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[marketmaven]

Bear, Insiders Selling Like Crazy- ATVI Dumped

Activision shares slump on insider sale of 7.1M shares (ATVI) By Michael Baron
NEW YORK (MarketWatch) -- Shares of Activision (ATVI) lost more than 13 percent to $20.67 in morning action Thursday after the Santa Monica, Calif., video game developer disclosed in a filing with the Securities and Exchange Commission that some of its directors, officers, and employees have individually sold a total of roughly 7.1 million common shares in a block sale to Citigroup Global Markets. Credit Suisse First Boston weighed in on the sale, saying: "Given management's history of being effective traders of their stock (senior management has not sold stock in roughly 2 years), we see this as being a negative signal." The note continued: "This should also short circuit, at least for the moment, the recent increase in speculation regarding industry consolidation."