[Corbu]

OT: Buybacks
As Stock Prices Slump, Don?t Count on Buybacks - WSJ

Companies tend to repurchase stock at times when market logic suggests they should be selling

As global stock indexes tumble, market logic dictates companies should ramp up share repurchases. If history is any guide, that won�t happen.

The irony is that companies tend to buy back shares when their coffers are full. That�s also typically when their stock prices are high�precisely when they should be selling, not buying, shares.

On Monday, the S&P 500 index was down 12% from its 52-week high and other benchmarks down even more.

�If you�re flush with cash, you may want to buy back stock; when you don�t have cash, not so much,� said Steven Fazzari, professor of economics at Washington University in St. Louis. �It�s an interesting contradiction.�

What�s more, there are reasons to expect finance chiefs to pinch pennies now. �CFOs are going to be very cautious about spending the cash they have,� said Douglas Skinner, professor of accounting at the University of Chicago�s Booth School of Business.

�The big countervailing factor is the uncertainty about the economy. A lot people are concerned that we are at an economic tipping point,� he said.

That may sound familiar. In 2007, share repurchases hit a record $723 billion, according to data from Citigroup Inc.

Then the financial crisis struck In 2009, as stocks hit their nadir, people worried about the survival of the world�s capital markets. Buybacks that year fell to $155 billion.

U.S. stocks took off from there, and share repurchases followed suit, hitting a projected $677 billion in 2015, according to Citigroup.

Some companies are increasing buyback authorizations amid the current stock-market retrenchment.

Oil-field-service giant, Schlumberger Ltd., said last week that it would launch a new, $10 billion share buyback program to replace one it started in 2013 that is winding down. Its shares are off 47% from their 10-year peak in July 2014.

Earlier this month, General Motors Co. said it would boost the stock repurchase program it unveiled in 2015 by 80% to $9 billion. GM stock has fallen 14% so far this year.

BlackRock Inc. CFO Gary Shedlin said in a Jan. 15 earnings call that the asset-management firm planned to repurchase �no less� than it did last year, when it bought back $1.1 billion of stock.

In an interview, he said the firm avoids trying to time the market when repurchasing shares. Forecasting market performance, or beta, is exceedingly difficult. �We are absolutely not trying to make a beta call,� Mr. Shedlin said, adding that BlackRock has made exceptions based on the stock�s relative valuation. �Our shareholders tell us they like predictable buybacks.�

BlackRock shares are down 15% this year.

Smaller companies are buying back stock, too. Jay Rembolt, CFO of maintenance-product maker WD-40 Co. said the company is targeting $30 million to $40 million a year in share repurchases. It plans to buy back stock in 2016 on market weakness. So far this year, the stock is basically flat.

�When the share price falls below where we�re accustomed, we increase our share purchases,� Mr. Rembolt said. The company weighs such purchases against other possible uses of its capital, such as acquisitions, expansion, and its dividend, which it raised by 11% last month.

A big cash hoard tends to invite pressure. �At some point shareholders start complaining,� said Grant Johnsey, head of institutional brokerage at Northern Trust Corp. In today�s low-interest-rate environment, the restrictions companies put on the investments their CFO can make almost guarantees low yields from its cash, he said.

�They are not allowing company treasurers to buy high-yield bonds or emerging market stocks,� Mr. Johnsey said.

Helped by lower fuel prices, Southwest Airlines Co. last week reported quarterly net income nearly tripled to $536 million.

The airline also said it would launch a $500 million accelerated share repurchase program on top of a $1.5 billion plan authorized last year. The surge in profits gave CFO Tammy Romo the opportunity to speed up the buybacks as the stock has fallen 11% this year. �It starts with what the company can afford,� said Ms. Romo. �We were very comfortable accelerating $500 million.�

Companies have money to spare. Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, calculates that cash and cash equivalents held by the S&P 500 Industrials, which exclude financial, utility and transportation companies, totaled $1.3 trillion as of Sept. 30. That�s about double what they held during the financial crisis.

�There�s a ton of cash,� he said. �More than enough to do buybacks, more than enough to do M&A, more than enough for capital expenditures.�

With earnings season under way, many companies are in blackout periods, during which they are customarily limited in what they can say or do, including initiating new share repurchases.

Robert Leonard, head of the special equity transactions group at Citigroup, said buybacks are heating up, but mostly under what are known as rule 10b5-1 plans, through which companies can repurchase shares using predefined trading instructions.

�We are seeing increased activity on the desk,� he said.

The big test will be when earnings period ends. �Once those earnings releases are out, companies can go into the market to buy shares,� Mr. Leonard said.

