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Friday, Dec 9, 2022
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Midday Stock Roundup

Stock indices were broadly higher on a positive jobs report from April.

The S&P 500 was up 1.3% to 2,114.25. The Dow Jones Industrial Average was up 1.4% to 18,182.34. The Nasdaq was up 1.1% to 5,000.75.

The yield on a 10-year Treasury bond was down 3% to 2.12%.

The price of gold was up 0.5% to $1,188.

TECHNOLOGY

Irvine-based Multi-Fineline Electronix Inc. was up 12% to $23.93 and a $581 million market cap. The circuit board maker yesterday reported net income of about $9 million in its most recent quarter, compared with a net loss of about $52 million in the same period last year, on net sales of about $149 million, up 27% compared with net sales of about $118 million year-over-year. The company attributed positive results to a better gross margin, product mix and savings on labor.

HOMEBUILDING

Aliso Viejo-based New Home Co. Inc. was up 7.6% to $15.26 and a $254 million market cap. The builder yesterday reported net income of $4.6 million, up 190% compared with $1.6 million in the same period last year, on revenue of about $103 million, up 300% compared with $25.6 million year-over-year. New Home Co. attributed the results to more homes sold at a higher price: 29 sold this period at an average price of $1.9 million, compared with 10 sold at an average price of $505,000, year-over-year.

SERVICES

Irvine-based Autobytel Inc. was down 13% to $12.50 and a $111 million market cap. Gross profit margin and net income increased but revenue at the automobile sales leads provider declined to about $26 million compared with $27 million in the same period last year. The company said it had expected the decline based on “dealer churn” from an acquisition last year.

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