Qwest Suspends Daily Stock Sales
"I will not continue to sell shares daily at these prices given the current uncertainty in the markets," Nacchio said. "Because my reasons for entering into the daily sales program in the first place have not changed, I would expect to return to my prior practice of making sales in quarterly trading windows or, in appropriate circumstances, consider entering into a new daily sales program if I believe the stock price is more realistic."
Under the terminated daily stock sales program, Nacchio had planned to sell 11,500 shares of stock on each trading day until June 30, 2003. Qwest stock has traded between a range of $48.18 and $33.88 during 2001, closing at $34.86 on March 1.