U.S. Rep. Thomas Kean Jr. Just Bought Illumina Stock and Sold Nike Stock. Should You Do the Same?

On April 19, U.S. Rep. Thomas Kean Jr., R-N.J., bought shares of Illumina (NASDAQ: ILMN) and sold shares of Nike (NYSE: NKE), according to a May 31 filing. Although it's unclear exactly how many shares were involved in the trades, the amount reported for each transaction was between $1,001 and $15,000. From April 19 through the close of trading yesterday, Illumina stock had fallen 9.1%, and Nike stock was essentially flat, down less than 0.01%. Kean sits on several House committees: Foreign Affairs, Transportation and Infrastructure, and Science, Space, and Technology.

While any individual can sell any stock for any reason, investors may wonder if they should look to buy Illumina shares, while Nike investors may wonder if they should continue holding their shares.

We don't know why Kean made these trades, but regarding Illumina stock, insider buying may have motivated him. In February, Illumina CEO Jacob Thaysen reported several purchases of company stock, a bullish sign. Subsequent to Kean's buy, Illumina, a leader in genetic sequencing, reported a strong start to 2024 when it presented Q1 2024 financial results.

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Source Fool.com