Word: buybacks
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...corporate owner might not feel that way, so it's hardly surprising that the proud Yahoo culture is fending off potential takeovers with a two-year $500 million stock buyback plan. That will still leave $1.5 billion in the bank, effectively buying time for the company to figure out how to make more money on its own. Certainly Silicon Valley is rooting for Yahoo to stay independent in a world increasingly dominated by the AOL-Microsoft rivalry. "They do have a certain cachet, being the last Switzerland standing," says Sinnreich. Not that cachet alone pleases Wall Street anymore. If Yahoo...
...chief James Baker invoking "instability" as a reason to stop the re-recounting in Florida, both the Dow and NASDAQ have been going about their bargain-hunting unperturbed by the legal and political quagmires in the Sunshine State. Both indexes posted steep three-digit gains Tuesday. On Wednesday the buyback continued - apparently some investors see an end to the Florida mess by next week...
...chief James Baker invoking "instability" as a reason to stop the re-recounting in Florida, both the Dow and NASDAQ have been going about their bargain-hunting unperturbed by the legal and political quagmires in the Sunshine State. Both indexes posted steep three-digit gains Tuesday. On Wednesday the buyback continued - apparently some investors see an end to the Florida mess by next week...
...have the bruised, bloody indexes had enough? On the tech side, some technical signs have been encouraging, like the high volatility that accompanied the week's woes. That's supposedly a sign that the bounce wasn't just a knee-jerk buyback. And traders have been pointing to 3250 as a key level to clear. Today's close...
What does this mean to you? Not all buybacks are bullish. Look for one that takes place when the stock is depressed and the buyback is funded out of operations, asset sales or reserves. Ongoing buybacks can be good, providing a constant source of demand. But any buyback that merely offsets dilution from options should be dismissed as meaningless, possibly even harmful--unless you're the one with the stock options...