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 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.
Interested in more info on Tuesday Morning? Add it to your watchlist by clicking here.
The article Why Tuesday Morning's Shares Popped on Tuesday originally appeared on Fool.com.
Fool contributor Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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