It's Herbie Again: (from The Street.com)
By Herb Greenberg
Senior Columnist
1/27/99 6:30 AM ET
Beating a dead horse: Well, it's not dead, yet. I'm talking about Iomega (IOM:NYSE). When we last left the company, we told you that two top execs, including Ted Briscoe, had left. Go back to Nov. 11 and read the Wall Street Journal story quoting insider trading experts and analysts as saying Briscoe's purchase of 200,000 shares of Iomega stock was a strong, positive signal. Bob Gabele of CDA/Investnet said there was "a sense of urgency" to his purchases. And Joe Beseker, president of Emerald Research, said: "This is a guy who can see on a day-to-day basis the company's inner workings ... For him to step up was extremely significant. I don't think he made this type of investment as a speculation to anything short-term."
Now that Briscoe has quit, Beseker can't be reached. And Gabele says the situation is very unusual. "Very few buy and then announce their resignations," he says. It was Briscoe's purchase, he adds, that "made me feel good about a buying cluster" by other insiders.
The only good news: The stock is still above where it was when he bought it. But according to Gabele, after April 29 -- six months from when he made his last purchase -- he'll be able to sell shares without a public filing. They love to tell ya when they get in, but not when they get out.
|
