Martha's New Ruffle

Sources say a friend sold ImClone stock when she did, just before the firm disclosed some bad news

Speaking to Wall Street analysts last week, Martha Stewart forcefully stated that her controversial $228,000 sale of ImClone stock last December--a day before the company announced bad news about its promising cancer drug--was "proper and lawful." Her company also announced a 26% jump in ad pages for the July issue of Martha Stewart Living. Say this for the woman who turns old drawer pulls into fancy wine corks: She knows her audience. Shares of Martha Stewart Living Omnimedia, in which she has a 63% stake worth nearly $500 million, recovered to $15.97 Friday after a two-week slide that had taken it...

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