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Top Insider Trades 11/9/12: TTWO, FB, AAPL, VOCS

|Includes: AAPL, FB, Take-Two Interactive Software, Inc. (TTWO), 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 Friday, November 9, 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
Icahn Carl C BO Take Two Int TTWO B $10,203,290
Dai Ichi Life Ins BO Janus Capital JNS B $9,711,633
Srinivasan Mallika DIR AGCO AGCO AB $7,861,881
EMC BO VMware VMW B $3,392,048
Cornwall Capital Mgt BO American Pacific APFC B $1,531,250
Rudman Richard E CB,CEO,PR Vocus VOCS B $1,071,700
Discovery Gl Opp Fd BO Universal Display PANL JB* $939,804
Starboard Value BO Wausau Paper WPP B $616,322
Mihaylo Steven G CEO,DIR,BO Crexendo EXE B,JB* $499,250
Bvf Partners L P Il BO Targacept TRGT B $291,927

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Apollo Management Gp BO Lyondellbasell Ind LYB JS* $1,066,000,000
Mas Jose Ramon CEO,DIR Mastec MTZ JS* $25,080,000
Schoen William J DIR Health Management HMA S $7,959,274
Schambach Stephan DIR,BO Demandware DWRE S $7,425,586
Schwab Charles R CB,DIR,BO Schwab Charles SCHW S $6,590,550
Sordello Steven J VP,CFO Linkedin LNKD AS $5,000,676
Levinson Arthur D DIR Apple AAPL AS $4,204,875
Ullyot Theodore W VP,GC,SEC Facebook FB AS $3,141,656
Beckwitt Richard PR Lennar Corp LEN JS* $3,016,152
Sewell D Bruce VP,GC,SEC Apple AAPL S $2,821,631

Source: | Key to Insider Title and Trans Type Codes