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Technology Stocks : Loral Space & Communications

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To: Jeff Vayda who wrote (10243)	10/8/2002 8:07:43 AM
From: Jeff Vayda	of 10852

They would rather buy back their own shares than buy Loral? Guess BLS continues to annoy people. The buy back would eat up most of the free cash flow (if the buy back is done over just the two years free cash is quoted.) Aren't most buy backs conditional over a 5 year period? Jeff Vayda Lockheed to buy back 23m shares Financial Times 10/08/02 author: Christopher Bowe Copyright (c) 2001 Dow Jones Reuters Business Interactive Ltd.,trading as Factiva. Lockheed Martin, the US defence contractor, yesterday said it intended to buy back up to 5 per cent of its shares, or 23m of about 455m shares outstanding. The repurchase plan comes as Lockheed's shares are trading near one-year highs and have steadily risen for almost three years. Its shares closed yesterday up 1 per cent, or 44 cents, at $61.44 in New York trading. The defence industry is one of few solid performers in the recent market volatility, helped by increased US military spending. Lockheed has benefited from this increased spending. In July, the group raised its free cashflow estimates for this year and next year amid higher expectations for sales and profits. It expects combined free cash for 2002 and 2003 to be $2bn, against $1.6bn.

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