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 Bazaarvoice (NAS: BV) dropped today by as much as 14% today after the company announced a new CEO, an acquisition, and guidance.
So what: Bazaarvoice has named Stephen Collins as its new CEO, effective immediately, as Brett Hurt steps down but will continue to serve on the board. Hurt had been CEO since the company was founded in 2005. Collins has been CFO since 2010 and will continue in that role until a new CFO is found.
Now what: The company also said it had acquired privately held Longboard Media in a cash and stock deal valued at almost $33 million. If Longboard Media performs well, Longboard Media shareholders may receive an additional $11 million. Fiscal year 2013 guidance now calls for revenue in the range of $156 million to $158 million, excluding impacts from the Longboard Media acquisition. This is a number of announcements that add some uncertainty to the mix, and investors clearly aren't impressed.
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The article Why Bazaarvoice Shares Dropped originally appeared on Fool.com.
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