Home Depot (HD) say that under the terms of its share buy-back, it brought in about 299 million at $37 a share. That totals 14.6% of the outstanding.
Usually, this would be viewed as good news. A lower share price means higher EPS. But, at $37, the stock, which traded as high at $38.50 last Friday, is down 3.3% to $37.
That’s what happens when you buy in your own share so cheap.
Douglas A. McIntyre
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