Homedco Stock Dips After Rising 44%

FOUNTAIN VALLEY — Homedco Group Inc.’s stock fell 8.8% Wednesday after having soared 44% since June 29, when the company announced that it would acquire the assets of Glasrock Home Health Care Inc. that it does not already own.

Homedco’s stock closed at $26 a share, down $2.50, in active trading on the NASDAQ market. But the price remains far above the stock’s June 29 close of $19.75.

Analysts and company officials said Wednesday’s decline appears to be an adjustment after the steady price rise of the past few weeks since Homedco announced the Glasrock transaction, which is part of its plan to expand services in the Southeast and Midwest.

Lawrence H. Smallen, Homedco’s chief financial officer, said the company, based in Fountain Valley, expects to report strong results Tuesday for its third fiscal quarter, which ended June 30. Analysts forecast a net income of 32 cents a share for the period.