Just four months after the Palo Alto-based Private Bank changed its name to Avidbank, company officials changed the stock symbol of its holding company from PBKH to AVBH, effective Aug. 2 and adjusted on the Town Crier “50” below. The new symbol more accurately reflects Avidbank’s holding company, Avidbank Holdings Inc.
Traded on the OTC Bulletin Board, an electronic trading service for over-the-counter equity securities not listed on NASDAQ or the national securities exchange, AVBH has hovered near $7-per-share status for several months – one thing that didn’t change with the market’s wild ride last week.
Despite legislation Congress passed raising the debt ceiling, which President Barack Obama signed Aug. 2, the Dow plunged below 12,000 points that same day – to 11,866.62 – a near 266-point, one-day loss. The Dow’s rebound the following day – up three points at closing – at least signaled a change from its eight-day losing streak. Or the calm before a storm.
Thursday’s 512-point plunge and Friday’s modest rebound – gaining 60 points to close at 11,444 – did little to alleviate growing fears that the economy is not in recovery mode. As “50” followers will note, with the exception of Harmonic, Meru Networks and Avidbank, all companies took a hit.