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: Gleacher
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.
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