News Summary
Despite a rally in the stock market, Jacksonville’s local businesses are facing significant challenges, with many companies reporting declines in stock prices. Notably, Rayonier Advanced Materials Inc. saw a staggering 53% drop, while Duos Technologies Group Inc. witnessed a 20% increase. The contrast between rising market indices and local business struggles highlights the complexities of the economic landscape in Northeast Florida. As Tampa Bay Rays’ owner discussions loom and acquisitions reshape major firms, the outcome for Jacksonville’s economy remains uncertain.
Jacksonville is witnessing a challenging time for its local businesses despite a broader recovery in the stock market. In the latter part of the second quarter of 2025, the stock market rebounded sharply, resulting in overall net gains for the year. However, only four out of the 19 publicly traded companies based in Northeast Florida reported stock price increases during the first half of the year.
CSX Corp. and Fidelity National Information Services Inc. both experienced minimal gains of just 1%. Dream Finders Homes Inc. was able to achieve an 8% increase, significantly benefiting founder and CEO Patrick Zalupski, who is currently in discussions to purchase the Tampa Bay Rays. The company has expanded into other states, including Georgia, Colorado, and Texas, and has successfully sold 38,000 homes, achieving a net income of $335 million in its latest fiscal year.
The top performer among local companies was Duos Technologies Group Inc., which experienced a notable rise in its stock price. The value climbed by $1.17 to $7.15, reflecting a 20% gain since the beginning of the year. Specializing in safety technology for the railroad industry, Duos has projected considerable revenue growth as this sector emphasizes safety improvements. The company’s revenue surged from $1.07 million in the first quarter of 2024 to $4.95 million in the same quarter for 2025, anticipating a total revenue range of $28 million to $30 million for the current year, up from $7.3 million in 2024. Despite this growth, Duos Technologies reported a net loss of $2.08 million in Q1 2025. Furthermore, on July 1, Duos announced its stock was added to the Russell Microcap Index, enhancing its visibility among institutional investors.
In stark contrast, Rayonier Advanced Materials Inc. saw a staggering decline of 53%, marking the largest loss among local companies. This drop follows the company’s sixth consecutive year of financial losses from continuing operations, culminating in a $32 million net loss in Q1 2025. Despite selling its 77% joint venture stake in New Zealand timber properties for $710 million—a maneuver poised to provide $699 million in net proceeds—the company’s stock fell 15% shortly thereafter due to ongoing financial troubles.
Moreover, Dun & Bradstreet Holdings Inc. faced a decline of 27% in stock price, even amid an acquisition agreement with Clearlake Capital Group. Landstar System Inc., another significant player in the freight transportation sector based in Jacksonville, dropped 19%. Analysts point out that potential tax and spending incentives stemming from legislative proposals by President Trump could benefit transportation and logistics companies, potentially providing a boost to struggling businesses in these fields.
The context of these fluctuating stock prices is highlighted by findings from the Wall Street Journal, which noted an average stock price increase of 36% for 858 companies within the Russell 3000 index that currently report no profits. In this environment, Fidelity National Information Services Inc. (FIS) underwent major changes following its $43 billion acquisition of Worldpay in 2019, repositioning itself positively after divesting a majority stake in Worldpay to GTCR. GTCR acquired 55% of Worldpay for $18.5 billion in July 2023 before selling it to Global Payments Inc. for $24.25 billion.
Additionally, Home Depot recently announced a $5.5 billion agreement to acquire GMS Inc., a distributor of specialty building products, to further develop its position in the contractor sector—a critical area for growth amid market uncertainties.
Finally, it’s noteworthy that the Tampa Bay Rays are currently playing at Steinbrenner Field as they recover from stadium damage inflicted by Hurricane Milton in 2024, adding another layer of complexity to the local business landscape. As Jacksonville companies navigate these challenges, the outcome of their financial maneuvers remains to be seen in the coming months.
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Additional Resources
- Jacksonville Daily Record: Stocks Mostly Left Behind in Market Rebound
- Wikipedia: Jacksonville
- Jacksonville.com: Fortune 500 Companies in Florida
- Google Search: Fortune 500 Companies in Florida
- News4Jax: Who is Patrick Zalupski?
- Google Scholar: Patrick Zalupski
- Jacksonville Daily Record: Rebounding Stocks in Jacksonville
- Encyclopedia Britannica: Jacksonville Florida
- Jacksonville Daily Record: Fidelity National Financial Defies Market
- Google News: Fidelity National Financial
Author: STAFF HERE JACKSONVILLE WRITER
JACKSONVILLE STAFF WRITER The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
