YOU ARE HERE: LAT HomeCollections


March 31, 1987

San Diego stocks joined in the general downward movement last Friday and Monday, according to Irving Katz, director of research for San Diego Securities.

There was very little news to account for all of the downturns, but there was one surprise generated by a San Diego stock: Henley Group announced the purchase of 7.9 million shares, or 4.9%, of Santa Fe Southern Pacific Corp. for what Henley described as "investment purposes." Whether or not Henley is considering a takeover, Santa Fe Southern Pacific stock rose 1 7/8 to 38 in a market where the Dow Jones average plummeted by 57.38 points.

The Henley Group previously had announced a larger than anticipated $426-million net loss for 1986, reflecting the company's restructuring program and amortization charges. The stock fell an eighth of a point for the week to 26, Katz said.

Price Co. stock, which had moved up to 51 on a good earnings report and in reaction to its recent New York acquisition, was hit by selling and closed on Monday at 46 3/4.

WD-40, which had fallen to 32 1/2 after its poor second-quarter earnings report, recovered somewhat and closed the week at 35 3/4. Price Co. and WD-40 are institutional favorites and therefore, very volatile, Katz said.

San Diego's savings and loans experienced major losses over the week, Katz said. The interest-sensitive S&Ls were adversely affected by the free fall of the dollar against major currencies and rumors that the Federal Reserve Bank was tightening the money supply.

Home Federal Savings & Loan was down 2 5/8, Imperial Corp. of America dropped 1 7/8 and Great American First Savings Bank was down 1.

Biotechnology stocks, which are still awaiting positive earnings results, were down sharply with Xytronyx down 2 7/8 and Synbiotics down 2. The newly issued Agouron Pharmaceuticals held steady at 11, up 1 from its issue price a week ago.

Los Angeles Times Articles