Word: buyback
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Dates: during 1990-1999
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...know it was the bottom? Conventional wisdom has it that IBM's massive buyback triggered the optimism. But those of us in the trenches know that it was a Merrill Lynch monster buy order of Pepsi, entered at 9:31 a.m. by the beverage company itself, that convinced many scared traders that they had better start buying. The cool calm of Pepsi opening flat--most other stocks indicated a $3 or $4 dip--changed everything. Within seconds after the opening bell, Pepsi let it be known that it would General-Jackson its own stock, standing there, Stonewall-like, right under...
...flip it at 89 by 2:30. Same with Chevron and Microsoft. By 2:45 it was an upside panic. In fact, Intel triggered a frantic wave of buying simply by not denying a rumor, reported on CNBC, that it was about to announce a massive buyback. In fact, it has one already, but why knock a specious but positive report? In the closing hour I locked in profits from the morning that normally take me three to four quarters to ring up. The rest of the week traders staggered in and out of stocks madly until Friday, when trading...
...Tuesday, retracing more than 60 percent of yesterday's record-setting slide. It may have happened because America's biggest cash-holders took matters into their own hands. "A lot of people are saying that IBM chairman Lou Gerstner saved the market (with this morning's $3.5 billion stock buyback)" says Fortune Magazine's Nelson Schwartz, "And they might be right. Investors love it--it shows that the company has both confidence in its stock and a lot of cash, and it insures that outside investors have liquidity, because they know that there's someone ready...
...nice effect on a company's balance sheet as well: soon after CNBC reported that Intel had decided to join the buyback parade with a "major" stock repurchase, the stock had shot up ten points, and the Dow accelerated its own meteoric rise, quickly setting more records well over the 300-point mark. "Only in the U.S.," said Schwartz. "Business like IBM and Intel, like Microsoft, are sitting on such vast reserves of cash that they can exert this kind of boost on an entire market...
...great divider is Rand Araskog, CEO of ITT Corp., who will run ITT Destinations. He also unveiled a $2.1 billion, $70-a-share stock buyback. An exultant Araskog claimed victory, but by busting up ITT he merely beat Hilton to the punch. Says Bruce Turner, a managing director for Salomon Brothers: "His strategy happened because [Hilton CEO Stephen] Bollenbach came calling and there was no question what he would...