Himax Technologies (HIMX) Stock Tumbles After Management Change

Himax Technologies (HIMX) announces the retirement of 11-year CTO, Chih-Chung Tsai, with no released plans for his replacement.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Himax Technologies (HIMX) - Get Report  stock is dropping 9.81% to $7.45 on heavy trading volume this afternoon after announcing this morning that CTO Chih-Chung Tsai will retire effective June 30 after 15 years with the company.

Over 8 million shares of the company have traded hands by midday today, an increase of 168% over its average trading volume of 3 million shares per day.

Himax is a semiconductor provider based in Taiwan.

Himax did not announce plans for a replacement CTO, although CEO Jordan Wu said in a statement that the company will "continue to benefit greatly from [Tsai's] experience and expertise."

Tsai is a founding member of the company and will remain on its board as the vice chairman.

Himax is expected to release earnings for the second fiscal quarter on August 5.

Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.

The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, TheStreet Ratings also finds weaknesses including disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: HIMX

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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