Triangle Stands To Lose Corporate Jewel In Progress

By Triangle Business Journal

If Duke Energyâ¿¿s proposed purchase of Progress Energy goes through, the Triangle would lose the brightest jewel on its corporate crown.

Raleigh-based Progress (NYSE: PGN) boasts easily the largest market capitalization among public companies headquartered in the Triangle. Progress also is one of only two Triangle companies ranked among the Fortune 500.

Progress claimed the No. 239 spot on the 2010 Fortune 500, which was released in April. The only other area company to crack the top 500 was Cary-based convenience store operator The Pantry, which was 317th.

With a market cap of $13.1 billion at the end of trading Jan. 7, Progress towers above a weak roster of Triangle-based public companies. Software maker Red Hat (NYSE: RHT) is a rising star with a market cap of $8.7 billion, and the Hatters made big news Monday with their announcement that they will spurn overtures from Austin and Atlanta to keep their headquarters in Wake County.

Another technology company. Durham-based semiconductor and LED lighting maker Cree Inc. (Nasdaq: CREE), stands at $7.23 billion in market cap.

Rock quarry operator Martin Marietta (NYSE: MLM) closed Jan. 7 with a market capitalization of $3.7 billion. Another Raleigh-based company, Highwoods Properties (NYSE: HIW), has a market cap of $2.2 billion.

The Pantryâ¿¿s market cap is only about $420 million. Fortune 500 rankings are based on annual revenue.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/triangle/news/2011/01/10/triangle-stands-to-lose-corporate-jewel.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

Watch This If You're Wondering How Much Gold to Have and When to Sell

Watch This If You're Wondering How Much Gold to Have and When to Sell

How Can Gold Continue This Upward Momentum?

How Can Gold Continue This Upward Momentum?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Oil Rally Steadies Even as Potential Supply Disruptions Persist

Oil Rally Steadies Even as Potential Supply Disruptions Persist

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%