Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

PCLN: Another Vote of Confidence- NOT !

Chairman Sheds a Third of His Stake in Priceline
The Associated Press
WASHINGTON (Dow Jones/AP) - Priceline.com Inc. Chairman Richard Braddock has sold almost a third of his stake in the company, according to a regulatory filing. Braddock sold 420,000 Priceline shares between Feb. 12 and Feb. 17 for about $24 a share, or $10.08 million in total, according to documents filed Tuesday with the Securities and Exchange Commission. He now owns about 970,000 shares. The sale came just a few days after the Norwalk, Conn.-based online travel reservations company posted fourth-quarter earnings of $2.2 million, or 6 cents a share, beating Wall Street's expectations of 4 cents a share. Revenue for the period came to $180.17 million. Kevin Schwenger, an insider research analyst at Thomson Financial, said Braddock has sold Priceline shares seven times in the past, and the stock subsequently declined by an average 36 percent. "As an investor you'd want to take note of this," Schwenger said.
Priceline spokesman Brian Ek said the company has no comment on the sale. Shares of Priceline fell 38 cents, or 1.6 percent, to end at $23.35 on the Nasdaq Stock Market.