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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 73.87-0.1%3:59 PM EST
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To: lawdog who wrote (35342)5/10/2000 4:58:00 PM
From: Tom Chwojko-Frank  Read Replies (3) of 77400
 
Stock buy backs are smoke screens anyway. They rarely have any real economic substance.

So essentially granting shareholders shares does not have a real effect?

Stock buybacks are essentially dividends without the tax hit. The downside is that a buyback or dividend means you don't have anything better to do with the cash, like grow the company.

The other possibility is preventing dilution from stock option exercises.

I would hardly call these smoke screens. They have a fundamental impact on the stock's valuation. Whether that impact is good or bad always depends on the situation, of course.

But your statement has got to be one of the worst posts I've ever seen on SI.

Maybe you meant stock splits?

Tom
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