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Wall Street Still Bullish on Savings & Loan Shares

May 13, 1986

Wall Street remains bullish on San Diego savings & loans, and analysts expect both Great American First Savings Bank and Home Federal Savings & Loan to report earnings this year in the $4.50 to $4.70 range, according to Irving Katz, director of research at San Diego Securities Inc.

Both institutions continue to sell below the Standard & Poor's market multiple--in the 14-times-earnings range, Katz said. In addition, Great American is selling at least 10% below its stated book value.

Nonetheless, both stocks closed down for the week--Great American one-eighth to 26 3/4 and Home Federal down 1 to 31 1/8.

Oak Industries was the most actively traded stock on the New York exchange Monday, trading more than 7 million shares--and on the heels of a 3-million-share trading day Friday.

Oak investors who received common shares in exchange for their debentures found a ready market for the stock, Katz said. It closed at 2, up one-half.

Titan Corp. held its first annual meeting in San Diego last week since relocating here last year. And, after showing a loss in 1985, the company is expected to report revenues of $125 million and earnings of 55 cents per share, according to the latest Value Line projections. Titan closed the week unchanged at 10 3/8.

Cubic Corp., after reporting two poor quarters, is estimated by Value Line to report earnings of only 50 cents per share for the year. The company's stock closed the week down one-half to 19 5/8.

Western Health Plans closed unchanged at 7, after announcing a third-quarter loss of 3 cents per share, and the repurchase of 543,750 shares from former employees at $2.22 per share.

GTI rose three-eighths to 2 1/2 in anticipation of the convention showing of its low-cost, high-performance, real-time interactive 3D computer image generator, on display this week at the National Computer Graphics Assn. show in Anaheim.

Handyman hit a new high of 30, up seven-eighths, with no news since last week's annual meeting.

Pancretec, in continued response to President and Chief Executive Richard Turner's resignation last month, dropped three-eighths to 3.

Beeba's Creations rose 3 to 20, despite its recent filing for a 900,000-share offering, half from the company and half from selling shareholders.

International Robomation is up 1, to 13, making a 4-point jump in the last month, as analysts still await earnings statements, according to Katz.

Women's Health Centers of America issued 600,000 shares on Friday, closing at 6.

Video Library moved up three-quarters to 3 7/8 on the announcement of first quarter earnings of 12 cents per share, following a loss last year. The profits include tax loss carry-forwards from prior years. In addition, Katz said, the company's first and fourth quarters are its most profitable.

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