Stocks quoted in this article:
Women's apparel retailer Liz Claiborne (LIZ – 38-15/16) has tumbled over four percent today following news of a management shake-up within the company. Last night just after the market close, the firm's Chief Executive Officer announced that LIZ's president, who had served in the post since 1996, had resigned. The CEO also asserted that a number of other management changes were in the works.
LIZ shares, which have declined 16 percent since the beginning of the month, are now trading below their 10-week and 20-week moving averages. They are also a chip shot away from breaching their 20-month trendline. Options are thinly traded on the equity, as only three strikes house more than 100 open contracts.