Cliffs CEO Sells 59,349 Shares @ Over 4 Million Dollars CEO (Joseph Carrabba)
Know what you are talking about.He didn't BUY ANY SHARES. The shares he acquired were NON OPEN MARKET as part of his compensation package.
He wouldn't have sold this big amount of shares 59,349 of them at the price he did if he thought Cliffs was going higher would he? This CEO sold over 4 million dollars worth of his companies stock and that has many share holders wary and it should.
My guess is that he exercised an option about to expire and the cost to exercise 118,000 shares was about 59,000 shares worth of stock in money and then sold his money cost in shares to retain balace of 59,000 shares of low cost stock in his portfolio. Just a guess.