Well, share buybacks show the shareholder that the company thinks they are being undervalued. It also lowers the share float which gives a boost to the stock price. And the lower outstanding share float increases EPS which decreases the P/E of the company. So it makes the company cheaper at current levels. Technically speaking, if VMW can stay above the gap it created following the buyback announcement on 08/08/13 (83.25), it will go much higher in the near term.