Corporate Stock Buybacks Lead By Apple Driving Today's Action Says Goldman Sachs
Corporate Stock Buybacks Driving Today's Action?
May 23, 2013 2:58 PM EDT Send to a Friend
There's some chatter going around that trading desks are busy with corporate buybacks today after this morning's 127 point sell-off in the Dow and subsequent rebound. CNBC said word is coming from Goldman Sachs on the buybacks.
Stocks are currently at their highs of the session with the Dow up 27.50.
Companies with recently announced buyback news include:
Apple (NASDAQ: AAPL): the Board has increased its share repurchase authorization to $60 billion from the $10 billion level announced last year. This is the largest single share repurchase authorization in history and is expected to be executed by the end of calendar 2015. Apple also expects to utilize about $1 billion annually to net-share-settle vesting restricted stock units.
LyondellBasell Industries(NYSE: LYB): the Supervisory Board has approved a share repurchase program of up to 10 percent of the company's shares over the next 12 months.
Merck & Co., Inc. (NYSE: MRK): entered into an accelerated share repurchase agreement (ASR) with Goldman, Sachs & Co. to repurchase $5 billion of Merck’s common stock.
NetApp, Inc. (Nasdaq: NTAP): increasing its current stock repurchase program, of which $1.4 billion remains outstanding, by an additional $1.6 billion.
Northrop Grumman Corporation (NYSE: NOC): authorized an additional $4 billion for the repurchase of the company's common stock.
Macy's (NYSE: M): increased the company’s share repurchase authorization by $1.5 billion.
Delta Air Lines (NYSE: DAL): authorized a $500 million share repurchase program, to be completed no later than June 30, 2016
IBM (NYSE: IBM): authorized $5 billion in additional funds for use in the company’s stock repurchase program. IBM will repurchase shares on the open market or in private transactions from time to time, depending on market conditions. This amount is in addition to approximately $6.2 billion remaining at the end of Mar
Again, yet another misleading subject line by this pumper. GS did not say "AAPL" was "Driving todays price action". All they said was that trading desks are busy with buy backs then mentioned a list of companies that are buying back or have announced buy backs. And they come after me with torches and pitchforks when I post a truthful article.