NEW YORK (TheStreet) -- What a difference a day makes. Pixelworks (PXLW) plummeted nearly 6% after rising nearly 9% yesterday after news that it had hired a former Apple (AAPL) executive to its board.
Bullishness on the stock remained at 99% despite the sell-off, according to StockTwits' analytics. It wasn't clear what prompted the sudden weakness. Though some investors joked that folks had gotten too excited that the appointment of a former engineering lead at Apple would ultimately lead to an acquisition by the consumer tech giant.
$PXLW OMG! Where will PXLW be once the news get out that 90% of PXLW employees own Apple phone's!! LOL Just having fun everyone! Good Luck!-- Makin Stones (@makinstones) Apr. 7 at 07:00 PM
Cashtaggers on StockTwits.com largely characterized the drop in shares of the image processing company as a too-good-to-be-true sale.
They still saw immense positives in the appointment of David Tupman, a former leader on Apple's hardware and engineering teams for the iPhone and iPod. Tupman, 51, is the CEO of Details Lab, an advisory service company for tech organizations seeking to scale their inventions.
Tupman received 10,000 shares of common stock upon his board appointment. The first quarter of the shares will vest in a year.