Carlos Slim Buys Another Big Chunk of Saks (SKS); Now Holds 17M Shares
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In a Form 4 on Saks (NYSE: SKS), billionaire investor and formerly the richest man in the world, Carlos Slim, disclosed that on 10/7 he purchased 690,000 shares at prices ranging from $6.99 to $7.20, bringing his stake to 17 million shares.
Just yesterday, Slim announced that he purchased 458,000 shares of Saks on 10/6.
Shares of Saks initially opened today's trading session much higher on the insider news, gapping about 10% higher from yesterday's close, but began selling off as the entire stock market plunged heading into the last hour or so of trading. With Saks stock down only about 0.5% at the close today, it seems that investors did respond positively to the large purchase from Slim, but gains were mitigated by a large slide in the Dow and S&P, down 7.3% and 7.6%, respectively.
Saks Incorporated, a fashion retail company, together with its subsidiaries, operates fashion retail stores under the brand names of Saks Fifth Avenue (SFA), Off Fifth, and Club Libby Lu (CLL) offering a range of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts.
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