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Insider Buying

    Insider Weekends – January 29, 2016

    Welcome to edition 293 of Insider Weekends. Insider buying declined last week with insiders buying $27.94 million of stock compared to $56.58 million in the week prior. Selling on the other hand increased with insiders selling $267.17 million of stock last week compared to $112.27 million in the week prior.

    The S&P 500 rallied 1.75% last week after we saw insider selling drop to its lowest level in four years. While the rally was broad based, we saw big increases in some long suffering energy names as you can see from the 34% gain in Consol Energy (CNX) and the nearly 10% gain in Kinder Morgan (KMI) in the chart below.

    Consol Energy and KinderMorgan 1 Week Chart

    Consol Energy and KinderMorgan 1 Week Chart

    Pull back the curtain a year and this rally pales in comparison as Consol is down nearly 74% and Kinder Morgan is down more than 60% despite the recent rally. We have highlighted insider purchases in both these names in the past. As is often the case with insiders and value investors, it was a case of “premature accumulation”. Where we go from here is anyone’s guess but the the 9.38% drop in the S&P 500 doesn’t even begin to paint the picture of how much some segments of the market like energy, commodities and young technology companies have dropped in the last six months. For the prudent investor who is willing to put in the time to do detailed bottoms-up analysis, there appear to be interesting opportunities amongst these beaten down names if you can navigate the dangerous currents of value traps masquerading as value stocks.

    Consol Energy and Kinder Morgan 1 Year Chart

    Consol Energy and Kinder Morgan 1 Year Chart

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 9.56. In other words, insiders sold almost 10 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 1.98. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio January 29, 2016

    Insider Sell Buy Ratio January 29, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Kinder Morgan, Inc. (KMI): $16.45

    Director Michael C. Morgan acquired 180,000 shares of this oil & gas pipelines company, paying $14.20 per share for a total amount of $2.56 million. These shares were purchased indirectly by Portcullis Partners, LP.

    You can view the list of recent insider transactions for Kinder Morgan, Inc. here.

    P/E: 117.5 Forward P/E: 20.06 Industry P/E: 18.25
    P/S: 2.37 Price/Book: 0.97 EV/EBITDA: 11.69
    Market Cap: $36.71B Avg. Daily Volume: 43,519,600 52 Week Range: $11.2 – $44.71

    2. Biglari Holdings Inc. (BH): $378.18

    Chairman and CEO Sardar Biglari, acquired 6,949 shares of this restaurant holding company, paying $360.82 per share for a total amount of $2.51 million. These shares were purchased indirectly by The Lion Fund.

    You can view the list of recent insider transactions for Biglari Holdings Inc. here.

    P/E: 1.86 Forward P/E: 29.55 Industry P/E: 22.98
    P/S: 0.82 Price/Book: 1.59 EV/EBITDA: 15.58
    Market Cap: $781.70M Avg. Daily Volume: 4,018 52 Week Range: $321 – $459.43

    3. Legg Mason Inc. (LM): $30.62

    Shares of this asset management holding company were acquired by 6 insiders:

    • Chairman, President & CEO Joseph A. Sullivan acquired 25,000 shares, paying $29.81 per share for a total amount of $745,250. Mr. Sullivan increased his stake by 9.43% to 289,989 shares with this purchase.
    • Exec VP & CFO Peter Nachtwey acquired 20,000 shares, paying $29.92 per share for a total amount of $598,400. Mr. Nachtwey increased his stake by 22.42% to 109,215 shares with this purchase.
    • Director W. Allen Reed acquired 10,000 shares, paying $29.68 per share for a total amount of $296,800. Mr. Reed increased his stake by 29.57% to 43,813 shares with this purchase.
    • Director John V. Murphy acquired 5,000 shares, paying $29.74 per share for a total amount of $148,700. Mr. Murphy increased his stake by 39.35% to 17,707 shares with this purchase.
    • Director Dennis M. Kass acquired 3,500 shares, paying $29.80 per share for a total amount of $104,300. Mr. Kass increased his stake by 16.76% to 24,378 shares with this purchase.
    • Director John H. Myers acquired 2,000 shares, paying $29.77 per share for a total amount of $59,540. Mr. Myers increased his stake by 15.14% to 15,207 shares with this purchase.

    You can view the list of recent insider transactions for Legg Mason Inc. here.

    P/E: 33.76 Forward P/E: 10.97 Industry P/E: 12.77
    P/S: 1.15 Price/Book: 0.71 EV/EBITDA: 5.49
    Market Cap: $3.30B Avg. Daily Volume: 1,364,810 52 Week Range: $29.33 – $59.19

    4. General Electric Company (GE): $29.1

    Senior Vice President Alexander Dimitrief acquired 65,272 shares of General Electric, paying $28.04 per share for a total amount of $1.83 million. These shares were purchased indirectly through a 401(k) Plan.

    You can view the list of recent insider transactions for General Electric Company here.

