California residents who are stockholders or interested in business news may be interested to hear that in a Securities and Exchange filing, the CEO of Best Buy sold $10.4 million of the company’s stock. A company spokesperson claimed that the sale had nothing to do with CEO Hubert Joly’s outlook regarding the company; instead, he sold the stock because of his divorce. According to the filing, Joly sold 350,467 shares and received approximately $37.01 per share.
The spokesperson stated that Joly sold the shares to cover the costs of his divorce. The company representative maintained that Joly remained extremely invested in Best Buy. The CEO is credited with turning around Best Buy, which has been in financial trouble. The company’s stock went up 207 percent in 2013, which according to Chicago investment trackers, Morningstar, had risen more than 190 percentage points higher than the Standard and Poor’s 500 stock index.
Stock purchases are usually more meaningful than legal insider stock sales because company executives may sell stock for many reasons, including the purchase of a new home or a divorce. However, an executive will normally purchase shares of a company’s stock if he feels that the price will rise. In addition, the SEC must receive disclosures of all stock purchases.
Divorce can be a complicated matter, especially as far as the property division is concerned. Emotions may run high on both sides and conflict may occur. An attorney may be able to help those looking to end their marriages. A lawyer may be educated in California divorce law and could be able to offer options on how to proceed. A skilled attorney might also help those seeking divorce gain the more knowledge with which to base their decisions.
Source: USA Today, “1 reason to sell Best Buy stock: D-I-V-O-R-C-E“, John Waggoner, September 12, 2013