left with 81 branches in Arizona, Washington and Colorado.
Natural Alternatives was the largest percentage loser of the week, closing down $.4375 at $1.875. The company reported lower first-quarter earnings and forecast a poor second quarter. The company linked the slowdown to a reduction in orders from several major customers who are adjusting their inventories, Katz said.
