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Friday, Jan 27, 2023
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Dow’s Massive Drop Pulls Down Valley Stocks

The Dow Jones Industrial Average fell more than 2,000 points, or 7 percent, in trading Monday, with nearly all Valley companies caught in the downward momentum. The growing coronavirus contagion and declining oil prices were behind the selloff, according to Yahoo Finance. The website called the 2,014 point fall “the largest one-day point loss for the Dow on record.” Among the Valley’s largest cap companies, Walt Disney Co. in Burbank fell $10.92, or 9.5 percent, while Amgen Inc. in Thousand Oaks declined $12.28 or 5.8 percent. Large percentage losers in the region included California Resources Inc. in Santa Clarita with a decline $1.59 or 28 percent; Dine Brands Global Inc. in Glendale with a loss of $12.65 or 17 percent; and Asgn Inc. in Calabasas, down $7.12 or 15.7 percent Other double-digit loss companies included Tutor Perini Corp. in Sylmar with a loss of $1.81 or 13.3 percent; Semtech Corp. in Camarillo, down $4.92 or 13 percent; LTC Properties Inc. in Westlake Village with a decline of $5.34 or 11.3 percent; and Teledyne Inc. in Thousand Oaks with a decrease of $33.73 or 10 percent. Also, Miami-based Carnival Cruise Corp. & plc, the parent of Princess Cruises in Santa Clarita, fell $5.41 or 19.9 percent after the State Department warned U.S. travelers, especially those with health conditions, not the take cruise vacations because of an increased risk of contracting coronavirus.

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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