Texas Instruments (
) is the latest big name out today with a headline-grabbing $7.5
billion share buyback.
When you look at some history on the company, you will find the
company has now spent a whopping $27.5 billion in buybacks since
2004, with very little real price appreciation to show for it. What
would have happened to the stock price if the company had looked to
make some acquisitions that could have boosted the growth
prospects/bottom line? Or invested the money in research &
development? T.I. could have also been a bit more generous with
their dividend payouts as well (you knew my bias would hit on that
point). Wall Street loves to applaud the buybacks and the "reduce
the float" argument. We'll politely agree to disagree.
Elsewhere, Oracle (
) came out with a monster earnings report this morning and the
stock traded nicely higher on the day. This is another company that
could be doing much more with its dividend payout (granted they
recently started paying a dividend in the last year). We also saw
some buying in the defense sector, as we continue to see the
rotation into sectors that have been under-performing. Lockheed
) and Northrop Grumann (
) led the charge for the defense names. Volume climbed to 4.09
Billion shares on the NYSE. The Dow has closed higher 10 out of 12
sessions so far this month, while the Nasdaq made it 8 winning
sessions in a row.
As we look ahead to next week, we inch closer to the next deluge
of earnings coming in October. There are some big names reporting
next week already, including Darden Restaurants (
) , Nike (
) , and General Mills (
) , to name a few.
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