By William Trent, CFA of Stock Market Beat
Large-cap Watch List member Sallie Mae, which has long benefited from government benevolence, fell 9% yesterday when investors realized that political favors can be both granted and taken away.
Sallie Mae blasts Bush budget cuts: Financial News – Yahoo! Finance
“The cuts proposed today by the president to the private-sector student lending program, which currently serves 80 percent of all student borrowers, would have far-reaching consequences for students and taxpayers,” Sallie Mae said in a statement.
Not to mention the other 95% of the chairman’s stockholdings.
SLM Corporation announced that Albert L. Lord, chairman, sold 400,000 shares of SLM common stock, less than 5 percent of his holdings, on the open market in transactions that were completed last week.
Those struggling to pay for education take note: despite the hit to his remaining wealth, Lord’s sale last week allowed him to net $1.6 million more than it would have this week, enough to cover 53 student-years at Harvard.
The author may hold a position in the securities discussed. The author’s current holdings are as follows: Long: Union Pacific (UNP) put options; Air Products (APD) put options; Nasdaq 100 (QQQQ) put options; Bookham (BKHM; Ballard Power (BLDP); Syntax Brillian (BRLC); CMGI (CMGI); Genentech (DNA); Ion Media Networks (ION); Three Five Systems (TFS); IShares Japan (EWJ); StreetTracks Gold (GLD); Starbucks (SBUX); U.S. Oil Fund (USO); Plantronics (PLT) call options; Short: Starbucks (SBUX) call options; Landstar (LSTR) put options; Plantronics (PLT) put options
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