Posted on Mon, Sep. 02, 2002
(http://www.bayarea.com/mld/mercurynews/business/3987358.htm)
LSI chief executive buys 100,000 company shares
By Dan Lee
Mercury News
LSI Logic Chairman and Chief Executive Wilfred Corrigan purchased $766,790 in stock of the semiconductor company July 31.
The company's founder bought 100,000 shares for about $7.67 each, according to Thomson Financial. The move brings his holdings in LSI to 9.92 million shares.
``When he believes that the stock is undervalued, he will actually go into the market and purchase stock,'' LSI spokesman Kevin Brett said of Corrigan's move, adding that the CEO sees a gradual recovery for semiconductor companies.
The purchase came between July 24, when LSI announced a second-quarter loss narrower than a year earlier, and Aug. 14, when the stock hit a 52-week low of $6.15. Shares of the Milpitas company, which makes specialty chips for computer data-storage systems, closed at $7.33 Friday.
After Corrigan's eight prior purchases of LSI shares, the stock has gained an average of 48 percent in the next six months, according to an analysis by Thomson Financial. However, after his last purchase -- 20,000 shares in January 2001 -- shares of LSI fell 12 percent during the next six months. |
