St. Jude Medical (STJ) Announces $500M Share Buyback
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St. Jude Medical, Inc. (NYSE: STJ) announced today that its Board of Directors has authorized a share repurchase of up to $500 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the Company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.
Commenting on the new share repurchase program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical has a robust internal research and development pipeline. We intend to continue our commitment to funding these growth drivers in 2010 and beyond by reinvesting any earnings per share benefit from the share repurchase program back into our business.”
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St. Jude Medical
Private Investor on Oct 23, 2009 10:50 PMOct 6th St. Judes announcements lead to a 13% drop on 11 times normal volume and now they announce a repurchase plan. Offhand it looks like market manipulation. What do you think?