Hasbro( HAS) CEO Brian Golden bought 10,000 shares at $44.95 on 4-21 for a total amount of $448,000. Wells Fargo CFO Timothy Sloan bought 10,000 shares at $28.54. Both stocks have retreated off of earnings that did not wow investors. Bank stocks in general haven’t had a good year. HAS bounced nicely on this news. Wells did nothing. I’ve made a lot of money trading around Golden in the past. He is definitely a good timer.
You wouldn’t expect too much from this announcement with Wells Fargo since it wasn’t an obscene amount of stock that Sloan bought. Besides he was appointed CFO in February so this may be something of a quid pro quo type of buy. Sloan, though, has been a senior level exec at Wells Fargo for a long time and my guess is it’s more than window dressing.
The stock chart looks like WFC could turn although it’s far from certain. My guess is though you will see more filings on WFC as CFO’s are notoriously stingy stock buyers. Wells Fargo is down quite a bit this year, about 10%, and it could be a second half of the year story. I’m sure I won’t wait that long but reading the tea leaves of insider buying tell me maybe more insiders are to follow and that could reignite some confidence in the stock.
Last note- I’m excedingly cautious in here, almost fully hedged or trying to be.
[…] alerted readers of the Sax Angle to a profitable trading opportunity on Wells Fargo stock. See Two new insider buys today piqued my interest for the details of that post. Since then we have nearly doubled our money on two options we […]