During the sharp downturn of the past week, scores of insiders have taken advantage of falling prices to buy their company's stock. While many of these purchases may be just symbolic, here are eleven who have risked more than $1mm:
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These large purchases stand out relative to the salaries of these executives. Brian Gamache, for instance, of WMS Industries (WMS) earns a salary of $925K, upon which he must pay tax. Gorman, of Morgan Stanley (MS), earns $800K.
While substantial purchases by insiders are no guarantee that the prices are near lows, they do show a disconnect between the market action and likely prospects of these companies.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
