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Top Insider Trades 12/4/13: NUAN, WES, JMP, USAK

|Includes:JMP, Nuance Communications, Inc. (NUAN), USAK, WES

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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 Wednesday, December 4, 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
Icahn Carl C BO Nuance Comms NUAN B $89,745,648
Crane James R DIR Western Gas WES JB* $6,151,000
Pioneer Pharma BO Novabay Pharm NBY JB* $5,700,000
Jolson Joseph A CEO,DIR,BO JMP JMP B $1,387,132
Shepard Gregory M BO Donegal DGICA B $1,114,063
Cetus Capital II BO Accuride ACW B $842,883
Stone Hse Cap BO Usa Truck USAK B $772,843
Ripps Harold W DIR Mid Amer Apt MAA B $605,333
Marubeni DIR,BO Aircastle AYR B $540,666
Marth William S DIR Albany Molecular AMRI B $322,500
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Apollo Mgt Gp BO Sprouts Farm Mkt SFM JS* $364,261,472
Duffield David A CEO,DIR,BO Workday WDAY AS $27,838,286
Franklin Martin E CB,DIR Jarden JAH AS $13,982,943
Welsh Carson BO Select Medical SEM S $11,209,558
Luddy Frederic B DIR Servicenow NOW AS $8,485,327
Asherman Philip CEO,DIR Chicago Bridge CBI AS $5,760,566
R Banking LP BO Bancfirst BANF S $4,662,608
Serenity Inv BO KCG KCG AS $4,269,776
Foster Paul L CB,DIR,BO Western Refining WNR AS $3,998,215
Fateh Hossein CEO,DIR Dupont Fabros DFT S $3,088,585
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes