Autos insider buys Wednesday, May 14, 2008
Posted by fmdm in US Traded Stocks.trackback
We were taking a look at the latest insider activity on the MSN lists: here. And it looks like automotive executives keep on putting their money on the table - once again, Autozone (AZO) and Autonation (AN) are on the top 10 list…
…well, not really all automotive executives. A closer look reveals that it’s Lampert that keeps on increasing his stake in these two companies: he now ownes 38,7% of Autonation and 31% of Autozone.
He stepped down from AutoNation’s board in May to devote more time to his hedge fund, ESL Investments Inc., and Sears (which we all know needs it!) and it is exactly through ESL that he is making purchases… he must be pretty sure of his bet!
Let’s see how this plays out.
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Very interesting data. I just hope Lampert is as comitted to the rest of stock holders as he was to the Citi stock holders when he announced his huge C accumulation position. Is he still in charge of merchandizing at SHLD? How is Sears doing? People needs dryers these days. With the gas price going up and up, more and more people will be driving to work alone instead of car pooling. Credit card debts are exploding and defaults surging, it is time for them to buy more new cards. In fact, it is the perfect time to INCREASE THE DRIVING MILES OF YOUR >7 YEAR CAR AND TO BUY A NEW CAR AT THE SAME TIME, NOW. Thus, it explains the action of buying AN and AZO at the same time. I am with you.