Why Turning Point Brands Stock Dived by 10% Today
An unexpected change in leadership and a cut in the top end of a guidance item were the two key negative factors driving Turning Point Brands (NYSE: TPB) stock down on Monday. Investors aggressively sold the niche tobacco company's equity, leaving it with a 10% decline at the end of the day. Turning Point, the company behind the chewing tobacco brand Beech-Nut and Zig-Zag rolling papers, announced that CEO Graham Purdy is vacating his position. He is to be succeeded by David Glazek, the current executive chairman of the company's board of directors. Image source: Getty Images. Continue reading