'Jack Dorsey Is Somewhat Of A Renegade,' NYSE Floor Trader Says

Jonathan Corpina was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.

Jonathan Corpina manages trading and sales for Meridian Equity Partners at its NYSE trading desk.

Talking about Dick Costolo's resignation as Chief Executive Officer of Twitter Inc (NYSE: TWTR), Corpina suggested that in the events leading up to Costolo's resignation, Twitter was facing two options. The first being the resignation of Costolo, the second being the company selling itself.

There Were Options

Corpina added that among the investment community, it was known that one of these two scenarios were to unfold, although the timing was uncertain.

The NYSE floor trader continued that Jack Dorsey, Twitter's interim CEO and co-founder of the firm, is "somewhat of a renegade" and will either "right the ship" as new leader of the company and attempt to restore investor confidence or – on the other hand – Dorsey could "ruffle feathers" and take complete command of the firm by implementing his original strategies and vision.

Related Link: Brean On Twitter: "It's Time To Define"

Bottom line, Corpina suggested that the news headline is "something that will help the stock for the very short term."

"This can't be the major headline out of Twitter," he said. "It's the major headline out today but in the next three weeks to a month I think we are going to have some other headline that comes out."

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