The stock market has forgotten about the...
The stock market has forgotten about the recession, the deficit and the present and future costs of the conflict in Persian Gulf, said Irving Katz, an independent San Diego stock analyst.
Instead, the stock market continues to react to minute-by-minute war news, going down on news of air alerts and Scud missile launchings and up on successful Patriot missile interceptions, Katz said.
Although the Dow Jones Industrial Average last week moved in a narrow range, the NASDAQ composite stock index managed a 4% gain. This boosted many San Diego stocks as they started to exhibit the “January effect†of recovering from depressed tax-loss selling in late 1990.
Good gainers last week included Cubic Corp., up $2.625; Mail Boxes Etc. and Magma Power, each up $2, and Xytronyx, up $1.375.
Local biotechnology companies made some good gains, Gensia Pharmaceuticals gaining $2.50 to $10.875, or just $.125 below its initial offering price of $11 a share last year and up from a 1990 low of $4.75. Mycogen gained $2, and Agouron, which was featured in a lengthy Forbes magazine article on designer drugs, managed a $.75 gain to $7.
Other good gainers last week included DH Technology, up $1.50 on a strong recommendation by a Wall Street firm; Medical Imaging Centers of America, up $1.125, and Wahlco Environmental, plus $1.
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