Nike's Knight Sells $30 Million In Stock (NKE)
There were four separate filings today showing that co-founder and Chairman Philip Knight of Nike, Inc. (NYSE: NKE) filed to sell shares. The trade dates were listed as April 8, 2008. The four separate filings show a total of 465,000 Class B common shares with prices going from $67.43 to $67.08, then at $67.07 to $66.78, then $66.77 to $66.48, and finally then $66.47 to $66.38. If we just take a simple rounded average, this appears to be a total share sale in the vicinity of $30 million.
Before pushing the panic switch, he does hold more than 2.6 million shares of Class B common stock. There is also more. According to the last filing he also holds more than 95 million shares of the Class A Common Convertible shares.
Shares sit barely in negative territory today at $66.41. The trading volume is also rather light at less than half a normal trading day. Nike’s 52-week trading range is $51.50 to $70.60.
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Jon C. Ogg
April 9, 2008
Jon Ogg produces the Special Situation Investing Newsletter. He can be reached at email@example.com and he does not own securities in the companies he covers.