The false euphoria that there would be...

The false euphoria that there would be a quick end to the Persian Gulf War ended Monday as investors came to grips with the reality of a prolonged war and its effect on the economy already in a recession, according to Irving Katz, a San Diego-based stock market analyst.

Most San Diego stocks managed to join last week’s rally and partly recover from the depressed levels of the market, which began 1991 by dropping more than 100 points, as measured by the Dow Jones Industrial Average.

Price Co., which gained $3.75, was the week’s best gainer. The stock, at $43.25, is only $5 below its 1990 high of $48.25 and significantly higher than its 1990 low of $26.50.

Price held its annual meeting in San Diego last week and discussed some of its future plans with more than 50 invited financial analysts and money managers in attendance. Positive reports from many of those analysts “no doubt accounted for some of the upward movement in the stock,” Katz said. “The company has always kept a low profile and has rarely talked to analysts.”

Mail Boxes Etc. gained $2.75 for the week after the removal of restrictions that prohibited United Parcel Service from increasing the number of Mail Boxes shares it owns.

Cohu Inc. gained $1.625 following a recommendation from a financial news letter. Psicor gained $1.50 following an excellent quarterly earnings report. Other gainers of more than $1 were PS Group, Molecular Biosystems and Xytronyx.