Stock Trading - Pall Shares Soar 14%
Just in time for Valentine's Day, shares in filtration equipment manufacturer Pall finished the day nearly 14% up after they were upgraded by an analyst on news that its CEO will be retiring (in March 2012). The Directors will start looking for a replacement in the coming weeks.Eric Krasnoff, the Pall Chief Executive, said he will retire next year after stating that he and the company's former general counsel Sandra Marino (responsible for legal affairs and governance and compliance issues)
are pursuing a "personal relationship." Ms Marino will also be stepping down.
After an investigation, the company determined that the relationship had not had any effect on Pall's operating or financial results.
Workplace relationships are apparently becoming much more common, and as women climb the corporate ladder, there are more and more executive romances.
Analysts at Credit Suisse upgraded Pall from neutral to outperform. Credit Suisse also raised its target on the stock from $54.00 to $66.00 (they closed the day at $55).
Credit analyst Hamzah Mazari also said the departure of the CEO increased the possibility of Pall being taken over or merging with another company.
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