Friday, May 27, 2022
spot_img

No love for Novan as shares collapse 78%

A bank buyout that will cost North Carolina the headquarters of its most successful community bank of recent years and a stunning clinical trials disappointment sparked major moves in Carolinas-based stocks for the week ending Jan. 27. The best performing stocks in the Capital Investment Cos./Nottingham Index of public companies:

Insteel Industries  (IIIN)  13% – Steel wire company’s shares have been volatile over the last month on hopes of benefits for more spending on roads and bridges.

Park Sterling (PSTB)  12% – Sale of rival BNC Bancorp could make the Charlotte-based regional bank more attractive to suitors. First Bancorp, another big regional that is based in Southern Pines, gained 6%.

BNC Bancorp (BNCN)  9% –  Tennessee’s Pinnacle Financial Partners is buying High Point-based regional bank for $1.9 billion. BNC CEO Rick Callicutt will run Pinnacle’s business in Carolinas and Virginia.

The weakest performers:
Novan NOVN (-78%) – Morrisville-based drug company reported disappointing results in a trial of its acne treatment. Former Glaxo Wellcome CEO Robert Ingram is chairman.

World Acceptance (WRLD)  (-18%) – Earnings of $9.6 million were much lower than analyst expectations. Shares of Greenville, S.C.-based consumer-finance company have declined 24% in the last month.

Unifi UFI (-8%) – Greensboro-based textile company said net income declined 33% from a year earlier. The company also sold its 60% stake in Repreve Renewables at a $1.66 million loss. 

 

Core Technologies

The story behind Core Technology Molding

0
I was at a manufacturing industry conference (MFGCON) last week in Durham. That’s where I heard Geoff Foster talk about the company he founded in 2006, Core Technology Molding Corporation in Greensboro.  
Fayetteville Tech Sundial Fountain

Fayetteville Tech’s president prepares for retirement

0
Larry Keen is retiring as president of Fayetteville Tech, the state’s third-largest community college, effective Jan. 1. Here is his story, one that is not widely known. 

Supreme Court justice cites hire as reason to oust chief judge

0
N.C. Supreme Court Justice Phil Berger Jr. isn’t on the ballot this year, but he’s taking an active role in determining which GOP candidates for appellate courts make it to the November election. Berger, whose father is...
Rock_Hill_South_Carolina

Culbertson: How to negotiate with David Tepper

0
This is a column by John Culbertson, owner of Cardinal Real Estate Partners LLC in Charlotte. He's a veteran real estate adviser and investor. How do you negotiate with someone who has 17.7 billion dollars?...

Deal would double Atrium Health’s size

0
Atrium plots Midwest expansion
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

Related Articles

TRENDING NOW

BNC ON TWITTER