Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at one noteworthy recent insider buy.
At American Express, a filing with the SEC revealed that on Friday, Director Michael J. Angelakis purchased 3,700 shares of AXP, at a cost of $269.89 each, for a total investment of $998,593. Investors are able to pick up AXP even cheaper than Angelakis did, with the stock changing hands as low as $253.85 in trading on Tuesday -- that's 5.9% below Angelakis's purchase price. American Express is trading down about 2.4% on the day Tuesday. This buy marks the first one filed by Angelakis in the past year.
For MarketNewsVideo.com, I'm Sayoko Murase.
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