Iron Mountain shares are trading higher after the company announced plans to become a REIT.
Each week at Forbes we scan our database of corporate insiders to see who got richer from the action in the stock market. This past week was a good one, if only?in that investors and insiders?didn?t get?absolutely hosed.?The Dow was up 0.7% week over week in early trading on Friday, with the S&P 500 and NASDAQ each?posting gains of roughly?half a percent?over the same period. June, however, shows little sign of being any better than May, as last month?s jobs report disappointed?and ?Helicopter Ben? Bernanke has yet to announce plans to further devalue the American currency. Here, some of the insiders that managed to?beat the market this week:
Old School Mountaineer
Vincent J. Ryan launched Boston-based Schooner Capital LLC?in 1971 as a vehicle through which to invest his personal capital. With no limited partners or outside investors, the outfit counts only Ryan and members of his family amongst its shareholders. Via Schooner, the Boston University graduate took over a small document storage operation in the late 1970s called Iron Mountain. The company, which?had only one location and less than 100 employees at the time, was?named for the defunct iron ore mine in upstate New York?s Catskill Mountains where client documents were originally stored. Today, Iron Mountain is a $5.58 billion global?information management behemoth that?did?over $3 billion in sales last year. As for Ryan, he maintains control over nearly 10% of the company. The value of his 15.8 million Iron Mountain shares is up 13.6% week over week after an announcement on Tuesday?that firm will convert to a REIT.?According to?Iron Mountain?s?Tim Aldrich, ?the decision to become a REIT aligns with Iron Mountain?s operational goals, while providing the company with a tax election that will?increase distributable income?returned to shareholders.??Ryan?s stake in the company is currently worth $505.2 million, $60.5 million more than a week ago.
Thank You, Scientist
Sunnydale, CA?s Pharmacyclics, Inc. makes drugs that combat cancer. Currently the firm has three drugs in the clinical development stage, all of which are ?synthetic small-molecules designed to target key biochemical pathways involved in human diseases with critical unmet needs.? These small-molecules function as enzyme inhibitors,?designed to block?the action of various naturally occurring?enzymes that catalyze the rapid growth and?spread?of?specific cancers, from lymphoma to pancreatic cancer. The company inked a deal with Johnson & Johnson in December 2011,?in which?the industry giant paid Pharmacyclics $150 million upfront for the rights to market ibrutinib, or PCI-32765, internationally, and signed on to finance 60% of the cost of fully developing the ?orally administered, selective, and irreversible BTK inhibitor? that is being currently being investigated in patients with leukemia and lymphoma. On Monday Pharmacyclics announced promising results from three trials of PCI-32765 at the annual meeting of the American Society of Clinical Oncology. The announcement was followed by a??buy? rating on the stock?from Brean Murray, Carret & Co. and an increased price target of $55 per share from Wedbush. Chairman and CEO Robert Duggan?s 14 million shares are now?worth $507.8 million thanks to?the resulting 17.5% pop, an increase of $75.5 million over last Friday.
The Really Rich In Real-Time
Equities started the day in the red but?ultimately closed?the first week of June on a strong note, with all three major indices up over 0.75% on the session. Of the 50 billionaires Forbes tracks in real time, even Mark Zuckerberg managed to make?money today. The Facebook founder was up 2.97% as his company managed a rare win, adding $378.82 million to his net worth on the day. The only billionaires that outdid Zuckerberg on Friday?were the?members of?the formidable?Walton clan of Arkansas. The value of?Christy, Jim, Alice and S. Robson?s?combined stake rose 3.57% on news that South American unit Wal-Mart de Mexico?s sales rose 10.2% in May over the same month in the year prior. Together, the four Waltons? Wal-Mart holdings gained $3.07 billion on?Friday to $89.25 billion. Also enjoying a positive performance was former Best Buy chairman Richard Schulze. The founder of the struggling big?box?electronics retailer logged at $29.54 million gain on his Best Buy stake in his debut on the Forbes Real-Time Billionaires list. Schulze replaced Ubiquiti Networks founder Robert Pera on the list after Ubiquiti shares took a?curious nosedive; the stock is down 62.5% since May 1.
Click here to see who got rich last week.
Reflects changes from the market open on Friday?June 1?through the open on Friday June 8, 2012.
Thanks to Scott DeCarlo for building and maintaining our insider database screen.
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