ARM will start the day down 92 cents which is 2.2 percent but it was down 3.3 on the London exchange.
The news of East's retirement without any prior notice or speculation looks like a PR disaster. The fact that they don't have a replacement candidate ready and have to elevate Segars the president into the position indicates that this was not a planned event. It will be interesting to get some more color on the retirement.
If the pattern of the previous days holds, then we will see further declines during the day. Another 50 cents would break the $40 barrier and then it becomes a much more slippery slope.
All in all, it looks like a pretty ham-handed handling of a CEO change. It looks like something or somebody or a group of somebodies blew up. At this point we can only speculate as to why.