US Futures Pare Losses, but Trend Still Down
Stock Buybacks
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LyondellBasell Industries NV said Wednesday that it will buy back shares, increase its dividend and update its board. LyondellBasell said that shareholders at the company's annual meeting approved a plan to repurchase up to 10 percent of the company's outstanding stock.
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An increasing number of share buybacks may be helping to prop up the market, reports CNBC’s Steve Liesman.
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Economists aren’t sure why capital spending is slowing, but fret that the downturn may signal a coming recession, CNBC's Steve Liesman reports.“It bothers me whenever I see capital expenditures slowing because, historically, it’s been such a critical part of the economy,” Maury Harris, chief economist at UBS told Liesman. “This is happening at the same time that we have an on-going housing recession. I think it raises some red flags on the economy.”
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3i Group, Europe's largest publicly traded private equity company, said Thursday it will return 800 million pounds ($1.6 billion;1.2 billion euros) to shareholders after selling some of its assets.
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CBS, producer of "60 Minutes" and the crime series "CSI," said Tuesday it is buying back about 47 million shares of its Class B stock for $1.4 billion through an accelerated repurchase transaction.
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Dow component Honeywell International said Friday its board of directors authorized the company to buy back up to $3 billion in common stock.
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"3M is another example of Corporate America utilizing its balance sheet to maximize shareholder returns," Goldman Sachs analyst Jack Kelly said in a research note.
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TJX, which owns clothing discounters T.J. Maxx and Marshalls, said on Friday that it authorized a new program to repurchase up to $1 billion of its common stock.
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After a year of record profits, Wall Street firms are returning millions of dollars to their shareholders through dividends and buybacks.
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World's biggest aluminum maker Alcoa said its board authorized a buyback of about 87 million shares and a more than 13% increase in its annual dividend.
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Another twist in the controversy over stock options. A new academic study on backdating suggests many outside directors--who are supposed to safeguard against cozy relationships with management--received manipulated grants themselves. Alan Murray is Managing Editor of The Wall Street Journal. He was on "Morning Call" to discuss the issue.