Intel's Grove, other execs to sell nearly $80 million in shares
By Bolaji Ojo
Electronic Buyers' News
(02/01/00, 07:39:31 PM EDT)
NEW YORK -- Taking advantage of the high valuation the company's shares have seen in recent weeks, three senior executives at Intel Corp., including chairman Andy Grove, recently filed to sell nearly 800,000 shares worth almost $80 million, according to Securities and Exchange Commission filings released this week.
Intel, the world's leading semiconductor company, said in the SEC document that Grove planned to sell 484,208 shares, valued at about $50 million-based on Intel's closing price Jan. 14-while director Leslie Valdesz filed to sell 149,330 shares and vice president Albert Yu 164,000 shares. Merrill Lynch & Co. Inc., New York, was expected to sell the shares for the three Intel officials.
The shares of Intel have more than doubled in value in the last eight months and recently rose to $106.63, a 52-week high, before sliding since the second week of January when Intel announced record revenue but barely matched analysts' earnings expectations. The chip maker's shares have since dropped below $100 and were last at $98.75, down about 18 cents.
A later SEC filing will confirm whether Grove and the other officials of the Santa Clara, Calif., company actually sold any shares. |
