Apple CEO, execs sell stock amid weakening shares
Jerod Harris
Several Apple (NASDAQ:AAPL) executives, including Chief Executive Officer Tim Cook, are selling shares in their employer as scheduled.
The 62-year-old Cook filed to sell more than $41M worth of stock in the tech giant. Cook, who has been at the helm of Apple for more than a decade, still owns roughly 3.28M shares in the company, according to Bloomberg.
Katherine Adams, senior vice president and general counsel, and Deirdre OâBrien, senior vice president of retail, each filed to sell $11.3M worth of Apple (AAPL) shares.
Shares fell 0.6% in pre-market trading on Wednesday. 
The sales come as Apple shares have decline more than 8% over the past month amid a softer consumer sentiment outlook as interest rates remain high and student loan repayments kick back into effect after a three-year moratorium. 
Separately on Wednesday, KeyBanc downgraded Apple (AAPL) to Sector Weight from Overweight saying its valuation is stretched and U.S. sales are expected to struggle. About 37% of the tech giantâs revenue comes from the U.S.
Apple (AAPL) is trading near all-time high multiples and a premium to the Nasdaq, the firm said. 
On Tuesday, Bank of America said that revenue from Apple's (AAPL) App Store increased about 8.6% year-over-year in the most recent quarter, aided in part by "strong" data out of China.

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