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Apple board members exercise options, sell off AAPL stock worth combined $19M

post #1 of 16
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Two members of Apple's Board of Directors, Millard Drexler and William Campbell, sold company stock worth over $19 million this week, according to a filing with the U.S. Securities and Exchange Commission.

Drexler
Source: SEC


The SEC filings, published on Wednesday, note Monday as the execution date for both Drexler and Campbell's trades, which were together worth $19.03 million.

Drexler's selloff accounted for a bulk of the combined assets, with the current CEO of J. Crew Group gaining over $14.6 million after trading a total of 32,562 AAPL shares at prices ranging from about $448 to $449. As noted by the SEC, the transactions were executed in multiple trades, with reported prices reflecting the weighted average sale price.

As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.

The traded common stock came from the two board members' Director Stock Options.

Wednesday's trades comes less than one week following a selloff worth nearly $16.4 million by the company's chief financial officer Peter Oppenheimer.
post #2 of 16
Quote:
Originally Posted by AppleInsider View Post

Two members of Apple's Board of Directors, Millard Drexler and William Campbell, sold company stock worth over $19 million this week, according to a filing with the U.S. Securities and Exchange Commission.
...
As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.

 

William V. Campbell sold Mac users of Quicken down the road for a lot less than that.  FoS or no, it is an embarrassment to have him on Apple's Board of Directors.

 

Maybe that will be enough to retire with, so he can go back to his forte, coaching losing football teams.

   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

  MA497LL/A FB463LL/A MC572LL/A FC060LL/A MD481LL/A MD388LL/A ME344LL/A

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   Apple develops an improved programming language.  Google copied Java.  Everything you need to know, right there.

 

  MA497LL/A FB463LL/A MC572LL/A FC060LL/A MD481LL/A MD388LL/A ME344LL/A

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post #3 of 16
Are they telling us something? This is as good as AAPL will get? I should have sold in the high six-hundreds but got greedy and missed the peak. Maybe I should follow their lead and dump it now
A.k.a. AppleHead on other forums.
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A.k.a. AppleHead on other forums.
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post #4 of 16

The assumptions made about this are striking and rather narrow in scope.  To guess that we might know the motivations of any seller is a fools errand.

Apple shares trade in the 10s of millions daily.  Should we make assumptions about all those buys and sells as well.  Board members and stock holders alike have financial obligations like the rest of us -  nuff said.

post #5 of 16
Quote:
Originally Posted by Robin Huber View Post

Are they telling us something? This is as good as AAPL will get? I should have sold in the high six-hundreds but got greedy and missed the peak. Maybe I should follow their lead and dump it now

Whenever Apple execs sell AAPL, it easy to assume that they are "jumping ship", because they don't believe in the future of Apple. But, at the same time, Apple is buying its own AAPL stock! 

 

Apple Stock Buyback, Q3 2013: Apple spends $16 billion in Q3 | BGR http://j.mp/14jwIlx 

 

Obviously, Apple is confident in its own future! And 19M is a lot less than $16 BILLION!!! 

 

The execs who sold AAPL probably needed to show a loss, or pay some bills, or buy something else really cheaply ASAP! There could be lots of possible guesses! 

 

Yes, AAPL is off its $700 High, but…. When it goes higher than $700 and keeps going higher, that Previous $700 will be a lot more Real, Solid! Those who held on, and didn't panic sell, will be re-validated, rewarded for their faith in Apple, AAPL etc. 

 

Of course, those who sold AAPL at $500-600-700 and re-bought it at $385 - 500, will feel really smart! But… Predicting stock prices is impossible! All those Crystal Balls Talking Heads out there are suspect to me - BS, guessing, you pick your own descriptions for them! Those folks seek attention, because otherwise nobody would listen to them, and they would be out of a job!

How many of them have invented anything, or created companies, or build anything? Just cause someone has a job on TV, or a Blog, they are Sure Bet Authority?

 

Whenever I see Tim Cook talk, I do NOT see any fear in him, and the rest of Apple bosses. They look like they know exactly where they are going, how they will get there, why etc. The Apple Vision Thing looks solid to me. 

 

The Wall St. with its BS needs to scare the masses as a way to cause Sell Offs… Then Smart One's come back and Buy AAPL Cheaply again… Pump and Dump, Rinse Repeat!

 

Eventually, AAPL below $650-700 is going to be considered a Bad Day Sell Off… :)!


Edited by macologist - 7/31/13 at 7:18pm

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post #6 of 16
Quote:
Originally Posted by theCore View Post

The assumptions made about this are striking and rather narrow in scope.  To guess that we might know the motivations of any seller is a fools errand.
Apple shares trade in the 10s of millions daily.  Should we make assumptions about all those buys and sells as well.  Board members and stock holders alike have financial obligations like the rest of us -  nuff said.

While it's true that board members have financial obligations, they're missing the boat. Most companies have requirements that the board and senior execs hold a certain amount of the company's stock. Apple apparently does not.

