|
|
Article: Portfolio Reductions Send City National's Stock Soaring.(City National Corp.)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 13, 2001
- Author:
CopyrightCOPYRIGHT 2001 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
City National Corp.'s stock has been on a tear lately, setting numerous 52-week highs and proceeding to burst right through them again.
Since July 17, when the Beverly Hills-based banking company reported its financial results for the second quarter ended June 30, its stock has surged 12 percent, closing at $47.50 Aug. 9.
Not bad for a regional bank operating in a murky economic climate --- one that's all the more questionable here in California, where energy crises and technology-company implosions have kept away jittery investors.
So what gives?
Russell Goldsmith, City National's chief executive, will tell you that things were more ...