Per Marc Stein from ESPN and John Reid from the Times-Picayune, the Hornets are set to acquire second year SG Xavier Henry from Memphis for a future second round draft pick. The deal will also send Marreese Speights to Memphis and land Philadelphia two draft picks.
Henry did not perform well in his rookie season, given ample playing time, though his season was cut in half due to injury. His shooting numbers were terrible last year (41 FG%, 12 3P% (!), 64 FT%), despite being projected as a something of a shooting specialist out of the University of Kansas. Despite the poor performance a year ago, Henry is only 20 years old and still has considerable upside and a prototypical NBA SG build (6'6" 210). He lacks elite athleticism, but has the size and tools to be a good defender. Ultimately, his ability to make an impact for the Hornets (and stick around in the NBA) hinges on whether or not he can regain the shooting form that he showed in college and become a passable offensive threat.
A solid low-risk move for the Hornets to get younger and take a flyer on a former lottery pick. If Marco Belinelli's slump continues or Eric Gordon misses any more time, look for Henry to get his chance sooner rather than later.
UPDATE: Maybe we won't be seeing him too soon, after all. It was announced on Dec. 13 that Henry had torn ligaments in his right ankle and would be out for a month.