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Top Insider Trades: Insiders Sell $90 Million Worth of Kohl's Stock Days Before Earnings Release


GlaxoSmithKline buys up Theravance stock on the open market.

In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of your fellow professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Monday, November 5, 2012 as ranked by dollar value.

Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

Two Kohl's (NYSE:KSS) directors sold nearly $90 million in the retailer's stock, according to documents filed with the SEC. William S. Kellogg sold $49.4 million in stock in a combination of open market and other sales while John F. Herma sold $40.5 million exclusively on the open market. The sales are especially notable as KSS is expected to report Q3 earnings on November 8.

GlaxoSmithKline (NYSE:GSK) bought $6.3 million in Theravance (NASDAQ:THRX). GSK was already a beneficial owner (about 27%) of the biopharmaceutical company before the recent purchase and looks like it will be a majority owner soon. Glaxo and THRX announced acceptance by the FDA of one of their co-developed drugs in September. THRX is also in a collaboration with Merck (NYSE:MRK)

At, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

Source: | Key to Insider Title and Trans Type Codes

Source: | Key to Insider Title and Trans Type Codes

Editor's note: Jonathan Moreland is the founder of Insider Insights and author of "Profit From Legal Insider Trading."
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