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 one noteworthy recent insider buy.
Pier 1 Imports (PIR) was rated as a new buy by Deutsche Bank (DB) with a price target of $25 price target, as positive trends in the industry will bode well for the stock price. Shares are lower by about one percent.
Owens Corning (OC) cut its earnings forecast for the year due to weakness in its roofing and composites businesses. The company anticipates adjusted earnings before interest and taxes to be between $280 million and $310 million versus the previously reported $360 million to $420 million.
Destination Maternity (DEST) announced on Tuesday that fourth quarter revenue fell, though the results still beat estimates. The company also sadi that quarterly earnings will beat estimates as well.
IBM (IBM) was rated a new buy by Citigroup (C) with a $250 price target, as the firm sees it as a compelling long term investment in the tech sector. Shares are even in trading today.
In trading on Tuesday, construction materials & machinery shares were relative laggards, down on the day by about 2.5%. Helping drag down the group were shares of Owens Corning (OC), down about 11.3% and shares of CRH (CRH) down about 3.3% on the day.
Stanley Black & Decker (SWK), a tool manufacturer, announced that it is selling its home improvement and hardware business to Spectrum Brand Holdings for $1.4 billion. Th unit makes locksets, faucets, and hardware under brands such as Pfister, Baldwin, and Kwikset.
GOP presidential nominee Mitt Romney campaigned in Van Meter, Iowa Tuesday. He told the crowd that he would loosen regulations on farms, if elected.
A dividend refers to the distribution of a portion of a company’s earnings, determined by the board of directors, to shareholders. The dividend is quoted in terms of the dollar amount received by each share, as well as in terms of a percent of the current market price, when it is referred to as the dividend yield.
Wal-Mart (WMT) and American Express (AXP) are working together to develop an new prepaid debit card called “Bluebird” designed to target lower income shoppers without bank accounts. The new card will accept payroll deposits and smartphone deposits, while also having mobile payment and person-to-person transfer abilities.
