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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of engineering company McDermott International (NYSE: MDR ) jumped 10% today after the CEO made a big bet on the company.
So what: When an insider buys shares of a company on the open market, it's a very bullish sign to investors, and purchases disclosed were a flashing "buy" signal for investors. CEO Stephen Johnson bought 102,368 shares and three other insiders bought a total of 175,000 shares -- huge personal bets on the company.
Now what: We don't know whether these insiders are thinking that shares are undervalued or they know something we don't, but a bet with their own money is big for investors. Even after the jump, shares are trading at 9 times forward earnings so there's still some value to be had. I think this is very bullish for the long term, and I believe shares can still move higher from here.
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