Investing
Endless Dollars For Share Buyback Plans (GPS, HPQ, MRVL, INTU, JWN, RSH, RL, DTV, DISCA, AMTD, IT)
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Buybacks may not be considered the best return of capital by many investors and market pundits, but they are M&A-alternatives for management of companies. The amount of share buybacks announced in August was a monster figure. Out of just the buybacks we have counted, which are only equity and not any debt pay-down buybacks, the total came to more than $26 billion. Some of the larger buybacks and buyback add-ons came from Gap Inc. (NYSE: GPS), Hewlett-Packard Co. (NYSE: HPQ), Marvell Technology Group Ltd. (NASDAQ: MRVL), Intuit Inc. (NASDAQ: INTU), Nordstrom Inc. (NYSE: JWN), RadioShack Corporation (NYSE: RSH), Polo Ralph Lauren (NYSE: RL), DIRECTV (NASDAQ: DTV), Discovery Communications Inc (NASDAQ: DISCA), TD AMERITRADE Holding Corporation (NASDAQ: AMTD), and Gartner Inc. (NYSE: IT).
Even if you count that $10 billion from Hewlett-Packard Co. (NYSE: HPQ), the activity was massive. As you will see below, there are more than 25 buybacks counted in August. This table does not even include all of the other sub-$100 million deals from smaller companies. There were dozens of other companies which updated their share buyback plans not covered.
| BUYBACK ANNOUNCEMENTS | SIZE (MIL$) |
|---|---|
| Fossil, Inc. (NASDAQ: FOSL) | $750 |
| ATMI Inc. (NASDAQ: ATMI) | $50 |
| Qlogic Corp. (NASDAQ: QLGC) | $200 |
| Oil States International Inc. (NYSE: OIS) | $100 |
| White Mountains Insurance Group, Ltd. (NYSE: WTM) | $180 |
| Veeco Instruments Inc. (NASDAQ: VECO) | $200 |
| Myriad Genetics Inc. (NASDAQ: MYGN) | $100 |
| Ann Taylor Stores Corporation (NYSE: ANN) | $400 |
| Dillard’s Inc. (NYSE: DDS) | $250 |
| Gap Inc. (NYSE: GPS) | $750 |
| Hewlett-Packard Co. (NYSE: HPQ) | $10,000 |
| Lorillard, Inc. (NYSE: LO) | $1,000 |
| Marvell Technology Group Ltd. (NASDAQ: MRVL) | $500 |
| Intuit Inc. (NASDAQ: INTU) | $2,000 |
| The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) | $100 |
| Nordstrom Inc. (NYSE: JWN) | $500 |
| RadioShack Corporation (NYSE: RSH) | $500 |
| Rambus Inc. (NASDAQ: RMBS) | $90 |
| Research In Motion Limited (NASDAQ: RIMM) | $80 |
| Flextronics International Ltd. (NASDAQ: FLEX) | $200 |
| RenaissanceRe Holdings Ltd. (NYSE: RNR) | $500 |
| TD AMERITRADE Holding Corporation (NASDAQ: AMTD) | $500 |
| Advance Auto Parts (NYSE: AAP) | $300 |
| The Scotts Miracle-Gro Company (NYSE: SMG) | $500 |
| Polo Ralph Lauren (NYSE: RL) | $250 |
| VeriSign Inc. (NASDAQ: VRSN) | $1,100 |
| DIRECTV (NASDAQ: DTV) | $2,000 |
| Discovery Communications Inc (NASDAQ: DISCA) | $1,000 |
| Gartner Inc. (NYSE: IT) | $500 |
| WMS Industries Inc. (NYSE: WMS) | $300 |
| Focus Media Holding Limited (NASDAQ: FMCN) | $300 |
| Plum Creek Timber Co. (NYSE: PCL) | $200 |
| Atmel Corporation (NASDAQ: ATML) | $200 |
| W. R. Berkley Corporation (NYSE: WRB) | $260 |
| Skyworks Solutions (NASDAQ: SWKS) | $200 |
| Owens Corning (NYSE: OC) | $285 |
| WebMD Health Corp. (NASDAQ: WBMD) | $150 |
| Total Counted Buybacks | $26,495 |
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JON C. OGG
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