This is very good for this stock. Look what happened to SWKS after announcing their buyback in AUG. This will keep the shorts from driving down pps any further.
The company has now bought back 15M shares or 2% of the float. They also have authorized another 80M buyback or 9% of the float.
This has just put a floor in the stock right here. Tomorrow I would expect to see short covering on this news.
There stock is 63% off its high and they are generating alot of cash. So they have just increase value for shareholders because any increase in share price from this point forward is an increase of the initial 20M they spent.
Now the reason buybacks are not good is that some company's do them at the top of there share price range and investors end up suffering. CRUS hasn't done that.