Insider purchases give RadioShack shares a boost
Several RadioShack directors and the company's CFO have given the troubled company's stock a boost by buying up thousands of shares following its big dip last week.
According to filings with the Securities and Exchange Commission, director Robert Abernathy bought 100,000 shares; directors Julie Dobson, Frank Belatti, Jack Messman and Dan Feehan each bought 20,000 shares; and director Edwina Woodbury bought 15,000 shares. And Dorvin Lively, executive vice president and chief financial officer, acquired 25,000 shares.
The purchases were made on July 27, two days after the Fort Worth-based consumer electronics retailer reported a $21 million quarterly loss and announced plans to suspend its dividend.The stock fell 29 percent that day.
The shares were purchases for prices ranging from $2.50 a share to $2.63.
They're already in the black: RadioShack stock (ticker: RSH) was up nearly 15 percent today, to $2.91, on news of the insider investments.
-- Steve Kaskovich