The Spill
Charles R. Schwab, co-chairman and director of Charles Schwab Corp (SCHW), sold 66,750 shares on Oct. 28, 2026 and another 136,400 shares on Oct. 29, for about $18.1 million combined. An insider filing (Form 4) reporting both sales hit the SEC's site at 7:23 p.m. Eastern on Oct. 29, one day after the first trade and the same evening as the second.
Yes, that Schwab. The co-chairman shares a name with the company and, near enough, the ticker.
Lag Clock
Signal Check
The filing does not mark a pre-set trading plan (10b5-1), so these read as open-market sales made at the seller's own timing. That label means the schedule was not published in advance; it says nothing about why the shares were sold.
What the filing shows
Both rows are open-market sales (code S). The shares are marked as held indirectly.
The footnotes say each day's sale was executed in multiple trades. The Oct. 28 trades ranged from $88.185 to $88.59 a share.
The Oct. 29 trades ranged from $89.06 to $89.92. The prices in the table are weighted averages, and the filer offers to give the SEC, the company or any shareholder the full trade-by-trade breakdown on request.
The Other Side
A co-chairman selling $18 million of his company's stock looks like a headline, and it is one. Scale is the first test. After the second sale, the filing still reports 53,346,291 shares held indirectly, so the two sales did not change the picture of who holds a lot of SCHW.
The missing 10b5-1 marker is the second test. It tells you the filing does not claim a pre-set plan; it does not tell you there was no reason, and the report gives none either way. Two consecutive days of sales in a narrow price band is a fact about execution, not a statement about the company.
What it can't tell you
- Why. The filing reports the trades and the prices, and nothing else about the reason.
- What "indirect" means here. The report marks the shares as indirectly held; the form of that holding is not stated in the filing.
- Whether more sales follow. A Form 4 covers only the trades it lists.
What to watch
- Any further Form 4 filings under SCHW from the same reporting person, and whether the shares-owned-after figure keeps stepping down from 53,346,291.
- Whether a future filing marks a 10b5-1 plan. If one appears, later sales would move from "Discretionary sale" to "Planned sale" on this tracker.
Original sources
Educational reporting from public filings. Not investment advice. Filings can be late, incomplete or amended; check the original source and dates. How we work.