Jay, G = 333 10Q = 333. Total of 666 [spooky] and QUALCOMM did a stock buy-back and also took some put positions so they have voted with their money that the current price is a fair price with less risk in it than they have by holding Uncle Al's $. sec.gov
<Stock Repurchase Program
On February 11, 2003, the Company’s Board of Directors authorized the expenditure of up to $1 billion to repurchase shares of the Company’s common stock over a two year period. During the three months ended March 30, 2003, the Company bought 3,615,000 shares at an aggregate cost of $124 million. At March 30, 2003, $876 million remains to be expended under the Board’s authorization. Repurchased shares are retired upon repurchase.
In connection with the Company’s stock repurchase program, the Company sold put options under three separate contracts with independent third parties during the three months ended March 30, 2003 that may require the Company to purchase three million shares of its common stock upon exercise. The Company accounts for the written put options in accordance with Emerging Issues Task Force (EITF) Issue No. 00-19, “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock.” In the event the put options are exercised, the contracts allow the Company to determine the settlement method, including net share settlement, and the Company has determined that the written put options should be classified as permanent equity as defined by EITF Issue No. 00-19. As such, the Company records the premiums received as additions to paid-in capital, and changes in fair value are not recognized in the Company’s financial statements. The premiums received for the put options of $7 million were recorded as additions to paid-in capital. At March 30, 2003, all three contracts, with expiration dates ranging from June 23, 2003 to June 25, 2003, were outstanding. If the put options are exercised and physically settled, the Company’s effective repurchase price (the strike price less the premiums received for the put options) will range from $28.96 to $31.74 per share. Any shares repurchased upon exercise of the options will be retired.
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Mqurice
PS: I've been running a Sars graph for a couple of months since my RED ALERT way back when. We aren't winning. I notice that they've given away the silly 3% or 4% death rate - I was amazed that doctors were bamboozled like that over a bit of arithmetic. My old 7% is where I still think we'll end up.
Here are cumulative deaths and weekly deaths. I see no inflection point yet. Message 18876008
Mqurice |
