Qorvo jumps 11% after Seth Klarman investment
Qorvo was the big story in Carolinas-based stocks last week after a major investor bought a stake in the Greensboro-based company that supplies a part for Apple phones. It was the best performer in the Capital Investment Cos./Nottingham Index of Carolinas-based public companies for the week ended May 19 among companies with shares trading for at least $10.
Qorvo (QRVO) – 11.4% $75.51 Investor Seth Klarman’s Baupost Group bought 7 million shares in the first quarter, helping push shares higher. It reported a net loss of $28.8 million on sales of $2.6 billion last year. Shares have gained 53% in the last year.
World Acceptance (WRLD) — 3.7% $81.91 After gaining 40% a week earlier, the Greenville, S.C.-based consumer finance company added another 4%. It eported 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. The company operates more than 1,320 stores in the U.S. and Mexico.
Cree (CREE) — 3.1% $23.09 Chuck Swoboda, CEO of the Durham-based LED and semiconductor maker for the last 16 years, is retiring when his successor is selected. During his tenure, Cree shares traded as low as $11 and as high as $73.
Channel Advisor ECOM — (-5%) $11.45 The Morrisville-based company’s software enables retailers to manage their online sales. The company said it had 2,904 customers as of March 31.
SPX SPXC — (-5%) $26.35 The company’s biggest profit drivers are products for heating and air conditioning systems. Shares have increased 72% in the last year.
Bank of America BAC — (-4%) $23.05 The biggest Carolinas-based stock has gained 59% in the last year as higher interest rates are improving the spread between interest received on loans and paid on deposits.