Investing
Stock Buybacks For September 5, 2007 (TECD, RJET, PFIN, IIG, MNST, EXC)
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This is not necessarily a full list of all the buyback announcements, but this is a partial list. Today’s buyback announcements and updates are first, and yesterday’s are listed at the end.
Tech Data (NASDAQ:TECD) announced a $100 million buyback plan, versus a $2.1 Billion market cap. The company’s share repurchases will be made on the open market, through block trades or otherwise. The amount of shares purchased and the timing of the purchases will be based on working capital requirements, general business conditions and other factors, including alternative investment opportunities. The company intends to hold the repurchased shares in treasury for general corporate purposes, including issuance under employee equity compensation plans.
Republic Airways Holdings (NASDAQ:RJET), announced (as part of its $100 million Existing buyback plan) that it has agreed to purchase 2,000,000 shares of its Common Stock from WexAir LLC, the company’s former majority stockholder, at a price of $19.20 per share, for total consideration of $38,400,000. RJET stock closed at $19.06 today.
P&F Industries, Inc. (NASDAQ:PFIN) announced that its Board of Directors has extended the time it may purchase shares of Class A Common Stock under its share repurchase program by an additional year to September 30, 2008. The Company is authorized to purchase up to 150,000 shares remaining pursuant to such share repurchase program.
iMergent, Inc. (AMEX:IIG), after its earnings, increased its stock repurchase program from $20 Million to $70 Million over the next 5 years.
Noven Pharmaceuticals, Inc. (NASDAQ:NOVN) today announced that its Board of Directors has approved a share repurchase program authorizing the company to repurchase up to $25 million of the company’s common stock. The repurchase program is effective immediately.
YESTERDAY’S SHARE BUYBACK ANNOUNCEMENTS
Monster Worldwide (NASDAQ:MNST) today announced that its Board of Directors has approved an increase to its share repurchase program. It is now authorized to purchase an additional $250 million of its shares of common stock in the open market or otherwise from time to time over a 12 month period, as conditions warrant. This new authorization follows the existing $100 million share repurchase program, which has now been substantially utilized.
Exelon Corporation (NYSE:EXC) on Monday announced new guidance 2007 EPS of $4.15 to $4.30 per share. Exelon’s original operating earnings guidance range was $4.00 to $4.30. AND that its board of directors has approved a share repurchase program for up to $1.25 billion of its outstanding common stock. Exelon expects to complete the share repurchase program within the next six months.
If you would like to delve further into share buybacks we have covered you can see a partial index of what we have covered.
Jon C. Ogg
September 5, 2007
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