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Luter sold 34,300 shares at about $21 per share in 12 separate transactions. These were open-market sales, not exercise of stock options that were about to expire. After the sale, he still has more than 4 million shares, making him one of the largest individual stockholders.
In the past year, Smithfield shares have fallen from the $32 per share range a year ago to a low of $16.88 in early-July. Smithfield did not see significant trading volume or a major price loss on Monday, when the Dow Jones lost 500 over credit market concerns.
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