(This is an excerpt from an article I originally published on Seeking Alpha on March 6, 2012. Click here to read the entire piece.)
In late September, selling in the stock market was intensifying, and I wrote a piece summarizing a list of stocks where insiders were buying their own stock. The performance since then has been quite mixed and, overall, relatively disappointing given the fresh 52-week and multi-year highs printed by the major indices.
Skull Candy (SKUL) was one of the more intriguing picks of the list because its CFO, Mitch Edwards, bought 10,000 shares within months of the IPO. This evening, SKUL announced Edwards has resigned:
{snip}
…I cannot keep SKUL on the list of insider stock buys when that purchasing insider has left the company. I will continue to monitor the company for any good news or news of additional insider support. {snip} I will not buy into the dip sure to follow this resignation.
Source: FreeStockCharts.com
Be careful out there!
(This is an excerpt from an article I originally published on Seeking Alpha on March 6, 2012. Click here to read the entire piece.)
Full disclosure: no positions