Stock of the Day
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Martha Stewart Living Omnimedia (MSO)
Martha Stewart Sells About $8 Million Worth of Martha Stewart Living Omnimedia.
The company rose 70% between November 9th and December 28nd when it closed at $30.94. The company rallied after a series of events made investors feel more confident that the company would rebound to return to profitability. On November 17th Kmart, whose stores sell Martha Stewart's home décor items agreed to buy Sears for $11 billion. Also, on December 8th, shares of MSO gained ground after the company said Stewart would star in a live daytime television show next fall after her release.
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But the company's insiders are selling. Since mid November, insiders have sold more than 4 million shares for about $90 million according to the Wall Street Journal. Martha Stewart and Sharon Patrick, former Chief Executive among them.
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Martha Stewart sold about $8 million worth of MSO shares this week. She sold just about 300,000 shares of Class A common stock on Tuesday. This action leaves Stewart with 5,100 shares remaining; according to the SEC. Stewart is still the controlling shareholder through the ownership of special voting stock.
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Some Analysts from the Wall Street Journal believe that MSO shares are overvalued and have been warning investors for months. And they believe that insiders are gathering gains as the company's share prices just reached a four-year high.
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Profile |
Martha Stewart Living Omnimedia is a leading creator of original "how to" content and related products for homemakers and other consumers. The company leverages the well-known "Martha Stewart" brand name across a broad range of media and retail outlets, providing consumers with the "how to" ideas, products and other resources they need to raise the quality of living in and around their homes.
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