San Diego Market Watch : Japanese Rumors Stir Rate-Sensitive Stocks

Interest rate-sensitive issues were the major movers in the market last week as the bond market rallied on rumors that Japan was cutting its discount rate, according to Irving Katz, director of research at San Diego Securities.

Great American First Savings Bank moved up 1 1/2 points, closing at 24 1/8, just below its all-time high.

Home Federal Savings & Loan, meanwhile, rose 1 3/4, to 30 3/4, just below its all-time high.

SDG&E; hit a new high of 28 1/2, an increase of 3/8 for the week.

Local defense stocks were mixed, according to Katz. Cubic Corp. dropped 2 points and Maxwell Labs was down 3/4 for the week following a decline of 1 point the week before.

Meanwhile, Titan Corp. rose 7/8 for the week, while Cohu hit a new high of 11 3/4, up 7/8 for the week.

Decom Systems rose 5/8, extending its gain, to 3 1/8, meaning that the stock price has doubled since year end.

International Totalizator rose 3/4, after reporting fourth-quarter earnings of 33 cents per share, which included an extraordinary gain of 10 cents per share. The company is still awaiting word on its bid to contract with the California Lottery, said Katz.

Pancretec moved up 1/2 after receiving a patent on its automatic injection device.

Specialized Systems Inc.’s stock price has moved up 75% this year, to 1 3/4, as it changes its emphasis, said Katz, from “electronics to T-shirts.”

Synbiotics announced a two-for-one stock split, and moved up an additional point, or an increase of more than 20% to date in 1986.

Finally, Sunbelt Nurseries, which is 50% owned by San Diego-based Intermark and which includes locally-owned Nurseryland, hit a new high of 14 on the American Stock Exchange.