The Dow Jones Industrial Average fell 63...

The Dow Jones Industrial Average fell 63 points before recovering 18.81 points Monday. But, as has been the case in the past, most San Diego stocks--with few exceptions--hardly moved in either direction, said Irving Katz, director of research at Thomas Green/San Diego Securities.

There was one new high for the week: Christiana rose to $17.375, more than doubling its low of $8.25 earlier this year. The company has issued little news or information all year to account for this meteoric rise.

On the downside, new lows were made by two stocks, HomeFed and WD-40. HomeFed, which rose as high as $47.50 last year and $37.875 this year, crashed to a new low of $10 on Friday. The stock managed a minor gain of $1.375, to close at $11.375 on Monday.

The reason for the rapid decline, besides the recently reported second-quarter loss, was the mass exodus of institutional investors, who previously held 70% to 80% of the outstanding shares.

HomeFed is now selling at a discount of 69.7% on its tangible book value--shareholder equity minus goodwill--which, as of June 30, was $37.49. “This seems like an unrealistic discount for a savings and loan that still meets stringent regulatory capital requirements,” Katz said.

An interesting and safer investment than the stock could be HomeFed’s 6.5% convertible bonds, which are due in 2011 and traded Monday at $55. At that price, the current yield is 11.8%. The bonds are convertible into stock at the equivalent of $24 per share.

The other 1990 low was made by WD-40 at $28.25, where it yields 5.9% on its current dividend. The company has fallen into an earnings rut, Katz said, with third-quarter earnings of $.33 a share versus $.40 for the comparable quarter the previous year. WD-40’s domestic markets are mature and its foreign sales are taking longer to become profitable, Katz said.