ChannelAdvisor slammed as co-founder departs
It was a rough week for Morrisville-based e-commerce company ChannelAdvisor, with slightly weaker sales than expected in the fourth quarter and the resignation of co-founder Aris Buinevicius, chief technology officer since 2001. The news was much better at Wilmington’s Live Oak Bancshares, which is now trading well above its 2015 IPO price.
These were the best performing Carolinas-based stocks included in the Capital Investment Cos./Nottingham Index of public companies for the week ended Feb. 10.
Live Oak Bancshares (LOB) 11.9% The second-largest U.S. SBA lender shot up after it reported fourth-quarter earnings of $5.5 million. For year the bank, which employs 434 people in Wilmington, earned $13.8 million. Live Oak went public in July 2015 at about $19. After declining to less than $13 last year, it has rebounded to a record $23.
Hanesbrands (HBI) 9.9% Shares of the Winston-Salem-based apparel company have gained back about half of the sharp decline reported two weeks ago, when concerns over slowing growth spooked investors
Scansource (SCSC) 8.3% The Greenville, S.C. software company reported earnings that topped expectations and shares are now at a record level. The market value exceeds $1.1 billion after shares increased 20% in the last year.
The weakest performers:
ChannelAdvisor (ECOM) -23.6% The Morrisville-based e-commerce company traded near $50 in early 2014; it is now at about $11. In 2016, the company earned $5.3 million, after losing $7.3 million in 2015.
Cree (CREE) -8.5% The lighting maker said its $850 million sale of its Wolfspeed Power unit to German chipmaker Infineon Technologies AG might not go through because of the federal government’s security concerns. Wolfspeed makes devices using gallium nitride, a powdery compound that can have military applications, Reuters said.
Sonoco (SON) -4.2% The big Hartsville, S.C.-based packaging company said its fourth-quarter sales were 3% lower than the previous year. Net sales dipped 10%. Shares still trade just shy of record levels.