Why Coherent Stock Exploded 20% Higher on Monday
Laser maker Coherent (NYSE: COHR) saw its stock run up 19.5% through 11:45 a.m. ET Monday after the company announced it has poached Jim Anderson, CEO of Lattice Semiconductor, to become its own new CEO. Conversely, Lattice shares are down 15% on the news.
Lattice announced simultaneously that it has elevated Chief Marketing Officer Esam Elashmawi to become its interim CEO as it begins its search for a permanent replacement.
Lattice stock is down significantly from its recent highs hit in March -- which may not seem like high praise, or a great reason for Coherent to be poaching the company's CEO. According to data from S&P Global Market Intelligence, however, Anderson has served as CEO of Lattice since Sept. 4, 2018. And over this longer time span it's worth noting that Lattice shares have roughly octupled in value versus a gain in the S 500 of only 100%.
Source Fool.com
