Reynolds gains 5% in week of deal closure
Reynolds America accepted a higher bid from rival British American Tobacco after months of negotiations. Insteel had a tough week with a surprisingly bad earnings report.
These were the best performing Carolinas-based stocks included in the Capital Investment Cos./Nottingham Index of public companies for the week ending Jan. 20.
3D Systems (DDD) 6% – Takeover speculation continues to swirl at the Rock Hil-based 3D printing company. Shares have gained 20% in the last four weeks.
Reynolds American (RAI) 4.9% – Winston-Salem-based tobacco company agreed to a $49 billion takeover offer with British American Tobacco Co. Reynolds has second-largest market value of Carolinas public companies, behind Bank of America.
Qorvo (QRVO) 4.2% – Greensboro-based tech company is second-best performer in the index over the last month, behind 3D Systems. Twelve of 23 analysts rate it as a buy, according to Yahoo! Finance.
The weakest performers:
Insteel Industries (IIIN) -8.1% – Wire maker’s earnings per share came in at 23 cents, not the 36 cents expected by analysts, as quarterly profit declined 30%. The Mount Airy company blamed higher material costs and lower prices.
ChannelAdvisor (ECOM) – 4.4% – Morrisville-based e-commerce company has gained 14% in the last year. Shares have traded between $10.50 and $15.75 over the last 52 weeks.
PRA Health Sciences (PRAH) – 4.2% – Shares of contract-research organization still trade within 10% of 52-week high. PRA has more than doubled since initial public offering in October 2014.