There is not a lot to add on Smith and Nephew (SN. 552p).

Poor results due to problems integrating a recent acquisition, as well as questionmarks over accounting of sales at the acquisition, resulted in a 14% drop in share price on May 1st.

John Buchanan (Chairman) bought 35,000 shares at 568p on May 2nd.

David Illingworth (Chief Operating Officer) bought 13,500 shares at 572p on the same day.

These are credible, but not strong, signals. Buchanan increased his position by around 25% and Illingworth by 15%. I’d prefer to see more buying by these two, or by other board directors, before following them in myself.