Re: The big error that both Dan3 and Ali made was compare the Shares Outstanding for the most recent quarter with the same quarter last year. And yet the share repurchase number for this year is for 9 months, not a year
Bzzzzzzt!
Wrong. ....and wrong.
First of all, I posted two links because the quarterly statement had dollars spent over 9 months but listed the number of shares current and 1 year ago - so I didn't use that number. That's why there was a second link, to the annual report, that listed the number of shares for the "beginning" period, 9 months earlier.
Second, the number of shares isn't a "rate", while the dollars expended on buying shares has been constant for at least 6 quarters, so it wouldn't really have mattered whether we referenced 9 months ago or 1 year ago.
But I knew that the Intel self-deceivers would look for some irrelevant detail to attack, so I was careful to find the 9 month number.
Intel actually sold more shares than it bought, during the 9 months shown in the most recent quarterly statement. In that statement it admitted it spent $3 Billion on the "buy" side, but doesn't even hint at the revenue it received from selling every share it "repurchased" and 12,000,000 more.
At current market prices, they should have accounted for the fact that they received $415 million in cash from their "repurchase" program (and they experienced dilution of stockholder value in exchange) - instead they used this activity to pretend a $3 Billion of their decline in earnings didn't occur! |
