Boyd should have waited a little longer to sell his INVN options.
Sold 1/4 of my INVN today at 28.00...only because it exceeded my expectations...even knowing the mo-mo boys are still feeding there.
Last Fri I traveled through 2 airports...Both were installing Invision machines.
>A board member of InVision Technologies collected a gain of more than $1 million from exercising options and selling stock in the maker of explosive-detection systems used in airports.
Director Douglas Boyd exercised options to buy 92,042 InVision shares at 55 cents to $6.94 each on Oct. 26, according to Thomson Financial/First Call. He sold those shares for $13.46 to $15.36 each from Oct. 26 to Oct. 29, for a net gain of about $1.16 million.
Shares of Newark-based InVision soared after the Sept. 11 attacks as airline bag-screening became a priority.
Boyd, a longtime InVision board member, said his timing was fortunate.
``There's nothing special. They were very old options, and they were starting to expire,'' InVision's gains have continued since Boyd's sales. The stock rose $4.93 to a 52-week high of $25.15 on Friday. It closed at $3.11 a share on Sept. 10.
Sales by InVision insiders have been a rarity in recent years: Boyd's was the first sale since 1997, according to Thomson Financial/First Call.
Boyd said the company's stock had stalled at just a few dollars a share in recent years, providing little incentive to sell.
Stock-option holders have the right to buy their company's shares for a set price. For many executives, stock options provide the bulk of their compensation.
Boyd said he would consider exercising more options if InVision continues its upward swing.
``InVision has an incredible upside,'' Boyd said. ``It's hard to say where it could go.''
Boyd is founder and chairman of Imatron, which makes electron-beam-tomography scanners.
InVision is boosting its production from seven bomb-detection machines a month to 50 in anticipation of orders from the Federal Aviation Administration, according to a company spokesman. |
