Top 75 public companies: for the ranking as a whole, things keep looking up, but shares of some of the biggest are still down in the dumps.
Business North Carolina › Vol. 31 Nbr. 8, August 2011
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Top 75 public companies: for the ranking as a whole, things keep looking up, but shares of some of the biggest are still down in the dumps.
Nearly three years after the credit crisis crippled tine economy, businesses arc on the mend, as evidenced by the Top 75, Business North CAROLINA'S annual ranking of the largest publicly traded companies based in line state. But at least one segment is still limping along.
"The banking sector still hasn't gotten over the financial crisis," says Neeraj Gupta, assistant professor of finance at Elon University's Martha and Spencer Love School of Business. "But the rest of the economy seems to be recovering. Larger companies are doing just fine." He and colleague Anthony Amoruso, an assistant professor of accounting, compiled the list, based on market capitalization at the close of trading June 30. The median change in market cap on the Top 75 was a 20.2% increase, which is dramatic considering that the giant who dominates the list - Charlotte-based Bank of America Corp. - saw its value plummet 23%, a loss of $33 billion. That's more than the total market cap of the No. 2 company, Mooresville-based hardware retailer Lowe's Cos. Overall growth, however, was one reason the cutoff point to make this year's list jumped from $39 million in 2010 to $55.3 million. Then again, last year's ranking was compiled after the stock ...See the full content of this document
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