Babcock & Wilcox powers down 37%; big gain at Lowe’s
Two little-known Charlotte-based companies had very different showings last week. Albemarle soared and now has a market value of $11.8 billion. Babcock & Wilcox Enterprises lost more than a third of its market cap and is now valued at $511 million. Bank of America gained 5% last week and has now shot up 88% in the last year, more than any other Carolinas company with a share price of $10 or more.
These were the best performing Carolinas-based stocks included in the Capital Investment Cos./Nottingham index of public companies for the week that ended March 3.
Albemarle ALB 12.7% – Charlotte-based chemical company soared to record high after reporting gain from $3.1 billion sale of a subsidiary. Shares have more than doubled in the last 18 months.
BenefitFocus BNFT 7.6% — Charleston, S.C-based provides software services related to employee benefits. Shares have declined to $27 after peaking at $74 in 2014.
Lowes LOW 7.3% – Comparable store sales increased 5% from a year earlier and Lowe’s said its sales of products topping $500 are picking up. Continued problems at Sears are benefiting Lowe’s, analysts say.
Babcock & Wilcox Enterprises BW (-37%) – Charlotte-based energy technology company lost $72 million in fourth quarter. Analysts had expected a profit.
INC Research INCR (-17.2%) – Clinical research company beat earnings estimates, but offered a weaker than expected outlook for 2017. Shares have more than doubled since its initial public offering in 2014.
3D Systems DDDD (-11.9%) – Revenue declined 10% in the fourth quarter from a year earlier. Rock Hill-based company faces increasing competition from General Electric and Siemens.