Bob Iger, chief executive of Disney, has been rearranging his portfolio in recent days. One week after exercising a million options on company stock, he purchased $1 million worth of shares in Apple. Iger’s move is considered to be a bullish one, according to Business Insider.
Iger, who also purchased $1 million worth of Apple shares a year ago, also sits on the company’s board. His recent selloff of Disney stock netted him $17.9 million.
When an insider, like a board member, buys stock on the open market, it’s usually considered a bullish sign. Apple shares have slumped lately amid concerns of increasing competition and tightening profit margins.
In recent weeks, Apple stock has dropped considerably. Since reaching a high of $702.10 on Sept. 19, Cupertino’s stock is currently trading at $563. However, this is much better than it had be performing just days ago.