The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

As stock prices continue to rise and the valuation band for stocks is stretched further, insider-sentiment data from Vickers Stock Research continues to show that corporate executives, directors, and beneficial owners are increasingly defensive. Is it time to run for exits? Likely no. But stock prices won't go up forever, so a sense of caution does seem to be warranted. And that is what insiders are clearly telling us.

Vickers Stock Research, a subsidiary of Argus Research Group, analyzes insider trading and institutional stock ownership. Form 13-Fs, which institutions must file to report their holdings, are due 45 days after the end of calendar quarters and have come in for 3Q23. We review 13Fs of major activists to determine core holdings and new purchases. Activist investing is now less about generating a short-term return and more about achieving long-term returns through an active management/investor partnership. Activists recently made progress with investments into companies such as FedEx and Union Pacific. Based on Vickers data, here are some recent new purchases and key holdings of activist investors, as well as other high-profile money managers.

With earnings season nearing an end, insider sentiment remains generally positive -- which is good news in light of the solid move higher in share prices over the past two weeks. After two weeks of bullish signals that were based on light transaction volume, this week brings 'more typical' insider-sentiment indicators that are built on an increasing number of insider transactions. The one-week sentiment data from Vickers Stock Research has softened, but remains strong enough to keep the eight-week data solidly neutral. The weak link, though not seriously so, is sentiment from insiders on the tech-heavy Nasdaq. With tech stocks outperforming over the past few weeks and for the year-to-date, that's not a huge surprise.

The stock market sometimes gives a warning after a large move higher, gets everyone believing that a pullback has finally arrived, and then regroups for a couple of days before the rug is pulled out yet again. On July 27, we saw a pretty ugly reversal in the major indices that looked like the start of a much-anticipated reset. That was not to be, however, with stocks broadly higher on July 28.

Stocks fell on Friday morning, led by declines in the Financial and Consumer Discretionary sectors. Consumer sentiment data was weak. The University of Michigan said that its sentiment index fell to 57.7 in May, down from 63.5 in April and the lowest reading since last November. The Dow fell 0.4%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil fell slightly to $70.50 per barrel, while gold traded near $2017 per ounce.

Stocks rose strongly on Monday morning ahead of key inflation data, the January consumer price index, on Tuesday. Investors will be looking closely at the CPI report for more clues about the trajectory of Fed rate hikes in the coming months. In Europe, the European Commission raised its forecast for 2023 eurozone GDP growth to 0.9% from a prior 0.3%, and trimmed its inflation forecast to 5.6% from 6.1%. The Dow rose 0.9%, the S&P 0.9%, and the Nasdaq 1.4%. Crude oil traded near $79 per barrel, while gold fell $11 to $1863 per ounce.

The 10-year Treasury yield held an important area near 3.5% and, in the near term, is approaching another key level in the 3.7%-3.8% zone. This is the underside of the trendline off the December lows, as well as the location of the declining 50-day moving average. It is still possible yields are tracing out a larger head-and-shoulders (the first was very small), but need to take the neckline out at 3.5% to complete the pattern.

As bad as the stock market has been in 2022 and considering the amount of coin that investors have given back after the spectacular ride from March 2020 until late 2021/early 2022, the average stock hasn't seen too much damage. Sadly, the average stock also is small and has little weight in the indices.

Last week, we reported that the volume of insider transactions was ramping up with the end of earnings season upon us. This week brings a burst of transactions, with about 2300 insider transactions meeting the criteria for inclusion in the Weekly Insider Report from Vickers Stock Research.

The U.S. Dollar Index (USD) has fallen over the past three days and is back near recent lows as well as important short-term support at $109. This is the third time the greenback has pulled back since it peaked in late September at $114.75; it is the second time it is testing $109. This region also represents a prior high from back in July, so it takes on increased importance. The dollar has broken its 50-day for the second time since late October and is nearing trendline support off the lows since February (just above $109).

We hate to sound like a broken record, but Tuesday was more of the same. Things were looking up for a bit, as the indices made nice recoveries after a weak opening. But bears stepped in and made it clear that they were not ready to hibernate. The S&P 500 fell 0.7%, closing three points above its September 30 bear low. The Nasdaq dipped 1.1% and the QQQs gave up 1.3%, with both at new lows. Those two indices continue to lead the downside.

In late May, we noted that the proprietary sell/buy ratios from Vickers Stock Research were becoming increasingly bullish after a very difficult start for stocks in 2022. We made comparisons to past such events, concluding that history suggested stock prices might well rise significantly over the next three months. Major indices moved still lower over the next few weeks, while Vickers' sell/buy ratios became increasingly bullish. Stocks seemingly bottomed (we hope) in mid-June.

