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BUSINESS
March 19, 2012 | By David Sarno
Apple Inc. said today it will begin spending part of its nearly $100-billion cash stockpile on a quarterly dividend, as well as a three-year stock buyback program. The company said it will pay shareholders $2.65 per share each quarter beginning in Apple's fiscal fourth quarter, which starts July 1. The company said it hopes the dividend will make Apple stock a more attractive investment to wider base of investors, including those looking to make regular income from owning the stock.
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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
November 8, 2011 | By Tom Petruno and Tiffany Hsu, Los Angeles Times
With their stock prices struggling despite strong profit growth, more big-name companies are trying to set an example for investors: They're channeling cash into buybacks of their own shares. That strategy lit a fire under the stock of Thousand Oaks biotech giant Amgen Inc. on Monday, after the company launched a plan to buy back up to $5 billion of its shares — about 10% of the total outstanding — over the next month. Amgen shares jumped $3.26, or 5.9%, to $58.43 in the biggest one-day gain in 17 months.
BUSINESS
April 10, 2014 | By Walter Hamilton
Another plunge in once-soaring technology stocks sent the Nasdaq composite index into a triple-digit decline and pushed the rest of the stock market down with it. Erstwhile darlings such as Netflix Inc. and Facebook Inc., as well as biotechnology highfliers such as Intercept Pharmaceuticals Inc., sank as investors rushed to cash in what remained of earlier profits. As of 10:55 a.m. Pacific, the Nasdaq composite index was down 107.50 points, or 2.6%, to 4,076.41. PHOTOS: Richest and poorest cities in America The Dow Jones industrial average skidded 176.57 points, or 1.1%, to 16,260.61.
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
February 6, 1990 | Jonathan Weber, Times staff writer
Newport Corp. has announced a program to buy back 1 million shares of its stock--about 12% of all shares outstanding--for about $9 million. The company had previously bought back 1.5 million shares, but Newport President Tom Galantowicz said the firm believes that further re-purchases are "a good investment of corporate funds." The Fountain Valley company manufactures instruments and components for laser and electro-optical systems.
BUSINESS
September 12, 1997 | Dow Jones
SRS Labs Inc.'s board authorized a program to repurchase up to 500,000 shares of the audio technology company's common stock. The company said purchases may be made from time to time until Dec. 31, unless the period is extended or shortened by the board. The company may selectively repurchase the stock in open market or in privately negotiated transactions.
BUSINESS
July 3, 2007 | From Times Wire Services
Enriched from the sale of its wealth-management subsidiary, Charles Schwab Corp. said Monday that it would distribute $3.5 billion to its stockholders by buying back stock and paying a one-time dividend. Schwab shares jumped $1.48, or 7.2%, to $22 on the news. The San Francisco-based discount stockbrokerage plans to pay as much as $22.50 a share for its own stock -- 10% above last week's closing price. The buyback price is to be set through an auction that guarantees those who sell at least $19.
BUSINESS
November 24, 2002 | Tom Petruno, Times Staff Writer
After shares of Tenet Healthcare Corp. plunged nearly 50% in a week, the hospital company resorted to a corporate strategy common in times of crisis: It used its own cash to buy the stock in the open market, spending at least $140 million in the five days ended Nov. 15. Tenet said the message was that the stock's collapse, in the wake of a federal investigation of the company's billing practices, was "overdone." If the share price revives, the company's buyback may look like a smart move.
BUSINESS
January 22, 1999
Irvine-based Day Runner Inc. said Thursday that it has resumed its program to buy back the company's stock, which executives consider undervalued. The stock hit a 52-week low Wednesday after the company, which makes personal organizers, reported disappointing earnings and said it cut 350 jobs. The stock traded as low as $9.25 a share Wednesday before rallying to close at $10.38. On Thursday, the shares moved up 75 cents to $11.13. The stock traded as high as $25.50 last May.
BUSINESS
March 31, 2014 | By Walter Hamilton
If millennials are going to achieve financial independence, a good first step might be to stop relying on parents to cosign loans. Nearly two-thirds of millennials have needed a cosigner, usually mom and dad, when buying a car, getting a credit card or renting an apartment, according to a new report. More than one-third of parents cosigned student loans for their millennial children, according to data from Experian Consumer Services. PHOTOS: World's most expensive cities That's all well and good if millennials repay the debt themselves.
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 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
November 19, 1995
Directors of Eldorado Bancorp, parent of Eldorado Bank, authorized the company to purchase up to $1 million of its common stock in open-market or negotiated transactions. The company had nearly 3.4 million shares outstanding on Wednesday. Directors also declared a 10% stock dividend, payable Dec. 26 to shareholders of record Nov. 28. J.B.
BUSINESS
June 15, 1992
Advanced Interventional Systems said Friday that it plans to repurchase about 4% of its outstanding common stock in the open market, taking advantage of the stock's low value. "The price is right," President Tom Allen said. Advanced Interventional's stock, which trades on the over-the-counter market, closed Friday at $5 a share, up 25 cents. The stock price, as high as $21 in early February, has been dropping steadily.
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 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.
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