Fox (FOXA) insider buying and selling
Every Table I transaction reported by directors and officers of S&P 500 companies on SEC Form 4 filings (2 business days to file): each row labeled with its official transaction code, nothing filtered out beforehand.
Open-market purchases (code P) are the rare signal, in green; sales (code S) are common and often pre-scheduled (10b5-1). Table II (derivatives) is not included: its prices are exercise prices, not market values. Guide: insider buying.
| Date | Ticker | Insider | Role | Shares | Price | Amount | % of stake | Type / filing |
|---|
Download these transactions as CSV No account, no sign-up. The data is public: it comes from SEC Form 4 filings.
Fox Corporation (FOXA) insider buying and selling: 3 purchases, 12 sales
53 Form 4 Table I transactions filed with the SEC by Fox Corporation insiders between 2025-09-09 and 2026-10-02 (15-month history): 3 open-market purchases and 12 sales, plus 38 transactions under other Form 4 codes, broken down one by one below. The largest open-market trade is a sale of $2.06B by Mft Sh Family Trust, Em 2025 Family Trust, Macleod Family Discretionary Trust on 2025-09-10.
Fox insider buying and selling over the last 12 months
Between Oct 21, 2025 and Oct 20, 2026, Fox insiders filed 1 purchase worth $10.6M and 10 sales worth $121.4M on the open market. The net balance is on the sell side: $110.7M more sold than bought.
The biggest buyer was Murdoch Lachlan K (Executive Chair, CEO): $10.6M in 1 purchase, the only buyer. The biggest seller was Murdoch Lachlan K (Executive Chair, CEO): $65.4M in 3 sales, out of 6 different sellers.
The largest trade of the period was a sale of $37.1M on Mar 13, 2026, by Murdoch Lachlan K (Executive Chair, CEO), under a 10b5-1 plan. Form 4 on sec.gov (0001628280-26-017855).
Of the 10 sales, 5 (50%, $91.9M) carry the 10b5-1 plan flag on the Form 4, meaning they were scheduled months ahead; the other 5 do not. The only purchase was also scheduled under a 10b5-1 plan.
The latest purchase is from Mar 13, 2026; the latest sale from Mar 13, 2026.
Against its sector (Communication Services, 19 companies with an insider page on this site), over the same dates the median is 12 sales and 0 purchases on the open market. Fox has more sales than 8 of the other 18, ranks 8 of 19 by net dollars sold, and 8 of the 19 have at least one purchase, Fox included.
The 20 most important trades
The 3 open-market purchases first, then the rest, each type from largest to smallest. The full history is in the tool above, already searched.
See all 53 FOXA trades in the full history →
| Trade date | Filed | Insider | Role | Amount | Code | Filing |
|---|---|---|---|---|---|---|
| 2026-03-13 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $10.6M | P — Open-market purchase (scheduled 10b5-1) Indirect holding, through: By LKM Family Trust 2 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F11 The reporting person sold the reported securities to the LKM Family Trust, which is administered by an independent trustee for the benefit of the reporting person, his immediate family members and certain charitable organizations. | SEC |
| 2025-09-10 | 2025-09-12 | Lgc Holdco, Llc | 10% Owner | P — Open-market purchaseForm 4 footnoteF1 On September 10, 2025, in a series of transactions, LGC Holdco, LLC acquired from three trusts, one for the benefit of each of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and their respective descendants and charitable organizations, 9,498 shares of Class A common stock, par value $0.01 per share, of the Issuer and 34,268,895 shares of Class B common stock, par value $0.01 per share, of the Issuer, along with 7,125 shares of Class A common stock and 24,256,641 shares of Class B common stock of News Corporation, for an aggregate purchase price of approximately $1,990 million. | SEC | |
| 2025-09-10 | 2025-09-12 | Lgc Holdco, Llc | 10% Owner | P — Open-market purchaseForm 4 footnoteF1 On September 10, 2025, in a series of transactions, LGC Holdco, LLC acquired from three trusts, one for the benefit of each of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and their respective descendants and charitable organizations, 9,498 shares of Class A common stock, par value $0.01 per share, of the Issuer and 34,268,895 shares of Class B common stock, par value $0.01 per share, of the Issuer, along with 7,125 shares of Class A common stock and 24,256,641 shares of Class B common stock of News Corporation, for an aggregate purchase price of approximately $1,990 million. | SEC | |
| 2025-09-10 | 2025-09-10 | Mft Sh Family Trust, Em 2025 Family Trust, Macleod Family Discretionary Trust | 10% Owner | $2.06B | S — Open-market sale6 Form 4 footnotesF2 Consists of 11,422,965 shares of class B common stock of the issuer ("Class B Shares") sold by each of the Reporting Persons. F4 As a result of certain agreements entered into by and among the Reporting Persons and certain other stockholders of the issuer, the Reporting Persons may be deemed members of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934 and may be deemed to share beneficial ownership of the shares of class A common stock and class B common stock reported herein (the "Shares"). Each of the Reporting Persons disclaims beneficial ownership of any such Shares, except to the extent of its respective pecuniary interest therein. F5 Each of the Reporting