CRAWLEY MANDELL 4

What Happened

• Mandell Crawley, Morgan Stanley's Chief Client Officer, sold a total of 7,860 shares in open-market transactions on January 20, 2026, generating roughly $1,441,879 in proceeds. The individual lots reported were:
  • 3,521 shares at a weighted avg. $181.89 — $640,434
  • 400 shares at a weighted avg. $182.73 — $73,092
  • 1,700 shares at a weighted avg. $184.16 — $313,079
  • 1,001 shares at a weighted avg. $184.90 — $185,081
  • 1,238 shares at a weighted avg. $185.94 — $230,193
• These were outright sales (transaction code S). Sales are often routine insider liquidity events and do not necessarily signal a change in view on the company.

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (filed within the typical 2-business-day window).
• Price detail: each reported price is a weighted average; the filing provides per-lot price ranges:
  • Lot 1: $181.45–$182.44
  • Lot 2: $182.47–$182.97
  • Lot 3: $183.58–$184.55
  • Lot 4: $184.58–$185.54
  • Lot 5: $185.59–$186.46 The reporting person offered to provide, on request, the number of shares sold at each separate price within each range.
• Shares owned after the transaction: not disclosed in the excerpt of this filing.
• No footnote indicated this was a 10b5-1 plan, tax-withholding disposition, gift, or option exercise — it was an open-market sale.

Context

• Open-market sales are common for insiders to diversify or raise cash; they are informative about transactions but do not alone indicate positive or negative company outlook.
• For retail investors, purchases by insiders typically carry more weight than routine sales; treat this as a liquidity event unless additional context (e.g., 10b5-1 plan or unusual timing) is provided in subsequent filings.