Coldwater Creek Inc. (Nasdaq: CWTR) shares spiked 14.8% to $1.63 Wednesday approaching noon ET, on news Tuesday of a stock purchase by its CEO. Volume for the stock topped two million shares, compared to an all-day average of 887,000.

An article posted Sept. 13 on the site Seeking Alpha mentioned that in recent days Dennis Ponce purchased over 600,000 shares at an average price of around 90 cents. The story also said pointed out that Coldwater Creek has seen quarterly net sales decrease to $181.4 million compared to $253 million in the same quarter in 2010.

Gross profit margins tightened for the quarter as well. Gross profit came in at $45.3 million for the quarter or 25% of net sales, compared with $84.7 million, or 33.4% of net sales in the same quarter in 2010.

The piece in Seeking Alpha added the company recently announced a three-part plan to turn it around, the key elements of which consist of a comprehensive brand marketing campaign, retail store optimization and a merchandising revitalization plan.

Coldwater Creek is a leading specialty retailer of women’s apparel, gifts, jewelry, and accessories founded in 1984 and headquartered in Sandpoint, Idaho.