From the company's press release they have not yet started buying back shares on the open market and are not allowed to do so until 10 business days after the tender offer is complete. There is $59.3 million remaining from the tender offer and combined with the $25 million from the buyback program means that there is now $84.3 million authorized to purchase shares on the open market.
When asked about SWHC, Cramer said he would much rather own CAB. Doing the opposite of Cramer's recommendations usually bodes well for the investor. He must still be sore from calling SWHC a sell a few months ago. SWHC is a strong buy through the mid-teens.
Kramer is a true jackarse. An idiot. Tells everyone he likes cab, which is an overleveraged debt hog with so so margins and income. And high priced at that on a pps basis. He is either short swhc or accumulating. You are correct in saying do the opposite of what he says!
Guess you missed this one:
SPRINGFIELD, Mass., July 29, 2013 /PRNewswire/ -- Smith & Wesson Holding Corporation (NASDAQ Global Select Market: SWHC), a leader in firearm manufacturing and design, today announced the final results of its fixed-price cash tender offer to purchase up to 6,818,181 at a purchase price of $11.00 per share (the "Offer"), which expired at 12:00 midnight, New York City time, on the evening of July 23, 2013.
Based on the final count by the depositary for the Offer, the company accepted for payment an aggregate of 1,417,233 shares of its common stock, at a total cost to the company of approximately $15.6 million, excluding fees and expenses relating to the Offer. These shares represent approximately 2.2 percent of shares issued and outstanding. Payment for the shares accepted for purchase under the Offer will be made promptly. The company expects to have approximately 63,000,000 shares of its common stock outstanding immediately following consummation of the Offer.
James Debney, President and CEO of Smith & Wesson, said, "We are pleased that the Offer provided us with an opportunity to deliver value to participating stockholders while increasing the proportional ownership of non-tendering stockholders. The Offer represents an important step in our overall plan to return capital to stockholders through our stock repurchase program. We remain authorized to purchase additional shares under that program in the open market or privately negotiated transactions."
On June 13, 2013, the company announced that its Board of Directors had approved the repurchase of up to $100.0 million of the company's outstanding common stock, including the repurchase for cash of up to $75.0 million of common stock by way of a fixed-price issuer tender offer, with the remaining authorized balance to be repurchased in the open market or privately negotiated transactions. Following the expiration of the Offer, the company remains authorized to repurchase up to a
Plus they will be stealing share from Ruger as Ruger doesn't know anything about strong roofs.
Its hard to make and sell pistols when you don't have a roof. I am sorry sir, we don't have any Ruger product, but could I interest you in a fine smith and Wesson product?
That's alot of buying pressure. Another 5-6,000,000 shares out of the float with the shorts in for even more. Gruesome ugly. Wicked bad. Even if there was a cataclysm, the stock would be supported by short covering.