InvenSense adds Barclays exec to board; shares +5.7 %

  • Usama Fayyad, Barclays’ chief data officer and a managing director, is joining InvenSense’s (NYSE:INVN) board, thus increasing its size to nine. CEO Behrooz Abdi praises “Usama`s experience in business applications related to data mining, data science and cloud strategy across multiple industries.”
  • Shares are up strongly a day after falling 4.6% during a broad tech selloff. Today’s gains might have more to do with a market rally and Friday short­covering ­ InvenSense had 24.9M shares (35% of its float) shorted as of Dec. 31 ­ than the board appointment.
  • InvenSense sold off late last week in spite of a flurry of CES product announcements. Concerns about the launch of Intel’s wearables­focused Curie module, a button­sized product that integrates a 6­axis accelerometer/gyroscope, a Quark CPU, flash memory, a sensor hub, and a Bluetooth radio, may have been a factor.

FQ3 results arrive on Jan. 29.

Author: Eric Jhonsa


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