Some Stocks Had Big Fourth-Quarter Gains Despite a Plunge in Broad Market Averages
Never mind that the Dow Jones Industrial Average skidded 26% in 1987's fourth quarter, or that some broad market averages did even worse. A handful of stocks still showed spritely advances for the quarter.</br></br>Leading all gainers was Citizens Insurance Co. of America Class A, a tiny over-the-counter stock that leapt 100% in the three months ended Dec. 31.</br></br>Right behind it was Northview Corp., a San Diego-based financial and lodging concern that rose 77% in the fourth quarter. Things didn't look so good for Northview a year ago, when its chairman, Ivan Boesky, came under fire for his misdeeds on Wall Street. But Mr. Boesky quit his Northview job, and in the fourth quarter, new management negotiated a takeover of the company by Calmark Financial, simultaneous to a self-tender by Northview of all its stock outstanding.</br></br>Such winners are a bit on the esoteric side, though. Citizens Insurance's yearly revenue amounts to just $7 million, according to Media General's databank. And Northview chose to announce its Calmark transaction the morning of Oct. 19 -- right before the Dow Jones Industrials plunged 508 points that day. Investors might have had other things on their mind.</br></br>So what about the top performing stocks on major exchanges? In a quarter when the dollar kept falling and the U.S. trade deficit kept widening, it made sense that the New York Stock Exchange had to import its No. 1 stock. Leading the pack on the Big Board was Tricentrol PLC, a British oil stock that rose 40% amid takeover overtures from Elf Aquitaine of France.