| Overstock.com (OSTK) Announces $20M Stock Buyback
Overstock.com, Inc. (Nasdaq: OSTK) today announced that its Board of Directors has authorized a $20 million two-year repurchase program which will allow Overstock.com to buyback shares of its common stock and/or its Convertible Senior Notes. The shares may be repurchased from time to time in open market transactions or otherwise, subject to market conditions and other factors, including blackout periods imposed by Overstock.com, during which the Company prohibits its insiders and employees from trading in the Company's stock. Overstock.com, Inc. operates as an online retailer that offer discount brand name merchandise for sale primarily over the Internet. Related Categories Stock Buybacks Stocks Mentioned .
Merrill Lynch ousts CEO O'Neal
UBS AG, the biggest Swiss bank, dismissed CEO Peter Wuffli in July and said earlier this month that finance chief Clive Standish and investment-banking head Huw Jenkins were stepping down. Others who have been ousted include Bear Stearns Co-President Warren Spector and Citigroup Inc. trading head Thomas Maheras. O'Neal, who earned his way through college by working at a General Motors Corp. assembly plant in Georgia, may receive about $160 million to $200 million from Merrill, said James Reda, managing director of James F. Reda & Associates, a New York-based compensation consultant that has analyzed O'Neal's pay package. He has received stock bonuses of almost $80 million during the past three years.
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Will Year-End Swoon Carry Into 2008?
Also, bear markets rarely begin with the earnings yield from stocks hovering well above benchmark 10-year Treasury yields, as it does today. "While we expect volatility to continue, we believe the valuation of stocks, relative to bonds, is attractive," argues Jeff Brimhall of National City's private-client group. Bonds trumped stocks last quarter, with the 2,950 domestic long-term fixed-income funds tracked by Lipper managing a 1.23% gain. While drab economic data could spur a further flight to safety, many Street strategists see more limited upside for bonds this year. Managing director Charles Blood of Brown Brothers Harriman expects 2008 to be "dominated by the rebuilding of financial conditions following 2007's subprime-mortgage collapse and money-market crunch." Advising longer-term investors to buy stocks on pullbacks and sell Treasury bonds on strength, Blood sees the S&P 500 ending the year near 1700 -- almost 16% above 2007's close.
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