Chowdhry: Strange Pump & Dump With Apple's Management
Global Equities Research’s Trip Chowdhry mentioned that senior VP of retail and online stores at Apple Inc. (NASDAQ: AAPL) had dumped her shares in the company, while CEO Tim Cook was increasing his stake.
On May 2, Angela Ahrendts sold off 75,000 Apple shares at a price of $93.74. Previously, Ahrendts had sold around 92,000 Apple shares, with the price ranging between $129.62 and $132.86.
“A strange coordination of Tim Cook Pumping the stock on CNBC Mad Money and Angela Ahrendts Dumping the stock on the same day,” Chowdhry wrote.
Apple traded higher by $1.64 at $95.18 in Tuesday's session, which put an end to its eight-day losing streak that began four days ahead of its Q1 report.
Shares were trading lower by around 0.6 percent at $95.59 in Wednesday's pre-market session.
The previous night, Cook told Jim Cramer Apple had an incredible quarter by absolute standards, with more than $50 billion in revenues and $10 billion in profits, but it wasn't up to the Wall Street expectations. He added that the most important thing for the company is that the customers love its products.
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