kann diese einschätzung nur bestätigen. in nahezu jedem call oder veröffentlichung hat das management versucht schlechte ergebnisse durch massive (ofte auf pump) aktienrückkäufe zu verschleiern. etliche von denen sind keine 3 bis 6 monate später in großen problemen oder gar pleite. die betrachtung der s&p statistik macht das ganze nicht gerade gemütlicher.....ausserdem verkauft das management in gleicher zeit in rekordtempo eigene aktien/optionen.....besonders bedenklich wird es wenn das management auf pump aktien zurückkauft und dadurch sogar die unmittelbare herunterstufung de kreditwürdigkeit achselzuckend in kauf nimmt.
Companies are buying back their own shares at a record rate
BUY now while stocks last. The retailers' traditional slogan is being re-enacted in the American stockmarket. The supply of quoted shares is shrinking fast.
The biggest buyer is the corporate sector itself. According to Tim Bond, of Barclays Capital, American companies acquired (via takeovers and buy-backs) some $602 billion of shares last year. In the fourth quarter, the pace of purchases was running at an annualised rate of 6% of the entire market. April 23rd was the biggest day for takeover announcements since the AOL/Time Warner deal of January 2000 and the following day saw IBM announce a $15 billion buy-back. With that kind of support, it is hardly surprising that investors can shrug off economic and geopolitical concerns and push the Dow Jones industrials to a new record above 13,000, as they did on April 25th.
Mr Bond says this equity-buying splurge is almost exactly matched by the corporate sector's financial deficit—in other words, companies are borrowing money to buy back shares. This gearing up of the balance sheet is occurring when profit margins are at their highest level since the 1950s. It looks like hubris....
größer / bigger http://tinyurl.com/yv5pgu
Despite good results so far, HSBC says forecasts for 2007 earnings per share for S&P 500 companies have edged down from $95 in the middle of last year to less than $93 today. And Dave Rosenberg, a Merrill Lynch economist, says that, over the past six months, business sales have fallen at an annual rate of 2.3%.
More than half, or 11, of the 21 builders that Moody's rates failed to generate more cash than they spent in 2006, analyst Joseph Snider in New York said in a report today
Pulte was one of three investment-grade companies generating negative cash flow for the previous 12 months at the end of the year, Snider said. The other two are Dallas-based Centex Corp. and Toll Brothers Inc. in Horsham, Pennsylvania.
Speculative-grade companies losing cash at the end of 2006 were: Red Bank, New Jersey-based Hovnanian Enterprises Inc.; Irvine, California-based Standard Pacific Corp.; Hollywood, Florida-based Technical Olympic USA Inc.; Columbus, Ohio-based M/I Homes Inc.; WCI Communities Inc. in Bonita Springs, Florida; Reston, Virginia-based Stanley-Martin Communities LLC; William Lyon Homes Inc. in Newport Beach, California; and Meritage Homes Corp. in Scottsdale, Arizona.