Yesterday we reported on analysis company TrimTabs findings that stock buybacks were very common in 2011’s Q1, and this morning we can add a few new names to the list of company’s purchasing their own shares. See how the decision is affecting stock prices in premarket trades.
BHP Bilition (NYSE:BHP) shares jump 1.27% premarket on news that we mining giant announces it has just completed a $10 billion dollar buyback move. The latest purchases were made on the London stock exchange, where BHP spent about 3.6 billion on 90 million of its own shares, and on the Sydney exchange, where the company spent over $6 billion buying out 4.4% of its outstanding stocks.
Scripps Networks Interactive (NYSE:SNI) also announced plans to buyback $1 billion in shares this morning, the stock is flat in premarket trades though. The company will split its investment between purchases of a bulk of shares from its largest Class A holder ($300 million) and spend the rest on repurchases in the open market. Scripps is a lifestyle content and interactive services company with television and interactive brands.
First Solar (NASDAQ:FSLR) looks slated to open significantly higher this morning, up 5.57% premarket on several leading lines of good news. First, the US Dept. of Energy announced 4.5B in loan guarantees for three California solar projects, and second, the company got initiated in “positive” coverage by analysts at Avian Securities, who also set a per share price target of $160, FSLR currently trading at $137.25.
Apple (NASDAQ:AAPL) seemingly never a dull day from the guys in Cupertino, and today no different as Apple stock climbs a bit (.18%) premarket on news that analysts are projecting the company’s mobile revenues to nearly double this year (total over $14 billion). App downloads also reportedly growing at a rapid tick, with a projected 182 billion apps to be downloaded in 2015. Apple also sued by Samsung this morning for patent infringement, and company not likely losing sleep over Hewlett-Packard’s (NYSE:HPQ) “touchpad” tablet that hits stores Friday.
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