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Top Insider Trades 10/23/12: XTXI, PANW, VMW, THC

|Includes:Devon Energy Corporation (DVN), PANW, THC, VMW

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In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Tuesday, October 23, 2012 as ranked by dollar value.

Please note, however, that these are factual lists (with edits to remove some noise), not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

We should also point out that we are presently in a slow filing time for insiders because many companies still have their trading windows closed to their executives until their June quarter earnings are released.

But at, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular blog posts as the initial research tools they are meant to be, and click the links in the tables to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
EMC BO VMware VMW B $19,993,880
Glenview Capital Mgt BO Tenet Healthcare THC B $4,706,000
Abrams Capital Mgt BO Engility EGL B $4,534,705
Biglari Sardar BO Cracker Barrel CBRL B $1,166,714
Patterson Scott B BO Cytrx CYTR B $451,667
Grant Kevin E CB,CEO,CIO Cys Investments CYS B $400,913
Brooks Martha DIR Jabil Circuit JBL B $222,847
Spilman Robert H Jr PR,CEO,DIR Bassett Furniture BSET B $173,312
Frost Phillip MD et al CEO,CB,BO Opko Health OPK B $111,383
Macinnes Glenn I VP,CFO Webster Financial WBS B $109,152

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Harbinger BO Crosstex Energy XTXI JS* $91,000,000
Frazier Laura BO Brown Forman BFB JS* $35,873,316
Zuk Nir CTO,DIR Palo Alto Networks PANW S $12,096,000
Batra Rajiv VP Palo Alto Networks PANW S $11,219,040
Woodhouse Michael A DIR Cracker Barrel CBRL AS $3,170,263
Bonvanie Rene SO Palo Alto Networks PANW S $2,268,000
Lanfri William A DIR Palo Alto Networks PANW S $1,814,400
Erdoes Mary E MD JPMorgan Chase JPM S $1,698,548
Hatzopoulos Anh VP,BD Netspend NTSP AS $1,520,640
Wehmer Edward J PR,DIR Wintrust Financial WTFC S $1,119,078

Source: | Key to Insider Title and Trans Type Codes