With many of the major averages making new all-time highs, it was only a matter of time before activity spilled over into some San Diego-based companies, according to Irving Katz, director of research for San Diego Securities Inc.
As interest rates on long-term bonds came down, the bonds in turn rallied and carried the local savings and loans with them, Katz observed. Home Federal Savings & Loan was up 1 5/8 to 31 5/8; Imperial Corp. of America was up 1 to 14 5/8; Great American First Savings Bank was up three-quarters to 19 3/8.
Other institutional favorites joining in the action were Price Co., up 2 7/8 to 46 3/4; Rohr Industries, up 2 to 29 1/8; Beeba's Creations, up three-quarters to 13 3/4, and WD-40, up three-quarters to 33.
Triton Group Ltd. was up seven-thirty-seconds to 1 after announcing the registration for a late July public offering of 1.5 million shares of its Continental Graphics subsidiary. Triton Group is 41% controlled by Intermark Inc., which has options to increase its ownership to more than 50%.