Insiders losing confidence in WDC?
Shares of Western Digital
(WDC) have soared this year, but some cautious investors are beginning to raise some eyebrows due to the amount of insider sales.
According to Barrons, Western Digital’s Vice President and Chief Technology Officer Hossein Moghadam sold almost $3.5 million worth of shares at an average price of $38.72 on December 2. After the sales were done, he was left with just 4,260 shares, far less than 1% of the company’s total outstanding.
Other executives include Martin Finkbeiner, who sold 140,000 for $5.4 million; Michael D. Lambert sold 20,000 for $774,100; and Raymond Bukaty sold 38,500 for $1.5 million.
Year-to-date, Western Digital’s stock has gained 241%. From the Bull Pen
: It’s amazing all the bubble qualities gold
has received lately especially while comparing it to the tech sector. But this pullback in the yellow metal could be a buying opportunity. Consider the ETF (GLD); a sell stop can be set below $110. From the Bear Cave
: Pull back the chart on WDC to May 2008, and you’ll see major resistance at $40. It’s a reasonable place to take a downside swipe. Those bearish can set a tight buy stop above that level.
For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter
. A Quick Check Around the World
Asian trading closed with the Nikkei
1.44%, Hang Seng
-1.06%, and Taiwan
Across the pond, we see the FTSE
As of 8:15 AM EST, S&P Futures
are trading -8.00 to 1095.50. Nasdaq futures
are -15.75 to 1768.258 A Look at Commodities
Over in commodities, crude oil
is -1.01 to 72.92 while gold
is -9.800 to 1154.20 this morning. Silver
is -37.10 to 1796.50 and copper
-2.300 to 316.20.
The dollar Index
is +0.0850 to 75.8950.
No economic events on the radar today, but click here
for the full list of this week’s events.
Good luck today!
Position in gld
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