Why TrueCar's Shares are Up -- Yes, Up -- Today

Shares of online car-shopping service TrueCar (NASDAQ: TRUE) were rising at mid-day on Monday despite a dramatic market sell-off, after the company disclosed in an SEC filing that its new CEO recently bought 100,000 shares. 

As of 12:15 p.m. EDT, TrueCar's shares were up about 7% from Friday's closing price.

In a bold gesture of confidence in TrueCar's prospects, new CEO Mike Darrow bought 100,000 shares of the company last week, paying an average price of $2.3257 per share, according to an SEC filing made by TrueCar late on Friday.

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Source Fool.com