Mike Mueller of JP Morgan Securities says "PLD may finally bemoving from a bull market strategy to a bear market strategy thatfocuses more on liquidity rather than earnings momentum.Considering the stock's recent performance, these look likeappropriate actions at first glance."
Given Schwartz' role in the company's growth, Deutsche Bankanalyst Lou Taylor called his exit "stunning," adding that "Weinterpret the change as a difference of opinion about futurestrategy. The board must believe a halt of all construction isrequired. Whether Mr. Schwartz disagreed and resigned or the boardfelt new leadership was required is unknown at this point."
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