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If ALL did not repurchase $300M, their earnings would have been $1.31/share ($770M+$299M)/(810.5M shr + 8.2M shr). Wake up and do the math. ALL is a cash generating machine!
Check out this site (granted, its 3 months old) which lists Allstate as one of the 25 most undervalued stocks:http://www.walkrich.com/value_investing/techlink.htm
today !! New 52 week low comin'. This miss burned some analysts bad and they won't forget.
Money spent on repurchasing stock does not reduce Profit. The source of the cash is strictly a Balance sheet reduction.