Down over 6 cents on only 200 shares. I don't know if insiders were just trying to prop the shares up with their recent buys. If they were, they will have to continue buying or the stock could erase its gain on very little volume.
If Cray's earnings were more stable, it would certainly carry a P/E more inline with its larger competitors. No doubt, the stock price is where it's at today because of the guidance given by the company. If it goes on a tear and happens to make a couple of sales, the price could sail well past the $25 target even with the current P/E; however, a little good news will have a lot of folks thinking it warrants a higher P/E, and that could send it to prices it hasn't seen in a decade. I guess what I'm saying is that bad news has exaggerated the price to the down side, and good news can exaggerate it to the upside.
Sale to Fujitsu announced today following recent announcement of sale to EMC. Qlogic's product seems to set the benchmark and gives their clients a boost in time to market. That's a very, very big deal. I expect many more sales announcements to follow soon. This is an upgrade Qlogic's clients will have to make if they don't want to cede an advantage to their competitors.