Kaylie Moise, November 21, 2012
According to an SEC filing, Disney CEO Bob Iger, who is also on Apple’s board of directors, bought $1 million worth of Apple shares on Monday. His investment comes just a week after Iger exercised a million options on Disney stock, netting $17.9 million.
According to Business Insider, “when an insider, like a board member, buys stock on the open market, it’s usually considered a bullish sign. Apple shares have slumped lately amid concerns of increasing competition and tightening profit margins.”
Apple’s stock hit a six-month low last week at $527.28. Apple’s stock struggles have been blamed on a number of factors, including concerns over a U.S. capital gains tax rate hike that is expected in 2013, as well as a somewhat disappointing September quarter with sales of 14 million iPads.
Iger also bought $1 million worth of Apple shares a year ago, when the stick was priced at $375, coinciding with his joining Apple’s board, which also awarded him more than $84,000 in stock. The Disney CEO helped to rebuild the partnership between Disney and Steve Jobs’ Pixar after the two companies separated under the leadership of Iger’s predecessor, Michael Eisner. Iger also worked with Jobs to bring Disney content to iTunes when other studios were hesitant to make a deal with Apple.
Image Credit: Chase_USFollow @macgasm