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Technology Stocks : America On-Line: will it survive ...?
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To: steve lipson who wrote (6910)1/20/1998 11:32:00 PM
From: Harry Larson   of 13594
 
The sales have been to the max enabled by SEC Rule 144 and
the terms of the options which AOL's 1997 Proxy notes
are exercisable only over four years.

Such selling to the max allowed hasn't always been the case
(so to speak). Certainly the purpose is "diversification".
What's important is timing of the relative amounts and price
levels, which suggest judgment of valuation of the stock.

For example, in May-June of 1996, when AOL was at then all-time
highs around $70, officers sold over 650,000 shares. But in the
December quarter, when AOL stock had plummeted to $25-$30, sales
were only 50,000; and only 145,000 for January and February
combined by just two officers.

>>Your classic bear warning sign is when the stock makes a new
>>low and insider sales continue unabated or even accelerate.

Huh? Never ever heard that. More like insider selling tends to peak
ahead of stock. When a stock makes a new low you don't need a "bear warning sign".
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