Actually, I do not need to do anything. I am not a shareholder. You are right. They are not a bank. That would concern me even more.
I know nothing. Just interjecting a thought that comes from experience. Why do all this, if everything is all great? I hope it trades at 30 today. Trying to be constructive; I should have know better.
8 mill share buyback is a big deal. Average Volume (3 month)3: 1,065,650 Average Volume (10 day)3: 1,708,270 Shares Outstanding5: 40.60M Float: 40.51M % Held by Insiders1: 0.12% % Held by Institutions1: 110.00% Shares Short (as of 26-Aug-08)3: 8.00M Short Ratio (as of 26-Aug-08)3: 14.5 Short % of Float (as of 26-Aug-08)3: 19.70% Shares Short (prior month)3: 8.23M
yes it is. About half their capital. By the way, I don't expect this to open at 30 in this market. Still, it is favorable news, reaffirms their financial condition. OldTrader
Here's what Petterfy said: The company believes that the impact of the recent significant market events have unduly depressed the price of the company's common stock, and the company's Board of Directors has therefore determined that a program of stock repurchases would be an opportunistic use of available funds. Thomas Peterffy, Chairman and Chief Executive Officer, said, "Our strong financial profile and cash position provide us with the opportunity to repurchase our stock to return value to shareholders. The repurchase program reinforces our belief in the long-term value of our stock, which is being negatively affected by the current credit market environment. IBG LLC has more than $4 billion of equity capital and does not rely on outside liquidity to any meaningful extent and is therefore relatively unaffected by recent events."