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With so many stocks beat up by the Bear market, you would expect insiders who believe their shares are trading at a discount to buy them outright and show us the way. Pier 1 Imports, Inc. (NYSE:PIR) has been doing just that, the amount of insider activity is either a case of blind faith or true vision.

Filed under: Deals

According to a number of studies, Wall Street's initial reaction to a proposed buyout is a good indication of whether a deal will pan out or not. So when Pier 1 Imports (NYSE: PIR) recently made an $88 million bid for Cost Plus World Markets (NASDAQ: CPWM), and the response from investors was immediately negative (the stock price fell 20%), it was probably telling.

I guess Pier 1 was listening. On Wednesday, the company said it was revoking its bid.

Filed under: Options

Pier 1 Imports (NYSE: PIR) withdrew its proposal to acquire Cost Plus (NASDAQ: CPWM).

Deutsche Bank has a Buy rating with a $7.25 price target on PIR.

PIR overall option implied volatility of 93 is above its 26-week average of 84 according to Track Data, suggesting larger price movement.

Volatility Index NASDAQ 100-VXN at 28.13; 10-day moving average is 26.27.

Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Apple Inc (AAPL), Ford Motor (F), Boeing Co (BA), Darden Restaurants (DRI), Research in Motion (RIMM), NIKE, Inc'B' (NKE), Oracle Corp (ORCL)