S&P�s Mr. Silverblatt expects companies to keep buying stock to reduce share counts and cover options that will be expiring this year. That will spur both buybacks and higher share prices. �If they keep buying shares when they come out of the blackout periods, the traders are going to pick up on it,� he said.

Mr. Silverblatt said that the stock selloff hasn�t changed economic fundamentals. After a strong first half, he added, the buybacks are likely to trail off for the rest of 2016.

[kadakn01]

interesting on the CAD vs. USD, helpful for BBRY
summary: Sentiment Beginning to Favor CAD Bulls

When looking at sentiment, Crowd Sentiment Extremes Have Plummeted on USD/CAD relative to recent positioning, which shows that traders do not think USD/CAD is as overbought as they once did. On the sentiment chart below, you will also notice that there are the fewest number of USD/CAD bears since early December. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short still gives a signal that the USDCAD may continue higher. However, a flip into positive territory would warn of a larger trend shift.
http://finance.yahoo.com/news/usd-ca...184500789.html

[TGIS]

I just heard that there was a major sell off in Asia 📉

Posted on my BlackBerry Vienna via the CrackBerry App for Android

[3MIKE]

Is anyone still playing AEZS this morning...

Premarket up more than 7% with good volume!

[cjcampbell]

Is anyone still playing AEZS this morning...

Premarket up more than 7% with good volume!

Watching it since the last massive pop and will see what happens after open today.

Posted via CB10

[kadakn01]

Multi-million dollar Patent Blackberry transaction set to put former Alcatel-Lucent IP leaders back in the game

http://www.iam-media.com/blog/Detail...1-fe5da3999f71


Further proof of Blackberry�s enhanced IP monetisation programme has emerged in court documents submitted on 21st December 2015 at the Cook County Court in Chicago and seen by IAM. Exhibits relating to a complaint about the non-payment of bonuses, filed by ex-Ocean Tomo managing director Michael Friedman against the firm, its CEO James Malackowski and the head of the firm�s Expert Services division Andrew Carter, reveal that Friedman and Ocean Tomo recently worked on a sale of patents by the Canadian telecoms and wireless company to investment firm Centerbridge Partners.

Although the particulars of the transaction � which closed in the last quarter of 2015 - are not detailed in either the complaint itself or the supporting materials, I understand that the portfolio concerned covers USB power patents and that it will be monetised via a specially constructed vehicle which will be under the management of Craig Thompson, former senior VP of IP at Alcatel-Lucent, and Ozer Teitelbaum, the company�s former director of IP strategy. Both were among those let go by Alcatel-Lucent in a round of lay-offs implemented early last year. I further understand that the value of the deal to Blackberry could be as much as $50 million. In the documents submitted with the Friedman complaint, it is evident that Ocean Tomo billed in excess of $2 million for the work it did on the transaction.

Details of this sale have not been made public by Blackberry, but it follows on from a high-profile licensing agreement with Cisco, signed in June, under which the Silicon Valley-based business will pay Blackberry ongoing royalties. In September, meanwhile, the company�s CEO John Chen talked about monetisation of its 44,000-strong patent portfolio as being �an important aspect of our turnaround�. In 2013 we revealed that a leading Canadian bank had doubled its valuation of the Blackberry patent portfolio after it featured in the inaugural US Patent 100 published by IAM in conjunction with MDB Capital.*

[bbjdog]

Reading material

http://press.blackberry.com/press/20..._security.html

http://press.blackberry.com/press/20..._platform.html

Posted via my BlackBerry Passport

[bungaboy]

BlackBerry rolls out five sets of mobile management software

The first fruits of BlackBerry's $425m Good Technology acquisition have arrived.

BlackBerry rolls out five sets of mobile management software | ZDNet

"BlackBerry has taken the first steps in integrating the technology from its recent acquisition Good Technology, unveiling a set of five mobile security, management, productivity and collaboration packages.

BlackBerry said the Good Secure enterprise mobility management (EMM) suites offer identity and access management, containerization and enterprise file sync and share with file level data protection. BlackBerry competed its $425m acquisition of Good Technology in November and said at the time that the deal would add about $160m in revenue in its first year.

The Good Secure EMM Suites provide secure access to data and applications behind the firewall or in the cloud for multiple devices.
Pricing starts at $3 per user per month for the Good Secure Management Suite, $5 for the Good Secure Enterprise Suite, $10 for the Good Secure Collaboration Suite, $15 for the Good Secure Mobility Suite and the Good Secure Content Suite will cost $25 per user per month. BlackBerry said the software can be deployed on-premise or via a cloud-based model. Good had previously offered packages similar to the first four EMM suites.