Persons is a trust established by the trustee of the Mudoch Family Trust (the "MFT") for the benefit of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and his or her respective descendants and charitable organizations. F6 On September 6, 2025, the MFT transferred (i) approximately 50% of the Class A Shares and 50% of the Class B Shares held by the MFT to the Reporting Persons and (ii) the remaining Class A Shares and Class B Shares held by the MFT to three trusts for the benefit of each of Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch and their respective descendants and charitable organizations. On September 10, 2025, the Reporting Persons sold a total of (i) 16,835,016 Class B Shares in an underwritten offering (the "Underwritten Offering") and (ii) 9,498 Class A Shares and 34,268,895 Class B Shares in a series of transactions where they were ultimately acquired by LGC Holdco, LLC (the "Purchase"). F7 As a result of the Underwritten Offering and the Purchase, none of the Reporting Persons have any interest, directly or indirectly, in the issuer. F3 Consists of 5,611,672 Class B Shares sold by each of the Reporting Persons. | SEC |
| 2026-03-13 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $37.1M | S — Open-market sale (scheduled 10b5-1)7 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F6 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $56.19 to $57.185 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F7 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.19 to $58.18 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F8 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.20 to $59.08 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F9 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $59.25 to $60.21 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F10 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $60.37 to $60.63 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F11 The reporting person sold the reported securities to the LKM Family Trust, which is administered by an independent trustee for the benefit of the reporting person, his immediate family members and certain charitable organizations. | SEC |
| 2026-03-12 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $14.3M | S — Open-market sale (scheduled 10b5-1)3 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F4 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.02 to $58.01 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F5 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.02 to $58.12 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. | SEC |
| 2026-03-11 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $14.0M | S — Open-market sale (scheduled 10b5-1)3 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F2 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.28 to $58.27 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F3 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.28 to $58.35 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. | SEC |
| 2026-03-11 | 2026-03-13 | Nallen John | President, COO | $14.0M | S — Open-market sale (scheduled 10b5-1)3 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F2 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.28 to $58.27 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F3 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.28 to $58.35 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. | SEC |
| 2026-03-12 | 2026-03-13 | Nallen John | President, COO | $12.5M | S — Open-market sale (scheduled 10b5-1)3 Form 4 footnotesF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. F4 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $57.06 to $58.055 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F5 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices from $58.06 to $58.13 per share, inclusive. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. | SEC |
| 2025-11-07 | 2025-11-07 | Murdoch Keith Rupert | Officer | $11.1M | S — Open-market sale2 Form 4 footnotesF1 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F2 Sales prices range from $65.50 to $66.48 per share, inclusive. | SEC |
| 2025-11-10 | 2025-11-10 | Tomsic Steven | Chief Financial Officer | $9.2M | S — Open-market sale2 Form 4 footnotesF1 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F2 Sales prices range from $66.29 to $66.79 per share, inclusive. | SEC |
| 2025-11-21 | 2025-11-25 | Murdoch Keith Rupert | Officer | $5.9M | S — Open-market sale Indirect holding, through: By K. Rupert Murdoch 2004 Revocable Trust 2 Form 4 footnotesF1 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F2 Sales prices range from $59.04 to $59.82 per share, inclusive. | SEC |
| 2025-12-09 | 2025-12-09 | Ciongoli Adam G. | Chief Legal and Policy Officer | $2.1M | S — Open-market sale2 Form 4 footnotesF1 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F2 Sales prices range from $69.50 to $69.69 per share, inclusive. | SEC |
| 2025-10-31 | 2025-10-31 | Ryan Paul D | Director | $1.1M | S — Open-market sale2 Form 4 footnotesF1 The number of securities reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price. The Reporting Person undertakes to provide the staff of the SEC, the Issuer, or a stockholder of the Issuer, upon request, the number of shares sold by the Reporting Person at each separate price within the range. F2 Sales prices range from $64.20 to $64.60 per share, inclusive. | SEC |
