The stock market went through its own restructuring last week as it awaited some deficit-reduction news from Congress, said Irving Katz, director of research at Thomas Green & Associates/San Diego Securities.
San Diego County stocks generally moved sideways, with most gains simply retracements of previous losses. Some of the small capitalization stocks that announced good earnings reports saw their prices move up. These included Video Library, which gained three-eighths to 2 7/8 as it announced third-quarter earnings of 11 cents a share. For the year, Video Library should earn close to the 40-cents-a-share goal set by the company's chief executive, Barry Rosenblatt.
Monitor Technologies was up one-half to 2 5/8 after reporting earnings of 29 cents a share for the quarter versus a loss the previous year. These earnings included 12 cents per share of extraordinary income from a reversal of last year's reserve.
Triton Group was up three-quarters to 8 1/2 after announcing the possible sale of its Simplicity Pattern unit. The stock, after a 1-for-10 reverse split, is down nearly 50% from the high it reached before the stock market crash.
Cubic Corp. gained three-quarters to 16 3/4 as it appeared on Barron's list of stocks selling below August, 1982, lows.
PS Group gained one-eighth to 23 7/8. There has been insider buying in the low 20s since the Oct. 19 crash brought down the price level from the low 30s. On the down side, the Price Co. was down 2 to 28 1/2 as analysts continue to reduce earnings estimates for the current fiscal year.
Agouron Pharmaceuticals was down three-quarters to 8 as the company announced a loss of $532,300 caused by the expanding application of its drug design technology. The technique is used in the research and development of drugs for a variety of existing and emerging therapeutic needs.
Kaypro was down one-quarter to 1 as the market waits to see if the company was profitable in the fiscal year ended Aug. 31.
Person Computer Products Inc. was down three-quarters to 7 1/2 as it slowly retreated from the $11 range, where it sold for an extended period while the company reported continuing losses. The company is contemplating a stock split to gain market liquidity.