Wednesday 26 August

Finance chief plans exit, and shares slip

D-Wave's finance chief told the company he'll retire and step down, and the stock dropped about 10% on the news. When we looked at past cases like this, we found 115 times it played out; on average the stock lagged the market by about 3% over the next three months, and it beat the market less than half the time. That mix keeps us cautious.

What would change this — A fresh 8-K naming a strong permanent replacement, or signs of insiders buying rather than selling, would soften our caution.