Companies with the Highest Level of Insider Buying

VLNC ENR CVST CHK WMS MVL

Valence Technology Inc (VLNC, $3.97 on 1/6/2004) - A leading battery technology developer, topped the list of companies with the largest aggregate insider purchases in 2003. Director Carl Berg accounted for all $21.6 million of the firm's insider buying last year.

Second and third on the list were Energizer Holdings Inc (ENR, $37.50 on 1/6/2004) and Covista Communications Inc (CVST, $2.78 on 1/6/2004) - with total acquisitions worth $18 million and $ 17 million, respectively.

Rounding out the top five places were natural gas producer Chesapeake Energy Corp (CHK, $13.73 on 1/6/2004) with $15 million in purchases and electronic game technology maker WMS Industries Inc (WMS, $27.33 on 1/6/2004) at $14 million.

Largest Individual Insider Purchases

Valence Technology Inc. Director Carl Berg had the largest volume of buying ($16.6 million) for a single insider in 2003, followed by Energizer Holdings Chairman William Stiritz ($15.1 million) and Time Warner Director Reuben Mark ($13.2 million). Rounding out the top five list were Sumner Redstone, Beneficial Owner of More than 10% at WMS Industries Inc. - $12.4 million - and Isaac Perlmutter, Vice Chairman at Marvel Enterprises Inc (MVL, $29.36 on 1/6/2004) - $9.1 million.

Last year, 41 companies experienced at least a doubling (100% gain or greater) of their stocks' prices in the months subsequent to their insiders' purchasing activities. Leading the pack was Akamai Technologies, which saw its stock surge 662% between the time Chief Scientist Thomas Leighton acquired 400,000 shares in early-February (through a family trust) and year's end.

The other noteworthy cases included Intervoice Inc. soared 298% following Director Gerald Montry's May purchase of 122,000 shares, NII Holdings Inc which increased 291% after Officer Miguel Rivera's 20, 000-share February addition and Pep Boys which jumped 237% after Chairman Bernard Korman bought 100,000 shares in early-March.

VLNC $3.97 on 1/6/2004	ENR $37.50 on 1/6/2004
CVST $2.78 on 1/6/2004	CHK $13.73 on 1/6/2004
WMS $27.33 on 1/6/2004	MVL $29.36 on 1/6/2004