Apple's top attorney sells $2.8M in stock, board member cashes in on $4.2M
Two high ranking officials at Apple cashed in on millions of dollars worth of company stock last week, new filings with the U.S. Securities and Exchange Commission have revealed.
In a pair of Apple filings with the SEC last week, it was revealed that the company's general counsel, Bruce Sewell, as well as one of its board members, Arthur Levinson, together sold over 12,600 shares of AAPL stock worth over $7 million.
Last Thursday, Sewell sold 2,438 shares of AAPL stock priced at nearly $549, while another 2,700 shares were sold for almost $550. In all, the total value of shares sold by Sewell last week was more than $2.8 million.
It was actually the second major transaction for Sewell this month, as he also sold 5,137 shares of AAPL stock on Nov. 1. Priced at $600 each, they were worth a total of more than $3 million.
Also last Thursday, Levinson parted ways with 7,500 shares of AAPL stock valued at $560.65. The total value for those shares was more than $4.2 million.
Levinson took on a more significant role at Apple a year ago, when he was named chairman of the company's board of directors. Levinson previously served as the company's co-lead director since 2005, and also serves as chairman of Genentech, Inc. ? a biotech firm he lead as chief executive from 1995 to 2009.
In a pair of Apple filings with the SEC last week, it was revealed that the company's general counsel, Bruce Sewell, as well as one of its board members, Arthur Levinson, together sold over 12,600 shares of AAPL stock worth over $7 million.
Last Thursday, Sewell sold 2,438 shares of AAPL stock priced at nearly $549, while another 2,700 shares were sold for almost $550. In all, the total value of shares sold by Sewell last week was more than $2.8 million.
It was actually the second major transaction for Sewell this month, as he also sold 5,137 shares of AAPL stock on Nov. 1. Priced at $600 each, they were worth a total of more than $3 million.
Also last Thursday, Levinson parted ways with 7,500 shares of AAPL stock valued at $560.65. The total value for those shares was more than $4.2 million.
Levinson took on a more significant role at Apple a year ago, when he was named chairman of the company's board of directors. Levinson previously served as the company's co-lead director since 2005, and also serves as chairman of Genentech, Inc. ? a biotech firm he lead as chief executive from 1995 to 2009.
Comments
When you need cash, you need cash.
Nothing much to see here...
"Even their own attorneys don't believe in them!"
OR
"If Forstall is anything to go by, the attorney's about to be fired."
OR
"Talk about your forgetting dubia in meliorem partem interpretari debent!"
Take your pick.
So which shipyard has a clearance sale on yachts? Maybe a Bugatti Veyron SS came up for sale? Someone wanted to own their own personal bridge?
I think we will see a lot of this - people selling this year to avoid the tax hike for next year. And of course, when taxes go up, the economy will stall, causing stock prices to go down, so another reason to sell this year. (Though the stock market is expecting this also, so prices should not plummet.....)
Originally Posted by hulksmash
@charlituna you think you are smarter or have some knowledge that those lawyers don't have?
No, but what are YOU saying here?
That's why they get shares. to sell them when they want to have more cash to buy new houses, expensive cars, pay taxes, and to have a little fun.
Less than that even. When you know taxes are going up, you realize gains with the lower tax regime where you can. I'd expect to see a lot more sales before year's end.
Quote:
Originally Posted by charlituna
Cue the talk that they are selling because they have zero faith in the company, blah blah
NO ****. The guy has 150,000 shares that vest in 2016, this amount of shares being sold is like normal person going to the ATM and withdrawing $100 for the week end. NO big deal.
A little over a year ago Eric Schmidt cashed in over a $1.5 Billion in Google stock (which only reduced his holdings from 2.8 to 2.1%. . . GEESH!)
He's still there and Google is still doing fine. Don't read too much into executives drawing down or adjusting their market exposure on occasion.
Quote:
Originally Posted by EricTheHalfBee
So which shipyard has a clearance sale on yachts? Maybe a Bugatti Veyron SS came up for sale? Someone wanted to own their own personal bridge?
After taxes, it's probably enough to maybe redo his house. This is chump change to these guys. Especially since Bruce has about 150,000 shares that get vested in 2016. A few thousand shares is like you or I going to the ATM and pulling a couple of hundred for the weekend.
Quote:
Originally Posted by EricTheHalfBee
So which shipyard has a clearance sale on yachts? Maybe a Bugatti Veyron SS came up for sale? Someone wanted to own their own personal bridge?
Maybe he has or had a place on the East Coast that got damaged in the Hurricane and this helps replace things that the insurance won't pay for. Many of these executives have homes or places on the East Coast. Not many people on the East Coast have flood insurance. Maybe this is to buy a yacht that got damaged that he wants fix up and move. With 150,000 more shares vesting in 2016, this is weekend money.
They're not waiting for Apple to get back up to $700 or $800 a share to sell. They're selling now because they know Apple is going down further before the end of the year. They're selling because they're running scared. They've already seen Apple stock lose $150 a share in just six weeks and they just can't stand idly and watch the bloodbath continue to $500. Makes perfect sense to sell before they lose everything.
Originally Posted by Constable Odo
They're not waiting for Apple to get back up to $700 or $800 a share to sell. They're selling now because they know Apple is going down further before the end of the year. They're selling because they're running scared. They've already seen Apple stock lose $150 a share in just six weeks and they just can't stand idly and watch the bloodbath continue to $500. Makes perfect sense to sell before they lose everything.
Exactly, the "lost faith" posts.
You mean...
Apple is Doomed?
ROFL!
Quote:
Originally Posted by Tallest Skil
Exactly, the "lost faith" posts.
I would say people have lost faith in our economy and Apple is simply a victim of an overall market that looks at our newly elected president as anti business. Since the election the market has gone one way and that is down. So while this thread is about board members this reflects what is happening across the board when it comes to the market.
Here is another good example of what we love the do in the US. We love to build up the underdog we love to beat them up even more when they are on top.
http://money.msn.com/technology-investment/how-long-can-apple-stay-on-top
Quote:
Originally Posted by Constable Odo
They're not waiting for Apple to get back up to $700 or $800 a share to sell. They're selling now because they know Apple is going down further before the end of the year. They're selling because they're running scared. They've already seen Apple stock lose $150 a share in just six weeks and they just can't stand idly and watch the bloodbath continue to $500. Makes perfect sense to sell before they lose everything.
I'm sure that's it, it has zero to do with tax rates going up next year. You seem to be pretty well connected with things, ear to the ground so to speak. Do you have any other inside info to share?
Oh yeah, I think I'm supposed to end with:
/s