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Oakley Shares Drop on Stock-Sale Report

September 13, 2000|Bloomberg News

Oakley Inc.'s stock fell 4% on news that three executives at the sunglasses maker recently sold 30,848 of the company's shares. The stock, which had zoomed 17% to $20.25 in after-hours trading Monday after the company said it expects to beat earnings estimates in the near term, slid 81 cents to close at $19.44 on the New York Stock Exchange on Tuesday. The stock has more than tripled this year. Eric Beder, a Ladenburg Thalmann & Co. analyst, blamed the drop on the report that Chief Financial Officer Thomas George, Chief Operating Officer Link Newcomb and Vice President Carlos Reyes had recently pared their holdings. According to Securities and Exchange Commission filings, George sold 6,500 shares at $16.06 to $16.50 each and now holds 3,224 shares. Newcomb sold 20,000 shares at $16.13 to $16.50, reducing his holdings to 10,389 shares. Reyes sold 4,348 shares at $16.50, leaving him with 566 shares. With sales booming, the Foothill Ranch-based company now expects third-quarter earnings of at least 21 cents a share, up 40% from a year ago. Analysts had been expecting 18 cents. Oakley also said it expects its footwear division to become profitable in its third quarter, and predicted that the 2000 Olympic Games will provide an "unparalleled showcase" for its athletic eye wear.

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