Sears Holdings Corp. (NASDAQ:SHLD) Director Fairholme Capital Management L sold 46,200 shares of Sears Holdings Corp. stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $12.30, for a total transaction of $568,260.00.
On Friday, October 7th, Fairholme Capital Management L sold 11,700 shares of Sears Holdings Corp. stock. The shares were sold at an average price of $11.68, for a total transaction of $136,656.00.
It doesn't matter if it was too tiny to be meaningful. It still looks bad. With everything else going on, the bad quarter performance, the rumors of the bankruptcy, all the store closings, etc...selling stock right now just adds to the panic.
They must be getting ready to announce a brand sale (Craftsman or Kenmore) which would make the stock price jump. If that is the case that is definitely insider trading.
If they sell Kenmore there will be no reason for customers to buy their appliances at Sears. Our delivery is terrible. The only reason they stay for appliances is for Kenmore. Once Kenmore is at a competitor with qualified delivery people Sears appliances will be no more.
Just watch the slow, repeat slow, sell off. Bruce, Eddie or any other fund will not sell a lot of shares at one time to prevent a total collapse. There will come a time when the share price is so low that they will sell in bulk. That is when the gig is up.
What you are seeing is a slow, methodical, sell off. Watch the stock price, when it gets below 10.00 it will fall quick. I believe $9.38 is the magical price (less than 1B market value) where the creditors take control.
Too tiny to be meaningful. Certain this was simply fund redemption, not a change of heart from Bruce on the investment.
Bruce Berkowitz