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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.

Best gainers:

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.

Biggest losers

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.

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David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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