Disenchantment with the stock market in general and retail-oriented stocks in particular caused heavy institutional selling in Price Co. as it dropped 7 1/2 points to close the week at 39, according to Irving Katz, director of research for San Diego Securities.
The firm, whose stock has ranged between 52 1/2 and 32 1/2 this year, is expected to report its annual earnings today. The selling in this leading wholesale club discounter "seems to be overdone," according to Katz.
Trident Group was down nine-thirty-seconds to 1 in spite of--or because of--announcing a 1-for-10 reverse stock split, Katz said. The company also was cleared for listing on the New York Stock Exchange.
On the other hand, Intermark, Trident's controlling shareholder, gained one-half to 13.
Burnham Pacific Properties was up one-quarter to 19 1/8 as it reported gains in revenue and increased cash flow. It also announced that 100% of its dividends paid for the next several quarters will be tax-sheltered, Katz said.