Feel free to correct me if I'm wrong, as I usually am, but isn't this supposed to be good news for the stock. As I understand it, when a CEO purchases more shares, he does so because he feels the prospects for his company's future business are good and that he's making a wise investment. Also, he may do this simply to boost investor confidence in the stock.
Either way, shouldn't we have gone up instead of down?
ps - Oh yea, I forgot. This market responds negatively to good news and positively to bad news. That must be it.
I am gladdened by your positive attitude. What is your best guess at "still a way to go". I'll ride a very long time if necessary, but for a whole bunch of reasons not really related to the market, I would like to take my money and run. I have my own guess but I would like to hear others. Thanks for the input.
The news was he dumped 1.4 millions shares on the open market at the friggin bell. How is that good news? It isn't a reflection on the company, yet some people consider management very important. He could have placed the shares. He demonstrated total lack of sensitivity to the shareholders.
It just isn't done that way. It demonstrated a serious lack of class. Ya think his garbage bill was due? Maybe he needed 32 million dollars for tolls? Should have sold it at a discount in placement rather than discounting the shareholders value.
There can be many reasons for continuing to hold some of those shares. If those were incentive stock options, to get the most tax advantage out of them, he would need to hold the actual stock for 1 year.