-- UPDATE 1-Intel's COO sold 900,000 shares last week --
(adds Intel comment, updates stock price)
WASHINGTON, Jan 21 (Reuters) - Paul Otellini, the president
and chief operating officer of Intel Corp. <INTC.O>, sold
900,000 common shares of the world's largest computer chip
maker last week, regulatory filings on Tuesday said.
"He may have sold for tax purposes, there are a wide
variety of reasons," said Intel spokesman Chuck Mulloy. "This
is fairly routine."
Otellini exercised options to acquire the shares for $3.41
each. He sold 500,000 shares on Jan. 16 for $17.15 to $17.32
apiece, and the next day sold 400,000 shares for $16.38 to
$16.64 each, according to the Securities and Exchange
Commission documents.
The same week that he executed the transactions, Intel said
it posted fourth quarter earnings that more than doubled as
revenues outpaced expectations on sales of higher-priced
chips.
But Intel also announced plans to cut capital expenses for
2003 more deeply than Wall Street had expected and that first
quarter revenues would be lower, a reflection of typical
seasonal slowdown.
After the sale of the 900,000 shares, Otellini directly
held 488,787 shares, according to the SEC filing.
The shares of the Santa Clara, California-based company
were trading up 0.61 percent, or 10 cents, to $16.44 in
afternoon Nasdaq activity.
((Reporting by Peter Ramjug; editing by Bernard Orr;
peter.ramjug@reuters.com; Instant Messaging:
peter.ramjug.reuters.com@reuters.net; 202-898-8399))
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21-Jan-2003 19:05:39 GMT
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