    P/E: N/A Forward P/E: 16.44 Industry P/E: 17.29
    P/S: 2.34 Price/Book: 2.8 EV/EBITDA: 29.69
    Market Cap: $274.64B Avg. Daily Volume: 90,622,300 52 Week Range: $19.37 – $31.49

    5. KeyCorp. (KEY): $11.16

    Shares of this regional bank were acquired by 9 insiders:

    • Chairman and CEO Beth E. Mooney acquired 20,000 shares, paying $11.22 per share for a total amount of $224,400. Ms. Mooney increased her stake by 4.21% to 494,861 shares with this purchase.
    • Director Charles P. Cooley acquired 15,000 shares, paying $10.95 per share for a total amount of $164,250. Mr. Cooley increased his stake by 300.00% to 20,000 shares with this purchase.
    • Director Alexander M. Cutler acquired 15,000 shares, paying $11.21 per share for a total amount of $168,150. Mr. Cutler increased his stake by 75.00% to 35,000 shares with this purchase.
    • Director William G. Gisel Jr. acquired 13,000 shares, paying $10.86 per share for a total amount of $141,180. Mr. Gisel increased his stake by 265.31% to 17,900 shares with this purchase.
    • Director Ruth Ann Gillis acquired 12,900 shares, paying $11.04 per share for a total amount of $142,416. These shares were purchased indirectly through a trust.
    • Director H. James Dallas acquired 12,900 shares, paying $11.21 per share for a total amount of $144,609. Mr. Dallas increased his stake by 35.24% to 49,508 shares with this purchase.
    • Director Bruce D. Broussard acquired 10,000 shares, paying $10.90 per share for a total amount of $109,000.
    • Director Richard J. Hipple acquired 10,000 shares, paying $11.10 per share for a total amount of $111,000. Mr. Hipple increased his stake by 317.97% to 13,145 shares with this purchase.
    • Director David K. Wilson acquired 4,000 shares, paying $11.01 per share for a total amount of $44,040. Mr. Wilson increased his stake by 266.67% to 5,500 shares with this purchase.

    You can view the list of recent insider transactions for KeyCorp. here.

    P/E: 10.62 Forward P/E: 7.97 Industry P/E: 13.34
    P/S: 2.28 Price/Book: 0.89 EV/EBITDA: N/A
    Market Cap: $9.33B Avg. Daily Volume: 16,844,600 52 Week Range: $10.78 – $15.7

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Costco Wholesale Corporation (COST): $151.12

    Director James D. Sinegal sold 44,125 shares of this warehouse retailer for $151.97, generating $6.71 million from the sale.

    You can view the list of recent insider transactions for Costco Wholesale Corporation here.

    P/E: 28.3 Forward P/E: 24.33 Industry P/E: 24.87
    P/S: 0.56 Price/Book: 6.06 EV/EBITDA: 13.91
    Market Cap: $66.46B Avg. Daily Volume: 2,337,520 52 Week Range: $117.03 – $169.73

    2. salesforce.com, inc. (CRM): $68.06

    Shares of this software-as-a-service (SaaS) provider were sold by 5 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $68.39, generating $4.27 million from the sale.
    • Chief Financial Officer Mark J. Hawkins sold 8,625 shares for $70.00, generating $603,750 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $69.77, generating $348,872 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres., Sales & Cust. Success Maria Martinez sold 3,028 shares for $66.74, generating $202,088 from the sale. 501 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Director John Victor Roos sold 267 shares for $69.96, generating $18,679 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 68.75 Industry P/E: 32.29
    P/S: 6.92 Price/Book: 9.18 EV/EBITDA: 114.8
    Market Cap: $45.19B Avg. Daily Volume: 3,987,970 52 Week Range: $55.45 – $82.9

    3. Douglas Emmett Inc (DEI): $29.58

    Chairman of the Board Dan A. Emmett sold 140,000 shares of this apartment REIT for $27.93, generating $3.91 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Douglas Emmett Inc here.

    P/E: 82.86 Forward P/E: 17.3 Industry P/E: 14.24
    P/S: 6.71 Price/Book: 2.2 EV/EBITDA: 21.13
    Market Cap: $4.34B Avg. Daily Volume: 909,131 52 Week Range: $26.67 – $32.32

    4. Vector Group Ltd. (VGR): $23.32

    Director Bennett S. LeBow sold 100,000 shares of this cigarettes company for $22.65, generating $2.27 million from the sale. These shares were sold indirectly by LeBow Epsilon 2001 Limited Partnership.

    You can view the list of recent insider transactions for Vector Group Ltd. here.

    P/E: 44.67 Forward P/E: 29.15 Industry P/E: 19.16
    P/S: 2.32 Price/Book: N/A EV/EBITDA: 12.35
    Market Cap: $2.86B Avg. Daily Volume: 664,514 52 Week Range: $19.64 – $25.6

    5. Phibro Animal Health Corporation (PAHC): $33.55

    Shares of this diversified animal health and mineral nutrition company were sold by 3 insiders:

    • President and CEO Jack Bendheim sold 39,944 shares for $32.10, generating $1.28 milion from the sale. These shares were sold indirectly by BFI Co., LLC.
    • Chief Operating Officer Gerald K. Carlson sold 12,923 shares for $32.13, generating $415,216 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Sr VP, Human Resources Daniel A. Welch sold 3,000 shares for $32.05, generating $96,150 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Phibro Animal Health Corporation here.

