Can SAP Run to New Highs on CEO Change?
SAP SE (SAP - Get Report) shares surged Friday, closing higher by 9.5% at $126.20 after the company announced a change in its leadership.
CEO Bill McDermott will step down after nine years at the helm. The move is effective immediately, while board members Jennifer Morgan and Christian Klein will take over as co-CEOs.
SAP then pre-released better-than-expected third-quarter results, beating on both earnings and revenue expectations.
While the 10% move comes on a very bullish day in the markets, one can't help but notice how well the stock is doing despite a very good CEO leaving after almost a decade at the company. It makes SAP a perfect candidate for Real Money's Stock of the Day.
The price action is admittedly a bit peculiar, but a look at the charts suggests a move to new highs i ...