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.
In trading on Wednesday, vehicle manufacturers shares were relative leaders, up on the day by about 1.9%. Leading the group were shares of Tata Motors Limited (TTM), up about 5.7% and shares of Kandi Technolgies Group (KNDI) up about 3% on the day.
Constellation Brands (STZ) announced that third quarter profits increased as a result of marketing activity. The company earned $110 million, or 58 cents per share, up from $105 million, or 52 cents per share in the same period last year.
MGM Resorts (MGM) was upgraded by Credit Suisse (CS) to outperform from neutral with a price target of $17 due to an improved balance sheet. Shares are higher by about 1.9 percent.
Cincinnati Bell (CBB) announced today that CyrusOne, its wholly owned subsidiary that owns and operates Cincinnati Bell’s data center business, has commenced the IPO of 16,500,000 shares of its common stock. All of the shares of common stock are being offered by CyrusOne.
CVR Refining today announced the launch of its IPO of 20,000,000 common units representing limited partner interests. CVR Refining will list its common units on the New York Stock Exchange under the symbol “CVRR.” CVR Refining anticipates granting the underwriters an option to purchase up to an additional 3,000,000 common units from CVR Refining at the initial public offering price.
QGOG Constellation announced that it filed its registration statement with the SEC today in connection with its IPO of common shares. QGOG Constellation’s common shares are expected to commence trading after the SEC completes its review process.
International Paper Company (IP) maintained its quarterly dividend of 30 cents per share. This dividend is payable on March 15, 2013, to holders of record at the close of business on February 15, 2013.
In trading on Tuesday, shipping shares were relative leaders, up on the day by about 1.2%. Leading the group were shares of Excel Maritime Carriers (EXM), up about 9.3% and shares of Safe Bulkers (SB) up about 4% on the day.
Apple (NASDAQ:AAPL) CEO Tim Cook making waves as he visits China for the second time in 10 months. The chief executive traveled to the Asian country to most likely check up on the company’s retail stores, which have increased by six since last spring.
