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BUSINESS
December 4, 2013 | By Chris O'Brien
Shareholder activist Carl Icahn said Wednesday he had informed Apple that he has submitted a proposal to let shareholders vote on a larger stock buyback. In a tweet Wednesday, Icahn wrote: "Gave $AAPL notice we'll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level. " A "precatory" proposal is one that is considered an advisory measure, but not necessarily legally binding. Apple's annual shareholder meeting typically takes place in February.  Icahn revealed his large stake in Apple this summer and said he would begin pressing the company to increase the size of the stock buyback.
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BUSINESS
April 24, 2014 | By Chris O'Brien
Big earnings. Big stock buyback. Big stock bump. On Thursday, investors cheered Apple's performance by sending its stock up by as much as 8.5% in early trading.  The stock climbed to $ 569.50 at one point early Thursday, up from $524.75 the previous day.  Riding a wave of strong iPhone sales, Apple on Wednesday reported fiscal second-quarter revenue of $45.6 billion, well above analysts' consensus of $43.6 billion, and up from the...
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BUSINESS
April 24, 2014 | By Chris O'Brien
Big earnings. Big stock buyback. Big stock bump. On Thursday, investors cheered Apple's performance by sending its stock up by as much as 8.5% in early trading.  The stock climbed to $ 569.50 at one point early Thursday, up from $524.75 the previous day.  Riding a wave of strong iPhone sales, Apple on Wednesday reported fiscal second-quarter revenue of $45.6 billion, well above analysts' consensus of $43.6 billion, and up from the...
BUSINESS
March 26, 2014 | By Walter Hamilton
The value of stock buybacks by U.S. companies jumped in the fourth quarter of last year, led by repurchases by Apple Inc. and other technology giants. Companies in the Standard & Poor's 500 repurchased $126 billion of stock in the fourth quarter and $477.6 billion in all of 2013, according to FactSet Research Systems. The fourth-quarter level was about the same as the third-quarter amount but was up 28.5% from the last three months of 2012. In part because of pressure from activist investor Carl Icahn, Apple bought back nearly $27 billion of stock in 2013.
BUSINESS
December 10, 1996
Taitron Components Inc. in Santa Clarita has authorized a stock buyback of up to 200,000 of the company's shares. The semiconductor distributor currently has 6.2 million shares of stock outstanding. Taitron's stock has been trading recently in the $3-per-share range. Companies often buy back some of their stock in hopes of boosting the price of the remaining shares.
BUSINESS
November 21, 1997 | Bloomberg News
Gymboree Corp. said its board approved another $30-million stock buyback program, because the shares are undervalued in the market. At Wednesday's closing price of $25.38, the Burlingame-based retailer of children's clothing could buy about 1.18 million shares. It had about 24.9 million shares outstanding at Nov. 1. Gymboree shares have fallen nearly 12% in the last year. Gymboree in May completed the buyback of about $30 million in stock, or 1.22 million shares.
BUSINESS
July 30, 1998 | From Reuters
Columbia/HCA Healthcare Corp., the world's largest health-care company, on Wednesday disclosed a corporate restructuring timetable, set a big stock buyback and posted quarterly results in line with forecasts. The Nashville-based company also said it will probably change its name, though not soon. It said it expects continued "substantial costs" from restructuring and a massive Medicare fraud probe the federal government began 18 months ago.
BUSINESS
April 24, 1997 | John O'Dell
Automotive chemicals and gaskets maker Wynn's International Inc. said Wednesday it expects to purchase 1.1 million shares of its stock from shareholders at $24.25 per share as the result of a so-called Dutch auction tender offer. The stock buyback was announced last month and the tender offer expired at midnight Tuesday. Companies typically buy up blocks of their own stock to increase the value to investors of the shares that remain publicly traded.
BUSINESS
February 5, 1997 | Times Staff and Wire Reports
BankAmerica Corp. said it plans to buy back an additional $650 million in common and preferred shares by the end of 1998. It also increased its dividend and revised its stock option plan for senior executives to raise incentives for share performance. LastMarch, the San Francisco-based bank said it would buy back as much as $2 billion of its common stock and $1 billion of its preferred stock by the end of 1997. The company had 365.5 million shares outstanding at the end of 1996.
BUSINESS
June 28, 2007 | From the Associated Press
Electronics retailer Best Buy Co. moved aggressively Wednesday to support its stock, saying it would immediately start a $5.5-billion buyback program and raise its quarterly dividend by nearly a third. It also said it was increasing its North American growth plans by 400 stores, bringing its target to 1,800. The Minneapolis-based company would provide no details on when it expected to hit those targets or where the stores would be.
BUSINESS
December 4, 2013 | By Chris O'Brien
Shareholder activist Carl Icahn said Wednesday he had informed Apple that he has submitted a proposal to let shareholders vote on a larger stock buyback. In a tweet Wednesday, Icahn wrote: "Gave $AAPL notice we'll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level. " A "precatory" proposal is one that is considered an advisory measure, but not necessarily legally binding. Apple's annual shareholder meeting typically takes place in February.  Icahn revealed his large stake in Apple this summer and said he would begin pressing the company to increase the size of the stock buyback.
