The Hill Report · US edition · no. 2
A thin Congress sells Big Tech and buys Goldman Sachs
Two filers moved much of the money: a House member sold Apple Inc., Microsoft and Costco, and a Senate filer bought Goldman Sachs. Insiders sold $1.0bn as technology fell, less of it under preset plans.
In brief
- Members of Congress and officials disclosed $1.5mn of net selling. The House sold technology and Costco, while a Senate filer bought Goldman Sachs for $925,000.
- Two filers explain most of it: Pete Sessions, whose sales were traded on one day in October, and Dave McCormick, whose purchases went into one bank. That is not a trend.
- Most shares members sold have beaten the S&P 500 since. Rough fair-value checks still rate Costco, Microsoft and Apple Inc. richly priced, while Goldman trades at 11.8 times earnings.
- Company insiders sold $1.0bn, leaving $861.0mn of net selling, and only 34 per cent of their sales ran under preset plans.
- Four of the last report's five expectations held, and the Williams Companies call missed. This edition expects more net selling, Goldman beating the market and Amphenol trailing it.
Net by sector
Net buying or selling by members of Congress and officials in each sector