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Monday, Dec 4, 2023

Dow Drop Hurts Valley Companies

The Dow Jones Industrial Average experienced its largest ever one-day decline Monday, taking down Valley company stocks in the process. The Dow lost 1,175 points, a 4.6 percent decline Monday. It was the largest point loss in history, although the index has suffered worse percentage losses in the past. Among the largest capitalized public companies in the Valley region, Walt Disney Co. in Burbank declined 3.7 percent, Amgen Inc. in Thousand Oaks lost 6.6 percent, Avery Dennison Inc. in Glendale fell 3.3 percent, American Homes 4 Rent Inc. in Agoura Hills dropped 3.3 percent and Teledyne Technologies Inc. in Thousand Oaks suffered a 4.6 percent loss. The selloff particularly impacted small biotech companies in the Valley region. Sienna Biopharmaceuticals Inc. in Westlake Village, which went public last July, lost 6.8 percent; Endonovo Therapeutics Inc. in Woodland Hills declined 7.1 percent; and HemaCare Corp. in Van Nuys lost 9.6 percent. The Nasdaq, where most of the Valley region’s biotechs trade, lost 273 points or 3.8 percent Monday.

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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