The markets managed to hold onto narrow gains as investors took in mixed bag of economic reports ahead of the Thanksgiving holiday. The number of Americans filing first time unemployment benefits dropped 41,000 to 410,000 last week, according to the Labor Department.
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
The Daily Ticker’s Aaron Task interviews author and currency strategist Jim Rickards
Best Buy (BBY) had its numbers reduced by UBS (UBS) due to weak results and the fact that it is getting more difficult for the company to recover. A hold rating was issued with a $13 price target.
Airgas Incorporated (ARG) maintained its quarterly dividend of 40 cents per share. The dividend is payable on December 28, 2012 to shareholders of record as of December 14, 2012.
The Valspar Corporation (VAL) announced that it earned $73.8 million, or 79 cents per shares in the fourth quarter, versus a loss of $295.7 million, or $3.18 per share, in the same period last year. Revenue was down by 2.2% to $1.02 billion, below estimates of $1.08 billion.
The markets held onto gains earlier in the day but reversed course after investors were discouraged by remarks from Fed Chairman Ben Bernanke regarding the fiscal cliff. The Commerce Department is reporting a 3.6 percent increase in housing starts in October, to a seasonally adjusted 894,000, marking a four-year high.
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
Emerson (EMR) was downgraded by Oppenheimer (OPY) to outperform from perform with a price target of $53 due to a lack of catalysts to drive the price higher in the near termShares are lower by nearly nine tenths of a percent. Cliffs Natural (CLF) was downgraded by Goldman Sachs (GS) to sell with a price target of $25 due to higher costs and a potential production target miss.
Best Buy (BBBY) announced that it lost $10 million, or 3 cents per share, in its third fiscal quarter, versus a profit of $156 million, or 42 cents per share, in the same period lat year. Excluding items, the company earned three cents per share, while analysts had expected 13 cents per share.
