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Fleetwood Enterprises Inc.’s announcement that president and CEO Ed Caudill was stepping down and former Fleetwood executive Elden Smith was stepping in apparently was well received by investors.
Shares of Fleetwood stock were heading down in light of the company’s earnings report last week showing a hefty net loss for the Riverside, Calif.-based builder’s third quarter and nine months.
Following this morning’s news regarding a change in leadership, share prices began to edge upwards.
Fleetwood shares started the day at $9.35, within striking distance of Fleetwood’s 52-week low of $8.25.
The stock closed the day up over 9% at $9.74 and bumped above the $10 mark just before noon (EST).