With the Dow Jones average down 100 points from its recent high, San Diego stocks found it difficult to resist declining this past week, according to Irving Katz, director of research at San Diego Securities.
Causes for the expected correction might have been "profit taking, disenchantment or not wanting to be the last one out of the exit," Katz quipped.
The week saw San Diego's savings and loans give up all of last week's gains, said Katz, who added that Great American First Savings Bank was down 1 3/4 and Home Federal was down 1 7/8.
PSA was down 2 in continued reaction to a recent announcement that the company was calling its convertible debentures--resulting in a forced conversion--and planning to sell additional common shares and senior debentures. That coincided with the announcement that PSA anticipates a larger than expected first quarter loss.