Yet even more insider buying: Sumner Redstone, Chairman of Viacom and all that stuff, bought over 100,000 shares to add to his already huge (25% + or -) position.
Check out biz.yahoo.com
Rarely have I seen such a massive amount of insider buying.
Caution: Redstone buys for the very long term.
Here's a story about the pre-Redstone buying:
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Midway Games insiders buy stock - Business Week
NEW YORK, Oct 1 (Reuters) - Insiders at Midway Games Inc.(NYSE:MWY - news) have been
buying up the company's stock, which the company's top executive says is a bargain, according to
the Oct. 12 issue of Business Week.
Midway, which makes video games for coin-operated machines and home players, has seen its
stock has been trading around 12, down from last year's high of 26, the magazine said. It closed Thursday at 11-1/4.
''All we can say is the stock as these levels is a bargain,'' Neil Nicastro, chairman and chief executive, told Business Week.
Nicastro bough 100,000 shares in May and June at an average price of 13-1/4 and an additional 20,000 in August when the price dropped to
9-3/4, the magazine said.
Nicastro now owns 433,000 shares, or about 3 percent of the 37 million outstanding.
The company also is repurchasing shares, buying 1 million in August and recently authorizing another 1 million buyback.
Robert Peterson, an analyst with Piper Jaffray, told Business Week he is bullish on the stock, with a 12-month price target of 20, based on his 1999 profit estimate of $1.40 per share.
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Wade |
