Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
The National Association of Realtors announced on Friday that the Pending Home Sales Index increased by 1.7 percent to 106.4, which was the highest level since April 2010. November was the third straight month of gains, and followed a 5 percent increase in October.
Congressional leaders met at the White House with President Barack Obama for a fiscal cliff meeting. After the meeting, House Minority Leader Nancy Pelosi went to the Capitol where she told reporters the talk was ‘constructive.’
In trading on Friday, music & electronics stores shares were relative laggards, down on the day by about 2.1%. Helping drag down the group were shares of Radioshack (RSH), off about 4.1% and shares of Best Buy (BBY) off about 2.1% on the day.
Stocks fell into negative territory today with investors reacting to a mixed bag of economic reports. The number of Americans filing first time unemployment benefits fell 12,000 to a seasonally adjusted 350,000 last week, which was better than economists’ expectations.
MGM Resorts (MGM) had its estimates raised by Craig-Hallum as the company’s debt refinance should add to the bottom line. A hold rating was issued with a price target of $12.
Aegerion Pharmaceuticals (AEGR) had its price target increased by Jefferies (JEF) to $29 with a buy rating, as the approval of Juxtapid should add to earnings. Shares are lower by about 1.2 percent.
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
In trading on Thursday, textiles shares were relative leaders, up on the day by about 1.3%. Leading the group were shares of Deckers Outdoor (DECK), up about 4.4% and shares of Skechers Usa (SKX) up about 2.3% on the day.
Steinway Musical Instruments (LVB) announced on Wednesday that it was no longer putting itself up for sale. The company has struggled to keep margins competitive despite stagnant sales.
