Why American Eagle Outfitters Stock Just Dropped
Shares of teen clothier American Eagle Outfitters (NYSE: AEO) are dropping today, falling 4.4% through 10:15 a.m. EDT -- but to find out why this is happening, you need to go back to what happened on Friday.
Specifically, you need to go back to Friday's report from SECform4.com, which noted that two days prior, on April 21, American Eagle's president, Charles Kessler, sold 41,859 shares of his company's stock -- 42% of all the stock he owned -- for about $1.5 million.
In fact, while Kessler's sale was the largest reported, SECform4.com notes that that same day, April 21, two other American Eagle insiders also sold sizable stakes in the company -- director David Sable sold 10,000 American Eagle shares, and company COO Michael Rempell sold 12,417 shares.
Source Fool.com