Have we hit bottom yet?

Nov 17, 2008 8:27 PM

by Ray Poirier | That’s the question investors have been asking as the market demonstrates volatility that mimics the ups and downs of the elevators in New York’s Empire State building.

The answer may have shown up, inadvertently, at the conclusion of this week’s The Gaming Industry Weekly Report published by Alan Woinski.

Traditionally, Woinski ends his missive with a list of insider trades made by executives of major gaming companies. Usually these refer to insiders who have been awarded stock options by their companies and have decided to sell them.

For the first time in many months (maybe years), this week’s newsletter ended with five insider trades, that were ALL BUYS.

Included were: Peter Thomas, a director of Boyd Gaming Corp., who bought 2,000 shares at prices ranging from $4.70 to $5.20; Richard Duchossois, director of Churchill Downs (and its largest single stockholder) who bought 14,600 shares at $32.06; Melvin Wolzinger, director of MGM MIRAGE Inc., who bought 3,000 shares at prices ranging from $10 to $13.45; John Giovenco, a director of Pinnacle Entertainment Inc. and the former CEO of Hilton Hotels Inc., who bought 5,000 shares at $5.77, and Barry Schwartz, a director of Scientific Games Corp., who bought 5,000 shares at $16.56.

Are they trying to tell us something?