The Dow Jones Industrial Average has fallen...
The Dow Jones Industrial Average has fallen seven straight days and investors and institutions are sitting on the sidelines trying to determine what the future portends, according to Irving Katz, director of research for Thomas Green/San Diego Securities.
Meanwhile, Elliott Wave guru Robert Prechter, who partially predicted that the market would move up during the 1980s, now has joined the “gloom- and doom-sayers” who are forecasting a severe depression, Katz said.
San Diego stocks remained oblivious, however, with nine stocks recording new yearly highs the past week.
Price Co. responded to pressure from analysts and shareholders by dropping a planned new class of convertible preferred stock. Price instead will issue a one-time $1.50 cash dividend. The stock reached a new high of $43.50 and gained $2.25 for the week.
Other new highs were attained by Mail Boxes Etc., $19; PS Group, $37.25; BSD Bancorp, $8.875; First National Corp., $17.375; Beeba’s Creations, $11.75; DH Technology, $10.50; Maxwell Laboratories, $13.50, and PSICOR, $11.75.
Good gains were also made by Molecular Biosystems, up $1.50, and Monitor Labs, which gained $.50.
The only new low for the week was made by Gen-Probe at $2.875.
Annual meetings this week include Titan Corp. today and Medical Imaging Centers of America on Thursday.
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