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Market diary.


The markets continued their advance during the week ending Nov. 22. The Dow Jones industrial average hit yet another record high, closing just before Thanksgiving at 12,327, up 0.6 percent for the week and 15 percent for the year-to-date. The tech-dominated Nasdaq rose 1 percent on the week to 2,466, while the Standard & Poor's 500 index rose 0.7 percent to 1,406. The LABJ 200 index of local stocks rose 0.9 percent to 143 as 109 stocks advanced, 85 declined and 13 were unchanged. The real estate sector had the best performance on the week, up 6.4 percent after the Nov. 19 announcement of the Blackstone Group's $36 billion buyout offer for Equity Office Properties Trust. The automotive/plastics/metals sector was just behind with a 6 percent gain. The aerospace/defense sector was the worst performer, down 2.6 percent. There were 32 new highs for the week--including 12 in the real estate sector--and no new lows. Among the major gainers was Patient Safety Technologies Inc., whose stock more than tripled to $2.30 per share after it announced a major distribution deal for its surgical safety sponges. Also gaining was Hot Topic Inc. after releasing better-than-expected third quarter results. Among the biggest losers was music subscription service Napster, which fell 10 percent to $3.89 per share after analysts concluded it has had difficulty finding a buyer.

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Title Annotation:THE LABJ STOCK INDEX: TRACKING 200 SELECTED LOS ANGELES COUNTY-BASED COMPANIES
Publication:Los Angeles Business Journal
Date:Nov 27, 2006
Words:235
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