Rats jumping ship:
www1.firstcall.com|alerts|4
It’s been a while since we’ve encountered insiders selling into a secondary offering. The timing of the activity at Bear Stearns Companies, Inc. seems especially precarious, given that the company reported fourth quarter net income of $1.08 down from $1.36 in 4Q00, on revenues that declined 18%. And while earnings did outpace the Street consensus and despite recent rallies, the top three Wall Street firms, Goldman, Lehman, and Bear Stearns are not entirely out of the woods. Indeed, some fear that revenues will come in only slightly higher in the upcoming year, forcing firms to further slash payrolls to bolster their profit margins. Against this backdrop, on November 30, eight insiders sold a combined 1,966,558 shares at $54.97 to $57.01 per share.
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Thanks to Tea_n_Honey for the link. |