BUSINESS
October 24, 2013 | Bloomberg News
Carl Icahn, the billionaire activist investor who has made a career of pushing companies to make changes to boost shares, published a letter to Apple Inc. Chief Executive Tim Cook urging the company's board to increase the size of a stock repurchase. Icahn promised not to tender his shares if Apple agrees to his proposal to implement a $150-billion repurchase, he said in the open letter that he posted on his website Thursday. Icahn said he has increased his holdings in the company to 4.7 million shares worth $2.5 billion, from 3.4 million shares in August.
BUSINESS
August 14, 2013 | By Chris O'Brien and Walter Hamilton
SAN FRANCISCO — Activist investor Carl Icahn said he has amassed a sizable stake in Apple Inc. and prodded the tech giant to increase its stock buyback program, cheering investors but creating a headache for one of the industry's most admired companies. Icahn disclosed his Apple stock holdings, reported to be valued at about $1 billion, in a pair of Twitter posts Tuesday. He said that the company's stock is "undervalued" and that a larger buyback would help drive the share price higher.
BUSINESS
May 7, 2013 | By Chris O'Brien
Just months after leading a shareholder revolt against Apple, hedge fund manager David Einhorn revealed on Tuesday that he's been buying more stock in the company.  In a conference call with investors of Greenlight Capital, Einhorn confirmed that the firm had increased its stake in Apple, though he did not reveal by how much, according to Reuters. Einhorn called Apple's plan to issue $17 billion in bonds to increase its dividend and stock buyback plans to $100 million a "major step forward.
BUSINESS
May 1, 2013 | By Stuart Pfeifer, Los Angeles Times
Herbalife Ltd. said it had to scale back plans to repurchase its shares after KPMG resigned in early April as its auditor and withdrew its review of the company's annual financial statements for the last three years. The Los Angeles nutritional products company canceled plans to borrow money that "would have been used to repurchase a meaningful amount of company stock," John DeSimone, Herbalife chief financial officer, told analysts Tuesday in a conference call. KPMG withdrew its approval of Herbalife's 2010, 2011 and 2012 financial statements after the accounting giant accused a senior partner of insider trading in the shares of Herbalife, footwear maker Skechers USA Inc. and other companies.
BUSINESS
April 23, 2013 | By Chris O'Brien, Los Angeles Times
Apple releases its eagerly awaited second-quarter earnings Tuesday, and by most accounts, it's unlikely that anything the company says will alleviate growing shareholder doubts about its growth prospects. Not only is Apple expected to post an earnings decline for the first time in a decade, but some analysts believe the company will lower its outlook for the current quarter as growth in sales of iPhones and iPads slows in the face of stronger competition and a market that's less enchanted by its latest offerings.
BUSINESS
February 10, 1998 | From Bloomberg News
General Motors Corp. said Monday that it will buy back another $4 billion worth of its shares, or 10% of the total outstanding, again using its cash to try to buoy a stock that has failed to keep up with the market or that of rival Ford Motor Co. But GM apparently notified analysts of its buyback 40 minutes before telling the public, giving some large investors a head start when the shares rallied. The world's biggest auto maker sent analysts a fax describing the buyback at 10:30 a.m.
BUSINESS
October 26, 1990 | TOM PETRUNO
You're the chief executive of a mid-size company. Your stock has plunged to $2 from $12 this year, even though you believe that your business is going well. What do you do? In recent weeks, many small and medium-size Southland firms have decided that if no one else wants their stock, they'll buy it themselves. Such buybacks have multiplied as more area stocks have fallen to embarrassing "penny" levels of $5 or less. Corporate stock buybacks aren't new, of course.
BUSINESS
April 23, 2013 | By Andrea Chang
Apple released its second-quarter earnings Tuesday, but investors were more excited by the company's eye-popping $60-billion stock buyback. The buyback goes down as the largest share repurchase in history, funded by Apple's massive cash hoard, which currently stands at about $145 billion. Apple also announced that its board of directors had approved a 15% increase in the company's quarterly dividend and has declared a dividend of $3.05 per common share, payable May 16, to shareholders of record as of the close of business May 13. "We are very fortunate to be in a position to more than double the size of the capital return program we announced last year," Chief Executive Tim Cook said.
BUSINESS
February 8, 2013 | By Chris O'Brien, Los Angeles Times
SAN FRANCISCO - Apple Inc. is considering boosting dividends or buying back more stock in a move that could appease investors who have been stung by the sharp drop in the stock price. The company revealed it is mulling over such actions after an influential shareholder sued the Cupertino, Calf., technology giant Thursday. In a statement, Apple acknowledged that it had been in "active discussions about returning additional cash to shareholders" beyond the $45 billion in dividends and stock buybacks it announced last year.
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