CHARLOTTE – Stocks of North Carolina’s 75 largest public companies took widely divergent paths in the past year: 17 recorded gains of more than 40%, while nine declined by at least 40%.
That was a major change from a year earlier, when only 12 of the 75 companies showed any increases, reflecting a particularly bloody period for investors.
Of the 20 largest North Carolina companies in terms of market capitalization, 15 recorded gains from July 1, 2022 to June 30, 2023. Ten posted bigger increases than the 17.3% increase in the S&P 500 Index during that period. Most of the gains occurred in the first half this year, with the index increasing 16%.
Star performers among N.C. stocks included three Wake County-based companies. Telecommunications-equipment maker Extreme Networks soared 192% as analysts said it took some business away from giant Cisco Systems. Raleigh-based First Citizens Bancshares gained 96%, much of the increase coming after it bought the assets of failed Silicon Valley Bank in a government-assisted deal. Liquida Technologies’ promising treatment for hypertension helped its shares gain 80%.
Overall, 27 of the top 75 companies performed better than the overall market.
Unfortunately, 33 companies declined during the 12 months.
For much more, read the full story at Business North Carolina.
