Here is the reason, courtesy of DJ News:
Computer Network Insiders Reportedly Sold Large
Holdings
Monday, January 3, 2000 03:35 PM
NEW YORK -(Dow Jones)- Shares of Computer Network Technology Corp., a maker of computer
hardware and software, fell sharply Monday following reports of large insider stock sales.
Barron's reported five Computer Network insiders sold 30%, or around 33,000 shares, of insider
holdings over the last six months. The figure places the company among the top percentage decreases
in insider holdings for the period. Also reported were sales of nearly 51,000 shares by four insiders,
including the chief executive and chief financial officer, all dated in late November.
Minneapolis-based Computer Network's shares (CMNT, news, msgs) fell $5.188, or 23%, to close at
$17.75. Some investors consider substantial insider sales to be a bearish sign for a stock.
Quote for referenced ticker symbols: CMNT |
