That's why insider buying and selling is a critical piece of data that is monitored by people who invest for a living.
As part of our continuing effort here at The Tycoon Report to level the playing field between individual investors and the fat cats on Wall Street, we're keeping you informed -- on a daily basis and at no cost whatsoever -- of the most significant insider buying and selling.
Below is a weekly re-cap of the past week's activity. We publish this re-cap every Monday, and it can be accessed in your email issues or on the Tycoon Report website.
Very important note: While these Monday re-caps are available on the Tycoon Report website, if you want the most timely information we provide on insider buying and selling you've got to be sure and read the email issues that we send each weekday morning.
Trian Acquisition I Corp. (TUX)
Trian Chairman Nelson Peltz, Vice Chairman Peter May, President & CEO Edward Garden and Trian Fund Management have BOUGHT $60.53 million in TUX stock.
Calpine Corp. (CPN)
Calpine 10% Owners Harbinger Capital Partners Master Fund, SPO Advisor Corp., Luminus Energy Partners Master Fund, and LSP Cal Holdings LLC have BOUGHT $58.58 million in CPN stock.
Greenfield Online Inc. (SRVY)
Greenfield 10% Owner Microsoft Corp. has BOUGHT $54.42 million in SRVY stock.
International Speedway Corp. (ISCA)
44 International Speedway insiders, including Chairman & CEO James France, have BOUGHT a combined $44.7 million in ISCA stock.
Autozone Inc. (AZO)
Autozone 10% Owner Edward Lampert has BOUGHT $38.5 million in AZO stock.
Martin Marietta Materials Inc. (MLM)
Martin Marietta 10% Owner SPO Advisory Corp. has BOUGHT $13.1 million in MLM stock.
Equity One Inc. (EQY)
Equity One Chairman Chaim Katzman plans to BUY $12.7 million in EQY stock.
Bway Holding Co. (BWY)
Bway 10% Owner Valueact Smallcap Management has BOUGHT $9.1 million in BWY stock.
Cliffs Natural Resources Inc. (CLF)
Cliffs 10% owner Harbinger Capital Partners Master Fund has BOUGHT $8.7 million in CLF stock.
Inter-Atlantic Financial Inc. (IAN)
Inter-Atlantic Financial 10% Owner Malibu Partner LLC has BOUGHT $5.5 million in IAN stock.
Energy Transfer Equity LP (ETE)
Energy Transfer Director Ray Davis has BOUGHT $5.25 million in ETE stock.
Monsanto Co. (MON)
Monsanto Director William Parfet has BOUGHT $4.98 million in MON stock.
Nationwide Financial Services Inc. (NFS)
Nationwide Financial Services parent company Nationwide Corp. has BOUGHT $4.7 million in NFS shares.
Convergys Corp. (CVG)
Convergys 10% Owner Jana Partners LLC has BOUGHT $3.78 million in CVG stock.
Atlas America Inc. (ATLS)
Atlas America 10% Owner Cobalt Capital Management has BOUGHT $3.72 million in ATLS stock.
DSW Inc. (DSW)
DSW Chairman, CEO & President has BOUGHT $3.7 million in DSW stock.
Allegiant Travel Co. (ALGT)
Allegiant Travel 10% Owner Par Investment Partners has BOUGHT $3.16 million in ALGT stock.
Gaylord Entertainment Co. (GET)
Gaylord Entertainment 10% Holder TRT Holdings has BOUGHT $3.06 million in GET stock.
Allis Chalmers Energy Inc. (ALY)
Allis Chalmers Director Alejandro Bulgheroni has BOUGHT $2.86 million in ALY stock.
Trico Marine Services Inc. (TRMA)
Trico Marine 10% Owner Kistefos AS has BOUGHT just over $2.7 million in TRMA stock.
SELLS
Boston Scientific Corp. (BSX)
Boston Scientific Directors John Abele and Peter Nicholas have SOLD $193.9 million in BSX stock.
CBS Corp. (CBS)
CBS controlling shareholder and Executive Chairman Sumner Redstone has SOLD $120.7 million in CBS stock. That's 42% of his total holdings.
Viacom Inc. (VIA)
Viacom Chairman of the Board Sumner Redstone has SOLD $114.45 million in VIA stock.
Owens Corning (OC)
Owens Corning 10% Owner Harbinger Capital Partners Master Fund has SOLD $97 million in OC stock.
Copart Inc. (CPRT)
Copart Director Barry Rosenstein has SOLD $35.15 million in CPRT stock.
Apartment Investment & Management Co. (AIV)
Apartment Investment & Management Chairman & CEO Terry Considine and EVP David Robertson have SOLD $34.1 million in AIV stock.
Quicksilver Resources Inc. (KWK)
Quicksilver 10% Owner Quicksilver Energy LP and Director Steven Morris have SOLD $29.35 million in KWK stock.
Life Time Fitness Inc. (LTM)
Life Time Fitness Chairman & CEO Akradi Bahram has SOLD $27.5 million in LTM stock.
