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 Kronos Worldwide, (KRO 2.95%) were up as much as 11% after its majority owner died.
So what: Harold Simmons, who owns over 80% of Kronos Worldwide through multiple entities passed away over the weekend. Simmons was a controversial figure who battled with regulators and was a political powerhouse, sometimes overshadowing his businesses.
Now what: Kronos may have been a leader of consolidation in titanium oxide under Simmons but now the company could be sold or look for other strategic options. At the very least, there will be a new leader at the helm and for today investors think that will unlock more value than Simmons could. Time will tell if that's the case.
