Shares of teen clothier American Eagle Outfitters (NYSE: AEO) are dropping today, falling 4.4% through 10:15 a.m. EDT -- but to find out why this is happening, you need to go back to what happened on Friday.
Specifically, you need to go back to Friday's report from SECform4.com , which noted that two days prior, on April 21, American Eagle's president, Charles Kessler, sold 41,859 shares of his company's stock -- 42% of all the stock he owned -- for about $1.5 million.
In fact, while Kessler's sale was the largest reported, SECform4.com notes that that same day, April 21, two other American Eagle insiders also sold sizable stakes in the company -- director David Sable sold 10,000 American Eagle shares, and company COO Michael Rempell sold 12,417 shares.
For further details see:
Why American Eagle Outfitters Stock Just Dropped