Acquiring Good is a key step in BlackBerry's attempt to remake itself, from a company known for making phones running on its own operating system, to one that makes management and security software for multiple mobile operating systems.

BlackBerry quoted figures from research firm Strategy Analytics, which puts the combined market share of BlackBerry and Good in the EMM market at 25 percent. While BlackBerry still makes smartphones such as the Priv above, it expects much of its future growth to come from mobile management software.

Of particular interest to BlackBerry is Good's secure applications and containerization technology, and also its experience in supporting iPhones: 64 percent of activations of its software come from iOS devices, followed by Android and Windows. BlackBerry has also been building up its Android credentials by working with Samsung on its Knox security software.

BlackBerry said its BES 12.4 software features integration of Good's secure container and apps for a single source of user enrollment. It also includes security enhancements for iOS, including BlackBerry Secure Gateway for secure, behind-the- firewall access to native iOS mail and BlackBerry Secure Connect Plus for iOS, which can be configured as a device-wide or per-app VPN.

The Good acquisition also expands BlackBerry's enterprise and government customer base - Good has 6,200 customers include more than half of the Fortune 100 and span commercial banks, aerospace and defence, healthcare, manufacturing and retail."

[W Hoa]

Along with the great news on patents and EMM this is also the day Priv becomes available on T-Mobile

[W Hoa]

I further understand that the value of the deal to Blackberry could be as much as $50 million.

Potentially ten cents (roughly) in revenue per share for this quarter on that transaction alone. Then, of course, their is something called Priv. If I'm getting ahead of things please feel free to set me straight.

[masterful]

Lots of goodies from GOOD technology

Posted via my PRIV

[sidhuk]

http://berryflow.com/2016/01/bbm-pro...atest-release/

Posted Via blackberry passport.

[cjcampbell]

If we can avoid the pre-noon sell and/or have BBRY trade on its own, it looks like we're heading for the resistance levels test again.

Posted via CB10

[randall2580]

Finally caught up on some podcasts last few days and was thrilled to see "we" got a mention on the BerryFlow podcast this week. Of course, Morgan is a rockstar once again Yeah I know this is OT but it's nice to hear none the less.

If you just want to hear the part quickly go to 1:05:45 and start from there!

[Superfly_FR]

Kudos and Hat off to "our" Morganplus8 !
But you heard it guys, we might need to focus a bit more on the $BBRY stock and related news, especially when there's not a lot of action
Let's be the most accurate on topic thread, after being one of the oldest !

[morganplus8]

Finally caught up on some podcasts last few days and was thrilled to see "we" got a mention on the BerryFlow podcast this week. Of course, Morgan is a rockstar once again Yeah I know this is OT but it's nice to hear none the less.

If you just want to hear the part quickly go to 1:05:45 and start from there!

Hi Randall2580 !!

How you came across that portion of the clip I'll never know so thanks for posting it to this thread. I'm a little slow some days and didn't draw the connection to your comments versus the podcast so I listened to a big chunk of it and I have to agree with a number of their forum related points.

So many investors soon learn after their first loss that it is that realized loss that teaches you to be humble as you learn to protect your wealth, there is no humility present when realizing gains. And so I see this podcast comment as a shout out to the thread as a whole and not directed so much towards me.

As for the stock, it is back to light volumes, drifting higher, and all it has to do is what CJ said earlier today, break above that ceiling of $ 7.14/shr or so. If we take out the recent highs, we are likely to head for the 50-dma at $ 7.90 and we'll have a look at it there.

A special shout out to Alex in the podcast for mentioning our thread in such a positive way. All of us here hope you will participate in our discussion too so thanks for the kind words. For me, it goes without saying that the real contributors to this thread are those who provide timely information, breaking news/TA so to speak, and its clear who those contributors are. I should mention that none of this would exist if it were not for Superfly and our Mods who keep us relatively close to the straight and narrow! Let's get back to BB.

[Corbu]

Is Your Enterprise Mobile Strategy Good? Now Make It Even Better with Good Secure EMM Suites | Inside BlackBerry

BlackBerry Begins Integrating Good to Create the Most Flexible, Unified EMM Platform on the Market | Inside BlackBerry

[Corbu]

PRIV Now Available at T-Mobile for the Un-carrier Price of $0 Down | Inside BlackBerry

New @BlackBerry looking good @TMobile 42nd & Madison@JohnLegere

https://twitter.com/thayesnet/status...847296/photo/1

[Corbu]

Latest WatchDox Release: Enhanced E-Discovery and Good EMM Suites Integration | Inside BlackBerry for Business Blog

[Corbu]

OT: Fed
5 Things to Watch at the Fed Meeting - WSJ

5 Things to Watch at the Fed Meeting

The Federal Reserve this week will update its assessment of the U.S. economy and could take note of recent volatility in global financial markets. But any move or definite signal on interest rates is extremely unlikely. All the action will come in Wednesday’s policy statement, due out at 2 p.m. EST, since Chairwoman Janet Yellen isn’t scheduled to hold a press conference and officials won’t release updated economic projections until March. Here are five things to watch out of the two-day policy meeting that starts Tuesday.

