Earnings were not all that bad however they were disappointing. This company throws off gobs and gobs of cash. On the cc they acknowledged they were unhappy with the share price and said they are going to look into a return of capital to shareholders. With 100 million shares outstanding I would prefer a buyback but whatever. The time to downgrade as you suggest was $37 not $27. Its a buy here in my opinion of course
You will only see upgrades, and they said today that they will buy back stock from time to time, $100M authorization. Question will be how much will be behind it given all the cash they generate they certainly can up it, can also borrow to up it as well.