Daily Alert for Wednesday 07/18/2001:
Dell Computer Corp - DELL --
Given the stock's legendary performance and its chief executives prodigious holdings, there's been a tendency to dismiss insider sales at Dell Computer Corp. over the years. This may be an exception, however, for a number of reasons. First, we and eventually the main stream press, made much of the fact that Michael Dell exercised more than 18 million options in December and held the underlying shares. Second, while Dell executives sold into fairly steady appreciation over the years, the recent dispositions took place at less than one-half the stock's two-year highs. Not to mention the fact that insiders, including Mr. Dell, are selling at a time when Wall Street is taking a hard look at the demand for computer hardware. From April 3 through June 15, five executives sold a combined 10,726,538 shares at $25.15 to $27 per share.



Insider
Points of Interest Shares Sold
Chairman, CEO Michael Dell
Exercised 18 million options and held in December.
Gifted additional 10 million shares for the period. 10,000,000



Director Michael Miles
Largest sale to date; sale in March was first since '98. 300,000

Rosendo Parra
First sale since Dec. '99 at roughly half the price. 156,538

Co-Pres., Co-COO Kevin Rollins 150,000
SVP, Pres. Dell Europe Paul Bell
Last sold in March '00 at twice the price. 115,000


*Includes Form 144 Intentions to sell stock.
With his 10 million-share sale, Michael Dell admittedly accounts for the bulk of the recent activity. By the same token, when one considers a 10 million-share gift, Dell has disposed of all shares acquired through the exercise of options in December, and then some. The real issue, however, is that a number of the sellers last sold at nearly twice the price. And this when a number of concerns limit the visibility for computer box makers-a strong consumer installed base, mounting price wars and flagging corporate IT spending primary among them. And finally, while Mr. Dell's sale is dwarfed by his holdings, it only seems prudent that investors who were emboldened by his accumulation in December consider that with the stock some 35% higher, he has opted to take profits.

Quelle: First Call Insider Watch

Grüße
vom Scheich

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