    P/E: 22.35 Forward P/E: 17.75 Industry P/E: 21.31
    P/S: 1.67 Price/Book: 55.33 EV/EBITDA: 15.22
    Market Cap: $1.31B Avg. Daily Volume: 212,502 52 Week Range: $25.77 – $40.54

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – January 22, 2016

    Welcome to edition 292 of Insider Weekends. Insider buying declined last week with insiders buying $56.58 million of stock compared to $66.27 million in the week prior. Selling also decreased with insiders selling $112.27 million of stock last week compared to $212.11 million in the week prior.

    This is lowest level of insider sales we have seen in over four years. The market rebounded last week with the S&P 500 managing to eek out a gain of 1.41% for the week. An 8% bounce in the price of brent crude combined with 6.8% growth in the Chinese economy triggered a rally in stocks. While the 6.8% growth rate was a hair’s breadth below forecasts, the Chinese economy is still growing and at a rate that is more than three times that of most developed economies.

    Volatility as measured by the VIX index also came down and as a friend pointed out yesterday, it did not hit the 40 level we saw last summer. In other words, fear did not permeate investors as it did last summer. Beyond the headline numbers, it is noteworthy that small caps as defined by the Russell 2000 index (RUT) are already in a bear market and so are certain sectors. Markets are known to turn on a dime and this rebound we saw could very well mark the end of the recent correction but I would be pleasantly surprised if that were the case.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 1.98. In other words, insiders sold almost 2 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 3.32. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Wynn Resorts Ltd. (WYNN): $59.17

    Chief Executive Officer Stephen A. Wynn acquired 572,850 shares of this resorts & casinos operator, paying $55.62 per share for a total amount of $31.86 million. These shares were purchased indirectly by Wynn Family Limited Partnership.

    You can view the list of recent insider transactions for Wynn Resorts Ltd. here.

    P/E: 30.83 Forward P/E: 18.49 Industry P/E: 22
    P/S: 1.34 Price/Book: N/A EV/EBITDA: 11.87
    Market Cap: $6.01B Avg. Daily Volume: 4,176,620 52 Week Range: $49.95 – $160.41

    2. Citigroup Inc. (C): $41.06

    Shares of this investment bank were acquired by 2 insiders:

    • Chief Executive Officer Michael Corbat acquired 25,000 shares, paying $41.05 per share for a total amount of $1.03 million. Mr. Corbat increased his stake by 7.03% to 380,765 shares with this purchase.
    • Director Michael E. O’Neill acquired 25,000 shares, paying $41.01 per share for a total amount of $1.03 million. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for Citigroup Inc. here.

    P/E: 7.6 Forward P/E: 6.97 Industry P/E: 10.24
    P/S: 1.71 Price/Book: 0.58 EV/EBITDA: N/A
    Market Cap: $121.26B Avg. Daily Volume: 19,676,900 52 Week Range: $39.44 – $60.95

    3. Biglari Holdings Inc. (BH): $352.65

    Chairman and CEO Sardar Biglari, acquired 3,461 shares of this restaurant holding company, paying $341.05 per share for a total amount of $1.18 million. These shares were purchased indirectly by The Lion Fund.

    You can view the list of recent insider transactions for Biglari Holdings Inc. here.

    P/E: 1.73 Forward P/E: 27.55 Industry P/E: 23.75
    P/S: 0.76 Price/Book: 1.47 EV/EBITDA: 14.78
    Market Cap: $728.93M Avg. Daily Volume: 3,535 52 Week Range: $321 – $459.43

    4. Opko Health, Inc. (OPK): $8.24

    CEO & Chairman Phillip Frost M.D. acquired 187,400 shares of this medical devices and drug development company, paying $7.76 per share for a total amount of $1.45 million. These shares were purchased indirectly by Frost Gamma Investments Trust.

    You can view the list of recent insider transactions for Opko Health, Inc. here.

    P/E: N/A Forward P/E: 274.67 Industry P/E: 24.77
    P/S: 17.7 Price/Book: 2.16 EV/EBITDA: -76.49
    Market Cap: $4.49B Avg. Daily Volume: 4,398,320 52 Week Range: $7.12 – $19.2

    5. JMP Group LLC (JMP): $5.59

    CEO Joseph A. Jolson acquired 87,532 shares of this financial services firm, paying $5.35 per share for a total amount of $468,223. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for JMP Group LLC here.

