Two members of Apple brass sell off small amounts of stock
updated 05:02 pm EST, Mon November 12, 2012
Transactions come despite sagging shares
Two key people with Apple have sold off modest quantities of stock, according to US Securities and Exchange Commission filings spotted by AppleInsider. Last Thursday, board chairman Arthur Levinson sold off 7,500 shares, which at the time were valued at $560.65 per share. That earned Levinson over $4.2 million before any applicable taxes.
Apple's general counsel, Bruce Sewell, disposed of 2,438 shares on the same day at a price of $549, plus 2,700 more shares valued at $550 each. The combined transactions grossed Sewell $2.8 million, but that was in addition to 5,137 shares sold on November 1. Those went at a rate of $600 per share, giving the attorney another $3 million.
The timing of the most recent sales is unusual. Apple stock has been on a steady decline in recent weeks, and typically the company's executives only jettison shares at high values.
MacNN Staff
Joined: 08-04-01
I don't think it's anything more than end-of-tax-year selling, since the number of shares sold are pretty low. It does suggest that AAPL may not go up significantly until January, when the company reports massive amounts of stuff sold.