Coincidence or Borderline Legal Insider Trading

Stephen A Thorington, a director at EQT Corp, purchased 10,000 shares of the company on November 8th, 2010. Just a few hours later, Chevron announced a $4.3 Billion takeover of Atlas Energy Inc (ATLS). The move sent stocks of natural gas and independent energy companies higher. EQT Corp, a natural gas exploration and production company, went up by about 5%. So did Range Resources (RRC), Cabot Oil & Gas (COG), and Consol Energy (CNX). Thorington made $20,000 overnight from the timely investment. Was this insider transaction just a coincidence or borderline legal insider trading?

EQT Midstream Partners LP (NYSE:EQM)

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