Dividend income, an important element of total return, is often overlooked amid gyrations in the stock market. Between 1930 and 2012, dividend income accounted for 42% of the total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. The pattern is being repeated in 2022 as well. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Stocks finished lower in a volatile session on Thursday as investors continued to focus on inflation, the impact of Fed rate hikes, and weak guidance from major companies. On the employment front, the Labor Department said that first-time claims for state unemployment benefits rose to 218,000 for the week ended May 14, up from a revised 197,000 a week earlier and above the consensus estimate of 200,000. The Dow fell 0.75%, the S&P 0.58%, and the Nasdaq 0.26%. Crude oil traded near $111 per barrel, while gold rose $25 to $1841 per ounce.

Market breadth has deteriorated a bit over the past seven trading sessions, as the major indices try to hammer out an intermediate-term bottom. On the S&P 500, 40% of stock are above their 50-day average (all breadth data as of 2/11 close), while 48% are above their 200-day. The recent low reading of 42% was the weakest since 10/2020. Major market declines generally happen when this measure falls below 45%.

This is among our most-important themes for 2022, and stretches across industries. We think companies that raise their dividends consistently at a double-digit rate are sending off three important signals amid all the recent market volatility: 1) the company's balance sheet is strong enough to pay a dividend; 2) management is focused on providing shareholder returns; and 3) management is confident enough in the near-term outlook to raise the payout aggressively. This third factor is especially important as the pandemic upends the nation's recent record of long-term economic growth. Here are 12 stocks that meet our double-digit dividend test and are on the Argus BUY list. They are also holdings in our Dividend Growth Separately Managed Account and in the Dividend Growers Total Return Trust, sponsored by SmartTrust.

Stocks rose on Tuesday morning following solid earnings from Walmart and Home Depot and better-than-expected retail sales data. The Commerce Department said that U.S. retail sales rose 1.7% in October, up from 0.8% growth in September and above the Reuters consensus forecast of 1.4%. Sales were also up 16.3% from the prior year. The Dow rose 0.5%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil traded near $81 per barrel, while gold fell $9 to $1857 per ounce.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where costs are lower. Yet the U.S. economy, even during the pandemic, has expanded to record levels. If U.S. corporations weren't innovating, the domestic economy would not be growing and capital would not be flooding into the country. Consider that U.S. GDP was approximately $1 trillion in 1930 but nearly $23 trillion at the end of 1H21. That's growth of 23-times. Meanwhile, the U.S. population has grown less than three-times during that time span, to 320 million from 120 million. The delta between GDP growth and population growth has been driven, in large part, by innovation. In addition, the value of listed corporations on U.S. stock exchanges at the end of 2020 was approximately $41 trillion, according to SIFMA, representing 38% of global equity market capitalization, while U.S. GDP represented only 26% of global GDP. The current low level of interest rates and the relatively high level of the dollar both attest to the confidence that global investors have in the innovative U.S. economy.

The stock market was up slightly last week, owing its success to a positive jobs Friday report and solid earnings throughout. Tech stocks modestly outperformed blue chips. During Friday's session, the Dow Jones Industrial Average increased 144 points, or 0.41%. The S&P 500 was up 0.17%, and the Nasdaq Composite was down 0.40%. For the week, the DJIA was up 273 points, or 0.78%, the S&P 500 was up 0.94%, and the Nasdaq Composite was up 1.11%. Year-to-date, the DJIA is up 15.04%, the S&P 500 is up 18.12%, and the Nasdaq Composite is up 15.11%.

Our rating on the Financial Services sector is Over-Weight. With market optimism rising on positive vaccine developments and the new administration in Washington, interest rates have started to move higher at the long end of the yield curve. We expect banks to benefit from wider net-interest margins and lower loan-loss provisions as the economy normalizes, and insurance companies to generate higher income in their investment portfolios. The sector now accounts for 11.4% of the S&P 500. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 12%-15% of diversified portfolios. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model portfolios. All of the following stocks are rated BUY at Argus.

Often overlooked amid gyrations in the stock market is dividend income, which is an important element of total return. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

The stock market was mixed last week as blue chips outperformed technology stocks. On Friday, the Dow Jones Industrial Average rose 229 points, or 0.66%. The S&P 500 was up 0.74% and the Nasdaq Composite was up 0.88%. For the week, the DJIA rose 2.67%, the S&P rose 1.23%, and the Nasdaq Composite fell 1.51%. Year-to-date, the DJIA is up 13.63%, the S&P 12.69%, and the Nasdaq 6.70%.

