Sears Holdings (SHLD) Up on Insider Buying, But is it Really Just a Wash?
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Shares of Sears Holdings Corporation (Nasdaq: SHLD) are ramping higher early Thursday after majority owner and hedge fund manger Eddie Lampert disclosed the purchase of 2,399,824 shares on September 4 at $52.75.
While the purchases appear to be a vote of confidence from the hedge fund titan, they could be nothing more than to offset selling from index funds after the stock was removed from the S&P 500 recently.
After the close of trading on Tuesday, September 4, Sears was replaced in the iconic index by LyondellBasell Industries NV (NYSE: LYB). S&P said Sears' public float has been well below the 50% threshold for inclusion for an extended period of time and is no longer considered representative of the index.
Shares of Sears are up 6 percent.
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While the purchases appear to be a vote of confidence from the hedge fund titan, they could be nothing more than to offset selling from index funds after the stock was removed from the S&P 500 recently.
After the close of trading on Tuesday, September 4, Sears was replaced in the iconic index by LyondellBasell Industries NV (NYSE: LYB). S&P said Sears' public float has been well below the 50% threshold for inclusion for an extended period of time and is no longer considered representative of the index.
Shares of Sears are up 6 percent.
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