Years ago, when I was a broker on the "floor", Schlumberger announced it was going to buyback some of its own stock. It was then trading well above $100. When they announced the deal, the major investment houses all wanted the order. Salomon Bros. was chosen, because the outlook they proposed, had not a lot to do with the company, but a lot with the outlook for the stock market and economy. I had the buyback order everyday, but would not pull the trigger under the wrong conditions. Those being, weakness in the sector, market fluctuations etcetc. We walked the stock down about 15 points over time, and had a very satisfied client!! I really think that when todays buybacks are announced, its a waste of share holders interest to jump right in!!