Cracker Barrel Old Country Store, based in Lebanon, Tennessee, operates 660 Cracker Barrel restaurants and gift shops in 44 states, primarily in the Southeast and the Midwest. Founded in 1969, the company has more than 77,000 employees.

Insider buying tends to get more attention than insider selling. Indeed, Peter Lynch famously noted that 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' Up until recently, 2024 was a very good year for equity investors, with all-time highs booked on a regular basis. So as insiders grew increasingly cautious over the past few months, it was easy to assume they were simply taking a little off the top. But about four weeks ago, the caution became more pronounced, and we noted in recent commentaries that 'insiders have increased their selling activity;' and then 'insiders continue to...cash in;' and then insider sentiment is 'deeply into bearish territory.' Finally, last week, we detailed that certain sell/buy ratios from Vickers Stock Research were at their most-bearish levels since February of 2023. So insider caution turned into a bearish stampede. More important (and keeping in mind the words of Peter Lynch) is the following: Are insiders starting to think that prices are again attractive? Not yet. Current insider-sentiment readings from Vickers remain very bearish for a third week, with the action on the NYSE especially bleak. Meanwhile, the Insider Index from Vickers now sits at its most-bearish reading since August of 2021. This will all turn eventually -- and we plan to call it out. But for now, playing defense remains the order of the day it seems. On a sector basis, selling by insiders last week was greatest in Information Technology, with shares valued at $114 million sold versus roughly $19 million bought. Buying outpaced selling in Communication Services. This week, analysts at Vickers highlighted insider transactions of interest at Appian Corp. (NGM: APPN) and The St. Joe Co. (NYSE: JOE)

The second quarter of 2024 was rewarding for equity investors, as the S&P 500 increased another 4% and has gained almost 15% year to date. Growth was the segment leader in 2Q, as the S&P 500 Growth Index advanced approximately 8% in the period while the S&P 500 Value Index declined slightly. Leading sectors included Information Technology and Communication Services, while sectors in the red for the past three months included Real Estate, Materials, Industrials, Financial, and Energy. The average stock in the Argus Universe of Coverage declined 2.4% during the quarter, while the median stock dropped 3.0%. The average BUY-rated stock declined 0.7%, while the average HOLD-rated stock gained 6.7%. Will the rally broaden in 2H24, or will investors keep focusing on Tech and Communications groups? Will small-caps pick up their pace (the Russell 2000 was up 1.8% in 1H24), or is the current bull market rally due for a break, with some profit-taking coming into play? Given declining interest rates, we expect growth stocks to continue to carry the bull market, while the risk of recession puts a premium on clean balance sheets, which are also more prevalent among large-caps. Investors seeking value are encouraged to focus on dividends and look for yields in the 3-4% range. Here are the top 10 performers from the Argus Universe last quarter, including, somewhat surprisingly, representatives of five of the 11 major sectors, as well as the five worst performers.

Cracker Barrel Old Country Store, based in Lebanon, Tennessee, operates 661 Cracker Barrel restaurants and gift shops in 45 states, primarily in the Southeast and the Midwest. With a market cap of about $2 billion, the shares are generally regarded as mid-cap growth. Founded in 1969, the company has more than 70,000 employees.