from briefing.com:
14:50 ET ******
BOOKS-A-MILLION INC (BAMM) 19 9/16 +9 1/2. One thing that the latest run-up in this Birmingham, AL-based book retailer will not be attributed to is a short supply of stock. Daytraders and momentum players have Books-A-Million insiders to thank for the dramatic increase in the company's float. Based on Securities & Exchange Commission filings, BAMM insiders sold well over one million shares at the end of November, in a matter of only 1 1/2 trading sessions. Today, the stock is being propelled by news Books-A-Million is planning to acquire NetCentral Inc, a Nashville, TN-based Internet development and services company. BAMM Acquiring A Genie: NetCentral Inc is the company that was responsible for the redesign of BAMM's web site. It was the announcement of the revamped site that catapulted the stock almost 1000% in late November. The first announcment resulted in a $743 million increase in the value of the company. The latest announcment has, thus far, helped create $166 million in market-cap. Not sure how much BAMM will pay to acquire NetCentral, but you can be sure it won't be anywhere close to $166 million. Foolish Not To Sell: Books-A-Million insiders certainly can't be faulted for dumping their stock. They knew it wasn't worth the $18.66 to $42.31 per share that they were unloading shares and the individuals taking it in stock at these levels were fully aware that the fundamentals did not warrant such a price. And, based on recent registrations to sell shares by more than a dozen affiliates, the children, spouses and other kin of BAMM insiders, they aren't naively holding onto their stakes either.
Name Title Shares Sold Shares Remaining *Proceeds
Charles Anderson Chairman 399,458 2.345 mln $12.28 mln
Clyde Anderson Chief Executive Officer 468,350 1.442 mln $13.72 mln
Joel Anderson Beneficial Owner 352,100 1.73 mln $10.75 mln
Terrence Anderson Director 121,400 488,340 $3.80 mln
Sandra Cochran Chief Financial Officer 69,928 2,000 $2.13 mln
Terrance Finley Vice President 41,398 1,290 $1.27 mln
*Based on average of low selling price/ high selling price.
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