Heidrick & Struggles (HSII) makes a number of corporate announcements. First, L. Kevin Kelly, is resigning as CEO and from the company's board. Jory Marino, regional leader of its Americas unit, will serve as Interim chief executive. The company also expects Q2 net revenue to be at the high end of its previous guidance range of $110M - $120M when results are reported later this month. Analysts are forecasting revenue of $114M. In addition, after evaluating strategic alternatives, its board has decided that at this time a standalone strategy is the best way to maximize value for shareholders. Shares -11% AH.
Heidrick & Struggles (HSII +2.4%) jumps after confirming reports that it has been approached regarding a possible sale of the company. As a result of the overture, HSII's board will now review strategic alternatives. The shares are up 23% since spiking at around 2:00 Monday afternoon. (PR)
Heidrick & Struggles (HSII) drops 6.2% after getting tagged with a downgrade from SunTrust to Neutral from Buy. Staffing company peers are also selling off - sharper than broad market indexes - with 1% to 2% losses showing across the board.