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Friday, Mar 29, 2024

Valley Restaurant, Real Estate Stocks Caught in Wall Street Selloff

Another massive selloff of stocks on Thursday caught Valley restaurant and real estate-related stocks in the downdraft. Among large publicly traded companies in the Valley region, Dine Brands Global Inc. in Glendale, the restaurant operator of the IHOP and Applebee’s chains, fell the most, losing $16.32, or 31.8 percent, to close at $35. Limoneira Co., the Santa Paula citrus grower and real estate developer, fell $3.55, or 23.6 percent, to $11.49. Other large companies with substantial losses included LTC Properties Inc., the nursing home REIT in Westlake Village, which declined 20.1 percent to $29.53; Sylmar construction firm Tutor Perini Corp, which fell 17.4 percent to $10.05; and restaurateur Cheesecake Factory Inc. in Calabasas, with a loss of 14.8 percent to $21.48. More than 25 companies in the Valley region suffered double-digit declines for the day. The Dow-Jones Industrial Average fell 10 percent to close at 21,201.

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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