Diamonds and Dogs
5/8/13Fusion-io Inc. (FIO)
Fusion-io is getting crushed today, down 18.94% at $14.59. The storage memory company saw it shares drop as much as 27% intraday after shocking news. CEO and co-founder David Flynn abruptly stepped down alongside his fellow co-founder Rick White in order to "pursue entrepreneurial investing activities." The news surprised investors and leaves them thinking that something might be wrong. Shane Robison, former high level HP executive, was announced as the new CEO and said that the change has nothing to do with problems within the company or disagreements on strategy. Fusion-io set a new 52-week low of $13.13 intraday.
Pioneer Southwest Energy Partners L.P. (PSE)
Pioneer Southwest is exploding today, up 23.22% at $32.10. The oil and gas company saw its shares shoot out of the ground after news of a possible buyout. Pioneer Natural Resources Co. is offering to buy all of the Pioneer Southwest shares that it doesn't already own for about $523 million. The offer disclosed after the market closed Tuesday was for 0.2234 of a share of Pioneer Natural Resources for each outstanding share of Pioneer Southwest, which value's Southwest at around $1.1 billion. Pioneer Natural Resources already owns 52.4 percent of Pioneer Southwest's 35.7 million outstanding common units. Pioneer Southwest hit a new 52-week high of $32.36 intraday.
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