Hi Ed,
Re: Janus' Ingalls denies that the share sales foretell any manager defections, however. ``I don't have any reason to believe that any portfolio managers will be leaving because of this,'' she said.
I'm sorry, she's about the least convincing liar I've run across in a recently crowded field.
Here's a similar tale, past the denouement:
lightreading.com
<Snip>Analysts and reporters are intrigued but not surprised by hints of a darker reason behind Mr. Hawe's resignation. This morning, Canada's Ottawa Citizen and Montreal Gazette newspapers reported that Hawe made about US$18.4 million by cashing in 602,000 of his stock options on February 12, prior to leaving the company -- and three days prior to a call in which Nortel CEO John Roth drastically reduced the company's earnings guidance (see Nortel's Nasty Surprise ).
Nortel acknowledged in a press release yesterday that Hawe sold the shares, stating, "It is not unusual for executives to exercise options once they choose to leave the Company" (see Nortel Explains "Option Activity" )
<End Snip>
If those managers aren't leaving Janus, then at least they are leaving the risk of owning the stock to others, and to my mind, others who have less insight into the company's future.
Are the rats exiting the ship before she starts to list?
No sir, they are about 9 months too late for that.... <g>
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Late Edit: CBOE reports put:call = .78 (= +0.06/d), VIX = 29.77 (+0.98/d). Looks like we may be crankin' up for a good solid selloff sometime soon. Unless AG pulls a deux ex machina. <g>
Best, Ray :) |
