Troll? I ask a basic question on here and I'm a troll. No wonder this board is dead. Anyway, I found the answer. They should have $700-$800 million remaining in authorization. Hopefully the shares will stay around this level for the next several quarters so they can continue buying with both hands!
I didn't ask the question in the hope that the buyback would affect things "overnight." Nevertheless, this buyback is one of the largest--and because of the extreme valuation of the shares, most meaningful--that I've seen (16% cashflow yield). They are buying back roughly 3-4% of outstanding shares a QUARTER. And they have the cash flow to do it every quarter if they want. At this rate, forward earnings estimates will need to be raised about thirty cents every time they report just to keep up with reduction in share count. So, the question again is...how much are they authorized to buy? Thanks
They bought back a total of $500 million in the last two quarters and management implied that the buying would continue this quarter if the stock stayed in the same price area. Normally the board has to authorize stock buybacks, but I haven't seen any mention of what that amount might be.