Posted by Eric Savitz
This cannot possibly be good news. Genesis Microchip (GNSS) today announced that its CFO, Michael Healy, is resigning effective May 8, “to pursue another opportunity.” The company provided no other details, and did not immediately name a successor.
Daniel Gelbtuch, an analyst at CIBC World Markets, says the “wheels continue to fall off the train,” and repeated his Sector Underperformer rating on the stock. Gelbtuch notes that several other execs have recently left the firm, which makes chips used in digital televisions.
“Timing of CFO’s departure seems ominous, since GNSS will report March Q results in 5 days (May 2),” he writes. Gelbtuch also plays down recent rumors that the company could be acquired. “It doesn’t seem to make sense to resign now if GNSS were even remotely close to being acquired.”
Genesis today fell 68 cents, to $8.81.
Some support at 8. If it gets below 8, then go back to 2002 to find support.
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