Tri-county stocks mixed as stimulus package stalls
A 3 percent drop in U.S. equities markets hit smaller stocks in the Tri-Counties on March 23, as a stimulus package to combat the economic fallout of the coronavirus failed for a second time to gain legislative approval.
The region’s companies had mixed results, with gains for eight out of the 10 largest firms. Goleta footwear maker Deckers Brands shot up 9.4 percent, and Camarillo Internet of Things supplier Semtech gained 8.7 percent.
Arcutis Biotherapeutics, out of Thousand Oaks, climbed another 10.7 percent, staying near its high of $40 since its January public debut.
Goleta portable oxygen concentrator manufacturer Inogen had the day’s largest increase, gaining 21 percent to $48.36, as demand for respiratory equipment has spiked amid the global health crisis.
Biotech firms more broadly fell, including a 1.2 percent drop for regional giant Amgen, and a 3 percent dip for Westlake Village-based MannKind. Atara Biotherapeutics, with its R&D headquarters in Thousand Oaks, fell 2.6 percent, and drug delivery technology firm Cure Pharmaceuticals fell 4.3 percent.
Banking and real estate investment firms PennyMac Mortgage Investment Trust, out of Westlake Village, and Goleta-based Community West Bancshares had the day’s biggest losses, down 14.3 percent and 11.5 percent, respectively.
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