Imagine Films is November's big winner on Wall Street among L.A. County stocks.Imagine Films is November's big winner on Wall Street among L.A. County stock Local big winners on Wall Street in November were concentrated in Hollywood, high-tech, insurance and health care, while losers were more concentrated in the "penny stock Penny Stock A stock that sells for less than $1 a share but may also rise to as much as $10/share as a result of heavy promotion. All penny stocks are traded OTC or on the pink sheets. Notes: Penny stocks are highly speculative and risky. " range of the spectrum, where shares trade for less than $1 each. Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. stocks, in general, reflected what was a good month for the stock market, with 120 local issues going up, 76 declining, and 28 remaining unchanged. For the national market, the picture was much the same> in November the Dow Jones average Dow Jones Average, indicators used to measure and report value changes in representative stock groupings on the New York stock exchange. There are four different averages—industrial stocks, transportation stocks, utility stocks, and a composite average of all rose 4.8 percent, the Standard & Poor's 500 rose 5.9 percent, and the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , a measure of over-the-counter stocks, rose 8.9 percent. The biggest upswing among local stocks in November belonged to Century City-based film producer Imagine Films Inc., which posted a 58.1 percent gain, followed by television-film producer Spelling Entertainment, in Mid-Wilshire, with a 54.5 percent gain. The latter company initiated a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program in the period. "Entertainment issues surged in the wake of the MCA MCA in full Music Corporation of America Entertainment conglomerate. It was founded in Chicago in 1924 by Jules Stein as a talent agency. In the 1960s it bought Decca Records and Universal Pictures, and today it produces films, music, and television shows. buyout, with certain issues demonstrating a 'me-too' characteristic," said Robert Maltbie, broker with PaineWebber in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . (Tokyo-based Matsushita Electric Industrial Co., an electronics giant, recently agreed to purchase Universal City-based MCA Inc.) The No. 3 gainer was Vestar, a small pharmaceutical developer based in San Dimas. Vestar has the drug AmBisome on the market, which treats fungal infections in immune-compromised patients, such as AIDS and cancer patients. Another big gainer in November was K-Swiss, the Pacoima-based sneaker maker, up 48.9 percent. K-Swiss went public this year, and some investors believe it has the sort of potential that Los angeles-based sneaker-maker L.A. Gear once exhibited. Burbank-based Summit Health Inc. had a solid month, rising 46.2 percent on improved earnings. A $375.3 million (sales) company, Summit owns and operates hospitals, nursing homes, medical office buildings and other health care facilities. |
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