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Bulls, Is that it? Come on, BLACK MONDAY


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#31 Jimi

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Posted 20 February 2009 - 09:00 PM

From the crew that runs my workplace:

FOSTER CITY, Calif.--(BUSINESS WIRE)--Electronics For Imaging, Inc. (Nasdaq:EFII), the world leader in customer-focused digital printing, announced today that its Board of Directors has approved a $100 million share repurchase program, including a $30 million accelerated share repurchase (the “ASR”), utilizing a portion of proceeds from the recently announced sale of the Company’s real estate in Foster City.

The new share repurchase authorization replaces the previously approved share repurchase program, including a remaining amount of approximately $33 million that was available for repurchases under such program.

The Company also announced that it entered into an agreement (the “ASR Agreement”) with UBS AG, London Branch (“UBS”) to repurchase $30 million of its common stock under the ASR. The final number of shares to be repurchased under the ASR will be determined based on market prices of the Company’s common stock during the term of the ASR Agreement. As a result of entering into the ASR, the Company expects that, during the term of the ASR, UBS will be purchasing the Company’s common stock in the market. The Company expects to complete the repurchases under the ASR in the second or third quarter of 2009, with the final completion date subject to the discretion of UBS. The repurchased shares will be held as treasury stock.

“We are very pleased to deliver on our commitment to monetize our real estate assets, which was a key element of our strategy to restore shareholder value,” said Guy Gecht, CEO of EFI. “With the real estate deal completed we are moving forward in returning cash to our shareholders with this new share repurchase program.”


How does a share buyback "return cash" to shareholders, unless it is a rescue for institutional bagholders?

The real estate sale was a good one, $137 million. Unfortunately $100 million will be wasted on the share buyback. Many employees asked why in these difficult economic times so much money would be spent on share buybacks. Answers were not to anyone's liking.

Depending on the stock price in the buyback period this could represent perhaps 15 to 25% of the total float.

The whole restoring value to shareholders thing is kinda of weird. The real estate sale was a one trick pony, unless the HQ building is sold too. What happens if the stock tanks with the rest of the market? Oops, doesn't seem like that was thought about too hard.

:lol:

What a total load of malarkey.

If they wanted so much "to return cash to shareholders," they could have declared a one-time cash dividend equivalent to the sum of the proceeds.

My guess is this is a bunch of ruthless insiders seeking to prop purchase of equities in the public markets into which they can dump their vested options.

Here's another guess: in exchange for this bidniz, UBS has assured said-insiders with certain specific price-commitments on those insider sales.
Sure glad all my albums went GOLD.
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I love you, TASR!
YOU MAKE KITTY SCARED
Tops Take Time
Postulate A Free Lunch Economy
Anyone, now, who is not genuinely afraid is a moran.
[T]housands of empty stucco crapboxes vacated after being circle-jerk sham-traded among corrupt borkers, uppraisers and loan officers from 100K up to 800K, then "nopay-walkaway" (with dirty loan cash in pockets)
Guess again, girlfriend.
Or, $2.7 million every effing day since the effing pinball machine.
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#32 Jimi

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Posted 20 February 2009 - 09:13 PM

Looks to me like Blum Capital Partners holds a lot of it:
http://finance.yahoo.com/q/it?s=EFII
Sure glad all my albums went GOLD.
"Ferdy-bee-bee-dee-ferbs."
Subscribe & Earn Karma Miles with Every Visit!
Rule #5 Professional Exemption.
Blind Follower, Just Think Positive Hyperinflation, I Get Paid 500 Quadrillion Dollars/Hour at 1000% Interest/Hour Compounding Forever Each Mouse Click Religion.
"I too observe 'flation.'"
I love you, TASR!
YOU MAKE KITTY SCARED
Tops Take Time
Postulate A Free Lunch Economy
Anyone, now, who is not genuinely afraid is a moran.
[T]housands of empty stucco crapboxes vacated after being circle-jerk sham-traded among corrupt borkers, uppraisers and loan officers from 100K up to 800K, then "nopay-walkaway" (with dirty loan cash in pockets)
Guess again, girlfriend.
Or, $2.7 million every effing day since the effing pinball machine.
Permabear Hysterian

#33 prancing_cow

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Posted 20 February 2009 - 09:23 PM

Santelli going ape sh^t on Krudlow's show.....

Just tossed his print out of the Homeowner bailout act into the air...

