Lance sheds 17%, while LendingTree climbs 9%
Only seven of the 75 largest Carolinas-based stocks declined last week, but the biggest loser was a shocker: Lance lost nearly a fifth of its value because of slowing sales of its snacks, which include Pop Secret and Snyder’s of Hanover.
These were the best performers included in the Capital Investment Cos./Nottingham Index of public companies for the week ended April 21 among companies with shares trading for at least $10.
LendingTree (TREE) — 8.9% — Shares are nearing a record price set in August 2015. Profit at the Charlotte-based online loan marketplace topped estimates by more than 10% in the most recent quarter.
BNC Bancorp (BNCN) — 6.6% — Tennessee’s Pinnacle Bank is buying High Point-based BNC with stock valued at more than $1.9 billion. BNC reported $23 million in operating profit in the most recent quarter, topping estimates by a penny per share.
Ingles Market (IMKTA) — 6.5% — North Carolina’s biggest home-grown supermarket is facing intensifying competition, so speculation about a sale of the 201-store chain is never-ending. It opened a 72,000-square-foot store in Hendersonville last week, replacing a 46,000-square-foot site. Shares of the Black Mountain-based company, which are thinly traded, have gained 33% over the last year.
Snyder’s-Lance (LNCE) (-17.4%) — CEO Carl Lee stepped down as the Charlotte-based snack maker said it would earn 13 or 14 cents per share in the first quarter. Analysts had expected 27 cents per share. New CEO Brian Driscoll is a former head of Diamond Foods, which Lance bought last year for $1.2 billion. A slowdown in January and February was “more significant and more violent than I think any of us would have anticipated,” Driscoll said.
ReynoldsAmerican (RAI) (-0.5%) — Shares of the Winston-Salem-based tobacco company have gained 33% over the last year.
Duke Energy (DUK) (-0.5%) — Shares of the Charlotte-based utility have gained 7% over the last year. Duke is paying out about 87% of its profit for dividends, which now yield 4.2%.