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Most just want to look at the pictures.
[A modification of an old joke, that pre-dates the 'Net by a long time]
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GT Advanced CEO Sold Off Stock Ahead of iPhone 6 Announcement
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You really think anyone comes to MacRumors to read the articles?
Most just want to look at the pictures.
[A modification of an old joke, that pre-dates the 'Net by a long time]
You really think anyone comes to MacRumors to read the articles?
Most just want to look at the pictures.
[A modification of an old joke, that pre-dates the 'Net by a long time]
I've long had a theory that no one reads the blockquotes
FYI, I have added an update to the post to make it more clear that the sale was pre-planned, for people who skim through the quote from the WSJ.
That's wrong. It's insider trading if he trades based on his own insider knowledge as well.
What he has to do is announce sales or buys long before they happen, and commit to those trades. Which according to the article he may well have done.
Note so sure it's a large amount, except maybe from your perspective. 9k shares represents only just over 1.5% of his personal holdings in the company, and is a pittance compared to the 137+ MILLION shares the company has outstanding. Might be out of your league (and mine, FWIW), but it's not a lot...
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Um, no. Apple insiders KNEW. Maybe some partners' insiders KNEW. EVERYONE else, including your dear grandmama, was speculating or working off rumor, innuendo and/or gossip. It was not formally public knowledge and a matter of actually KNOWing until it was announced.
Errm... Not quite. Your own graph shows it is up 110% in a day. While the price may be comparatively low since the bankruptcy, it has actually seen extraordinary "gains" on a daily basis.
http://www.businessinsider.com/gt-advanced-shares-rally-after-bankruptcy-announcement-2014-10
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This guy gets it. Quit yelling about insider trading and read this post.
wish i would have known what he certainly knew... there is no question this is insider trading at its finest, especially considering the secrecy around apples relationship with gt. pretty hard to argue common knowledge when everything about it was closely guarded.
Really? Even after the editor updated the article with a reference to the SEC filing, showing this was a prearranged sale initiated 7 months ago?
Do you have a reading comprehension problem?
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Not to mention all the mind-numbing up votes by the truly clueless.
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You're welcome. After all the other idiotic and uninformed proclamations, I was encouraged that you actually asked the question.
Did nobody catch the blurb awhile back about Tim Cook, his second in command and two other higher ups, (can't remember their names) sold off chunks of their Apple stock a day before the Apple iPhone 6, 6+ announcement. I believe Tim and his second in command made 46 million each, if my memory is correct. Of course they filled out the proper forms. So does that make them insider traders? I don't think so. Just like this guy at GT Advanced.
It might be breaching some rules, particularly to do with the chapter 11 thing, but i dont think insider trading is the correct term. When would a CEO selling shares in the company that he heads NOT fit the definition of insider trading?
I'm really glad someone here took the few minutes to actually look it up instead of randomly speculating.
That said, here's some slightly more reality based speculation: Since we can say for certain that he filed for permission to sell his stock months ago, and the exact timing wasn't up to him, it's entirely possible that in March he figured the iPhone 6 would be out pretty soon and his company would be flying high, so filed to sell figuring that the timing would work out well. Turned out that something went wrong along the line, but he got lucky and the trade went through while the value was still high.
The only question at that point would be whether he had any control over the exact timing of the Chapter 11 announcement. If not, then he's in the clear. If he did, and decided to put off making it public by just a couple of days to keep the value high until his sale went through, then there would be malfeasance.
But that second part is wild speculation and may have nothing to do with reality, which is just unfortunate-looking timing.
Anyone who's investing substantial amounts of money based on Jim Cramer's advice deserves whatever losses they get hit with. This is the guy who openly admitted, in his own book, to using the financial media to artificially inflate stocks for his own gain. If you honestly believe he just stopped doing that now that he has his own TV show, you must be his very favorite kind of rube.
Just looking at AAPL alone, the guy has changed his public "opinion" of the stock a half dozen times in just the last couple of years. A few of his recommendations have been accurate, but that's hardly meaningful when he was saying the exact opposite a couple of months earlier, and will probably be saying the opposite again in a couple of months.
I particularly liked his laundry list of reasons Apple was a terrible stock to buy published right around the bottom of the downturn in early 2013--pretty much everything he said has been proven wrong, and the stock is worth twice as much now.
About 7 months ago, GT Advanced forecasted huge increases in revenue late this year. It was in their quarterly report, and analysts were trying to translate the amount into expected iPhone shipments.
Back then, no one knew there would be yield problems manufacturing the covers. It wasn't even GT Advanced with the problem, it was a Chinese manufacturer using the sapphire from GTA. Apple didn't drop their plans to use it in the iPhone until long after this stock sale was initiated.
Of course not. Selling stock because you know a rumor is not true has nothing to do with insider trading.
Don't try to reason with the vultures here who don't have good reading comprehension skills (or don't bother to RTFA and form intelligent informed responses).
Didn't tim cook and phil schiller did the same thing? They sold a bunch (for more than 30 mill each) of stocks couple of days before iOS 8.1 and bending iPhones incidents were revealed.
I wonder why macrumors did not post that news!
http://www.cultofmac.com/297706/top-apple-execs-sell-143m-worth-stock/
I wonder why macrumors did not post that news!
http://www.cultofmac.com/297706/top-apple-execs-sell-143m-worth-stock/
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Very true. It is, by definition, "insider trading," it just was likely not illegal insider trading.
Sounded like a "hedging his bets" move. Either he'd be unloading stock for far LESS than it would be worth if he waited a couple more months (in which case the company would be doing well, and it wouldn't be a problem, he'd just earn more later anyway,) or else the stock would be sold at a high point, because of the potential of a decline - in which case, he has some financial safeguards.
The bankruptcy was likely a "possible, but unlikely" scenario during the planning. I mean, they wouldn't EXPECT to go in to bankruptcy, but you never know...
Seems a flaw in the system. Shareholders should be notified of any pending stock sales by company directors, or at least it should be easy to get that info for free.
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The CEO dumps all his stock in the months and days leading up to the iPhone 6 announcement and you don't think he knew what was coming? If the iPhone 6 has launched with GT's sapphire displays the stock would have shot up. Just a coincidence? Please do me a favour. The guy's a crook plain and simple.
Don't forget somebody bought these shares and got royally screwed by this guy.
Imagine that the captain of the Titanic was the first one to bail out of a sinking ship (before everyone else realizes the ship is taking water), leaving everyone else to fend for themselves. That's the analogy here.
I'm not sure what he did was illegal, since there are SEC rules/regulations that state when an exec can and cannot sell their shares and when they are allowed to sell their shares. But at the very least, what he did seems very scumbaggy.
That comment without saying what posts you are talking about is equally stupid. In reality, all we know now is that you strongly disagree with something someone posted, which for all we know could be totally accurate and well thought through.
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If you know that a rumour is not true because you have insider knowledge, and you trade because you know the rumour is not true, then it's insider trading.
But wait, they work harder than everyone else and are critical to the success of the business. You just be quiet, you class envy dweeb.
SARCASTIC.