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Insider Buyers Putting a Floor Under the Market

By on August 11, 2011

News that insider buying had increased dramatically and a lack of bad news from Europe caused another bullish stampede in the market today (Dow up 423 points).

Sixty-six insiders at 50 companies bought their company stock from August 3-9, the most since immediately before the brutal bear market low in March 2009, according to data compiled by Bloomberg.

Insider buyers of stock outnumbered sellers by a ratio of 7 to 2.  This is approximately opposite of the normal ratio where sellers typically outnumber buyers.

Some of the companies reporting insider buying activity include:

Morgan Stanley (MS) 3 insiders bought 175,000 shares

General Motors (GM) one insider bought 10,000 shares

MEMC Electronic Materials (WFR) 6 insiders bought 468,057 shares

Celgene (CELG) CEO bought shares worth $527,000

Cintas (CTAS) CEO bought $17.8 million worth

Etrade Financial (ETFC) CEO bought $1 million worth

Chesapeake Energy (CHK) CEO bought $249,400 worth of shares

Helix Energy Solutions Group (HLX) CEO bought shares worth $997,200

Six Flags Entertainment (SIX) CEO bought shares worth $2.5 million

Kinder Morgan (KMR) CEO bought shares worth $1.5 million

Huntsman (HUN) CEO bought shares worth $1.1 million

WMS Industries (WMS) CEO bought shares worth $1.0 million

Chemed (CHE) CEO bought shares worth $2.1 million

CNA Financial (CNA) CEO bought shares worth $970,400

Cleco (CNL) CEO bought shares worth $698,100

NYSE Euronext (NYX) CEO bought shares worth $684,000

Kinder Morgan (KMI) CEO bought shares worth $679,000

Tupperware Brands (TUP) CEO bought shares worth $507,045

Opko Health (OPK) CEO bought shares worth $491,700

Kansas City Southern (KSU) CEO bought shares worth $253,100

AK Steel Holdings (AKS) CEO bought shares worth $199,000

Larry Kudlow covered the topic of insider buying on his show this evening and highlighted a few other companies:

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