With the Dow Jones Industrial Average up nearly 50 points Friday and down 20 points Monday, the only message to investors was uncertainty, said Irving Katz, director of research at Thomas Green/San Diego Securities.
Two San Diego-based stocks, however, fell out of favor with analysts and their institutional investor clients and suffered dramatic drops. Advanced Marketing Services fell $5.75, or 34%, for the week as it announced that it expects to report substantially lower earnings in its first fiscal quarter.
Price Co. was down $5.50, or 12%, for the week as some analysts, upon examining Price's third-quarter earnings release, dropped their earnings forecasts for the year and advised their clients to hold rather than buy Price stock.
Fisher Scientific made a new high of $22.25, indicating that Henley will have to pay more than the $20.50 per share it previously offered for the 20% of the Fisher stock it did not already hold. Another new high of $10 was made by Mycogen upon the announcement of a $10-million equity investment by Kubota Ltd., a Japanese farm equipment manufacturer.
Among the small San Diego banks, Southwest Bank made a new high of $6.875 as its merger with Security Pacific Bank draws closer. La Jolla Bank & Trust was up $.75 to $9, and First National Corp., which broke off merger negotiations with Torrey Pines Bank, closed the week unchanged.