Barron's Discusses Insider Buying at Seagate Technology (STX)
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Barron's Online discussed recent insider buying from Seagate Technology's (NYSE: STX) CEO Stephen Luczo. Luczo recently bought 1 million shares of the stock, as StreetInsider pointed out here and here.
Barron's talked to StreetInsider.com's President Lon Juricic about the buying. Lon notes that Luczo's confidence is especially heartening, given the current climate. Lon said, "Luczo shows serious conviction by buying one million shares. Although the dollar value may not be very big, it's interesting because this doesn't look like a token buy." But Lon says questions remain about Seagate's performance going forward. Lon continued, "His last purchase [at the end of January] was good timing. There will be a lot more struggles in the tech industry before things get better. However, we could be bouncing off the bottom right now and this buy could prove to be [a] genius [move]."
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