SELLING ACTIVITY CONTINUES IN THE
HIGH-TECH SECTOR
by Bob Gabele CDA/Investnet
Jul 2 1997 3:57AM CST, Richmond Times-Dispatch
As shares of Sun Microsystems (SUNW) have been testing the $35 level in recent months,
most analysts have reiterated their belief that the company's consistency and position in the
network computing market make the stock a valuable play. This positive sentiment differs
from the actions of company insiders, however, as they have been persistently decreasing
their holdings throughout last year and into this year.
In the most recent round of activity, nine executives sold or filed intention to sell 802,138
shares in the $26 to $32 range from April 22 to May 19.
In his largest potential open-market sale since initially filing in 1986, Chairman Scott
McNealy planned sales for 600,000 shares. The shares filed for are option-related, and the
options are not set to expire until 1998.
Vice President Eric Zander disposed of 20,000 shares and filed to sell an additional 77,200
shares. The completion of these sales would mark a 15 percent reduction of Zander's
actionable holdings (exercisable options plus common shares).
In a potential 15 percent depletion of his actionable position, vice president George Reyes
indicated his intention to sell 13,960 shares.
Finally, Ken Alvares, the company's vice president of human resources, revealed his intention
to drop 30,000 shares. |
