Wednesday, May 22, 2024

Red Hat jumps 13%, tops $100 for first time since 1999

Red Hat was formed in 1993 by Bob Young, who wanted to democratize software development. The company has proven since then that it also can make lots of money: The stock market now values the company at more than $17 billion.

These were the best performers included in the Capital Investment Cos./Nottingham Index of public companies for the week ended June 23 among companies with shares trading for at least $10.

Red Hat (RHT) 13.2%  — $99.42— Raleigh-based software company had a great first quarter with revenue gaining 20% from a year earlier. Stock is up 35% in the last year. Topped $100 for first time since 1999 tech bubble.

LabCorp (LH)  7.7% — $151.62 — Shares hit a record level as investors bought health care stocks as a defensive move. Burlington-based drug testing company is now valued at $15.5 billion.

LendingTree (TREE)  7.2% – $182.05 — Charlotte-based online marketplace is on fire with shares gaining 135% in the last year. Company has made two acquisitions totaling about $70 million in last two weeks to broaden its offerings.

Biggest decliners:

SPX Flow (FLOW)  (-6.4%) – $36.21 — Among the state’s most volatile stocks, the Charlotte-based industrial-products manufacturer has gained 32% in the last year.

Bojangles’ (BOJA)  (-6.2%) – $15.85 — Charlotte’s favorite chicken-and-biscuit chain trades at near record low since May 2015 initial public offering. Eight of 13 analysts rate it a buy. Enterprise value is about $900 million.

Ingles (IMKTA)   (-5.9%) – $31.95  — Traditional grocers such as Asheville-based Ingles scare investors after Amazon said it would buy Whole Foods Markets for $13 billion. Buyout rumors had pushed shares above $50 in 2015.

David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at

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