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San Fernando
Sunday, Sep 25, 2022
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Stocks Hit by COVID Resurgence Fears

 Most local stocks dropped Monday – one of the worst days for stocks this year. The Dow Jones industrial average had its biggest one-day decline in nearly nine months.

The Valley area’s largest corporation, the Walt Disney Co., went down $6.36 a share, or 3.6 percent.

Disney’s shares closed at $184.38 last Monday, compared to $172.95 today.

Meanwhile, the stock of Amgen Inc., the area’s second biggest company, edged down 0.5 percent.The largest local drop: 8 percent by the stock of Dine Brands Global, the operator of Applebee’s Neighborhood Grill & Bar and IHOP.

The Glendale-based company closed at $75.47, down $6.53 Monday, after reaching heights up to $98 during May, a time when vaccinations rates increased and states started reopening.

Other Valley companies such as Avery Dennison Corp., Teledyne Technologies Inc. and Public Storage saw shares decline anywhere from 1.5 to 3.5 percent.

The Nasdaq fell 1.1 percent on Monday while the Dow slid 725.81 points, or 2.1 percent, for its biggest decrease of the year. The primary trigger to the market’s tumble was concern about resurging COVID-19 infections and how it may create more economic lockdowns and hurt the economic recovery.

On the other hand, some local stocks increased on Monday. The biggest gain was by Simulations Plus, which came off earnings last week. It went up 5.6 percent or $2.41 a share and closed at $45.78. Also, Blackline Inc.’s stock recorded a 1.4 percent increase and closed at $111.50. Arcutis went up half a percent or 13 cents and closed at $25.73.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.
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