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 Friday, precious metals shares were relative leaders, up on the day by about 2.6%. Leading the group were shares of Golden Star Resources Limited (GSS), up about 8.5% and shares of Timmins Gold (TGD) up about 6.5% on the day.
This is what’s in the news for Thursday May 31, 2012. The Wall Street Journal reports AT&T (NYSE:T), Google (NASDAQ:GOOG), Microsoft (NYSE:MSFT) and Intel (NASDAQ:INTC) are backing a U.S. effort to block a UN agency from extending its powers to the Internet which could increase costs for U.S. corporations offering online services abroad. Reuters reports US Airways Group (NYSE:LCC) and TPG Capital may join to bid for American Airlines’ parent, AMR Corp. (AAMRQ), sources say. Bloomberg reports Nasdaq OMX Group’s (NASDAQ:NDAQ) handling of Facebook’s (NASDAQ:FB) IPO has led to lawsuits and may cost brokers $100M, but what SEC officials will want to know is whether the market operator put the public’s interest first. Finally, Bloomberg also reports Gold is poised for the worst run of monthly losses in almost 13 years as concern that Europe’s fiscal crisis is escalating drove investors to seek the dollar as a haven over the precious metal. In terms of oil, the fossil fuel was poised for the biggest monthly drop in more than three years in New York on speculation Europe’s worsening debt crisis and a slowing U.S. economy will reduce fuel demand.
Learn how to put Money in your Pocket: Divorce and Finances 6-1-12
Fifth Third (FITB) was upgraded today by Wells Fargo (WFC) to outperform, as the firm believes taht the bank can deliver sold returns with its commerical loans business. Shares are higher by about four tenths of a percent.
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 talks to Lance Roberts about the perlis of a low interest rate environment.
The Daily Ticker’s Aaron Task and Henry Blodget discuss the latest concerns out of Europe with Rob Cox.
Pep Boys’ stock plummeted 22% after the decrease of a buyout deal with a Los Angeles-based private equity company.Pep Boys, which is based in Philadelphia and has 130 shops in California, announced on Tuesday that it plans to terminate its $1.1-billion buyout by The Gores Group.The automotive retail and repair chain said Gores would pay Pep Boys a $50-million termination fee. Pep Boys will also get reimbursed for certain merger expenses, according to a filing with the U.S. Securities and Exchange Commission.Gores agreed to buy Pep Boys and the $15 per share deal was announced January 30th. The private-equity firm seemed to be backing out earlier this month after Pep Boys announced disappointing earnings in the first-quarter.Pep Boys’ stock fell $2.41 a share, or 22%, to $8.68 in early trading on Wall Street.
Tivo (TIVO) announced on Wednesday that lost $20.8 million in its first fiscal quarter, versus a profit in the same quarter last year when it settled a patent infringement case with Dish Network (DISH) for $175.7 million. expected a loss of 15 cents per share.