| 2025-09-10 | 2025-09-10 | Mft Sh Family Trust, Em 2025 Family Trust, Macleod Family Discretionary Trust | 10% Owner | $323k | S — Open-market sale5 Form 4 footnotesF1 Consists of 3,166 shares of class A common stock of the issuer ("Class A Shares") sold by each of MFT SH Family Trust, EM 2025 Family Trust and MacLeod Family Discretionary Trust (collectively, the "Reporting Persons"). F4 As a result of certain agreements entered into by and among the Reporting Persons and certain other stockholders of the issuer, the Reporting Persons may be deemed members of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934 and may be deemed to share beneficial ownership of the shares of class A common stock and class B common stock reported herein (the "Shares"). Each of the Reporting Persons disclaims beneficial ownership of any such Shares, except to the extent of its respective pecuniary interest therein. F5 Each of the Reporting Persons is a trust established by the trustee of the Mudoch Family Trust (the "MFT") for the benefit of Prudence MacLeod, Elisabeth Murdoch and James Murdoch and his or her respective descendants and charitable organizations. F6 On September 6, 2025, the MFT transferred (i) approximately 50% of the Class A Shares and 50% of the Class B Shares held by the MFT to the Reporting Persons and (ii) the remaining Class A Shares and Class B Shares held by the MFT to three trusts for the benefit of each of Lachlan K. Murdoch, Grace Murdoch and Chloe Murdoch and their respective descendants and charitable organizations. On September 10, 2025, the Reporting Persons sold a total of (i) 16,835,016 Class B Shares in an underwritten offering (the "Underwritten Offering") and (ii) 9,498 Class A Shares and 34,268,895 Class B Shares in a series of transactions where they were ultimately acquired by LGC Holdco, LLC (the "Purchase"). F7 As a result of the Underwritten Offering and the Purchase, none of the Reporting Persons have any interest, directly or indirectly, in the issuer. | SEC |
| 2026-03-13 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $17.0M | M — Option exercise (scheduled 10b5-1)Form 4 footnoteF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. | SEC |
| 2026-09-15 | 2026-09-16 | Murdoch Lachlan K | Executive Chair, CEO | $10.3M | S — Open-market sale Transfer between the same insider's accounts: not an exit. In this same Form 4, the same shares go into another of their accounts at the same price. Form 4 footnoteF1 The reporting person sold the reported securities to the LKM Family Trust, which is administered by an independent trustee for the benefit of the reporting person, his immediate family members and certain charitable organizations. | SEC |
| 2026-09-15 | 2026-09-16 | Murdoch Lachlan K | Executive Chair, CEO | $10.3M | P — Open-market purchase Transfer between the same insider's accounts: no new money. In this same Form 4, the same shares leave another of their accounts at the same price. Indirect holding, through: By LKM Family Trust Form 4 footnoteF1 The reporting person sold the reported securities to the LKM Family Trust, which is administered by an independent trustee for the benefit of the reporting person, his immediate family members and certain charitable organizations. | SEC |
| 2026-03-12 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $10.0M | M — Option exercise (scheduled 10b5-1)Form 4 footnoteF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. | SEC |
| 2026-03-11 | 2026-03-13 | Murdoch Lachlan K | Executive Chair, CEO | $9.8M | M — Option exercise (scheduled 10b5-1)Form 4 footnoteF1 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 2, 2025. | SEC |
The period balance: money in, money out
Across the Form 4 filings submitted between Sep 9, 2025 and Oct 2, 2026, Fox Corporation open-market activity adds up to 3 purchases worth $10.6M and 12 sales worth $2.19B. The net balance is $2.18B on the sell side. Of those 15 open-market trades, 2 arrive with no usable amount —the filing reports no price, or reports one out of scale and the derived amount is voided—: they count in the trade count and add zero dollars here.
Only codes P and S count, where an insider puts in or takes out their own money. A selling balance like Fox Corporation's is the norm in the S&P 500, where much of the pay comes as stock. It is not a recommendation to buy or sell: it is what was filed.
Every transaction, code by code
| Code | What it means | Trades | Reported amount |
|---|---|---|---|
| M | Option exercise | 24 | $65.4M |
| S | Open-market sale | 12 | $2.19B |
| F | Tax withholding (shares surrendered for taxes) | 8 | $20.8M |
| J | Other transaction (explained in the filing) | 4 | $0 |
| P | Open-market purchase | 3 | $10.6M |
| P | Open-market purchase — transfer between the same insider's accounts (or the same shares bought and sold at the same price in the same filing): no new money, not counted as a purchase or a sale | 1 | $10.3M |
| S | Open-market sale — transfer between the same insider's accounts (or the same shares bought and sold at the same price in the same filing): no new money, not counted as a purchase or a sale | 1 | $10.3M |
| Total | Everything filed in the period | 53 | $2.30B |
22 of the 53 rows carry no usable amount on the Form 4: they count as trades and add $0. The code labels come from the SEC index.
