> CFO and CEO both selling thousands of shares. > We all know what that means. Going lower, > much lower.
According to a cursory inspection of the Insider Roster:
CFO sold 5000 on 2/15/05 (at $13.06/sh, of 43,333 held). CEO sold 10000 on 2/7/05 (at $13.67/sh, of 395,000 held).
Two months earlier...
CFO sold 12000 on 12/15/04 (at $9.49/sh) CEO sold 20000 on 12/14/04 (at $9.71/sh)
Seems to me that they've slowed down their automatic sales because they believe that the price is going higher, much higher.
Of course, you and I both know that research has shown* that insider sales are not a reliable indicator of future price fluctuations.
Feel free to believe what you wish. If you would support your opinions with facts, that would be even better.
*Here, the savvy reader notices that the writer refers to a research study which may or may not have existed. The optimist believes that the writer is so confident in his position that he wouldn't deign to citing the relevant study. The pessimist feels that, since the study is not referenced, it must not exist**.
** Okay, here's the study: Lakonishok and Lee, "Are Insider Trades Informative?". Useful (read: cherry-picked) quote from the conclusion follows: "[Insider] sales are not associated with low returns."