Stock Buybacks: Demand Media, Lowe’s and TravelZoo Boost Shareholders
Share repurchases are the hot meme starting off the new week on Wall Street.
Demand Media (NYSE:DMD) Board of Directors has approved a $25 million share repurchase program, effective August 19, 2011, said Chairman and CEO Richard Rosenblatt. “Under the program, Demand Media is authorized to repurchase up to $25 million of its outstanding shares from time to time on the open market or in negotiated transactions.”
Lowe’s Companies, Inc. (NYSE:LOW) Board of Directors for has authorized the repurchase of up to $5 billion of the company’s common stock. The company expects to use the full amount over the next two to three years. In addition, the Board of Directors has declared a quarterly cash dividend of fourteen cents ($0.14) per share, payable November 2, 2011, to shareholders of record as of October 19, 2011.
Travelzoo Inc. (NASDAQ:TZOO), Board of Directors has authorized the repurchase of up to 500,000 of the company’s outstanding common shares. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo’s cash balances, general business and market conditions, and other factors, including alternative investment opportunities.
NetApp, Inc. (NASDAQ:NTAP) entered into a collared accelerated share repurchase agreement with Wells Fargo (NYSE:WFC) under which the Company will repurchase approximately $400,000,000 of its shares of common stock. The repurchase is the only one not helping shareholders today as the stock remains down over 1%.