Who has traded
Over the 15 months of history, 12 distinct people or entities have filed Fox Corporation transactions: 2 bought on the open market and 7 sold. Counted by CIK, the fixed number the SEC gives each filer, and not by name, which each filer types their own way.
Of the 7 who sold on the open market (12 sales in all), the three biggest sellers account for $2.16B of the $2.19B: 99% of the money in three people.
| Filer | Role | Transactions | Bought (count) | Sold (count) | Last filed |
|---|---|---|---|---|---|
| Mft Sh Family Trust, Em 2025 Family Trust, Macleod Family Discretionary Trust | 10% Owner | 2 | — | $2.07B (2) | 2025-09-10 |
| Murdoch Lachlan K | Executive Chair, CEO | 15 | $10.6M (1) | $65.4M (3) | 2026-09-16 |
| Nallen John | President, COO | 7 | — | $26.5M (2) | 2026-08-18 |
| Murdoch Keith Rupert | Officer | 5 | — | $17.1M (2) | 2026-08-18 |
| Tomsic Steven | Chief Financial Officer | 4 | — | $9.2M (1) | 2026-08-18 |
| Ciongoli Adam G. | Chief Legal and Policy Officer | 7 | — | $2.1M (1) | 2026-08-18 |
| Ryan Paul D | Director | 3 | — | $1.1M (1) | 2026-10-02 |
| Burck William A | Director | 2 | — | — | 2026-10-02 |
Shown here are the 8 who moved the most money, out of 12. The rest are in the full history, one link above. The name links to all their trades, in any company. "Transactions" counts any code; the money, open market only. Role: from their latest filing.
Month by month
By the month the trade was executed, not the month it was filed; months with no trades show zero. The busiest month was Mar 2026: 1 purchase and 5 sales, worth $102.5M. 10 of the 15 months have none.
| Month | Purchases | Amount | Sales | Amount |
|---|---|---|---|---|
| Aug 2025 | 0 | $0 | 0 | $0 |
| Sep 2025 | 2 | $0 | 2 | $2.07B |
| Oct 2025 | 0 | $0 | 1 | $1.1M |
| Nov 2025 | 0 | $0 | 3 | $26.3M |
| Dec 2025 | 0 | $0 | 1 | $2.1M |
| Jan 2026 | 0 | $0 | 0 | $0 |
| Feb 2026 | 0 | $0 | 0 | $0 |
| Mar 2026 | 1 | $10.6M | 5 | $91.9M |
| Apr 2026 | 0 | $0 | 0 | $0 |
| May 2026 | 0 | $0 | 0 | $0 |
| Jun 2026 | 0 | $0 | 0 | $0 |
| Jul 2026 | 0 | $0 | 0 | $0 |
| Aug 2026 | 0 | $0 | 0 | $0 |
| Sep 2026 | 0 | $0 | 0 | $0 |
| Oct 2026 | 0 | $0 | 0 | $0 |
The last month may be partial: a Form 4 is filed up to two business days later. The table does not say whether the pattern is good or bad; it says when it happened.
Fox Corporation (FOXA) analysis page →
Other Communication Services companies with insider trades
All 500 are listed in the section index →
Which insiders are buying their own company stock →
How to read this data
5 of the 12 sales in the table are flagged as scheduled (10b5-1 plan): signed months ahead and executed automatically, so they say nothing about what the insider thinks today. Fox's 3 open-market purchases (code P) are the rare signal: insiders are already paid in stock, so buying more means putting in their own money. The latest filing is from Oct 2, 2026, and a Form 4 arrives up to two business days after the trade.
20 of the 20 rows in the table carry footnotes from the Form 4 itself, folded into the code column and copied verbatim; a row with no footnote means the filing has none.
Guide: Insider buying · all guides
What is behind these trades
The concepts on this page, explained from scratch in the Academy. Free, no account.
- What the efficiency hypothesis says and what it does NOT sayIf an insider's purchase is public and anyone can read it, is there any information left in it? That is the exact question that brings people here.
- Who really moves the market: the types of investorWho sits on the other side of each order, and where a company's own insiders fit among them.
- Supply, demand and price: why it rises and falls constantlyHow a piece of news ends up inside the price, and why the reaction to a filed sale is rarely the one you would expect.
Source: SEC EDGAR Form 4. This is a list of public facts, not financial advice or a recommendation to buy or sell.