It was a grim week for the share value Minnesota's pubic companies, but three Minnesota companies bucked the trend with stellar gains.
The week started with Supervalu, a public company since 1967, being delisted because of the $2.9 billion acquisition by United Natural Foods.
And on Thursday Reuters reported rumors that one of Minnesota's youngest public companies, Eagan-based ConvergeOne Holdings Inc., was attracting takeover interest. ConvergeOne went public in February through a merger with a special purpose acquisition corporation. The company provides networking and collaboration products from technology companies.
Supervalu's delisting further narrowed the number of Minnesota-based public companies that trade on a major stock exchange. Once more than 200 public companies called Minnesota home, now its home to less than 75. And if we weren't't so generous on the definition of Minnesota-based (see Medtronic, Pentair, nVent, Stratasys) there would be less than 70 to claim.
On Wednesday major stock indices suffered big losses and after a modest recovery on Thursday were down again Friday as major stock indexes, the S&P 500 and Nasdaq Composite index, fell into correction territory.
For the week about 3/4ths of the public companies lost ground. ASV Holdings Inc. (ticker symbol ASV) the Grand Rapids-based maker of compact track loaders and wheeled skid steer loaders continues to dig a hole for its shares. The second-biggest loser of the week slid 18.8 percent and shares finished at t a 52 week low of $3.24 per share.
Shares of Famous Dave's, the casual-themed barbeque restaurant, were trading around $6.40 per share the last four months but shares soured this week and dropped 18.9 percent, the worst performance of the week for a Minnesota public company. Shares of DAVE closed Friday at $5.135 per share after a small rally.
Bright spots were Minneapolis-based Sleep Number Corp. and SPS Commerce and Golden Valley-based CyberOptics Corp. Each reported strong third quarter financial results this week.