    P/E: 23 Forward P/E: 8.1 Industry P/E: 14.83
    P/S: 0.71 Price/Book: 0.88 EV/EBITDA: N/A
    Market Cap: $118.54M Avg. Daily Volume: 68,318 52 Week Range: $4.96 – $8.85

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Equinix, Inc. (EQIX): $297.05

    Shares of this data center services provider were sold by 7 insiders:

    • CEO & President Stephen M. Smith sold 11,877 shares for $295.20, generating $3.51 million from the sale.
    • Chief Financial Officer Keith D. Taylor sold 4,546 shares for $295.06, generating $1.34 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Operating Officer Charles J. Meyers sold 3,567 shares for $295.02, generating $1.05 million from the sale.
    • President, Equinix Europe Eric Schwartz sold 3,102 shares for $295.95, generating $918,021 from the sale.
    • Director Peter Van Camp sold 2,092 shares for $295.09, generating $617,329 from the sale.
    • Chief Marketing Officer Sara Baack sold 2,009 shares for $295.24, generating $593,134 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • President, Americas Karl Strohmeyer sold 1,107 shares for $295.03, generating $326,595 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Equinix, Inc. here.

    P/E: N/A Forward P/E: 18.28 Industry P/E: 41.56
    P/S: 6.3 Price/Book: 11.15 EV/EBITDA: 19.36
    Market Cap: $20.43B Avg. Daily Volume: 925,698 52 Week Range: $213.89 – $318.36

    2. salesforce.com, inc. (CRM): $71.55

    Shares of this software-as-a-service (SaaS) provider were sold by 6 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 50,000 shares for $70.25, generating $3.51 million from the sale.
    • EVP, General Counsel Amy E. Weaver sold 7,062 shares for $71.55, generating $505,269 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $71.16, generating $355,796 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres., Sales & Cust. Success Maria Martinez sold 2,500 shares for $71.94, generating $179,850 from the sale.
    • Pres, Applications & Platform Alexandre Dayon sold 887 shares for $70.36, generating $62,409 from the sale.
    • Director John Victor Roos sold 267 shares for $71.94, generating $19,208 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 72.27 Industry P/E: 31.08
    P/S: 7.32 Price/Book: 9.72 EV/EBITDA: 120.6
    Market Cap: $47.51B Avg. Daily Volume: 3,794,100 52 Week Range: $55.45 – $82.9

    3. Alphabet Inc. (GOOG): $725.25

    Director L. John Doerr sold 4,789 shares of Alphabet for $696.12, generating $3.33 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Alphabet Inc. here.

    P/E: 30.57 Forward P/E: 21.21 Industry P/E: 28.86
    P/S: 6.77 Price/Book: 4.18 EV/EBITDA: 18.72
    Market Cap: $498.77B Avg. Daily Volume: 2,086,500 52 Week Range: $499.83 – $779.98

    4. JPMorgan Chase & Co. (JPM): $56.95

    Shares of JP Morgan were sold by 2 insiders:

    • Managing Director Mary E. Erdoes sold 49,349 shares for $55.27, generating $2.72 million from the sale.
    • Managing Director Douglas B. Petno sold 10,566 shares for $55.71, generating $588,584 from the sale.

    You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

    P/E: 9.49 Forward P/E: 8.49 Industry P/E: 10.24
    P/S: 2.26 Price/Book: 0.92 EV/EBITDA: N/A
    Market Cap: $209.61B Avg. Daily Volume: 16,433,100 52 Week Range: $50.07 – $70.61

    5. Etsy, Inc. (ETSY): $7.42

    Director James Breyer sold 474,193 shares of this specialty retailer for $6.76, generating $3.21 million from the sale. These shares were sold indirectly through various trusts and entities.

    You can view the list of recent insider transactions for Etsy, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 16.1
    P/S: 3.1 Price/Book: 2.43 EV/EBITDA: 89.7
    Market Cap: $831.80M Avg. Daily Volume: 1,086,020 52 Week Range: $6.04 – $35.74

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – January 15, 2016

    Welcome to edition 291 of Insider Weekends. Last week we mentioned that the big drop marked the worst start of the year in the history of the S&P 500 index and the trend continued this week. The 9 day drop in the S&P 500 this year is also the worst in history. In isolation, this data point means little and it is hard to extrapolate this performance to the rest of the year. There are many factors that could cause the market to weaken further or recover. Will the fed continue raising rates? Will China’s economy continue to weaken? Will Canada see its real estate bubble pop? Will the U.S. dollar continue to strengthen? Will North Korea continue its chest thumping leading to an arms race between the Koreas? Has the commodities bear market bottomed? Will investors flock to Europe on account of further monetary easing across the pond? Each of these events will have an impact on the direction of  the market but from the vantage point to a six year old bull market, the risk appears to be on the downside.

    Insider buying declined last week with insiders buying $66.27 million of stock compared to $132.61 million in the week prior. Selling also decreased with insiders selling $212.11 million of stock last week compared to $439.57 million in the week prior. This is the lowest amount of insider selling we have seen in over four years.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 3.2. In other words, insiders sold more than 3 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 3.31. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio January 15, 2016

    Insider Sell Buy Ratio January 15, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Conns Inc. (CONN): $13.62

    Shares of this specialty retailer of home appliances were acquired by three insiders:

    • 10% Owner Harriet C. Stephens acquired 120,000 shares, paying $16.76 per share for a total amount of $2.01 billion. These shares were purchased indirectly through a trust.
    • 10% Owner Curtis F. Bradury Jr. acquired 29,399 shares, paying $17.01 per share for a total amount of $500,077.
    • Director Douglas H. Martin acquired 21,077 shares, paying $16.46 per share for a total amount of $347,000. These shares were purchased indirectly through IRA.

