Why American Eagle Outfitters Stock Soared Today
One of the more encouraging moves a publicly traded company's managers can make is to buy stock in their own business. That was the dynamic behind the 4%-plus stock pop of retailer American Eagle Outfitters (NYSE: AEO) on Wednesday.
Not one but two members of American Eagle's board have loaded up on American Eagle stock. According to a regulatory filing made public late Tuesday, Noel Spiegel divulged that he purchased 20,000 of American Eagle's common shares at a price of $12 apiece last Friday. His fellow board member David Sable picked up 1,000 of the same shares, paying just over $11.77 apiece for the privilege on Tuesday.
Both men were reelected to their positions at the company's latest annual general meeting, which was held last week.
Source Fool.com
