Twitter (TWTR) was going nowhere, fast…
In our pre market game plan meetings we were calling for it to hit $30 before 40. The lack of interest was obvious.
Well that changed today.
Twitter is now a stock in play, day traders will be active in TWTR tomorrow.
Twitter CEO Resigns: Dick Costello Steps Down
Twitter shares, off more than 22 percent in the past three months, changed hands recently at $38.79, up $2.83.
Twitter posted disappointing first quarter results in April and an early investor and shareholder Chris Sacca recently said it should be sold to Google Inc GOOGL 0.46%, Facebook Inc FB 0.4% or Microsoft Corporation MSFT 0.36%.
After the bell Thursday, Twitter named named Jack Dorsey its co-founder and current chairman, as interim CEO pending a more permanent replacement for Costolo.
Costolo will remain a member of Twitter’s board, the company said.
Twitter also reaffirmed its second-quarter outlook Thursday for revenue of $470 million to $485 million and adjusted EBITDA of between $97 million to $102 million.
Costolo has served as Twitter’s CEO since 2010 and was chief operating officer for a year before that. Previously he was a group product manager at Google.
Dick Costolo is stepping down as chief executive of Twitter Inc. on July 1, as the social media company struggles to convince Wall Street of its growth strategy.
The company said Chairman and co-founder Jack Dorsey will take over as interim chief executive. Twitter TWTR, +5.41% will search for a permanent CEO both within the company and outside it, with the search committee consisting of board members Peter Currie, Peter Fenton and Evan Williams.
“I am deeply appreciative of the confidence the board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward,” Costolo said in a statement.
The abrupt change comes after months of growing pressure from investors amid mixed messages, a series of executive changes and disappointing growth. Twitter shares rallied sharply in after-hours trading, up 7.3% to $38.45.