Stocks continue to move downward, demonstrating more...

Stocks continue to move downward, demonstrating more volatility this past week, said Irving Katz, director of research at Thomas Green/San Diego Securities.

The major stock averages have fallen 9% so far this year, and San Diego stocks have joined in the free fall, particularly the savings and loan stocks. HomeFed dropped $2.75 this past week. Great American fell $1.25, hitting a new 52-week low of $5.50 Monday. Imperial Corp. of America, which has little room left to fall, lost $.50 more to close at $.625, matching its 52-week low.

Savings and loans seem to have lost whatever friends they ever had, Katz said.

Additionally, a new low was made by Psicor at $6.50 in continued reaction to poor first-quarter earnings of 7 cents a share versus 13 cents a year ago. The 52-week high for the stock is $14, so it has dropped more than 50% so far this year.

Chart House Enterprises was down $2 for the week, making a new low of $11 after reporting disappointing fourth-quarter earnings of 7 cents a share versus 44 cents the previous year. Fiscal-year earnings of 51 cents a share were down from $1.12.

Another new low was made by Xytronyx, down $1.625 to $6.875, having fallen from its 52-week high of $14.125. Other major losers of the week included Mail Boxes Etc., down $1.75 to $17. Molecular Biosystems was down $2.50 to $18.625. Its 52-week high is $26.25.

Surprisingly, there was one new high recorded by Magma Power, a geothermal alternative energy source, at $29.75. Beeba’s Creations gained $.75 after reporting a sharply increased backlog at its annual meeting last week and satisfaction with analysts’ projections of $1.15 to $1.20-per-share earnings for the current fiscal year.