A quick count of insider sales since lock-up ended on July 13 shows about 1,289,000 shares sold through August 12, 1999. (There are 111,000,000 shares, of which about 65,300,000 are beneficially owned, i.e., executives, directors and broker dealers.) The 1.3MM shares sold is a small amount of the beneficially owned stock.
This is roughly 1% of the total volume since the lock-up ended. Query what effect this has had on the stock price. In any event, release of these shares into the market does increase the float and, ultimately, decrease volatility.
Gary Korn |
