The sum also rises; market capitalization of the Top 75 public companies reflects the frenzied running of the bulls on Wall Street.

• Author: McMillan, Alex Frew

Market capitalization of the Top 75 public companies reflects the frenzied running of the bulls on Wall Street.

Last year, Cree Research didn't make BUSINESS NORTH CAROLINA's Top 75 public companies. This year, the Durham-based high-tech company is No. 47. Its market value jumped close to 450% when its stock ran from $3.63 last year to $19.25 in late May. It hit a high of $31.50 last August.

Cree's big leap came courtesy of its bright-blue light-emitting diode. which it unveiled last year. Market recognition is nice, says Cree President and CEO Neal Hunter. But volatility is a nuisance when "you constantly have to get the story out to stabilize the stock price."

Cree led the pack in market-capitalization growth, but nine other companies saw their market capitalization the shares outstanding multiplied by the stock price - more than double. That means Wall Street thinks those companies - CCB Financial (24), First Union (2), Glenayre Technologies (10), MedCath (35), Medic Computer Systems (15), Quintiles Transnational (13), Speed way Motorsports (18), Triad Guaranty (55) and Triangle Bancorp (56) - are worth more than twice as much.

First Union and CCB had big mergers, with New Jersey-based First Fidelity and Salisbury-based Security Capital respectively. Triangle acquired four banks. But mostly stocks just boomed, In...