Monster (MWW) Executives Show Confidence and Buy the Stock
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Executives at Monster Worldwide (NYSE: MWW) are sending a clear message to the market Tuesday: "Rumors of our death have been greatly exaggerated."
Three insiders at the online jobs site disclosed major stock purchases made earlier near the lows of the session.
CEO Sal Iannuzzi disclosed the purchase 50,000 shares at $8.17. Mr. Iannuzzi's last purchase was in February 2009 at $6.80/share for a nice gain.
In addition to Iannuzzi, CFO James Langrock bought 12,237 shares and Executive Vice President Timothy Yates bought 25,000 shares. These purchase were also made at the $8.17 per share level.
With LinkenIn (Nasdaq: LNKD) and Facebook seemingly encroaching on Monster Worldwide's turf, shares of Monster have seen better days. However, the insider buying has sparked a rally in the stock. Share are now up 9.5 percent midday to $8.94. The stock opened flat and had even traded in negative territory just shortly after the bell.
Three insiders at the online jobs site disclosed major stock purchases made earlier near the lows of the session.
CEO Sal Iannuzzi disclosed the purchase 50,000 shares at $8.17. Mr. Iannuzzi's last purchase was in February 2009 at $6.80/share for a nice gain.
In addition to Iannuzzi, CFO James Langrock bought 12,237 shares and Executive Vice President Timothy Yates bought 25,000 shares. These purchase were also made at the $8.17 per share level.
With LinkenIn (Nasdaq: LNKD) and Facebook seemingly encroaching on Monster Worldwide's turf, shares of Monster have seen better days. However, the insider buying has sparked a rally in the stock. Share are now up 9.5 percent midday to $8.94. The stock opened flat and had even traded in negative territory just shortly after the bell.
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