Top insider trades (Wed, Jan 28)

Connor’s Commentary

There were 77 new insider trades filed.

One new insider trade was flagged as High Signal (and it was added to CEO Watcher Portfolio). CEO Watcher Premium subs can see those in the Trade Notes section of this email or the CEO Watcher Premium Dashboard that is linked in the Data Dump section.

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

• A director at Mirum Pharma (MIRM) was able to buy $9M of the stock at $68 while the stock currently trades for $96. Good gig if you can get it

• Portfolio Manager at BlackRock Science & Technology Trust (BST) bought $651k of the stock (4th largest purchase, out of 15)

• CFO at Intel (INTC) bought $250k after the 17% earnings dip. First purchase in almost 3 years.

• A director at Texas Capital Bancshares (TCBI) is buying $97k of the stock near all-time highs

• Five execs at SLB Limited (SLB) sold a combined $7.8M of the stock. It looks like they all sold stock last January as well, so it may just be a yearly thing they do

• A couple of days after a Director bought $8M of Micron (MU), the EVP of Global Operations decides to dump $10.4M

• Less than two weeks after selling $11M of AutoZone (AZO), the same Sr VP dumps $22M of the stock (largest sale ever, out of 13).

• 4 insiders at Goldman Sachs (GS) combined to sell $81M of the stock after its 47% rise in the last year. Looks like a group of insiders sold last January too, so it may just be a yearly sale they do

• and more…

Commentary

Intel (INTC) is on everyone’s radar this morning after the CFO bought $250k of the stock, and a rumor came out that Intel and Nvidia are going to work together (link).

The timing couldn’t have been more fortunate for us because the real-time trade alert for the Intel CFO insider purchase came in at 4:29pm, when the stock price was around $44.

Then the DigiTimes article started circulating on X about 1.5 hours later.

These two pieces of news combined to give the stock a nice little 5% pop in the after-hours.

Intel is an interesting stock because I think the management team there is being way too conservative. They, and their supporters, blame low yields as the reason why they can’t meet demand (which caused subpar earnings).

However, over the last year, the management team decided to cut costs, including shutting down expensive tools used to make older data center CPUs.

In the back half of 2025, OpenAI, AWS, and Google placed orders for those CPUs that couldn’t be fulfilled because Intel had shut down its manufacturing capacity.

According to the Journal (and seemingly supported by Stacy Rasgon), Intel should’ve known about this demand. Regardless, they have the backing of the US government, which brings with it a ton of demand. Choosing to be conservative and risk not meeting demand seems like the wrong strategic decision for a company that desperately needs customers to catch up to TSMC (which is also capacity constrained because it is being conservative).

With all that being said, the CFO stepping in to buy the post-earnings dip (historically a great signal) + Trump backing + hot sector + the potential of more deals still makes this a pretty interesting setup.

I share my rating + notes on this insider trade with the CEO Watcher Premium subs in the Trade Notes section of this email.

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

keep scrolling. top trades + all of the charts and data below

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