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News Breaks
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November 10, 2009
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| 05:55 EDT |  | GLW |
| theflyonthewall.com: | Corning's CFO sold 100,000 shares, Barron's reports | | Corning's (GLW) vice chairman and CFO, James B. Flaws, sold 100,000 shares for $15.75 each on Nov. 9. After the sale, he owned 2,175,507 shares directly, indirectly and through exercisable options, a stake representing less than 1% of the company's outstanding shares. A Corning spokesman says the sale was just a normal part of managing Flaws' portfolio. He says Flaws has a long history of maintaining a portfolio of about the number of shares he currently holds. Corning also has a small stock-selling window, beginning four days after its quarterly earnings announcement. Three senior vice presidents -- Pamela C. Schneider, Lawrence D. McRae and Vincent P. Hatton -- have all sold smaller amounts since Corning's Q3 earnings report. Ben Silverman, director of research at InsiderScore.com, said the three other sales at Corning are not concerning, but Flaws' sale is a red flag. "His sale represents a 'radical reversal of sentiment,'" noted Silverman. "Flaws is a Corning lifer and a well-respected financial officer, thus we're surprised to see him sell so soon after buying stock". Silverman also pointed out that Flaws has a substantial group of options set to expire over the next year. These were awarded before the telecom bubble burst and will likely expire worthless. "As such, Flaws' 'perceived equity' in Corning will drop dramatically over the next year," said Silverman. Reference Link :theflyonthewall.com |
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