    You can view the list of recent insider transactions for Conns Inc. here.

    P/E: 11.07 Forward P/E: 7.02 Industry P/E: 10.21
    P/S: 0.3 Price/Book: 0.81 EV/EBITDA: 14.7
    Market Cap: $439.18M Avg. Daily Volume: 830,946 52 Week Range: $13.18 – $43.95

    2. Tuesday Morning Corporation (TUES): $5.94

    Chief Executive Officer Steven R. Becker acquired 1,055,467 shares of this home products retailer, paying $5.14 per share for a total amount of $5.43 million. These shares were purchased indirectly by Western Family Value, LLC.

    You can view the list of recent insider transactions for Tuesday Morning Corporation here.

    P/E: 24.96 Forward P/E: 14.49 Industry P/E: 25.55
    P/S: 0.28 Price/Book: 1.19 EV/EBITDA: 9.37
    Market Cap: $263.30M Avg. Daily Volume: 618,494 52 Week Range: $4.86 – $21.52

    3. FS Investment Corporation (FSIC): $7.97

    Chief Executive Officer Michael C. Forman acquired 180,611 shares of this business development company, paying $8.33 per share for a total amount of $1.5 million. These shares were purchased indirectly by Franklin Square Holdings, L.P.

    You can view the list of recent insider transactions for FS Investment Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $6.91 – $10.52

    4. American Eagle Outfitters, Inc. (AEO): $14.31

    Exec Chairman & CEO Jay L. Schottenstein acquired 164,257 shares of this apparel chain, paying $13.22 per share for a total amount of $2.17 million. These shares were purchased indirectly by SEI, Inc.

    You can view the list of recent insider transactions for American Eagle Outfitters, Inc. here.

    P/E: 14.17 Forward P/E: 12.34 Industry P/E: 16.03
    P/S: 0.81 Price/Book: 2.34 EV/EBITDA: 5.23
    Market Cap: $2.79B Avg. Daily Volume: 5,847,790 52 Week Range: $13.14 – $18.49

    5. Biglari Holdings Inc. (BH): $336.06

    Chairman and CEO Sardar Biglari, acquired 6,145 shares of this restaurant holding company, paying $335.52 per share for a total amount of $2.06 million. These shares were purchased indirectly by The Lion Fund.

    You can view the list of recent insider transactions for Biglari Holdings Inc. here.

    P/E: 1.65 Forward P/E: 26.25 Industry P/E: 23.14
    P/S: 0.75 Price/Book: 1.44 EV/EBITDA: 14.26
    Market Cap: $694.64M Avg. Daily Volume: 3,387 52 Week Range: $321 – $459.43

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. salesforce.com, inc. (CRM): $70.86

    Shares of this software-as-a-service (SaaS) provider were sold by 4 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $72.73, generating $4.55 million from the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $74.14, generating $370,700 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Craig Conway sold 400 shares for $70.00, generating $28,000 from the sale.
    • Director John Victor Roos sold 267 shares for $73.97, generating $19,750 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 71.58 Industry P/E: 31.08
    P/S: 7.7 Price/Book: 10.21 EV/EBITDA: 119.45
    Market Cap: $47.05B Avg. Daily Volume: 3,614,810 52 Week Range: $55.45 – $82.9

    2. Sempra Energy (SRE): $91.99

    Shares of this gas utility were sold by 2 insiders:

    • Executive VP and CFO Joseph A. Householder sold 23,761 shares for $91.47, generating $2.17 millio from the sale.
    • Senior VP G Joyce Rowland sold 11,428 shares for $88.20, generating $1 million from the sale.

    You can view the list of recent insider transactions for Sempra Energy here.

    P/E: 18.08 Forward P/E: 17.16 Industry P/E: 15.8
    P/S: 2.25 Price/Book: 1.99 EV/EBITDA: 12.18
    Market Cap: $22.83B Avg. Daily Volume: 1,330,390 52 Week Range: $86.72 – $116.21

    3. Synchronoss Technologies, Inc. (SNCR): $30.6

    CEO and Chairman Stephen G. Waldis sold 94,430 shares of this application software company for $30.80, generating $2.91 million from the sale. 31,430 of these shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Synchronoss Technologies, Inc. here.

    P/E: 28.62 Forward P/E: 12.19 Industry P/E: 31.08
    P/S: 2.4 Price/Book: 2.23 EV/EBITDA: 8.51
    Market Cap: $1.35B Avg. Daily Volume: 427,883 52 Week Range: $27.86 – $52.45

    4. Huntington Ingalls Industries, Inc. (HII): $123.65

    Corp VP and CFO Barbara A. Niland sold 20,261 shares of this ship building company for $130.00, generating $2.63 million from the sale.

    You can view the list of recent insider transactions for Huntington Ingalls Industries, Inc. here.

