Apple's Phil Schiller sells $18.6M in AAPL stock, SVP Dan Riccio sells $1.9M
The SEC filings note Apple SVP of Worldwide Marketing Schiller executed a trade on Wednesday worth $18.59 million, while SVP of Hardware Engineering Riccio let go of $1.88 million in AAPL stock that same day.
Schiller sold 37,172 common stock shares at a price of $500. Riccio disposed of 3,754 shares in a total of 11 trades ranging in price from $498 to $502, each reflecting the weighted average sale price.
The trades on Wednesday come a little over two weeks after Apple board members Millard Drexler and William Campbell sold off over $19 million in AAPL stock last month.
Insiders are selling because they know the dead cat bounce is ending. Down trend will resume soon.