14.37%QQQQ 35.13 12.16%XLF 16.18 7.15%
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NEW YORK - The president and chief operating officer of memory chip maker Stec Inc. sold 380,792 shares of common stock under a prearranged trading plan, according to Securities and Exchange Commission filings Friday.
| STEC | 7.7 |  0.58 |
In Form 4s filed with the SEC, Mehrdad Moshayedi reported he sold the shares Wednesday and Thursday for $14 to $14.21 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Stec is based in Santa Ana, Calif.
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