Once again, as Wall Street waits for happy hour, we Fools wade into 8-K filings that, if the timing is to be believed, executives would rather you not read.
Kicking off today's list is Adobe Systems
Chizen's selling will occur under the purview of a 10b5-1 trading plan, which means he will have no control over the timing of the sales. Yet Chizen isn't leaving everything to chance. Quoting:
Mr. Chizen's Rule 10b5-1 trading plan ... [is] subject to specified limitations, minimum price thresholds, and early termination or suspension upon the occurrence of certain specified events. [Emphasis mine.]
Translation: I'm selling to diversify. But only if diversifying also makes me rich.
Whoa! Look at the time!
Others were filing to announce management changes.
At medical-device maker XTENT
Meanwhile, at Stock Advisor pick Shuffle Master
Can you help me make the jet set?
But that's nothing. Two Cablevision
Frankly, I wouldn't call this a huge deal. It's certainly not unprecedented. Oracle
Maybe they shouldn't. Then again, considering each took home more than $6 million in salary and bonus last year, they really have no need to borrow from shareholders to arrange luxury travel.
Here's why you pay attention to 8-K filings
But my favorite filing this week comes courtesy of insurer IPC Holdings
On June 22, 2007, IPC Holdings, Ltd. announced that, during the second quarter of 2007, the Company repurchased $100 million of its common shares. ... These repurchases, which were conducted in the open market, amounted to 3,188,669 common shares, at an average price of $31.331. Under the Company's current authorization for the twelve month period ending May 1, 2008, it is permitted to purchase up to $100 million more of its common shares ... provided that no shares shall be repurchased for a price in excess of $38.50 per share. [Emphasis mine.]
Translation: Management doesn't think the company is worth more than $38.50 a stub. Now, how often do you see that? Not very often, I'd say. Thank you, EDGAR.
Found a late filing we Fools should see? Let me know.
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Fool contributor Tim Beyers, who is ranked 3,801 out of more than 31,000 rated investors in our Motley Fool CAPS investor-intelligence database, usually favors two scoops of ice cream over the inside scoop. Tim owned shares of Oracle at the time of publication. Tim's portfolio holdings can be found at his Fool profile. His thoughts on SEC filings, Foolishness, and investing in general may be found in his blog. The Motley Fool's disclosure policy may be filed under "F" for fair, or Foolish.