COHR - Why Coherent Stock Exploded 20% Higher on Monday
2024-06-03 12:45:16 ET
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&P 500 of only 100%.
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Why Coherent Stock Exploded 20% Higher on Monday