MacErich Co. (MAC)
MacErich Chairman & CEO Arthur Coppola has SOLD $27 million in MAC stock.
Nabors Industries Ltd. (NBR)
Nabors President & COO Anthony Petrello has SOLD $25.5 million in NBR stock.
Developers Diversified Realty Corp. (DDR)
Developers CEO Scott Wolstein and EVP Joan Allgood have SOLD $20.7 million in DDR stock.
Perrigo Co. (PRGO)
Perrigo Director Arkin Moshe plans to SELL $17.5 million in PRGO stock.
XTO Energy Inc. (XTO)
XTO EVP & CFO Louis Baldwin has SOLD $16.6 million in XTO stock.
Monsanto Co. (MON)
Monsanto Chairman, President & CEO plans to SELL $13.08 million in MON stock.
Williams Sonoma Inc. (WSM)
Williams Sonoma Chairman & CEO Howard Lester has SOLD $12.98 million in WSM stock.
Kensey Nash Corp. (KNSY)
Kensey Nash 10% Owners C4S & Co LLC and Ramius LLC plan to SELL $11.03 million in KNSY stock.
RTI International Metals Inc. (RTI)
RTI 10% Owner Harbinger Capital Partners Master Fund has SOLD $7.65 million in RTI stock.
EZCORP Inc. (EZPW)
EZCORP Chairman Sterling Brinkley and SVP Daniel Tonissen have SOLD $7.27 million in EZPW stock.
Costco Wholesale Corp. (COST)
Costco Chairman Jeffrey Brotman has SOLD $5.3 million in COST stock.
Ross Stores Inc. (ROST)
Ross Stores Vice Chairman, President & CEO Michael Balmuth plans to SELL $4.7 million in ROST stock.
Rate his article here »
Tycoon Staff
Chief Investment Officer
<
Economic Calendar for the week of October 20 to October 24
Monday, Oct. 20
10:00 Leading Indicators
- Importance (A-F): This release merits a C-.
- Source: The Conference Board.
- Release Time: 10:00 ET around the third week of the month for the month prior.
- Raw Data Available At: http://www.tcb-indicators.org/.
The Leading Indicators report is, for the most part, a compendium of previously announced economic indicators: new orders, jobless claims, money supply, average workweek, building permits, and stock prices. Therefore, the report is extremely predictable and of very little interest to the market. Though this series does have some predictive qualities, it is a common criticism that it has predicted "nine of the last six" recessions.
The Commerce Department previously published the leading indicators series. The collection and publishing of these data is now done by the non-profit Conference Board, which also produces the Consumer Confidence index.
Big Picture
The leading indicators index is only valuable as a broad, general, indicator. The five straight monthly declines through February gave way to steadier trend starting in March. The index may well continue near flat in the third quarter. The trends late last year and early this year predicted a recession which never arrived. The credibility of the index as a forecasting tool is thus very much in question, as it has been for years. The index does not take into account the impact from the fiscal stimulus, and the fact that second quarter real GDP will be reasonably strong despite the flat trend in this index raises further questions about its current usefullness.
Friday, Oct. 24
- Importance (A-F): This release merits a C.
- Source: The National Association of Realtors.
- Release Time: 10:00 ET around the 25th of the month (data for month prior).
- Raw Data Available At: http://www.realtor.org/research.nsf/pages/EHSdata.
The name speaks for itself - this report provides a measure of the level of sales of existing home sales. The report is considered a decent indicator of activity in the housing sector. Housing starts precede this report each month, but starts are a supply rather than demand-side indicator. Existing home sales precede the other key demand-side indicator of housing - new home sales - thus boosting the visibility of this report. Sales are highly dependent on mortgage rates, and will tend to react with a few months lag to changes in rates. Sales are also determined by the level of pent-up demand for housing - immediately after a recession, sales are typically quite strong due to the demand which accumulated through the recession.
The survey sample for existing home sales is larger than that of new home sales, making it somewhat less susceptible to large revisions. Both reports can see huge month-to-month swings in winter, when bad weather can significantly affect sales.
Aside from total sales, two other indicators are worth watching in this report -- the inventory of homes for sale and the median price. The inventory of homes for sale at the current sales pace is the inventory/sales ratio of the housing sector. For example, a 5.0 figure for inventory/sales indicates that the supply of homes for sale would be depleted within five months at the current sales pace. The lower this figure goes, the greater the need for new housing starts. The year/year change in the median price provides a good indication of inflation in home prices.
Big Picture
Demand in the housing market has bottomed. Existing home sales remain at very low levels, but they have also leveled off the past eight months. The July sales rate of 5.00 million was 1.8% above the level of last December, and the sales rate has been steady through most of 2008. Inventories remain high, and that will pressure prices, but there is finally some light at the end of the tunnel. Demand has to bottom before prices, and that has started. The housing market remains depressed and will remain so as evidenced by the jump in inventory. The silver lining is that the pace of home sales declines is slowing, which is an attribute of a bottoming process, although a significant rebound is still a long way off.