1 Flexible Messaging
The Fed won’t raise its benchmark federal-funds rate on Wednesday, just six weeks after it raised it for the first time in nearly a decade. It’ll also be loath to abandon the guidance from its last policy statement that it “expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate” but that “the actual path of the federal-funds rate will depend on the economic outlook as informed by incoming data.” Don’t count on strong signals either way about a rate increase at the March 15-16 meeting. Officials will likely want to keep their options open as they await fresh data and watch to see if financial markets calm down.

2 Mentioning the Markets?
The Fed in December said it judged that risks to the outlook for the economy and labor market were “balanced” when “taking into account domestic and international developments.” It also dropped language that had appeared in the September and October statements about “global economic and financial developments.” Watch to see if officials restore some version of that warning in a nod to renewed financial-market volatility and concerns about overseas growth. If so, note where it appears. The September statement included a sentence explicitly warning about effects on economic activity and inflation, while the October version—the last before December’s rate increase—was a toned-down reference to risks for the outlook.

3 Growth Slowdown
The biggest changes to the policy statement will likely come in the first paragraph, which describes current economic conditions. The Fed in December characterized growth as moderate, hailed further improvement in the labor market and said consumer and business spending had been increasing at solid rates, though it also flagged softness in net exports. Since then, data have been mixed. Hiring has remained robust but the broader U.S. economy has appeared to slow. The Commerce Department’s first official estimate of fourth-quarter gross domestic product is due out on Friday. Economists expect it will show an anemic 0.8% growth rate in the final three months of 2015.

4 Expecting Inflation
The December policy statement said officials would “carefully monitor actual and expected progress” toward the Fed’s 2% annual inflation goal in judging when to raise rates again. Oil prices have dropped since then, and various measures of inflation expectations have shown signs of erosion. Watch the first and second paragraphs of the statement to see if the Fed flags any fresh concern on the inflation front. Last month’s statement noted that market-based inflation compensation measures “remain low” and that some survey-based measures “have edged down.”

5 New Voters on Deck
The first policy meeting of 2016 means a new slate of regional bank presidents rotating into voting seats on the rate-setting Federal Open Market Committee. One potential dissenter is Kansas City Fed President Esther George, a frequent dissenter during her last stint as a voter in 2013. Ms. George has kept a low profile in recent months, though she recently told the Kansas City Star that the Fed’s December rate increase was “late.” Of course, officials also could repeat December’s unanimous vote.

[Superfly_FR]

I'm pretty happy when I see the raise in low volumes [no chart, no jinx !]

[Corbu]

John Legere ‏@JohnLegere 36 minutes ago
Good thing I have 3 to give away! Retweet this for a chance to get this @TMobile SPECIAL EDITION @BlackBerry PRIV!

[masterful]

I want that special edition

Posted via CB10 on my BlackBerry Passport

[W Hoa]

This article describes the politics of the 'partnership' between Cisco and BlackBerry last spring over IP licensing. It's fascinating in what lay behind the deal.

Cross-licensing agreements between big technology companies are not unusual, and Cisco has been involved in several of them, but what does not happen very often is the release of information showing one side also paying the other side money. That it has happened in this case probably tells us a few things:

This was no joyful coming together of two companies that want to do nothing more than share. Instead, this was BlackBerry going after Cisco, saying you have infringed our rights, and Cisco looking at the evidence and agreeing.

BlackBerry insisted on the payment being made public as part of the deal and Cisco agreed – perhaps because it got a better royalty rate as a result.

BlackBerry wanted the world to know that Cisco – a company famed for playing hard ball when accused of patent infringement – had been forced into a money deal. That’s because if it has not done so already, BlackBerry will be making contact with a number of other tech companies over the coming months and years to suggest that they do something similar.

Other companies getting such invitations will have to be very brave not to give them serious consideration.

In short, this deal could well mark a new stage in the history of the Canadian company; one in which it becomes deadly serious about maximising the value potential of what is generally recognised to be a very high quality portfolio of rights.

http://www.iam-media.com/Blog/Detail...8-181a93147c0a

[bbjdog]

More reading material!


http://app.biz.blackberry.com/e/es?s...ff13582d3a28a7

Posted via my BlackBerry Passport