Wednesday, May 22, 2024

SPX gains 18%, leading Carolinas’ stock movers. CommScope fades 15%

SPX Corp. had a huge gain after reporting adjusted profit of 38 cents a share, 9 cents better than analysts expected. It was the best performer in the Capital Investment Cos./Nottingham Index of Carolinas-based public companies for the week ended May 5 among companies with shares trading for at least $10.

Best gainers:

SPX (SPXC)  – 17.6%  $28.29 The Charlotte-based industrial products company has gained 74% over the last year. Executives said earnings could increase by more than 10% annually over the next few years. Shares have tripled since January 2016.

Martin Marietta (MLM) — 7.9%  $237.55 Shares soared on strong earnings, prompting other construction-related shares to increase.  The Raleigh-based aggregates company earned 67 cents a share, versus analyst estimates of 39 cents.

3D Systems (DDD) — 7.5% $17.01 The printing technology company lost $10 million, less than $17 million during the year-earlier quarter. Revenue is expected to increase by 2% to 8% this year, the Rock Hill, S.C.-based company said.

Biggest losers

CommScope COMM — (-14.9%) $35.79   Earnings of $34 million in the first quarter didn’t impress investors, sending shares downward. The Hickory-based company expects operating profit of $670 million to $700 million and revenue of $4.85 billion to $4.95 billion this year.

Bojangles’ BOJA — (-13%)  $19.10 Net income declined 3% from a year earlier as sales at stores open more than a year fell 1.7%. The Charlotte-based fast-food chain expects to open about 50 stores this year.

Ingles Markets IMKTA — (-10.3%) $41.90 -Ingles earned $9.2 million in the most recent quarter, compared with $14.4 million a year earlier. Shares of the Asheville-based supermarket chain have declined about 10% since December, when rumors of a company sale attracted buyers.


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

Related Articles