shares of american eagle outfitters inc aeo rallied 23 in premarket trading wednesday after the apparel and accessories retailer disclosed that its largest shareholder sold off more than half of its stake the disclosure of the stake sale comes a week after the stock closed at a twoyear low of 1099 on july 26 in a 13ga filing with the securities and exchange commission late tuesday the company said select equity group lp owned 1212 million american eagle shares or 72 of the shares outstanding which compares with the previous 13ga filing which showed that select equity owned 2495 million shares or 147 of the shares outstanding the stake sale drops select equity from the top shareholder to the sixth largest shareholder the stock has tumbled 234 over the past three months through tuesday while the sp 500 spx has slipped 20