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Posted: 1:39 p.m. Tuesday, Jan. 1, 2013
By Peter Daut
CHARLOTTE, N.C. —
Some Charlotte-based companies are starting off the new year the strongest they've been in a long time. Bank of America's shares more than doubled in price after a rough 2011, though stocks are still down more than 70 percent from five years ago "I think Bank of America's done a pretty good job trying to respond to difficulties they had in the previous years," Wake Forest business professor Dan Fogel said. Fogel said the company's efforts to cut costs and work through mortgage issues helped it bounce back during the past year. Other locally-based companies saw a price drop. Duke energy stocks declined 3 percent as it dealt with state investigations into its merger with Progress Energy. Shares for Matthews-based Harris Teeter fell 10 percent as the supermarket industry continues to deal with increased competition. Overall, investors are hopeful most industries will see stocks continue to rise in 2013.
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