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SAN DIEGO MARKET WATCH

February 23, 1988

Undecided investors attempting to determine whether we are in a bear market rally or will soon be entering a recessionary phase are missing some good stock gains, according to Irving Katz, director of research for Thomas Green/San Diego Securities.

The Dow Jones Industrial Average has climbed more than 5% since Dec. 31, while the over-the-counter index has increased more than 8%, Katz observed.

Foodmaker finished the week unchanged after gaining $1.25 the previous week. The company announced Monday that it would purchase the 200-restaurant Chi Chi's chain for $230 million.

Energy Factors stock stopped trading Monday at $6.875 before the market closed. At that time, Sithe Energies increased its per-share offer for Energy Factors to $8.25.

At this price, the board does not have any dissenters and Smith Barney has rendered a favorable opinion, Katz said. However, Sithe's acquisition of Energy Factors depends on the settlement of some shareholders' lawsuits.

Cubic Corp. was down $.875 to $14 despite the announcement of Walter Zable's purchase of 10,000 shares in the $12 range last month.

Good gains were made by Advanced Marketing Services, up $1.25 to $9.50; Fisher Scientific, up $1.25 to $18.25; Rohr Industries, up $1.875 to $23.875, despite the lack of news of any kind.

Maxwell Laboratories announced flat second-quarter earnings and promptly dropped $.75 to $9.75. Monitor Labs announced earnings of $.68, including $.16 of extraordinary benefits, compared with a loss the previous year. The stock gained $.125 to $2.625.

San Diego Gas & Electric was up $.25 to $33.25. After the market closed Monday, the utility announced it would increase its annual dividend by 4% to $2.60.

Annual meetings scheduled during this week and next include Decom Systems on Thursday and Langley and Western Health Plans on Monday.

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