Word: buybacks
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...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...
Eaton was in New York when he got news of the bid in a phone call from Kerkorian. To placate Kerkorian, he had already agreed in November to raise Chrysler's dividend and start a $1 billion stock-buyback program to increase the company's share price. But here was a move that left nothing to talk about. "I'm going to fight you on this," he told Kerkorian. Canceling a speech at the New York Auto Show, Eaton flew back to Detroit to huddle with the board. No sale, they announced late that night, especially since Kerkorian was planning...
...Those shares were purchased by Seagram for just $3.28 billion in 1981. Seagram, which makes liquor, wine and juice products, reportedly has been talking about a $10 billion deal to buy MCA from the Matsushita Electrical Industrial Co. The Times reported that Du Pont is expected to announce a buyback of its shares from Seagram within two weeks. TIME Los Angeles correspondent Jeffrey Ressner expects Seagram to face stiff competition in its quest for MCA from Polygram, which already has entered a joint filmmaking venture with MCA, positioning itself as a potential purchaser...