Word: buybacks
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...DADS sponsored two gun-buyback programs last winter, offering up to $50 for a working weapon, with no questions asked. On both days, they ran out of money within half an hour. Total haul: 588 guns, some turned in by juveniles. "It amazed me," says C.R. Bell, president of the Greater Omaha Chamber of Commerce. In May MAD DADS staged another buyback after sending 100,000 flyers to nine school districts. The take: 1,124 guns, which will be welded into a monument by a local artist. Among them was Doug's 12-gauge shotgun. "I figured...
Other casualties over the past two years include two inexpensive restaurants: Brigham's ice cream parlor, now about to be replaced by an expanding buyback, and, two summers ago, the inexpensive Mug 'N Muffin coffee shop, now home to the Cambridge Savings Bank...
...major self-promotion. In a dramatic act to demonstrate GM's belief that its stock is undervalued, Chairman Roger Smith said the firm would buy up to 20% of its shares by the end of 1990. At current prices that would cost more than $5 billion, making the stock buyback the largest in corporate history. After the announcement, GM's stock spurted 3 7/8 points, to 79 1/2, before falling back a bit to finish the week at 77 7/ 8. The decision also sparked a general stock market rally, which sent the Dow Jones industrial average up 53.71 points...
Meanwhile, Wyman was creating trouble for himself on the home front. To pay for the billion-dollar stock buyback, he decreed a company-wide austerity program that had led in September to the firing of 74 of some 1,400 CBS News employees. (In all, about 600 of the 24,000 jobs at CBS were eliminated in 1985.) The move infuriated CBS News journalists, whose independence is a cherished tradition stretching back to the days of Edward R. Murrow. Adding to the outcry were complaints about efforts to jazz up -- critics said trivialize -- the division's approach to reporting...
...company will not say, and many analysts believe that it probably does not know. At the moment, analysts foresee no new products of great significance on IBM's drawing boards, and thus massive outlays for development seem unnecessary. But shareholders still stand to gain from IBM's buyback: with fewer shares on the market, a potentially higher value awaits the ones outstanding...