Really interesting podcast with a global shipping map CEO

[sekker]

Altana CEO

Worth listening to in its entirety.

Here's the transcript.

https://www.theverge.com/decoder-podcast...-interview

[Speedy]

https://sherwood.news/markets/huntington...ck-bought/

Three directors of Huntington Ingalls Industries, one of America’s largest military shipbuilders, hadn’t bought a penny’s worth of company stock in years. But last month, just ahead of Trump’s State of the Union address, which included a surprise promise to “resurrect” the US shipbuilding industry, the three directors decided to place buy orders. Sherwood News Senior Markets Correspondent Matt Phillips investigated the timing of their buys.

There are no records of Huntington Ingalls’ chairman, retired US Navy Admiral Kirkland H. Donald, a director since 2017, or John K. Welch, a director since 2015, purchasing Huntington stock on the open market in recent history. The last purchase by Thomas C. Schievelbein, a director since 2011, occurred in March 2020 during the sharp sell-off in the market because of COVID-19.

Then Schievelbein, Welch, and Donald bought shares of Huntington Ingalls on February 13, February 26, and February 27, respectively. On the evening of March 4, Trump made his shipbuilding proclamation, catalyzing a 12.4% spike in Huntington Ingalls shares the next day. That was the single best day for the company’s stock since it went public in 2011.

The nearly 3,700 shares the directors bought went up in value by more than $90,000 that day, and as of Friday’s trading, they’ve gained another $10,000 in value. No SEC filings indicate that the board members have sold shares since those purchases.
THE TAKEAWAY
Sherwood spoke to Daniel Taylor, a professor at the University of Pennsylvania’s Wharton School who studies trading by corporate insiders. Taylor reviewed SEC records related to the trades and described the transactions as “very unusual.”

“The timing of these trades in a major shipbuilder, by members of the board of that shipbuilder, less than one week before the president announces a new shipbuilding initiative is highly suspicious,” he said.

[Acer]

Reminder that Martha Stewart went to jail when she "avoided a loss of $45,673 by selling all 3,928 shares of her ImClone Systems stock on December 27, 2001, after receiving material, nonpublic information from Peter Bacanovic, her broker at Merrill Lynch." Wikipedia

[Todd's keyboard]

Didn't Ms. Stewart go to jail for lying about the transaction to authorities?

T's kb

[Acer]

Todd's keyboard wrote:
Didn't Ms. Stewart go to jail for lying about the transaction to authorities?

T's kb

Yes. In her case, the SEC was asking questions. About a relatively small potatoes sale. Will the SEC ask these guys questions on their remarkable foresight?

[sekker]

As I'm sure everyone who posted here knows, there was no Martha in the podcast.

I think it's worth a listen to nonetheless!