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$70 a share...sorry ,but im excited
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<blockquote data-quote="clueless" data-source="post: 725148" data-attributes="member: 15572"><p>The reason they pulled back on the buybacks is stated in the filings--this is from the 10Q for Q1 2009:</p><p></p><p><em>As a result of the uncertain economic environment, we have slowed our share repurchase activity during the first quarter of 2009. We currently intend to repurchase shares in 2009 at a rate that will at least offset the dilution from our stock compensation programs.</em></p><p></p><p>Later in the year, apparently the company became more cautious and the words 'at least' were removed--this is from the 10-Q filing for Q2 2009:</p><p></p><p><em>As a result of the uncertain economic environment, we have slowed our share repurchase activity. We currently intend to repurchase shares in 2009 at a rate that should approximately offset the dilution from our stock compensation programs. </em></p><p></p><p>Expect more of the same for this year:</p><p><em></em></p><p> <em>As a result of the uncertain economic environment, we have slowed our share repurchase activity. We currently intend to repurchase shares in 2010 at a rate that should approximately offset the dilution from our stock compensation programs. </em></p><p></p><p>Additionally, you can see by the actual history of buybacks that the sudden diminution of repurchases began with the onset of the economic meltdown in the fall of 2008:</p><p></p><p>July 1 – July 31, 2008 5.4 M shares @ $60.20 </p><p>August 1 – August 31, 2008 3.9 M shares @ $64.52 </p><p>September 1 – September 30, 2008 3.6 M shares @ $65.64 </p><p></p><p>October 1—October 31, 2008 3.3 M shares @ $49.73 </p><p>November 1—November 30, 2008 1.0 M shares @ $52.56 </p><p>December 1—December 31, 2008 0.8 M shares @ $54.25 </p><p> </p><p>January 1 – January 31, 2009 0.8 M shares @ $50.09 </p><p>February 1 – February 28, 2009 0.8 M shares @ $43.61</p><p>March 1 – March 31, 2009 0.9 M shares @ $42.93 </p><p></p><p>While it's certainly frustrating that they didn't 'load the boat' when the prices were much lower, keeping in mind the credit markets had seized up and were basically frozen, the need to retain cash in the face of the greatest global financial crisis since the Great Depression was no doubt more important than timing the market in terms of share repurchases.</p></blockquote><p></p>
[QUOTE="clueless, post: 725148, member: 15572"] The reason they pulled back on the buybacks is stated in the filings--this is from the 10Q for Q1 2009: [I]As a result of the uncertain economic environment, we have slowed our share repurchase activity during the first quarter of 2009. We currently intend to repurchase shares in 2009 at a rate that will at least offset the dilution from our stock compensation programs.[/I] Later in the year, apparently the company became more cautious and the words 'at least' were removed--this is from the 10-Q filing for Q2 2009: [I]As a result of the uncertain economic environment, we have slowed our share repurchase activity. We currently intend to repurchase shares in 2009 at a rate that should approximately offset the dilution from our stock compensation programs. [/I] Expect more of the same for this year: [I] As a result of the uncertain economic environment, we have slowed our share repurchase activity. We currently intend to repurchase shares in 2010 at a rate that should approximately offset the dilution from our stock compensation programs. [/I] Additionally, you can see by the actual history of buybacks that the sudden diminution of repurchases began with the onset of the economic meltdown in the fall of 2008: July 1 – July 31, 2008 5.4 M shares @ $60.20 August 1 – August 31, 2008 3.9 M shares @ $64.52 September 1 – September 30, 2008 3.6 M shares @ $65.64 October 1—October 31, 2008 3.3 M shares @ $49.73 November 1—November 30, 2008 1.0 M shares @ $52.56 December 1—December 31, 2008 0.8 M shares @ $54.25 January 1 – January 31, 2009 0.8 M shares @ $50.09 February 1 – February 28, 2009 0.8 M shares @ $43.61 March 1 – March 31, 2009 0.9 M shares @ $42.93 While it's certainly frustrating that they didn't 'load the boat' when the prices were much lower, keeping in mind the credit markets had seized up and were basically frozen, the need to retain cash in the face of the greatest global financial crisis since the Great Depression was no doubt more important than timing the market in terms of share repurchases. [/QUOTE]
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