Typically, when a stock vests, it is not uncommon to sell about 1/3 of it to cover tax obligations. Even in a high tax state like CA, selling half would cover the tax obligations. There is no reason why execs should be selling ALL of their stock - as Cook and Oppenheimer apparently have done. I'm not sure if the board member here sold all of his stock.

For someone in a high level position in this large of a company, requiring them to own a significant amount of shares (often 1-2 x annual salary, phased in over several years) is not the least bit unreasonable. Apple's missing the boat by not requiring it.
"I'm way over my head when it comes to technical issues like this"
Gatorguy 5/31/13
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"I'm way over my head when it comes to technical issues like this"
Gatorguy 5/31/13
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post #7 of 16
Quote:
Originally Posted by jragosta View Post

Apple's missing the boat by not requiring it.

 

You are the one who has missed the boat. Apple requires executives to hold triple their base salary in stock.

post #8 of 16
Quote:
Originally Posted by jragosta View Post


While it's true that board members have financial obligations, they're missing the boat. Most companies have requirements that the board and senior execs hold a certain amount of the company's stock. Apple apparently does not.

Typically, when a stock vests, it is not uncommon to sell about 1/3 of it to cover tax obligations. Even in a high tax state like CA, selling half would cover the tax obligations. There is no reason why execs should be selling ALL of their stock - as Cook and Oppenheimer apparently have done. I'm not sure if the board member here sold all of his stock.

For someone in a high level position in this large of a company, requiring them to own a significant amount of shares (often 1-2 x annual salary, phased in over several years) is not the least bit unreasonable. Apple's missing the boat by not requiring it.

Cook & Oppenheimer sold ALL their AAPL stock? I'd like to see some Links in support of your statement… Prove it!

 

It kind of sounds "funny" that those guys, who lead, and speak for Apple, during Apple's Earnings Calls, would sell ALL their AAPL stock, according to your post, and yet, Apple, which they lead, Bought $16B of its own AAPL stock recently! 

 

Apple Stock Buyback, Q3 2013: Apple spends $16 billion in Q3 | BGRhttp://j.mp/14jwIlx 

Again, anyone can only guess why those Apple Execs Sell their AAPL shares! There are many guesses! It's possible that they will be receiving more AAPL Shares as part of their pay! But, if they need $$ now, it might make sense for them to sell AAPL! Maybe that would generate "paper loss" for them, and thus reduce their Taxes? Hey, those guys are no fools, and they know their $$ situations better than us… 

 

Either way, it easy to simplify such Selling of AAPL by Apple's execs, and proclaim that they are "jumping the ship", because Apple is finished:)! It is also possible that Headlines like that are meant to attract more attention, which helps to sell ads, and maybe drive AAPL down, so that it's a cheaper Buy… :)!

Smart, savvy investors understand that kind of stuff… The less experienced investors might get nervous and Sell, which is what some folks want…


Edited by macologist - 7/31/13 at 7:46pm

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post #9 of 16
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Originally Posted by John.B View Post


William V. Campbell..... it is an embarrassment to have him on Apple's Board of Directors.

Totally agree.
post #10 of 16

As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.

This reminded me that Quicken by Intuit is "no into" Macs! I've seen countless comments by unhappy Mac users who wanted to see Equal Treatment from Intuit, as far as Quicken. Then I recall Intuit apologizing to Mac Community and promising such Equality with a Re-Write (maybe even) of Quicken. Then that topic faded away! 

 

I am surprised that Mac/Tech Media didn't hold Campbell's/Apple's feet to the fire regarding Quicken's abandonment of Mac Platform. 

 

It'd be great if Apple Insider and other sites made noise about it, loud enough, so that Apple would have to address this topic! 

 

But I am afraid that the furthest we'd get would be to hear Apple say: 

 

There are other applications out there to replace Quicken… 

 

To that I say: 

 

Intuit should state clearly if they will or not continue Quicken for Mac? If yes, when should we expect this Upgrade!

 

Thus far, Quicken Essentials Reviews are mostly bad: 

 

Quicken Essentials for Mac - Personal Finance Software for Mac http://j.mp/o0FKYf 

 

Can I use Quicken on a Mac - Apple Store (U.S.) http://j.mp/1aXZmrg 

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post #11 of 16
Quote:
Originally Posted by John.B View Post

William V. Campbell sold Mac users of Quicken down the road for a lot less than that.  FoS or no, it is an embarrassment to have him on Apple's Board of Directors.

Maybe that will be enough to retire with, so he can go back to his forte, coaching losing football teams.
I'm assuming one of the reasons he's on the board is because he was a very close friend of Steve's.
post #12 of 16

Massive sell-off by board and execs continues.

When they start dumping shares as fast as they possibly can...

Sell now.

You been warned.

post #13 of 16
Quote:
Originally Posted by macologist View Post

Whenever Apple execs sell AAPL, it easy to assume that they are "jumping ship", because they don't believe in the future of Apple. But, at the same time, Apple is buying its own AAPL stock! 

 

Apple Stock Buyback, Q3 2013: Apple spends $16 billion in Q3 | BGR http://j.mp/14jwIlx 

 

Obviously, Apple is confident in its own future! And 19M is a lot less than $16 BILLION!!!

