December Bust: Worst stock performance in history, which Ventura County companies impacted

(Ventura County, Ca) This has been a very ugly December for stocks. Rather than a “Santa Claus Rally,” this Christmas Eve was the worst stock performance in US history with a 653 point drop.

A few public companies headquartered in Ventura County my have been impacted by the drop.

Teledyne Technologies Inc. (TDY)

With a 52-week low of 172.80, the $191 price at the December 24 market close places the stock on the lower end of its 52-week range.

Teledyne Technologies Inc. 52 week range ending December 24, 2018. Information Courtesy of Yahoo! Finance and ChartIQ.

The Thousand Oaks based company provides instrumentation, digital imaging, aerospace and defense electronics, and engineered systems both domestically and abroad.

Amgen Inc. (AMGN)

Perhaps Ventura County’s most notable public company, the Thousand Oaks based pharmaceutical company employs more than 20,000 people and has a powerful impact on the local economy with regard to real estate stabilization and job salaries.

Its 52-week low of $163 was seen in early Spring 2018. On December 24, the stock closed at $178. As of 3 weeks ago, the stock was rated as a “Buy” by investment banks Jeffries (price target $220) and Oppenheimer (price target $224).

Calavo Growers, Inc. (CVGW)

Avocado toast helps power your local economy here in Ventura County. Encourage everyone to eat it.  Santa Paula based Calavo Growers not only sells fresh avocadoes but also other “value add” food items such as fresh salsa.

Calavo’s 52-week low was $67, which occurred on Christmas Eve trading. On December 21, Lake Street Capital rated the stock a “buy” and offered a price target of $94.

Semtech (SMTC)

Camarillo based semiconductor compay, Semtech, has figured out how to capture the high end integrated circuit market in the consumer electronic, enterprise data center, and aerospace industries. Founded in 1960, the company’s 52-week low hit $31 in February 2018. The stock price hit $41 on Christmas Eve. On November 29, two investment banks positively rated the stock. Roth Capital initiated a “Buy” rating with a $62 target price and Royal Bank of Canada rated the stock as Outperform with a $55 target price.

LTC Properties (LTC)

Information Courtesy of Yahoo! Finance and ChartIQ. LTC Properties (LTC) 52 week range ending December 24, 2018.

Westlake Village based LTC Properties is a real estate investment trust that primarily invests in seniors housing and health care properties mostly through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. LTC published a recent announcement that a key long term care operator of two sizable properties filed for chapter 11 bankruptcy after operational issues forced the need to re-organize.

On November 20th, Royal Bank of Canada reiterated a “sell” rating and set a $40 price target. BMO Capital Markets reiterated a “sell” rating and set a $40 price target on shares of LTC Properties in a report on December 6th.

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