Business Services Industry
Stock buyback wave hits: companies seek to firm up sinking prices.
Crain's Cleveland Business, September, 1998 by Serres, Christopher
In an effort to undergird their sagging stock prices, a growing parade of Northeast Ohio companies is marching forward with plans to buy back large amounts of their own shares. Parker Hannifin Corp., A. Schulman Inc., OfficeMax Inc., Royal Appliance Manufacturing Co. and Lincoln Electric Holdings Inc.
either have launched stock repurchase programs or have expanded dramatically their existing programs to fend off declines in their stock prices. If these five companies were to follow through with their programs, they would take an estimated $404 million of stock off the market based on current prices for their shares. Observers said these buyback programs are just the tip of the iceberg. As stocks continue to fluctuate wildly from one market close to the next,...
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