[jfrunyon]

Because it's not nonpublic information. It's public information that no one else had put together the pieces on, yet.

(Contrary to some of the other commenters, you don't have to be an insider yourself to run afoul of the law. If the information is not public and you got someone to leak it to you, for example. https://www.investor.gov/introduction-investing/investing-ba...)

[Breza]

Exactly. Did an oil company exec tell you that their sales are down before the earnings are released? That's insider trading. Did you hire a helicopter with a thermal camera to see how full their storage tanks are? That's perfectly legal.