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December 08, 1987

The end of the year is upon us and the market must "now absorb year-end tax-loss selling and switching, as well as institutional portfolio window dressing," according to Irving Katz, director of research with Thomas Green/San Diego Securities Inc.

With most stocks selling last week at or near their year's lows, yesterday's rally could be attributed to bargain hunters, according to Katz.

The on-again, off-again acquisition of Linear Corp. by Nortek was on again on Monday with the price being offered to shareholders being reduced from $13.25 to $12.50. Linear responded by gaining 2 1/8 to 11 7/8 after dropping 3 1/8 last week while the merger was being renegotiated, Katz said.

Gains for most stocks were fractional despite good earnings reports, according to Katz.

Langley Corp. gained a half to 6 1/2 after reporting fourth-quarter earnings of 37 cents per share, up from 13 cents a year ago. Yearly earnings rose to 79 cents a share, compared with 67 cents a year ago.

Maxwell Laboratories gained one quarter to 8 3/4 after announcing a 5% stock dividend.

Magma Power said it would merge with its Magma Energy subsidiary. Both companies gained one-eighth of a point after the announcement, Katz said.

Many San Diego stocks continued to reach new lows including Christiana Cos., 3 3/4; Imperial Corp. of America, 7 3/8; IRT Corp., 1 5/8; Western Health Plans, 1 1/8; Beeba's Creations, 7; Gascard, 1 1/2; Mycogen, 5, Specialized Systems, three-eighths; Women's Health Centers, three-sixteenths and Xscribe, 2 3/8.

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