Lampert Sells a Third of AutoNation Stake

SEC filings reveal that Eddie Lampert, hedge fund manager and Sears Holdings (SHLD) chairman, has been selling his shares of AutoNation (AN) aggressively over the last month. Between April 19th and May 16th Lambert sold more than 26 million shares between $22.50 and $23.00 each, netting proceeds of about $600 million. Should we go out and short AN off this? There are probably better trades to make. I suspect he is raising cash for reasons other than to avoid an upcoming collapse in AN (after all, he stills owns over 50 million shares). It will be interesting to see where he puts the money.

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