Market Commentary
Senator Tommy Tuberville Just Stocked up With Two High Value Trades
New filings showed that Alabama Senator Tommy Tuberville made a total of 8 trades in July. While the bulk of these trades was in smaller sizes ($1,000 - $15,000), Tuberville also made two big bets.
The Senator bought shares of Cleveland-Cliffs (CLF: US) for $50,000 - $100,000 on July 18, at an average price of $15.53. Tuberville has already made some serious profits given that shares closed at $19.66 on August 16. Tuberville is an active trader in Cleveland-Cliffs as he made tens and tens of trades since the beginning of last year.
Additionally, the retired college football coach also invested between $100,000 and $250,000 in ChannelAdvisor Corp (ECOM: US), which provides cloud-based e-commerce software. Tuberville made this trade on July 14 with shares trading slightly higher these days.
New trades disclosed by Tuberville come after the Senator made some big investments in June. According to filings published on July 13, Tuberville invested between $250,000 and $500,000 in PayPal (PYPL: US) and Qualcomm (QCOM: US). The latter was a quick trade from Tuberville as he bought shares on June 16 at an average price of $120.82 before exiting 12 days later at $131.60.
Interestingly, Tuberville also sold between $100,000 and $250,000 worth of shares of Berkshire Hathaway (BRK/B: US) in June, after a remarkable run-up in the company’s market valuation. The regulatory filing published on July 13 shows the Senator sold shares of Warren Buffett’s company at an average price of $268.08.
The S&P 500 index is already up 17% from its June lows with many Wall Street strategists warning that the relief rally may be ending soon given the risk of a recession and earnings estimate cuts.