This Politician Has Started Buying Apple Stock
Apple (AAPL:US) stock price closed last week over 7% higher after the softer-than-expected inflation report for October fueled investor hopes that the Federal Reserve may turn away from its ultra-hawkish monetary policy.
Overall, Apple stock is down about 18% year-to-end, somewhere in line with the performance of the U.S. benchmark index S&P 500 (down around 17% YTD). Apple stock has benefited from the relative safe-haven status it enjoys among the investor community despite slowing demand for hardware products.
It seems that Apple shares have an additional fan sitting in the House as the latest round of filings showed Democrat Earl Blumenauer bought $15,000 - $50,000 worth of Apple shares on October 28 in the name of his spouse.
Congressman Blumenauer, the U.S. representative for Oregon's 3rd congressional district since 1995, bought Apple stock when AAPL closed at $155.74, which is about $6 higher than Friday’s closing price.
Elsewhere, Democrat Blumenauer was also buying shares of Verizon Communication Inc (VZ:US) and bonds of Toyota Motor Credit Corp in October while selling shares of AT&T Inc (T:US). The sale of AT&T shares hasn’t been particularly well-timed given that the Congressman exited the trade when the closing price was $15.93 while shares now trade at over $19 per share.
Mr. Blumenauer often trades Tech and Financial stocks, as well as U.S. Treasury Notes and Bills. In April, Congressman Blumenauer disclosed he had invested between $50,000 - $100,000 in U.S. Treasury notes on three occasions in March, his biggest trades of the year. The Congressman sits on the House committee for Ways & Means.
