Lam Research president nets $2.3 mln in stock sale
Wednesday October 29, 5:58 pm ET
SAN FRANCISCO, Oct 29 (Reuters) - The president of Lam Research Corp. (NasdaqNM:LRCX - News), the fourth-largest U.S. maker of semiconductor capital equipment, sold 100,000 shares of stock for a profit of $2.3 million this week, according to a company report filed with the U.S. Securities and Exchange Commission (News - Websites) on Wednesday.
Lam Research stock has risen 160 percent this year amid expectations for a turnaround in the microchip-making equipment industry's worst downturn on record.
Stephen Newberry, the president and chief operating officer of the Fremont, California-based company, exercised options to buy 100,000 shares of stock at the price of $4.82 and sold them on the same day at $27.95, netting him a pre-tax profit of $2.3 million, according to the filing.
The sale leaves Newberry with direct ownership of 60,000 shares of Lam, as well as 2.24 million derivative securities such as stock options, the filing said. Newberry had until Nov. 2008 to exercise the options he just sold. |
