AMD announced a couple of executive promotions last week and they don't seem to have been well received by the stock market.
The announcements that Emilio Ghilardi and Bob Rivet had both been given promotions occurred before markets opened on 24th October. When they did AMD's share price plunged from its previous closing price of $3.28 to a low of $2.78 before recovering a bit to close at $3.03. It dropped below three dollars again in pre-market trading.
The last time AMD's share price was below three dollars was in January 1991 and its all-time low was around $1.875 in November 1990. To be fair it can't all be blamed on the exec reshuffle; AMD's share price started the week at $4.20 and was already falling rapidly immediately before the announcement, perhaps in anticipation of it.
Two other companies on our list showed double-digit drops since last Wednesday. Avnet paid the price for missing analyst expectations with its quarterly earnings and the announcement of a cost-cutting drive. HP announced a new smartphone a week ago and its shares have dropped by nearly a quarter since then. Surely not all the smartphone's fault?
