Why Entercom Communications Stock Is Jumping 12% Today
Shares of Entercom Communications (NYSE: ETM) are up over 12% in midday trading Thursday after the radio broadcaster said its CEO was buying up stock. While it wasn't nearly as much as Entercom's chairman emeritus purchased earlier this year when he scooped up some 1.2 million shares, CEO David Field's purchase of over 122,000 at prices ranging between $1.55 and $1.66 per share was a bullish sign for investors. Investing legend Peter Lynch once noted that insiders can sell their stock for any number of reasons, but they typically buy it for only one reason: They think it's going to go up.
