Nineteen Carolinas-based stocks declined by at least 4% last week, including many banks that have increased sharply over the last year because of hopes of wider interest-rate margins. Only two stocks gained at least 4%. The S&P 500 index declined 1.3% during the week.
These were the best performing Carolinas-based stocks included in the Capital Investment Cos./Nottingham Index of public companies for the week ended March 24 among companies with shares trading for at least $10.
Commscope (COMM) 4% –Telecommunications equipment maker sold $750 million of 10-year notes at 5% interest rates in early March. Company is based in Hickory.
PRA Health Sciences (PRAH) 4% – Shares of Raleigh-based contract research organization have nearly tripled since November 2014 initial offering.
Bojangles’ (BOJA) 3.1% – After same-store sales declined earlier in year, Charlotte-based restaurant chain instituted a $4 meal deal to compete with other fast-food companies.
Nucor NUE (-7.7%) – Charlotte-based steel company sinks but trades nearly 30% higher than a year earlier. Hopes for benefits from expected infrastructure work have buoyed company.
World Acceptance WRLD (-7.1%) Analysts are negative on consumer lender with average one-year price target of $42. The March 24 closing price was $48.55.
Bank of America (BAC) – (7%) Bank stocks hit by fears interest rates may moderate, not rise. Shares have jumped 69% in last year.