Burnham Pacific Properties, a recently formed real estate investment trust (REIT) listed on the American Stock Exchange, made a new all-time high as it gained 4 1/2 points to 21, said Irving Katz, director of research at San Diego Securities. This year, the stock has moved up impressively from a low of 12 1/2, adjusted for a three-for-two stock split.
Burnham American Properties, a publicly traded partnership that will convert to REIT status on Sept. 30, was up 1 3/4 to 33 on a strong buy recommendation last week by Merrill Lynch. Both companies are affiliated with John Burnham & Co., a San Diego-based real estate, insurance and mortgage banking firm.
The only other new high of the week was registered by Wavetek as it gained 1 to 10 1/2 after it announced that Datron International of the United Kingdom had accepted its $15.8-million acquisition offer.
Langley Corp. dropped 2 1/2 to 8 1/2 after Fleet Aerospace managed to acquire more than 50% of the shares and announced that it would replace five members of the nine-member board with Fleet's own nominees, consolidating its control. The stock had reached a high of 12 1/2 on Fleet Aerospace's purchase, but dropped as remaining shareholders were not offered an opportunity to tender their shares.
Southwest Bancorp. gained five-eighths to 4 after the market finally absorbed the sale of the nearly 1 million additional common shares shares that resulted from a preferred stock exchange and a recent 5% stock dividend.
Humphrey dropped one-half to 4 as buyers retreated before a selling shareholder's 5,000-share bloc. A new low was made by International Robomation, which was down 1 5/8 to 6 with no apparent adverse news.
Telequest was down three-eighths to 1 7/8, a 52-week low, despite announcing a second $1-million deal for Canadian distribution of its telephones.
Henley Group dropped seven-eights to 27 3/8 as the self-tender offer for 25 million shares at $28 each expired and was only partially successful with only 3.1 million shares tendered.
Energy Factors moved up one-half to 7 7/8 as it announced it had begun construction of a wood-powered co-generation power plant in Lincoln, Mich., in partnership with CRS Sirrine Inc.
IRT Corp. dropped one-quarter to 3 3/4 despite announcing the award of a $2.1-million Defense Nuclear Agency contract.
Xscribe, a San Diego company that makes transcription devices for the court reporting industry, which went public at $8, closed down one-quarter to 7 3/4.
First National Corp. the holding company for First National Bank was down one-quarter to 10 3/4 after filing for a public offering of 850,000 common shares with the SEC.
Molecular Biosystems, which seeks FDA approval to begin human clinical trials of Albunex, its cardiac ultrasound contrast agent, was up seven-eights to 11 1/8.