Tanger Outlet Williamsburg shown in an undated photo. The outlet’s owner, Tanger Factory, had one of the Corridor’s best-performing stocks in the first half of 2016. PHOTO/TANGER
By Adam Moore
After a volatile start to the beginning of 2016, markets have rallied and are up by about 6 percent at mid-year, with many of the Corridor’s publically traded companies riding the wave.
The 23 local and regional stocks the CBJ tracks in its daily newsletters gained an average of 4.5 percent between Jan. 4 and July 11, compared to a gain of 6.19 percent for the S&P and 6.29 percent for the Dow Jones Industrial Average over that same period.
Subtracting for the impact of Coralville-based pharmaceutical company KemPharm (KMPH), which has lost nearly 78 percent after failing to secure FDA recommendation for an abuse-deterrent label on its new painkiller, the Corridor stock basket would have beat both those indicies with a gain of 8.6 percent.
Manufacturers in the Corridor had the best start to the year, with their stock group notching a 10.24 percent gain since the start of the year. Food stocks led the charge, with General Mills (GIS) picking up nearly 25 percent, and Pepsico (PEP), owner of Quaker Oats, climbing 10.27 percent. Whirlpool (WHR) also added 16.63 percent.
Insurance and financial services companies gained less than 1 percent as group, dragged down by AEGON’s (AEG) 32 percent decline, but there were still some bright spots. QCR Holdings (QCRH), the parent of Cedar Rapids Bank & Trust, picked up nearly 18.5 percent, and Great Western Bank (GWB) added 17.5 percent. Cedar Rapids-based United Fire Group (UFCS) was another big gainer, picking up 15.78 percent on the year.
Alliant Energy (LNT) turned in one of the first-half’s best performances, gaining nearly 30 percent on the year. Tanger Factory (SKT), the owner of the Williamsburg Outlet Mall, was close, gaining more than 27 percent.