NEW YORK (TheStreet) -- Shares of Tuesday Morning (TUES) were falling 13.1% to $11.46 on heavy trading volume Tuesday following the announcement that CFO Jeffrey Boyer resigned from his position at the retailer.
Boyer resigned from the position of Executive Vice President, Chief Administrative Officer, and CFO effective as of July 22, 2015. Boyer will take on the role of CFO at Pier 1 Imports (PIR) effective July 27.
Tuesday Morning said it is working with an executive search firm to find a replacement for Boyer. Vice President and Controller, Kelly Munsch will take responsibility for Tuesday Morning's accounting and finance functions on an interim basis until a replacement is announced.
About 1.3 million shares of Tuesday Morning were traded by 10:39 a.m. Tuesday, above the company's average trading volume of about 540,000 shares a day.
TheStreet Ratings team rates TUESDAY MORNING CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate TUESDAY MORNING CORP (TUES) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow."