24/7 Wall St.
09-17-2008, 05:50 PM
24/7 Wall St. Daily News
Urban Outfitters Inc. (NASDAQ: URBN) has of late and for the most part been immune from the stock market carnage. Shares closed down almost 5% at $34.00 today, but it is still well into the upper echelon of its $21.09 to $38.40 trading range of the last 52-weeks. Insider selling is a part of the markets and it isn't a signal of of bad things. But when we see certain sale sizes we have to look further. In a SEC filing (http://www.sec.gov/Archives/edgar/data/912615/000118143108053590/xslF345X03/rrd218909.xml) today, Chairman of the Board Richard Hayne noted that between Monday and Tuesday he sold 1,388,000 shares of stock at prices of $35.64 to $36.12. This represents a total value of more than $49.6 million.
This is nowhere near his entire stake in the company, so don't think that this is a wholesale exodus on his part. This same filing shows that he still has direct ownership of more than 33.6 million shares. So he still owns roughly 20% of the company's common stock. But a sale of nearly $50 million will raise some eyebrows in a market when traders and investors are easily spooked.
Jon C. Ogg
September 17, 2008
http://feeds.feedburner.com/~f/typepad/RyNm?i=dq5JL</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=dq5JL) http://feeds.feedburner.com/~f/typepad/RyNm?i=SOQKL</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=SOQKL) http://feeds.feedburner.com/~f/typepad/RyNm?i=GOm9l</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=GOm9l)
complete story here... (http://www.247wallst.com/2008/09/urban-outfitter.html)
Urban Outfitters Inc. (NASDAQ: URBN) has of late and for the most part been immune from the stock market carnage. Shares closed down almost 5% at $34.00 today, but it is still well into the upper echelon of its $21.09 to $38.40 trading range of the last 52-weeks. Insider selling is a part of the markets and it isn't a signal of of bad things. But when we see certain sale sizes we have to look further. In a SEC filing (http://www.sec.gov/Archives/edgar/data/912615/000118143108053590/xslF345X03/rrd218909.xml) today, Chairman of the Board Richard Hayne noted that between Monday and Tuesday he sold 1,388,000 shares of stock at prices of $35.64 to $36.12. This represents a total value of more than $49.6 million.
This is nowhere near his entire stake in the company, so don't think that this is a wholesale exodus on his part. This same filing shows that he still has direct ownership of more than 33.6 million shares. So he still owns roughly 20% of the company's common stock. But a sale of nearly $50 million will raise some eyebrows in a market when traders and investors are easily spooked.
Jon C. Ogg
September 17, 2008
http://feeds.feedburner.com/~f/typepad/RyNm?i=dq5JL</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=dq5JL) http://feeds.feedburner.com/~f/typepad/RyNm?i=SOQKL</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=SOQKL) http://feeds.feedburner.com/~f/typepad/RyNm?i=GOm9l</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=GOm9l)
complete story here... (http://www.247wallst.com/2008/09/urban-outfitter.html)