Shares of Reddy Ice Holdings Inc. jumped Thursday after the country's biggest packaged ice maker said five executives, including its CEO and CFO, had set up or extended a prearranged plan to buy company stock.
The arrangement, filed under SEC Rule 10b5-1, allows corporate insiders of publicly traded companies to buy and sell stock according to a preset plan or algorithm that includes the transaction dates and amounts. The measure allows company executives to buy or sell stock despite subsequently learning about nonpublic information that could affect the stock price. It allows company insiders to trade their stock without running into trouble over the SEC's insider trading prohibitions.
Shares rose $1.01, or 26.5 percent, to $4.69 in afternoon trading, trading on more than eight times normal volume. The shares have more than tripled this year.
About Stock Einstein
StockEinstein uses proprietary technologies coupled with years of experience to uncover stocks we feel have the greatest potential for breakout performance. We utilize not only software, but time tested criteria to uncover these potential winners. When these benchmarks are reached or exceeded, our subscribers are immediately notified.
This service is free and available only to subscribers. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
Disclaimer: Full disclaimer at http://StockEinsteain.com/disclaimer.php
IMPORTANT: Never invest in any stock featured in any press release, email or website unless you can afford the loss of your entire investment. Stocks and particularly penny stocks have the possibility for dramatic gains, and also losses. Neither StockEinsteain, nor any of its affiliates are registered investment advisors or broker dealers.
