For every action, a reaction: Investors are shelling Juniper Networks’ (JNPR) stock this morning after chief operating officer Stephen Elop left the network gear maker to take Jeff Raikes’ job at Microsoft. Shares opened at $26.87, 12% below Thursday’s close.
Not to worry, UBS analyst Nikos Theodosopoulos says in a note this morning. Elop’s departure “was a surprise to the market and could put pressure on Juniper shares,” but probably doesn’t reflect a downturn in Juniper’s business. “We continue to believe Juniper will report a solid quarter.” JNPR reports Q4 results on Jan. 24.
Related: Microsoft Exec Jeff Raikes Retiring
Business Insider Emails & Alerts
Site highlights each day to your inbox.