Innovation may be hard to define, but to borrow from former U.S. Supreme Court Justice Potter Stewart, you know it when you see it. The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago -- textiles, televisions, even automobiles, to a large degree -- have moved overseas, where costs are lower. Yet the U.S. economy is at its largest point in history and still growing. If U.S. corporations weren't innovating, creating new products and services, and moving into new markets and applications, the domestic economy would be contracting, not expanding, and capital would not be flooding into the country. Particularly at this juncture of the market and economic cycles, we look to innovative companies to navigate the challenges. At Argus, an 85-year-old independent research firm that has innovated a time or two in its long history, we have focused on four types of innovative companies: Industry Disruptors; First to Market; New Product Specialists; and Product & Process Perfectors. The following innovative and BUY-rated companies recently were added to our Growth model portfolio, as well as our new Innovative Growth Separately Managed Account, and our Modern Innovators UIT. The full list of stocks also is in our Innovation theme model portfolio.

According to Opimas (a management consultancy focused on global capital markets), assets under management in ESG strategies (environmental, social, and governance) grew to $40.5 trillion in 2020, doubling in four years and tripling in eight. The UN Principles for Responsible Investing -- to which Argus Research is a signatory -- now represents more than 1,750 signatories with assets of $80 trillion, according to Barron's. In the mid-1980s, "socially responsible investing" emerged and took an exclusionary approach. No guns, alcohol, or tobacco. But returns lagged, and the approach changed to what companies should do as opposed to what they shouldn't do (focusing on the likes of climate change, gender equality, agricultural sustainability, the war on global poverty, environmental management, human rights, and community & politics). Twice a year, we screen the companies in the Argus Universe of Coverage against sustainable impact criteria established by JUST Capital, and build a portfolio of BUY-rated stocks with high ESG scores. The results are available in our ESG theme model portfolio report and as a separately managed account.

This edition features an oil market update; Amazon's potential in Australia; revisiting our North American airline coverage; and notes from Maersk, Air Liquide, and Allstate.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles, to a large degree - have moved overseas, where costs are lower. Yet the U.S. economy, prior to the pandemic, had expanded to record levels. And now, the U.S. Healthcare industry is mobilizing to improve COVID-19 testing, treatments and vaccines. Consider that U.S. GDP was approximately $1 trillion in 1930 but nearly $22 trillion at the end of 2019. That's growth of 22-times. Meanwhile, the U.S. population has grown less than 3-times during that time span, to 320 million from 120 million. The delta between GDP growth and population growth has been driven in large part by innovation. In addition, the value of listed corporations on U.S. stock exchanges at the end of 2020 was approximately $32 trillion, representing 41% of global equity market capitalization, while U.S. GDP represented only 25% of global GDP. The current low level of interest rates (the benchmark 10-year Treasury bond yield is 1.1%) and the relatively high level of the dollar both attest to the confidence that global investors have in the innovative U.S. economy.

With earnings season drawing to a close, the volume of weekly insider transactions is returning to normal. As such, there is increased relevance in the signals being thrown off by corporate executives, directors and beneficial owners. And those signals are little changed from what we've seen over the past several weeks. Insider sentiment remains broadly cautious, with the caution led by insiders at companies that list on the tech-heavy Nasdaq.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Stocks snapped back during election week, as the vote count dragged into the weekend. The Republicans likely hold onto the Senate, which means no big tax hikes; and Vice President Biden claims the White House, which means the Affordable Care Act stays. Based on the strong stock market, investors cheered for gridlock. On Friday, the Dow Jones Industrial Average fell 67 points, or 0.2%. The S&P 500 dropped a single point, and the Nasdaq Composite edged up four points. For the full week, the Dow was up 6.9%, reversing the prior week's 6.5% loss. The S&P 500 was up 7.3%, and the Nasdaq was up 9.4%. For the year-to-date, the DJIA is down less than 1%, the S&P is up 8.6%, and the Nasdaq is up 38.5%. Over the past 52 weeks, the Dow is up 2.3%, the S&P 500 is up 13.5%, and the Nasdaq is up 40.4%.

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Texas Instruments Inc. (TXN); Dominos Pizza Inc (DPZ); Citizens Financial Group Inc (CFG); AGNC Investment Corp (AGNC) and the Focus List deletions are Allstate Corp (The) (ALL); Advanced Micro Devices Inc. (AMD); Equinix Inc (EQIX); CarMax Inc (KMX).

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Texas Instruments Inc. (TXN); Dominos Pizza Inc (DPZ); Citizens Financial Group Inc (CFG); AGNC Investment Corp (AGNC) and the Focus List deletions are Allstate Corp (The) (ALL); Advanced Micro Devices Inc. (AMD); Equinix Inc (EQIX); CarMax Inc (KMX).

