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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of grocery-store operator SUPVERVALU (NYSE: SVU ) gained a lot of value today, up by 14% at the high, after the company canned its CEO.
So what: Craig Herkert is getting the boot, with Chairman Wayne Sales becoming the new CEO in the hopes that he has what it takes to give the company a turnaround. The company has been plagued with falling sales and profitability and has now lost nearly 80% of its value from its 52-week high.
Now what: A company spokesman said, "After careful deliberation, the board decided that this change would be important to the company's efforts to improve our sales and earnings trajectory and generate long-term shareholder value." Wayne Sales is planning on focusing on cost cutting, which will help lower prices and make SUPERVALU more competitive with rivals. Investors are clearly optimistic that some fresh blood might help turn the tide.
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