Rep. Alan Lowenthal Sold This Stock 3 Days Before It Crashed
Alan Lowenthal, the U.S. representative for California's 47th congressional district since 2013, reported yesterday that he was selling shares of two companies in the second half of October.
Representative Lowenthal sold shares of Boston Scientific (BSX: US) on two occasions on October 21 when BSX shares closed at $40.57. Both trades were valued between $1,000 and $15,000.
Shares of Boston Scientific, a biomedical/biotechnology engineering company that manufactures medical devices, are trading over 6% higher today relative to Lowenthal’s exit price. The Congressman had been selling BSX shares since August last year after spending the first part of 2021 accumulating shares of this company.
More interestingly, Representative Lowenthal also sold shares of Crown Holdings (CCK: US), which produces metal beverage and food cans, metal aerosol containers, metal closures, and specialty packing.
In this case, Mr. Lowenthal timed the exit perfectly as CCK shares trade more than 18% lower today compared to the closing price on two trades made on October 21. Just three days after the Congressman sold shares of CCK, the company delivered weaker-than-expected results on the top and bottom lines while also cutting its full-year guidance. As a result, shares fell nearly 17% in a single day.
The Congressman sold between $15,000 - $50,000 worth of Crown Holdings shares in one of the trades, in addition to less than $1,000 in the second trade made on the same day. He reported in September a buy trade in CCK shares from August.
Mr. Lowenthal sits on the House committees for Natural Resources and Transporation & Infrastructure. Hence, it is no surprise that he most often trades in Industrial stocks.
