Mid-Year Tri-County Stock Report
The nationwide recession only deepened in the first half of 2009, and it was no exception for publicly-traded companies in the Tri-Counties — except for a few companies bucking that trend.
The largest Tri-County-based public companies on the Business Times/UCSB stock index— Amgen, CalAmp, Calavo, CKE Restauarants and Deckers Outdoor — rode the bears and bulls through California’s turbulent economic conditions. Here’s a look at how those top five stocks have done since January, in order of largest to smallest by market capital:
• Thousand-Oaks based biotech giant Amgen had a rougher-than-expected first quarter but now appears to be on an upswing again, with its biggest stock price surge in four years just last week. In April, shares had dropped 20 percent year-to-date, driven in part by cautionary commentary by management throughout the first quarter and declining revenues. Since then, Amgen shares have made a steady uphill climb, boasting a mid-year finale last week when the price surged $8.16 — 16 percent — in one day. The July 8 price jump came the day after the company reported that its lead experimental product, a bone-strengthening medicine, worked better than a potential rival in a study. The company’s recent price peak was the highest in almost four years.