Why The Trade Desk Stock Got Crushed on Friday
Shares of The Trade Desk (NASDAQ: TTD) cratered on Friday, falling as much as 11.1%. As of 2:28 p.m. ET, the stock was still down 6.9%.
There were a pair of catalysts that drove the ad tech stock lower. The abrupt departure of a high-ranking executive and signs of a pullback in ad spending combined to send the stock tumbling.
In a regulatory filing that dropped after the market close yesterday, The Trade Desk announced that its chief data officer, Michelle Hulst, would depart her position effective today. The company didn't provide a reason for her departure. When a C-suite executive leaves -- particularly on short notice -- there are always questions about what prompted the move and whether the company will be able to find a suitable replacement in a timely fashion.
Source Fool.com