    P/E: 14.85 Forward P/E: 13.18 Industry P/E: 17.4
    P/S: 0.83 Price/Book: 3.96 EV/EBITDA: 6.73
    Market Cap: $5.81B Avg. Daily Volume: 313,073 52 Week Range: $102.76 – $144

    5. Vector Group Ltd. (VGR): $22.78

    Director Bennett S. Lebow sold 100,000 shares of this cigarettes company for $22.93, generating $2.29 million from the sale. These shares were sold indirectly by LeBow Epsilon 2001 Limited Partnership.

    You can view the list of recent insider transactions for Vector Group Ltd. here.

    P/E: 43.64 Forward P/E: 28.48 Industry P/E: 18.57
    P/S: 2.38 Price/Book: N/A EV/EBITDA: 12.1
    Market Cap: $2.79B Avg. Daily Volume: 674,690 52 Week Range: $19.64 – $25.6

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – January 8, 2016

    Welcome to edition 290 of Insider Weekends. In a week that marked the worst start to a year in the history of the S&P 500, insiders stepped up their purchases significantly, buying $132.61 million of stock compared to $42.25 million in the week prior. Selling also increased with insiders selling $439.57 million of stock last week compared to $359.11 million in the week prior.

    With the energy and commodities sector hit the worst, we were not surprised to see a lot of insider purchases in energy companies and companies that provide infrastructure services to the energy sector. We expect to see a larger spike in insider buying once the earnings related quite period ends in a couple of weeks.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 3.31. In other words, insiders sold more than 3 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 8.49. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio January 8, 2016

    Insider Sell Buy Ratio January 8, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Enterprise Products Partners L.P. (EPD): $24.25

    Director Randa Duncan Williams acquired 3,830,256 shares of this independent oil & gas company, paying $26.11 per share for a total amount of $100 million. These shares were purchased indirectly through various trusts.

    You can view the list of recent insider transactions for Enterprise Products Partners L.P. here.

    P/E: 19.25 Forward P/E: 16.96 Industry P/E: 9.22
    P/S: 1.56 Price/Book: 2.4 EV/EBITDA: 14.71
    Market Cap: $48.64B Avg. Daily Volume: 6,388,680 52 Week Range: $20.76 – $36.2

    2. FS Investment Corporation (FSIC): $8.64

    Chief Executive Officer Michael C. Forman acquired 276,164 shares of this business development company, paying $8.76 per share for a total amount of $2.42 million. Mr. Forman increased his stake by 64.90% to 701,719 shares with this purchase. 87,797 of these shares were purchased indirectly by Franklin Square Holdings.

    You can view the list of recent insider transactions for FS Investment Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $6.91 – $10.52

    3. Layne Christensen Company (LAYN): $4.86

    Director Nelson Obus acquired 385,939 shares of this water management, construction and drilling company, paying $5.24 per share for a total amount of $2.02 million. Mr. Obus increased his stake by 73.26% to 912,744 shares with this purchase.

    You can view the list of recent insider transactions for Layne Christensen Company here.

    P/E: N/A Forward P/E: N/A Industry P/E: 12.8
    P/S: 0.12 Price/Book: 0.66 EV/EBITDA: 24.54
    Market Cap: $96.05M Avg. Daily Volume: 171,240 52 Week Range: $3.75 – $10.51

    4. Actuant Corporation (ATU): $22.11

    Shares of this diversified machinery company were acquired by 2 insiders:

    • Executive Vice President – CFO Andrew Lampereur acquired 36,400 shares, paying $23.65 per share for a total amount of $860,892. Mr. Lampereur increased his stake by 10.80% to 373,458 shares with this purchase.
    • EVP-Human Resources Eugene Edward Skogg acquired 25,000 shares, paying $23.79 per share for a total amount of $594,750. Mr. Skogg increased his stake by 49.59% to 75,415 shares with this purchase.

    You can view the list of recent insider transactions for Actuant Corporation here.

    P/E: 127.8 Forward P/E: 13.91 Industry P/E: 19.38
    P/S: 1.11 Price/Book: 2.04 EV/EBITDA: 9.51
    Market Cap: $1.32B Avg. Daily Volume: 771,410 52 Week Range: $17.02 – $25.9

    5. JMP Group LLC (JMP): $5.38

    CEO Joseph A. Jolson acquired 249,725 shares of this financial services firm, paying $5.40 per share for a total amount of $1.35 million. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for JMP Group LLC here.

    P/E: 22.14 Forward P/E: 6.56 Industry P/E: 15.77
    P/S: 0.68 Price/Book: 0.85 EV/EBITDA: N/A
    Market Cap: $114.08M Avg. Daily Volume: 58,710 52 Week Range: $4.96 – $8.85

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. ServiceNow, Inc. (NOW): $78.12

    Shares of this software-as-a-service provider were sold by 2 insiders:

    • Chief Product Officer Frederic B. Luddy sold 204,400 shares for $80.42, generating $16.44 million from the sale. These shares were sold indirectly through a trust.
    • President & CEO Frank Slootman sold 150,000 shares for $83.82, generating $12.57 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 134.69 Industry P/E: 19.62
    P/S: 13.8 Price/Book: 24.35 EV/EBITDA: -105.81
    Market Cap: $12.42B Avg. Daily Volume: 1,323,070 52 Week Range: $62.55 – $91.28

    2. ePlus inc. (PLUS): $92.45

    President and CEO Phillip G. Norton sold 57,750 shares of this IT solutions provider for $92.25, generating $5.33 million from the sale. These shares were sold indirectly by J.A.P. Investment Group, L.P.

