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 closeout retailer Tuesday Morning (TUES) jumped 10% today after insider purchases and the hiring of a new CFO.
So what: Jeffrey Boyer, a former 24 Hour Fitness executive, was hired as CFO and chief administrative officer. It was also reported that CEO Michael Rouleau bought 9,768 shares on Thursday and Friday of last week, usually a bullish sign for any company.
Now what: The insider buying is probably more meaningful from an investment perspective, because a CEO has more information than public shareholders, so when one buys, it's usually a good sign. Rouleau did work with Boyer previously at craft retailer Michael's, so his addition brings a lot of experience to management. Right now I'm just not seeing the value in shares after losing money in three of the past four quarters, but watch for a turnaround that it appears management thinks is coming.
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