That is a big buy-back authorization. Roughly 20% of outstanding shares. Unfortunately, we won't get any indication of what they are looking for before buying.
If there is a good explanation of what is happening to America's wholesale it might be o.k. but the trends are pretty worrisome. Japan one would expect. Europe being this strong is good but it just isn't big enough to offset America.
Wonder if it might be South America that is driving a good chunk of the decline? They had the big Brazil thing last quarter. That might have been a fundamental change. Guess we will find out soon enough.