Thursday, August 24, 2006

gewinnqualität / buyback

beim thema buybacks kann man geteilter meinung sein. die einen sagen die firmen sind mut und phantasielos. andere fordern anstelle der buybacks die teilweise gerade ausreichen die ausgegebenen optionen zu neutralisieren höhere dividenden. der interessenkonflikt mit optionsprogrammen soll hier nur am rande erwähnt werden.http://immobilienblasen.blogspot.com/2006/08/shock-options-ausma-grer-wie-bei-enron.html.

generell ist das mittel aber legitim. kritisch wird es wenn man nicht überschüssige mittel sondern kreditlinien für die buybacks ausnutzt. dieser fakt ist hier leider von s&p nicht behandelt worden. dürfte aber auch eher bei den firmen unterhalb des s&p500 zum tragen kommen. ein (negativ)beispiel für ein 500er unternehmen hier:http://immobilienblasen.blogspot.com/2006/08/buyback-durch-neue-schulden.html


S&P: S&P 500 COS. BOUGHT BACK $116B IN STOCK IN Q2

STANDARD & POOR'S SAYS Q2 S&P 500 BUYBACKS UP 43%

S&P: Q2 BUYBACKS FOR S&P 500 COS. SET NEW QUARTERLY RECORD

S&P: PREVIOUS S&P 500 QUARTERLY BUYBACK RECORD WAS $104B

S&P SEES STRONG S&P 500 BUYBACKS CONTINUING FOR REST OF YEAR

S&P: IT COS. IN S&P 500 SPENT MOST ON BUYBACKS IN Q2

S&P: BUYBACKS BOOSTED Q2 EPS AT MORE THAN 20% OF S&P 500

NEW YORK (MarketWatch) -- Standard & Poor's said Thursday that buyback activity by companies included in the S&P 500 index jumped 43% year-over-year to $116 billion, setting a new quarterly record. The previous record was $104 billion, set in the fourth quarter of 2005. The firm said the buybacks resulted in a "significant boost" to earnings per share for more than 20% of the S&P 500, and that companies are now spending as much on stock buybacks as they are on capital expenditures. "The record $116 billion in buybacks in the result of over 40% of the S&P 500 companies reducing their share count during the second quarter," said Howard Silverblatt, senior index analyst at S&P, in a statement. "The unprecedented expenditure on buybacks and the resulting share count reduction is having a material affect on both earnings-per-share and cash flow." He continued: "Left unabated, this will eventually impact the supply of open market shares, and therefore the share price itself." The firm said information technology companies within the S&P 500 were the most active buyers, accounting for 25% of the repurchases in the quarter. S&P expects the strong activity to continue for the remainder of the year.

gruß
jan-martin

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