    You can view the list of recent insider transactions for ePlus inc. here.

    P/E: 13.84 Forward P/E: 13.02 Industry P/E: 34.56
    P/S: 0.59 Price/Book: 2.28 EV/EBITDA: 8.6
    Market Cap: $691.71M Avg. Daily Volume: 106,219 52 Week Range: $65.12 – $109.33

    3. salesforce.com, inc. (CRM): $73.23

    Shares of this software-as-a-service (SaaS) provider were sold by 3 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $75.68, generating $4.73 million from the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $77.20, generating $386,021 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director John Victor Roos sold 267 shares for $77.07, generating $20,578 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 74.72 Industry P/E: 34.56
    P/S: 7.83 Price/Book: 10.39 EV/EBITDA: 123.39
    Market Cap: $48.62B Avg. Daily Volume: 3,475,250 52 Week Range: $54.95 – $82.9

    4. ARRIS International plc (ARRS): $27.32

    Shares of this media entertainment and data communications solutions provider were sold by 2 insiders:

    • President, North American Sales Timothy R. O’Loughlin sold 119,567 shares for $29.78, generating $3.56 million from the sale.
    • SVP, Chief Information Officer Philip Charles Baldock sold 54,687 shares for $29.07, generating $1.59 million from the sale.

    You can view the list of recent insider transactions for ARRIS International plc here.

    P/E: 15.94 Forward P/E: 9.65 Industry P/E: N/A
    P/S: 0.83 Price/Book: 2.38 EV/EBITDA: 8.37
    Market Cap: $4.01B Avg. Daily Volume: 2,130,960 52 Week Range: $24.46 – $37.5

    5. Las Vegas Sands Corp. (LVS): $39.01

    Shares of this resorts & casinos operator were sold by 2 insiders:

    • President & COO Robert G. Goldstein sold 97,943 shares for $42.25, generating $4.14 million from the sale.
    • Pres & CEO/Marina Bay Sands George Tanasijevich sold 6,341 shares for $43.77, generating $277,533 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Las Vegas Sands Corp. here.

    P/E: 14.03 Forward P/E: 15.54 Industry P/E: 22.92
    P/S: 2.52 Price/Book: 4.48 EV/EBITDA: 9.07
    Market Cap: $31.05B Avg. Daily Volume: 5,331,710 52 Week Range: $36.53 – $61.59

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – January 1, 2016

    Happy New Year and welcome to edition 289 of Insider Weekends. Insider buying decreased last week with insiders buying $42.25 million of stock compared to $60.29 million in the week prior. Selling also decreased with insiders selling $359.11 million of stock last week compared to $522.92 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 8.49. In other words, insiders sold more than 8 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 8.67. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio January 1, 2016

    Insider Sell Buy Ratio January 1, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Prospect Capital Corporation (PSEC): $6.98

    Shares of this business development company were acquired by 2 insiders:

    • Chief Executive Officer John F. Barry acquired 2,061,424 shares, paying $7.26 per share for a total amount of $14.97 million. Mr. Barry increased his stake by 18.89% to 12,971,606 shares with this purchase.
    • Chief Operating Officer Grier M. Eliasek acquired 50,000 shares, paying $7.10 per share for a total amount of $355,000. Mr. Eliasek increased his stake by 8.66% to 627,196 shares with this purchase.

    You can view the list of recent insider transactions for Prospect Capital Corporation here.

    P/E: 8.6 Forward P/E: 6.91 Industry P/E: 14.7
    P/S: 3.15 Price/Book: 0.69 EV/EBITDA: N/A
    Market Cap: $2.48B Avg. Daily Volume: 2,964,430 52 Week Range: $5.3 – $8.85

    2. EXCO Resources Inc. (XCO): $1.24

    Director John C. Wilder Jr. acquired 1,629,144 shares of this independent oil and natural gas company, paying $1.17 per share for a total amount of $1.91 million. These shares were purchased indirectly by Energy Strategic Advisory Services LLC.

    You can view the list of recent insider transactions for EXCO Resources Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 8.83
    P/S: 0.75 Price/Book: N/A EV/EBITDA: 5.93
    Market Cap: $349.86M Avg. Daily Volume: 3,535,930 52 Week Range: $0.48 – $2.54

    3. FS Investment Corporation (FSIC): $8.99

    Chief Executive Officer Michael C. Forman acquired 85,110 shares of this business development company, paying $9.17 per share for a total amount of $780,181. These shares were purchased indirectly through Franklin Square Holdings, L.P.