In January, BlackRock CEO Lawrence Fink, who oversees approximately $7 trillion in assets, announced that his firm would be investing in companies that are making progress on sustainability. According to Opimas, a management consultancy focused on global capital markets, global assets under management in ESG strategies had grown to $40.5 trillion in 2020, doubling in four years and tripling in eight years. The UN Principles for Responsible Investing -- to which Argus Research is a signatory -- now represents more than 1,750 signatories with assets of US$80 trillion, according to Barron's. In the mid-1980s, "socially responsible investing" took an exclusionary approach. No guns. No alcohol. No tobacco. But as returns lagged, the approach changed to become more "what companies should do." Now, "impact investing" is focused on the likes of climate change, gender equality, agricultural sustainability the war on poverty, board independence, environmental management, human rights and community & politics. Twice a year, we screen companies in the Argus Universe against sustainable impact criteria established by JUST Capital, and build a portfolio of BUY-rated stocks with high ESG scores. It is available in our Theme Model Portfolio report and as a separately managed account.

In January, BlackRock CEO Lawrence Fink, who oversees approximately $7 trillion in assets, announced that his firm would be investing in companies that are making progress on sustainability. According to Opimas, a management consultancy focused on global capital markets, global assets under management in ESG strategies had grown to $40.5 trillion in 2020, doubling in four years and tripling in eight years. The UN Principles for Responsible Investing -- to which Argus Research is a signatory -- now represents more than 1,750 signatories with assets of US$80 trillion, according to Barron's. In the mid-1980s, "socially responsible investing" took an exclusionary approach. No guns. No alcohol. No tobacco. But as returns lagged, the approach changed to become more "what companies should do." Now, "impact investing" is focused on the likes of climate change, gender equality, agricultural sustainability the war on poverty, board independence, environmental management, human rights and community & politics. Twice a year, we screen companies in the Argus Universe against sustainable impact criteria established by JUST Capital, and build a portfolio of BUY-rated stocks with high ESG scores. It is available in our Theme Model Portfolio report and as a separately managed account.

Sustainable Impact Investing is gaining traction with the global investment community. In January, BlackRock CEO Lawrence Fink, who oversees approximately $7 trillion in assets, announced that his firm would be investing in companies that are making progress on sustainability. Mr. Fink's new focus follows rapid growth in sustainable assets in recent years. According to Opimas, a management consultancy focused on global capital markets, global assets under management in ESG strategies had grown to $40.5 trillion in 2020, doubling in four years and tripling in eight years. As assets have flowed in over the past 40 years, Sustainable Impact Investing has evolved. The discipline, originally known as Socially Responsible Investing, focused at first on excluding companies for various reasons. Now, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues.

Stocks were mixed on Friday, finishing off a solid week that saw all major indexes close higher. Equity investors favored value names more than growth names for the second straight week, in what could be a healthy sector-rotation trend. On Friday, The Dow Jones Industrial Average gained 34 points, or 0.1%. The S&P 500 was flat while the Nasdaq Composite fell 0.2%. For the full week, the Dow gained 1.8%, the S&P 500 gained 0.6% and the Nasdaq closed up 0.1%. For the year-to-date, losses are now 2.1% for the Dow, while the S&P is up 4.4%, and the Nasdaq is up 22.8%. Over the past 52 weeks, the Dow is up 7.9%, while the S&P 500 is up 16.8%, and the Nasdaq is up 39.6%.

Stocks were mixed on Friday, finishing off a solid week that saw all major indexes close higher. Equity investors favored value names more than growth names for the second straight week, in what could be a healthy sector-rotation trend. On Friday, The Dow Jones Industrial Average gained 34 points, or 0.1%. The S&P 500 was flat while the Nasdaq Composite fell 0.2%. For the full week, the Dow gained 1.8%, the S&P 500 gained 0.6% and the Nasdaq closed up 0.1%. For the year-to-date, losses are now 2.1% for the Dow, while the S&P is up 4.4%, and the Nasdaq is up 22.8%. Over the past 52 weeks, the Dow is up 7.9%, while the S&P 500 is up 16.8%, and the Nasdaq is up 39.6%.

Our rating on the Financial Services sector is Market-Weight. The recent rush into safe-haven Treasuries has led to an historical collapse in interest rates, further pressuring banks' net interest margins. We also believe that speculative-grade debt, particularly in the Energy sector, faces viability risks if economic activity remains suppressed for an extended period. The sector accounts for 10.6% of the S&P 500, down from 16.3% following the exclusion of REIT stocks. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 10%-12% of diversified portfolios. The Financial sector is underperforming the market thus far in 2020. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All stocks are rated BUY.

Our rating on the Financial Services sector is Market-Weight. The recent rush into safe-haven Treasuries has led to an historical collapse in interest rates, further pressuring banks' net interest margins. We also believe that speculative-grade debt, particularly in the Energy sector, faces viability risks if economic activity remains suppressed for an extended period. The sector accounts for 10.6% of the S&P 500, down from 16.3% following the exclusion of REIT stocks. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 10%-12% of diversified portfolios. The Financial sector is underperforming the market thus far in 2020. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All stocks are rated BUY.