To: Glenn D. Rudolph who wrote (29806 ) 12/14/1998 9:32:00 AM From: Platter Read Replies (1) | Respond to
AMAZON.COM INC. - AMZN -- Internet stocks have been the talk of the town for some time. With many of these issues simply defying gravity, the market's obsession seems justified. Shares of Amazon.com continue their mad race to the top, but insiders at the company seem to be exercising some caution. Not only are they selling stock, but are doing so just after the issue recovered somewhat from its early September tumble. Insiders at the company sold 89,000 shares in late-summer, before the issue dropped over 30%. Currently, as the stock nears a return to its July highs, insiders are selling an unusually heavy amount of stock. Specifically, from November 2 to November 5, five insiders sold or filed to sell a total of 262,500 shares at prices ranging from $126 to $131 each. Leading the way among sellers, Chairman Jeffrey Bezos filed to sell 180,000 shares. This potential sale would represent Mr. Bezos' first since initially filing in '97. Next in line of sellers, Director Tom Alberg filed to sell a total of 40,000 shares. This potential sale would be Mr. Alberg's largest since initially filing in '97. Next, VP Kavitark Shriram filed to sell 25,000 shares, having just filed in October. VP Richard Dalzell filed to sell 10,000 shares, following his August sale of 25,000 shares at $135.50 each. Executive Joel Spiegel filed to sell 7,500 shares. Clearly, this round of selling by insiders is a step-up from the more modest selling in the late summer. With the issue having just recovered, these sales may indicate a sense of urgency to lock in gains. AMZN, an online bookstore retailer, offers more than 2.5 million in-print and out-of-print titles. AMZN also sells a small number of CD's, videotapes, audiotapes and other products. From CDA Investor
