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Email UpdatesThis was an active week in share repurchases, and many key stocks announced new buyback plans or gave updates to their buyback plans. Below are the key buybacks 247WallSt.com reviewed:
- Kenexa (Nasdaq: KNXA) announced on November 8, 2007 that it authorized the repurchase of up to 2 million shares of the company’s common stock, and it has already completed the repurchase of over 1 million shares since the approval of the repurchase program. It only has about 25.5 million shares outstanding.
- Edgewater Technology, Inc. (NASDAQ: EDGW) announced that its Board of Directors authorized the purchase of up to $5.0 million of the Company’s common stock; approximate market cap is $87 million.
- Harvard Bioscience, Inc. (NASDAQ: HBIO) has authorized the repurchase of up to $10 million of its common stock over the next 24 months; shares rose 5% Friday and its market cap is $130 million.
- Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) authorized a somewhat unusual program to repurchase up to $5 millionof its outstanding common stock. In addition, the Board adopted awritten trading plan under Rule 10b5-1 of the Act to facilitate therepurchase of its common stock. Rule 10b5-1 allows the Company topurchase its shares at times when the Company would not ordinarily bein the market because of the Company’s trading policies or thepossession of material non-public information. Pomeroy’s market cap is$86 million.
- Alcon, Inc. (NYSE:ACL) approved a new share repurchase program that allows for the purchase of up to $1.1 billionof shares of outstanding common stock targeted over a twelve monthperiod. The $1.1 billion share repurchase program provides for a purchase of shares from the company’s majority shareholder,Nestle, S.A. Specifically at a rate of three shares fromNestle for every share acquired by the company in the market. This new program is in addition to thecompany’s existing repurchase program, under which, as of December 5,2007, the company has remaining authorization to repurchase up to 2.8million shares. It is anticipated that the new repurchase program willcommence in the first quarter of 2008.
- The Western Union Company (NYSE: WU) authorized an additional $1 billionfor purchases of its common stock through 2009, and this is in additionto the approximately $300 million remaining under previous sharerepurchase authorization. With a $1.3 Billion total plan, it has $17Billion market cap.
- International Assets Holding Corp. (NASDAQ:IAAC) renewed the Company’sshare repurchase authorization for an increased amount of $5,000,000 in shares of common stock. The renewal will be effective January 1, 2008. IAAC’s market cap is $226 million.
- 4Kids Entertainment (NYSE:KDE) saw its shares rise on a 1 million share buyback of around $11 million; market cap is $157 million. FULL REVIEW with value investor synopsis.
- Dell (NASDAQ:DELL) was the biggy of the week, but you wouldn’t haveknown it if you saw the stock trades. It is reinstating its sharerepurchase plan and will spend up to $10 Billion in share buyback. Its market cap is $55.8 Billion. FULL COVERAGE.
