INC Research loses a third of its value, while hurricane demand boosts Primo Water
It was a terrible week for Raleigh-based contract research organization INC Research/inVentiv Health, which lost more than $1 billion of market value. The big winner was Primo Water, which jumped 14% aided by hurricane-related sales.. Here are the major movers in the Capital Investment Cos./Nottingham Index of Carolinas-based public companies for the week ended Nov. 1o. The index includes companies with shares trading for at least $10.
The biggest gainers:
Primo Water (PRMW) 14% $12.59 — Stronger demand in hurricane-effected areas helped drive profits higher at the Winston-Salem-based bottled-water company. Sales more than doubled due to its purchase of Glacier Water Services Inc.
Tanger Factory Outlets (SKT) 8% $24.27 — The Greensboro-based company’s two newly opened malls in Pennsylvania and Texasopened with 93% of the space leased, topping expectations. That was among the highlights of an earnings report that pleased investors.
Qorvo (QVRO) 8% $79.57—Greensboro-based chipmaker, which supplies Apple’s iPhone, now has a market capitalization of $10 billion and is trading its highest level in two-and-a-half years.
INC Reasarch/inVentiv Health (INCR) (-33%) $39.10— Contract-research organizations are supposed to be stable earners, but the Raleigh-based company got crushed after reporting results from it merger with inVentiv. Merger costs exceeded $84 million and an impairment charge of $30 million also depressed investors.
Extended Stay America (STAY) (-16%) $16.81 — Charlotte -based hotel company reported earnings and revenue that missed expectations. Shares have gained 14% in the last year.
Premier (PINC) (-13%) $27.79 — Charlotte-based health care purchasing and data services company had disappointing earnings despite a solid revenue gain .