Lou Gerstner, IBM's chief executive, filed a 144 Form with the Securities and Exchange Commission (SEC), to sell 138,000 shares at 125 1/8 on 15 May, the day after making positive noises to analysts about future revenue growth and cost cutting measures.
The comments caused IBM shares to gain four points, before closing at 125 7/8, but Big Blue denied there was any connection between the share sell-off and Gerstner's comments. The shares in question amount to less than three per cent of the CEO's stockholding, but follow the sale of 43,376 shares valued at 115-116 3/32 by three IBM insiders last month.
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