Titan International (TWI) Chair Comments on Stock Move
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Titan International, Inc. (NYSE: TWI) today released the following comments from its Chairman of the Board, Morry Taylor.
"I got a number of calls yesterday asking what is happening with TWI!! One fellow said he was at Costco to buy something and save $18.00 only to get home to find out he lost one million dollars in value on TWI stock!! I'm in Charlevoix, Michigan and I opened my iPad to see TWI down to $15. Deere, Agco, and CNH were also all down a lot.
"I called a friend and asked what's going on. He comes back with soybeans and corn are down heavy and TWI CEO sold 40,000 shares. Well, TWI has a program for officers and Board members to sell and buy stock called 10b5-1. This program has been in place at TWI for many years and is where the shareholder establishes the terms many months in advance of the transaction during an open period. The stockbroker then handles everything from there, and you find out after the fact what price it sold at. What you know or don't know reference information about the company or market has no effect on what the broker does that day.
"Remember, whether you get stock options or restricted stock, Uncle Sam wants his cash at the time of the grant. With about 63 million shares outstanding, the CEO selling 40,000 shares does not mean a damn thing. Let's not forget, TWI's financial performance and outlook is strong, and management updated and improved guidance for 2022 just eleven days ago. To those who sold, I hope you made a profit, to new shareholders I believe you'll be rewarded."
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