Elliott Associates discloses it has lowered its stake in Brocade (BRCD) to 5.9% from a prior...

|About: Brocade Communications Syst... (BRCD)|By:, SA News Editor

Elliott Associates discloses it has lowered its stake in Brocade (BRCD) to 5.9% from a prior 8.4%, even though the activist investor says it supports Brocade's planned CEO change. Some have speculated the departure of current CEO Michael Klayko will help facilitate a sale, but Elliott isn't exactly providing a vote of confidence. Of course, it's possible the firm has just decided to book profits in light of Brocade's summer run-up.