 

Does the name Einhorn ring any bells?  It is my belief that the only reason Apple is buying back it's own shares is to stave off any more legal moves to force it to disburse it's cash to shareholders.  Apple doesn't have a clue what to do with it's hoard and the size of it is growing ever-more embarrassing.  The buy-back is about preserving power, not a testament to self confidence.

 

Quote:

 

The execs who sold AAPL probably needed to show a loss, or pay some bills, or buy something else really cheaply ASAP! There could be lots of possible guesses! 

 

Yes, AAPL is off its $700 High, but…. When it goes higher than $700 and keeps going higher, that Previous $700 will be a lot more Real, Solid! Those who held on, and didn't panic sell, will be re-validated, rewarded for their faith in Apple, AAPL etc. 

 

Of course, those who sold AAPL at $500-600-700 and re-bought it at $385 - 500, will feel really smart! But… Predicting stock prices is impossible!

 

 

You just made a starry-eyed prediction based on nothing more than faith and then go on to point out that "predicting stock prices is impossible."

 

You were right the second time.

 

Quote:

All those Crystal Balls Talking Heads out there are suspect to me - BS, guessing, you pick your own descriptions for them! Those folks seek attention, because otherwise nobody would listen to them, and they would be out of a job!

How many of them have invented anything, or created companies, or build anything? Just cause someone has a job on TV, or a Blog, they are Sure Bet Authority?

 

Whenever I see Tim Cook talk, I do NOT see any fear in him, and the rest of Apple bosses. They look like they know exactly where they are going, how they will get there, why etc. The Apple Vision Thing looks solid to me.

 

Do you know what the remuneration packages for Apple execs are like, particularly Cook?  Why would anyone possibly expect that someone who received over $350 M would show 'fear'?  Same goes for the confidence of Apple execs.  They have every reason to be confident that if Apple disappeared down the plug hole tomorrow, they could all live the rest of their lives like kings and never want for anything.

 

Cook is not a visionary.  Oppenheimer's got a vision, it seems to involve divesting himself of a lot of Apple shares.

post #14 of 16
Quote:
Originally Posted by rain View Post

Massive sell-off by board and execs continues.
When they start dumping shares as fast as they possibly can...
Sell now.
You been warned.

Troll elsewhere.

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

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post #15 of 16
Quote:
Originally Posted by cnocbui View Post

 

Does the name Einhorn ring any bells?  It is my belief that the only reason Apple is buying back it's own shares is to stave off any more legal moves to force it to disburse it's cash to shareholders.  Apple doesn't have a clue what to do with it's hoard and the size of it is growing ever-more embarrassing.  The buy-back is about preserving power, not a testament to self confidence.

 

 

You just made a starry-eyed prediction based on nothing more than faith and then go on to point out that "predicting stock prices is impossible."

 

You were right the second time.

 

 

Do you know what the remuneration packages for Apple execs are like, particularly Cook?  Why would anyone possibly expect that someone who received over $350 M would show 'fear'?  Same goes for the confidence of Apple execs.  They have every reason to be confident that if Apple disappeared down the plug hole tomorrow, they could all live the rest of their lives like kings and never want for anything.

 

Cook is not a visionary.  Oppenheimer's got a vision, it seems to involve divesting himself of a lot of Apple shares.

 

we all have our opinions… You seem to know what's good for Apple, as did Einhorn. Last I heard, as of July 31, 2013, he is not selling AAPL 

 

David Einhorn Maintains Stake In Apple Inc. (AAPL) Despite Big Losses http://j.mp/17m866D 

 
Yes, Apple execs are set for life as far as $$… 
 
I have faith in Apple's Leadership! I assume that they hear and explore all kinds of ideas, and then make their decisions! Even if I knew everything they know, I don't feel qualified to tell them what to do, but there others who feel differently! Same goes for politics and other stuff...
 
We all believe what we want to believe. People are free to Buy, Hold, Sell their stocks...

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post #16 of 16
jragosta


Just to clear up misinformation... Tim Cook owns over a million shares, most of which are not currently vested. He received a million as restricted stock, half of which vests in 2016, the other half not until 5 years later if I remember correctly. If he leaves tomorrow he forfeits these shares. Golden handcuffs... He does own a few thousand more as well and obviously has a huge vested interest in the future success of the company, assuming he wants to remain extraordinarily rich.

Not sure where you get your information but rumors sometimes move price... are you trying to move the price or was this just a genuine misunderstanding of Cook's compensation package?

Do we know how many shares each of these people hold... they may be selling a portion of their position to diversify market risk. Holding more than 5-10% of your portfolio in the company stock you work for is never a good idea, no matter which company it is. Nearly all advisers recommend against this. I'm reasonably certain Tim Cook will get advice on holding so much Apple in 2016 when he gets his first batch of vesting Apple stock and the restrictions come off. He'd be nuts to have all his eggs in one basket. After all, the richest company in the world with an incredible product line and more money than the US Government just plunged for no valid fundamental reason even if there were technical indicators while other companies with astronomic P/E and P/E/G ratios kept rising. All this forum speculation and misinformation is ridiculous.
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