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Friday, Mar 29, 2024
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Preview: Large Caps Riding Waves

In the economic recovery’s sixth year, the investment adage that “a rising tide lifts all boats” no longer applies. The waters are choppy, with some public companies rising and others falling, as reflected in the market capitalizations of the Valley’s leading companies. On the directory of largest public companies in the Valley, the largest caps in the region – Walt Disney Co., Amgen Inc., Public Storage and Avery Dennison– showed strong double-digit gains. Once again, Disney is the top company on the list with a market cap of $184 billion as of June 10. James Hillman, managing director of portfolio management at Bank of New York Mellon Corp. in Century City, which compiles the Valley 50 list of publicly traded companies, said capital markets are now in the late stages of a bull run, a point in the cycle that favors large-cap stocks. However, unlike earlier in the recovery when the broad market gained value, investors are now trying to distinguish the winners from the losers. “Companies that exceed expectations will be rewarded, and those that don’t will be punished meaningfully,” he said. “This is a time when the market rewards active management of investments. Specific names, fundamentals and growing profitability will be rewarded.” Read the entire story in the June 29 edition of the San Fernando Valley Business Journal.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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