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When Under Armour [UARM
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(%)
] founder and CEO Kevin Plank sold $76 million in stock in November, shares of Under Armour plummeted under the hypothesis that "if the CEO sells, something smells."
It's interesting how Nike [NKE
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(%)
] founder and chairman Phil Knight's selling of $1 billion worth of Nike over the past month hasn't done much damage to Nike shares. Knight has sold roughly 14 percent of his Nike stock to Plank's 10.7 percent.
In the two days following both their sellouts, Nike shares went down about 0.2 percent, while Under Armour's tanked by 6.3 percent. Why?
Well, I'd surmise it has something to do with the fact that Knight doesn't have much to do with the business anymore and Plank is still intimately involved. That means that Plank's move could be read by the street as more of lack of faith in the company direction that Knight's selloff.
It might also have something to do with the difference in age. Knight's selloff seems more rational given that he's 70 versus a selloff from Plank, who is exactly half Knight's age.
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