Obviously they didn't see it going this low when they bought...even with the warning. but just as obvious is that they see it going much higher with the announcement of another buyback. JMHO, but I see 07 as being a banner year for the industry
Yes, the 1 million shares weren't purchased today but in increments between between May 17, 2005 and November 21, 2006. As Laman mentioned, a chunk of these shares must have been purchased when we were trading higher to get to the average price of $38.52 a share.