    You can view the list of recent insider transactions for FS Investment Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $2.18B Avg. Daily Volume: 1,822,397 52 Week Range: $6.91 – $10.52

    4. Layne Christensen Company (LAYN): $5.26

    Shares of this water management, construction and drilling company were acquired by 2 insiders:

    • Director Nelson Obus acquired 191,467 shares, paying $4.91 per share for a total amount of $940,708. Mr. Obus increased his stake by 57.10% to 526,805 shares with this purchase.
    • Chairman, CEO and President David A. Brown acquired 15,000 shares, paying $4.79 per share for a total amount of $71,838. Mr. Brown increased his stake by 42.60% to 50,213 shares with this purchase.

    You can view the list of recent insider transactions for Layne Christensen Company here.

    P/E: N/A Forward P/E: N/A Industry P/E: 13.72
    P/S: 0.13 Price/Book: 0.72 EV/EBITDA: 25.57
    Market Cap: $103.95M Avg. Daily Volume: 163,858 52 Week Range: $3.75 – $10.51

    5. Chimerix, Inc. (CMRX): $8.95

    Shares of this biotech company were acquired by 2 insiders:

    • Director Ernest Mario acquired 125,000 shares, paying $7.09 per share for a total amount of $886,612. Mr. Mario increased his stake by 90.82% to 262,637 shares with this purchase.
    • Director Clarence Patrick Machado acquired 10,000 shares, paying $7.08 per share for a total amount of $70,846.

    You can view the list of recent insider transactions for Chimerix, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 30.68
    P/S: 43.75 Price/Book: 1.04 EV/EBITDA: -1.94
    Market Cap: $413.01M Avg. Daily Volume: 1,688,020 52 Week Range: $6.43 – $58.04

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Palo Alto Networks, Inc. (PANW): $176.14

    Director James J. Goetz sold 110,700 shares of this network security company for $176.23, generating $19.51 million from the sale. These shares were sold indirectly by The Zteog Foundation.

    You can view the list of recent insider transactions for Palo Alto Networks, Inc. here.

    P/E: N/A Forward P/E: 65.24 Industry P/E: 43.77
    P/S: 14.7 Price/Book: 27.92 EV/EBITDA: -136.92
    Market Cap: $15.13B Avg. Daily Volume: 1,544,090 52 Week Range: $117.6 – $200.55

    2. salesforce.com, inc. (CRM): $78.4

    Shares of this software-as-a-service (SaaS) provider were sold by 5 insiders:

    • President and Vice Chairman Keith Block sold 116,606 shares for $77.99, generating $9.09 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $78.69, generating $4.92 million from the sale.
    • Chief Financial Officer Mark J. Hawkins sold 8,624 shares for $77.67, generating $669,824 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres., Sales & Cust. Success Maria Martinez sold 501 shares for $77.66, generating $38,908 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director John Victor Roos sold 267 shares for $78.50, generating $20,960 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 79.19 Industry P/E: 35.02
    P/S: 8.34 Price/Book: 11.06 EV/EBITDA: 131.97
    Market Cap: $52.06B Avg. Daily Volume: 3,495,420 52 Week Range: $54.95 – $82.9

    3. Celgene Corporation (CELG): $119.76

    Shares of this biotech company were sold by 2 insiders:

    • Director Ernest Mario sold 40,000 shares for $119.36, generating $4.77 million from the sale.
    • Director Michael D. Casey sold 20,000 shares for $122.11, generating $2.44 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Celgene Corporation here.

    P/E: 60.12 Forward P/E: 20.97 Industry P/E: 30.68
    P/S: 10.8 Price/Book: 17.67 EV/EBITDA: 35.61
    Market Cap: $94.09B Avg. Daily Volume: 4,873,610 52 Week Range: $92.98 – $140.72

    4. Hawaiian Holdings Inc. (HA): $35.33

    Director Zac Hirzel sold 157,870 shares of this airline company for $37.38, generating $5.9 million from the sale. These shares were sold indirectly by Hirzel Capital.

    You can view the list of recent insider transactions for Hawaiian Holdings Inc. here.

    P/E: 14.36 Forward P/E: 10.04 Industry P/E: 13.45
    P/S: 0.84 Price/Book: 5.16 EV/EBITDA: 5.08
    Market Cap: $1.88B Avg. Daily Volume: 1,248,570 52 Week Range: $18.01 – $40.13

    5. Accenture plc (ACN): $104.5

    Shares of this management and technology consulting company were sold by 2 insiders:

    • Chairman & CEO Pierre Nanterme sold 49,434 shares for $104.16, generating $5.15 million from the sale.
    • Grp Chief Exec-Health & PS Daniel T. London sold 891 shares for $104.99, generating $93,544 from the sale.

    You can view the list of recent insider transactions for Accenture plc here.

    P/E: 22.01 Forward P/E: 18.27 Industry P/E: 19.92
    P/S: 2.13 Price/Book: 11.22 EV/EBITDA: 12.04
    Market Cap: $65.62B Avg. Daily Volume: 2,458,230 52 Week Range: $83.47 – $109.86

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria