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Top Insider Trades 5/21/13: CHK, SPB, LIOX, VOCS

|Includes:Chesapeake Energy Corporation (CHK), LIOX, SPB, VOCS

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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, May 21, 2013 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
Dunham Archie DIR Chesapeake Energy CHK B $9,401,895
Harbinger BO Spectrum Brands SPB B $5,972,019
Marchington Allan DIR Ambit Biosciences AMBI JB* $3,452,216
Kessler Irvin R DIR Silver Bay Realty SBY B $985,399
Farris G Steven CB,CEO,DIR Apache APA B $836,908
Way T Lawrence DIR Customers Bancorp CUBI JB* $412,519
Frost Phillip Md CEO,CB,BO Opko Health OPK B $384,811
Mehmel Robert F PR,COO Griffon GFF B $350,707
Glenhill Advisors BO Lionbridge Tech LIOX B $347,366
Burns Kevin J DIR Vocus VOCS B $212,500

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Valcon Acquisition BO Nielsen NLSN JS* $1,387,619,840
Kkr BO Nielsen NLSN JS* $286,695,776
Levy Sander M DIR Symetra Financial SYA JS* $81,803,912
General Atlantic BO Web Com WWWW JS* $42,860,000
Huntsman Jon M CB,DIR,BO Huntsman HUN S $18,885,806
Brown & Williamson BO Reynolds American RAI JS* $11,074,309
Wexford Capital O Epl Oil & Gas EPL S $10,040,279
Deer Vi & Co DIR,BO YELP YELP S $9,078,912
Moczarski Alexander PR,CEO Marsh & McLennan MMC S $7,066,434
Hetz Nathan O Equity One EQY S $3,298,315

Source: | Key to Insider Title and Trans Type Codes