Of note was cable-TV provider, Shaw Communications (SJR). It reached a new 52-week high before retreating over the afternoon. INK Research also reported recently that insider buying continues to be strong even though Shaw’s Class B shares have outperformed the market by 30% over the past 12 months (a particularly bullish signal given insider selling is the norm on big advances).
The Globe and Mail’s Andrew Willis wrote in his Streetwise blog on July 25 that rumors of a bid from cable-TV rival Rogers Communication resurfaced this past week. He also said Shaw’s repurchase of a large chunk of shares from an institutional investor at below-market prices would seem to throw cold water on that idea (it would invite a lawsuit if the controlling Shaw family subsequently accepted a takeover offer at a higher price). But Shaw stock hit a 52-week high the day after Bay Streeters pooh-poohed the rumors.
SJR 1-yr. chart:
