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.
So what: President and Chief Operating Officer Peter McNierney has taken on the additional role of chief executive officer while the company searches for a permanent CEO. The investment bank also reported a pre-tax loss of $2.5 million, including $4.7 million of special charges related to the recent reorganization. That translates to a $0.02 loss per share, compared with analyst expectations of break-even.
Now what: Over the summer, this boutique investment bank got a new company name, a new ticker, and a new office. The company also announced earlier this month that it intends to acquire ClearPoint Funding to launch a residential mortgage banking initiative. We'll have to wait to see if the organizational turnaround creates a similar movement in the stock, which is down nearly 45% year over year.
Interested in more info on Gleacher? Add it to your watchlist by clicking here.
Fool editor Julie Clarenbach doesn't own shares of any company mentioned here. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.