Commentary on the Carolinas Index from our friend at Business NC, David Mildenberg
Posted May 13, 2017
Three Carolinas public companies had a remarkable week on the stock market, each gaining more than 28% even though none of the three were taken over. World Acceptance, which makes small loans at high interest rates, jumped 40% after inking a new credit agreement. It was the best performer in the Capital Investment Cos./Nottingham Index of Carolinas-based public companies for the week ended May 12 among companies with shares trading for at least $10.
World Acceptance (WLRD) – 40% $79 Stunning week for investors of the Greenville, S.C.-based consumer finance company, which reported better than expected earnings and said it had renegotiated a credit agreement that will allow it to make more loans and buy back more shares. Shares have doubled in the last year. It operates more than 1,320 stores in the U.S. and Mexico.
INC Research (INCR) — 30% $55.10 Shares soared as the Raleigh-based contract research organization bought InVentiv for $4.6 billion. The combined company of 22,000 workers operates in 60 countries, testing experimental drugs. Owned by private-equity groups, Boston-based InVentiv is a bigger company but INC CEO Alistair MacDonald will lead the merged company.
3D Systems (DDD) — 28.1% $21.79 The printing technology company had its second-straight strong week on the stock market after reporting lower losses that the year-earlier quarter. Shares of the Rock Hill, S.C.-based company have gained 80% in the last year, and 50% since late March.
Plygem PGEM — (-10.3%) $17.20 – Cary-based building supplies company lost 9% last week after posting a 10% decline in the previous week. The company lost $3.6 million in the first quarter.
Bojangles’ BOJA — (-8.6%) $17.45 Second straight week of big declines by the Charlotte-based fast food chain. Net income declined 3% from a year earlier as sales at stores open more than a year fell 1.7%.
Ingles Markets IMKTA — (-8.2%) $38.45 Another down week for the Asheville-based supermarket chain, which faces intensifying competition in many of its markets. The company made $9 million in the recent quarter, compared with $14 million a year earlier.