U.S. markets were closed again today as Hurricane Sandy continued to wreak havoc on the Eastern Seaboard. This is the first time inclement weather has closed markets for consecutive days since 1888 when a blizzard shut the NYSE for two days. With third quarter earnings season in full swing, many management teams and IR departments have been debating whether to postpone earnings announcements and conference calls or move forward anyway despite the frozen markets. While over 50 opted to postpone, a number of companies, including big names like Burger King Worldwide and Valero Energy, moved forward as planned, neither of which was to mask weak results. In the meantime, our friends in Cupertino chose to announce a major management shakeup yesterday. As one of the most actively traded stocks, making an announcement of this magnitude during this virtually unprecedented market closure smells of a classic attempt to bury the news. We’ll have to wait until tomorrow to see if the strategy pays off…just about everyone’s eyes will be on Apple at the open.
Stacy Feit is a Senior Vice President at Financial Relations Board with over 10 years of investor relations and Wall Street experience. She provides strategic financial communications counsel and helps clients increase their visibility within the financial community. She has guided numerous clients through major milestones, including IPOs, spin-offs, acquisitions and restructurings.