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 backup-storage specialist Quantum
So what: The big news out of Quantum today is the immediate replacement of CEO Rick Belluzzo by COO and former CFO Jon Gacek. Investors are taking this as good news, but there isn't enough trading volume to call this a truly enthusiastic response.
Now what: Still, a 10% jump on the unveiling of new leadership tells us that Quantum investors see this as a positive step. Gacek's heavy financial background is a dramatic change in direction after Belluzzo, who came steeped in tech experience from a career at Hewlett-Packard and Silicon Graphics International -- where he also fostered more controversy than awe. Expect the new Quantum to run under stricter cost controls, and I'd be surprised to see the love affair with long-term loans continue.
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