“Newly appointed Apple board member and Disney president and CEO Bob Iger purchased 2,670 shares of Apple stock on the open market, according to a filing with the SEC,” Jordan Golson reports for MacRumors. “The average purchase price of the shares was roughly $375, valuing the purchase at $1,001,250.”
Golson reports, “The large open-market purchase shows Iger’s faith in the future of Apple.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Lynn Weiler” and “Lava_Head_UK” for the heads up.]
Here comes the run up folks.
No doubt about it
Nice move.
A winning move! Congrats…
He’s already made about $18,690. Good investment.
The easiest $4 million he ever made.
What do they call that sort of deal? An act of faith or merely putting on an act. To a CEO of a company that size a million dollars is nothing, maybe less than nothing. Because some multimillionaire buys a couple of thousand Apple shares, does it really indicate a run-up of share price. Hardly. What does he have to gain? If the stock runs up to around $400 (again) he’ll make a bit of profit. If it goes back down to $360, he loses a bit and writes it off at the end of the year or since it will be such a tiny amount, he might not even notice it missing. He probably loses that much money in his couch in a year.
Don’t compare this rich dude to the struggling individual shareholders that may have life savings or retirement money resting on Apple’s future. Those are the people who are going to be the winners or likely the losers betting money on Apple when most of Wall Street is betting against Apple while the hedge funds are milking it to death.
Indication of a run-up in Apple stock? Give me a break. Apple will likely lose all its recent gains by the end of the week. It’s almost guaranteed there’ll be more anonymous claims of component restraints and how Apple sales numbers will fall short of expectations. I don’t think Apple bulls remember from one quarter to the next, but you can almost feel the media and Wall Street setting up Apple and shareholders to take a fall. How can you miss this when Apple is increasing revenue by leaps and bounds and Wall Street’s attitude about Apple remain the same as several years ago. A company on the brink then, a company on the brink now. It never changes for Apple and shareholders. A couple of thousand shares bought by a wealthy CEO means absolutely nothing at all.
I’m not anti-Apple as I follow asymco faithfully on a daily basis, but if those brilliant guys can’t figure out why Apple is continually getting screwed over by Wall Street, then I’d say only a miracle can help Apple shareholders get justice.
It is just ‘a gesture’; people on the Board of directors are supposed to represent interests of shareholders. So buying even a mere 2670 shares is already formal entrance gesture.
(Obviously, it is not more than a gesture, because even though these shares costed Iger $1 million, he is very rich guy and could buy much more.)
We can’t read into this too much. He can’t make the purchase based on insider information. He wouldn’t go to jail for a few million dollars. I agree with derss, it’s just a gesture.
$1 million to Iger is the equivalent of 1 U.S. Dollar to you & me. What difference does it make to you if you give away 1 U.S. Dollar? None. You would hand away 1 U.S. Dollar to a bum on the street and not even think twice about it.
Another possible motivation: Perhaps Mr. Iger believes that having some skin in the game will make him a better board member.
Adult blog :
http://goo.gl/INVbP