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 United Online (UNKNOWN:UNTD.DL) have plunged today by as much as 12% after the company reported first-quarter earnings.
So what: Revenue in the first quarter added up to $247.4 million, topping the Street's forecast of $243.4 million. Adjusted earnings per share were $0.16, right on target with analysts' best guesses. The company is proceeding along its plan to spin off the FTD business as an independent, publicly traded company.
Now what: CEO Mark Goldston said he would be leaving the company following the spin-off after 14 years as CEO. That revelation has created substantial uncertainty for United Online and FTD, which could be rattling investors. The United Online board will be searching for a new CEO once the spin-off is complete, and FTD President Rob Apatoff will become FTD's CEO.
Interested in more info on United Online? Add it to your watchlist by clicking here.