Obviously people were dumping SAPE before the lowering came out. Pretty Smart folks. Sape actually recovered yesterday AFTER the downgrade to only lose 1/2 point.
That's pretty impressive. The insider selling (announced today) shouldn't lower the stock value to much. Yes, the stock is valued pretty good right now, but the CEOs have only sold shares once before in the last secondary offering, which only lowered the stock about 1 1/2 points (mainly because the offer price was below the market ask price). The stock may be flat for a week or two but shoul do fine by the next earnings in April. It has beaten all earnings so far.
Optimistically, I think SAPE will recover it's losses over the next week. Already it is bouncing back from it's low today around 1:30 pm. It's a good buy at 41-42. The next earnings will adjust the PE for 1998 and will lower it a bunch (probably down to lower 80's).