Don't forget the smart decision by management to use this sell-ff opurtunity to buy back 300M of outstanding shares at will amount to an average of less than $45/share when all is said and done. Management has our backs. The buyback will make earnigns more better, less shares, more rofits for each of our share.
omg, you really are something. you might be the only guy in the world who thinks buying a ton of something that you can get today for a third of the price was a great move. IT DID NOTHING TO HELP THE SHARE PRICE AND THOSE ASSETS ARE WORTH A THIRD OF WHAT WAS PAID! come on!!
also, fwiw, i don't think that the buyback has anything to do with earnings, unless of course they retire the shares.
Parkchair, it really saddens me that there are people as stupid as you out there. First off, the idea that you don't understand that when a company buys back its shares, it effectively retires thethem thereby increasing EPS(earnings per share in case you didn't understand the abbreviation; most likely).
Now as for questioning my standing behind managements use of 300M buyback. First off, the buyback has not even finsihed yet. The earnings reort was about two weeks ago and at that point in time, 115M or about 35% of the total buybck money was still waiting to be spent. The stock then tanked after earnings(the rice before was 34 or so), We are basically back at 34 two weeks later. Whatever amount of shares the company has now bought in the last two weeks, we are now up on. So our avg has come down in just two weeks of the buyback.
You act like management has some foresight as to where the stock price will go. They don't. The market takes stocks wherever it wants to go. you don;t seem to get that. Tell me what management could have done better. People keep suggesting a dividend. Regardless of the new dividend tax policy effective in two months or so, a dividned can be instituted a year from now, the company none the difference. It can be instituted at any stock price, it doesn;t make a difference.
But the oppurtunity to buy-back 300M worth of shares, 200M less than 57/share, 150M less than 40 is phenomenal and can't be thrown away. You don;t seem to understand this. I gorgive your stupidty. It is hard to believe others know more than you. It's humble pie. I get it. You think you're brilliant desite realizing that what I'm saying is right. Stuid eople are very thick headed. I have proven results. I've read more books on this subject. I've seen companies buy-back shares at record high prices with everything going well and CNBC touting the companys decisons as brilliant. It takes effort beyond what CNBC tells you is good(which is often worng) and to realize that time to get greedy is when things are ugly and time to sell when things are good. Live and learn. Try to not be and sound so stupid. I know its not easy but you're making a fool of yourself!.
Jaques, I did not even think about that. You're right. All those guys talking about how much we need a dividend, it would have "hurt" the company/ourselves in the long term as it was not going to give us the best bang for our buck(wasn't going to either way imo). But now management looks like geniuses regarding the use of the cash.
Nice call. Back above your average. Mine is still in the low 60's but bought some on the run-up today.