Does anybody doubt that the price per share would be lower without the buyback? It seems to me likely that it would be -- significantly lower.
At the same time, the company would have more cash, because it wouldn't have spent that on the buyback.
Add those two factors together, and were it not for the buyback, the enterprise value of the company might be approaching zero. THAT would be a good reason to buy.
I'm trying hard to think of any reasons to buy in the current situation. Right now, I can't come up with any. To my mind, the price should have gone down more than it has on such terrible news, so even bottom fishing doesn't seem appropriate at this moment (even for those of us who like to engage in that practice from time to time).
So why am I not selling? (And I'm not.) Just stubbornness? Who knows. I'll try to figure it out and get back to you later.
I did however like that they took today's horrible EPS/top line news as an opportunity to materially lower Q4 expectations. As ridiculous as this may sound, I think they did us a favor if we can hang on until Q4 earnings (i.e., "over-deliver" scenarios have a chance to materialize). That of course will not be easy w/ elections, terriorists lurking, rising rates, etc. Time will tell.
The buyback was the correct thing to do!! The aggressiveness of the buyback was the problem. They should have a permanent buyback program. All the shares they bought back at 9-10 they could have paid 7 for. A company with increasing shares outstanding is a junk stock. BLTI, will turn it around. I may sell now and buyback in a month after wash sale rules.