Looks like our buddy Jay Schottenstein, Chairman of Board of American Eagle, has turned up again gobbling up shares of his own company.  Do a search of American Eagle on this forum and you will be quite impressed with the results and reading material that show up from the last time Mr. Schottenstein started buying shares of his own company.

Here are his most recent purchases:

Aug 22 '07 - 23,900 shares @ $23.00 = $678,488.18
Aug 23 '07 - 122,000 shares @ $24.16 = $2,947,946.98
Sep 7 '07 - 415,400 shares @ $23.97 = $9,957,137.71
Sep 7 '07 - 433,100 shares @ $24.22 = $10,488,729.24

I am a huge fan of insider buying from the head honchos who run the company.  One of my strategies is to find large (>$5 million) insider buying by the heads of the company with their own money along with the company being on the magic formula investing list.  This one fits both...

I am personally going to wait until this stock dips back to the $23.00 mark or below that level.  Last time Jay started buying up shares, the price of the stock plummeted by 10% and then took off.  I will be taking chances with this one for waiting for a good price point but I believe the current pessimism in the market will bring the price of this stock down.  Hopefully it is true... I have my fingers crossed!!