Housing Bailout Examples....what a crock

Housing Plan Fact Sheet Q&A

Trader Joe Predict-O-Ball ™

The number of folks that will qualify for this stoopid f^^king program is going to be ASTONISHINGLY LOW.....a complete embarassment....and my guess, based on what we have seen to date, the first of many.....
_________________________

"Hey Honey.....you know that job you were gonna quit in June.....quit now so we can get the govi refi.....then go back to work after we get the new rate locked in.......meanwhile we can sip ice tea on the front porch while those idiots accross the street struggle to do the right thing and pay on their current mortgage.....IDIOTS.....told them they should have only put 5% dow....BWAHAHAHA"

That's exactly what I have been saying too, "Hey Honey" story is so obvious - bring my rate to 31% of single income and then get a second income, even if not right away they will still save hundreds.
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I am not really a bull, I am a BEAR .
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#34 roxy

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Posted 20 February 2009 - 09:28 PM

While indices traded on regular bearish programming for some stocks today was a significant bottom.

For example PSY closed 18% (wow!) above intraday low.

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#35 roxy

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Posted 20 February 2009 - 09:31 PM

PFF closed 20% above intraday low.

If you know why tell me.

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#36 capitall

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Posted 20 February 2009 - 09:45 PM

PFF closed 20% above intraday low.

If you know why tell me.



It's because an artificial low was made today when the rumors of nationalizing banks
were floating around. Then it popped back up due to some statements from government
officials that sounded like they did not plan to nationalize banks (thus zeroing out the
common and the preferred stocks of those banks.) PFF was up less than 4% today-- not
even making back all of Thursday's losses-- and it has been going down all week, all month,
all year, and for quite some time. Huge drops based on apparently false rumors may see a
quick bounce back, once the rumor is quashed. But that doesn't necessarily mean the stock
won't continue down next week. Time will tell.

#37 T_Slim

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Posted 20 February 2009 - 09:46 PM

keeping a close eye on euro/usd going into sunday . . . dollar index looks bearish and euro chart looks bullish . . . Fx or Kwave what do you see?

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#38 twignberries

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Posted 20 February 2009 - 09:52 PM

Anyone thinking of biting some RIMM as it approaches $35?
When the last living thing has died on account of us, how poetical it would be if Earth could say, in a voice floating up perhaps from the floor of the Grand Canyon, “It is done.” People did not like it here.

- Kurt Vonnegut

#39 mdporter

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Posted 20 February 2009 - 09:59 PM

:lol:

What a total load of malarkey.

If they wanted so much "to return cash to shareholders," they could have declared a one-time cash dividend equivalent to the sum of the proceeds.

My guess is this is a bunch of ruthless insiders seeking to prop purchase of equities in the public markets into which they can dump their vested options.

Here's another guess: in exchange for this bidniz, UBS has assured said-insiders with certain specific price-commitments on those insider sales.


This was what I was thinking too. Every conference call I've ever listened to, the "anal cysts" have always asked when the company would use cash reserves to buy back stock. My feeling is that some large groups of corporate holders (like Blum as you noted) may have presented management a "do this or else" ultimatum, and management is now doing what they've been told to do.

According to my scottrade research, only one insider has ever purchased a large block of company stock on the open market with his own money. The ceo bought 30,000 shares last year at $13 and change, he's underwater by about $110k now. He can afford the loss as he's made millions from options shares.
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

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#40 T_Slim

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Posted 20 February 2009 - 10:18 PM

Anyone thinking of biting some RIMM as it approaches $35?


it should be real interesting when it hits that level . . .

#41 Charmin

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Posted 20 February 2009 - 10:27 PM

http://wallstreetexa...sional-edition/

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#42 4shzl

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Posted 20 February 2009 - 10:40 PM

They're HAAAAPY in DipperLand tonight: "Gap up on Monday, island reversal, etc. etc." Quite amazing really. :blink:
The problem with Californians is that they think that death is optional. -- Aldous Huxley

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#43 BusKow

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Posted 20 February 2009 - 10:43 PM

Tuesday breakout in 52wk lows now has moved to highest level this year

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Prudence, indeed, will dictate that governments long established should not be changed for light and and transient causes, and accordingly all experience hath shown that mankind are more disposed to suffer, which evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations , pursuing invariably the same object, evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security.

#44 howard in nyc

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Posted 20 February 2009 - 10:54 PM

Looks to me like Blum Capital Partners holds a lot of it:
http://finance.yahoo.com/q/it?s=EFII

ah, richard blum. i remember that dude. high powered private equity firm. married to a us senator, right? i had no idea he was still around. the wiki rundown.
"He who sells what isn't his'n,
Must buy it back or go to pris'n."

#45 Dharmaeye

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Posted 20 February 2009 - 11:05 PM

Yea I am holding few of these energy bags too. Including HTE. It all depends on where the energy price will be. If it won't recover to 50-60$ oil equiv by summer the dividents will be gone IMHO. And I give a 51% probability that it will recover :)


Its got a fair amount of debt but has a lot of upstream with a cash cow of selling deisel to Europe from its east coast refinery.
Refiners are doing well right now.





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