Why VF Corp Stock Trounced the Market on Tuesday
Investors would have done well placing retail brand conglomerate VF Corp (NYSE: VFC) in their shopping carts on Tuesday. The company, which owns familiar brands such as Vans, The North Face, and Timberland, saw investors load up on its stock after a member of the board of directors did so. Ultimately, the shares closed 10% higher in price -- more than good enough to top the S&P 500 index's 1.9% rise.
The purchasing party was Matthew Shattock, VF Corp disclosed in a regulatory filing published after market hours on Monday. Shattock purchased 20,000 shares of the company's common stock at a price of just over $14.58 apiece, for a total outlay of $291,600.
While that's only a drop in the bucket considering VF Corp has nearly 389 million shares outstanding, it's a vote of confidence in the company's business. It's little wonder that the market took it as a good sign, and followed Shattock's lead.
Source Fool.com
