INC Research loses a third of its value, while hurricane demand boosts Primo Water

INC Research loses a third of its value, while hurricane demand boosts Primo Water

It was a terrible week for Raleigh-based contract research organization INC Research/inVentiv Health, which lost more than $1 billion of market value. The big winner was Primo Water, which jumped 14% aided by hurricane-related sales.. Here are the major movers in the Capital Investment Cos./Nottingham Index of Carolinas-based public companies for the week ended Nov. 1o. The index includes companies with shares trading for at least $10.

The biggest gainers:

Primo Water (PRMW) 14%   $12.59 — Stronger demand in hurricane-effected areas helped drive profits higher at the Winston-Salem-based bottled-water company. Sales more than doubled due to its purchase of Glacier Water Services Inc.

Tanger Factory Outlets  (SKT) 8%   $24.27 —  The Greensboro-based company’s two newly opened malls in Pennsylvania and Texasopened with 93% of the space leased, topping expectations. That was among the highlights of an earnings report that pleased investors.

Qorvo  (QVRO)  8%   $79.57—Greensboro-based chipmaker, which supplies Apple’s iPhone, now has a market capitalization of $10 billion and is trading its highest level in two-and-a-half years.

Biggest decliners:

INC Reasarch/inVentiv Health (INCR) (-33%)  $39.10— Contract-research organizations are supposed to be stable earners, but the Raleigh-based company got crushed after reporting results from it merger with inVentiv. Merger costs exceeded $84 million and an impairment charge of $30 million also depressed investors.

Extended Stay America (STAY)  (-16%)  $16.81 — Charlotte -based  hotel company reported earnings and revenue that missed expectations. Shares have gained 14% in the last year.

Premier (PINC)  (-13%)  $27.79 — Charlotte-based health care purchasing and data services company had disappointing earnings despite a solid revenue gain .

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