We’re more than halfway through earning’s season and still insiders largely maintain their boycott of buying. Insiders continue to unload their company’s stock on the public even as stock prices march higher. I was hoping that earnings season would come and go leaving the playing field open for buying to pick up. It hasn’t. If anything the selling is just even more pronounced. The one notable exception was a director’s $20.5 million buy of JP Morgan. This chart from the Washington Service says it best.
Even stocks we took a flyer on last week with after they crashed on earnings, still are greeted with sellers.Case in point, Edwards Life Sciences EW This high-flying medical technology stock came crashing to earth on 1st quarter’s earnings. We nibbled at it thinking that surely some buying would validate our purchase. Instead, the opposite happened. Insiders sold on the 52 week low prices. Sure it says it was preplanned option exercise related but you would think that they could plan on at least waiting until higher prices too! No so. The CFO and CEO both are exercising options and selling all the stock not even keeping some of it at this low price.
