Insider trading

The Surprise About Earnings Surprises @ Google, Apple, Amazon, etc.

$50 Billion(!) Surges & Swoons — in One Stock! The big surprise about this quarter’s earnings surprises? They’re actually a surprise. And how do you know that? By the mammoth moves — both up and down — in the stocks of companies announcing those earnings immediately afterwards. If you’re not keeping score, here’s the roster...
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“Record Insider Trading Penalty?” Or Slap on Wrist?

The Wall Street Journal’s Headline — and Mine According to The Wall Street Journal, the Securities and Exchange Commission just nailed hedge fund SAC Capital with the biggest-ever fine for insider trading — $616 million, to be exact. Here’s The Journal’s headline: “SAC Hit With Record Insider Penalty” —The Wall Street Journal; March 15, 2013...
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The Cockamamie Case FOR Insider Trading

“Victimless” Insider Trading?  Really, Mr. Jenkins?? It’s hard to take seriously Wall Street Journal columnist Holman Jenkins’ latest broadside against prosecuting insider trading when it contains whoppers like this one: “Whoever was a buyer when SAC Capital was selling would have been a buyer anyway, whether SAC’s motive in selling was inside information or the maundering of...
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Term Limits, Redux

Second Time the Charm? The last time the public was this disgusted with Congress, term limits got a serious hearing. Then — as best I can recall — Bill Clinton got elected President, the economy picked up . . . and the issue just sort of faded away. Fast forward 20 years or so. Reading...
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“Victimless” Insider Trading

Can You Say, “Tautology?” How About “Specious Reasoning?”  It’s hard to find a victim of [insider trading] because for every buyer of a stock there is a willing seller. –“The Fall of Raj”; The Wall Street Journal (5/12/2010) So that’s the Journal’s argument against insider trading laws? Namely, that no one is harmed because in...
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Insider Trading: Alive & Well on Wall Street

Two Tales, Both Stinky*  ConAgra Offers to Acquire Ralcorp for About $4.9 Billion –headline, Bloomberg.com (5/4/2011) It’s hardly unusual for the target of a corporate acquisition to jump in price:  such deals often occur at premiums, and can occasionally trigger bidding wars, further goosing the target’s stock price. So, what’s the big deal about Ralcorp...
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