stock

when a company announces a stock buyback, I head for the exit. I've always been of that mind.
Some time ago ALS announced a PP for 50 million; a few weeks later they announced a BB for the same 50 million. And the suckers said 'Oboy - a buyback!). What? And, as usual, the stock is down over 70%.
Or Sun, now Java. Stock buyback at 5 bucks (now 1.80 equiv), after having another buyback in place for several years, which also saw the price down 70%.
Or Dell, which saw insiders take out billions, with the company having to actually borrow money one year to complete the BuyBack, which had consumed more even than the cash flow.
I have never seen a valid reason for a buyback