Fluor Corp., Softbank Corp. and Huntsman Corp. are buying backshares to take advantage of a worldwide market slump they say hasmade their stocks too cheap.
“We're in the markets starting today buying back shares,”D.Michael Steuert, chief financial officer of Irving, Texas-basedFluor, said on a conference call today. “At these price levels, wethink the company is tremendously undervalued.”
The MSCI AC World Index has dropped 11 percent this month asstockholders seek safer investments amid prospects of anotherrecession. U.S. stocks today jumped the most in more than twoyears, rebounding from the worst drop since 2008, as the FederalReserve vowed to keep interest rates near zero through mid-2013 tosafeguard the economic recovery.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
