Betting on themselves: Share buybacks hit record high in 3Q
Associated PressCorporations’ appetite for buying back their own stock has hit a record high. “Companies have adopted buybacks as an option when they have excess capital and nothing better to do with it,” says Michael Schoonover, portfolio manager of the Catalyst Buyback Strategy Fund. Those that had been keeping cash overseas also got a break on the tax hit for bringing those profits back into the U.S. As a result, many company boards took steps to authorize or boost existing share buyback programs. The amount of share buybacks that company boards authorized this year is now at around $950 billion, an all-time high that eclipses the previous record of $813 billion in 2015, Schoonover said. “These companies that made all these massive authorizations this year picked a pretty good time to go out there and start buying their stock on the market dip,” Schoonover said.
History of this topic
Major buybacks put spring back in A shares' step
China Daily
Apple Stock Buyback Quarterly Earnings Revenue Loss Decline Tim Cook iPhone iPad iOS
ABP News
Apple’s revenue drops, net sales of iPhone and iPad plunge
The Hindu)
iPhones prop up Apple’s latest quarterly earnings of $94.8 billion, sales of iPads, Macs plummets
Firstpost
Companies facing 1st tax on stock buybacks in Biden bill
Associated Press
Alibaba increases share buyback size to record high $25 billion
Hindustan Times
Companies that binged on buybacks now seek bailouts from taxpayers
CNN
Stock buybacks exploded after the tax cuts. Now they’re slowing down
CNN
Stock buybacks are reaching dangerous levels
CNN
Corporate America’s mountain of cash is shrinking
CNN
US companies’ tax windfall fuels record share buybacks
Associated Press
Corporate America gives out a record $1 trillion in stock buybacks
CNNDiscover Related
)
)
)
