Hope springs eternal. Investors rejoiced on Friday when the Times of London reported that Time Warner CEO Dick Parsons might finally be on his way out–and the stock popped 3% in 10 minutes. That was $1.5 billion of additional market value, all on an unconfirmed reported that Dick would soon be on his way.
Alas, Time Warner immediately denied the report, and now investors have lost hope again. It’s only Tuesday, but already more than $1 billion of the “Dick’s leaving!” premium has melted away.
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