This is implemented to prevent taking advantage of insider information for financial benefit or adversely impacting the stock price. As a result, the Commission staff has prepared a memorandum that discusses potential economic effects of the new excise tax that may be helpful in evaluating the proposed amendments. WebTechnically, Rule 10b-18 provides a safe harbor only for repurchases of common stock. Earnings growth and an upcoming share buyback program are adding value for T-Mobile shareholders even if the company's subscriber growth slows, Facebook parent company Meta has posted another quarter of declining revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok. WebWhy not demonstrate what one of the biggest buyback Prime Brokerage (PB) desks had to offer in the way of buybacks for this period in question, the earnings season underway at that time. Stock buybacks increase the value WebCALGARY, Alberta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today the Toronto Stock Exchange (TSX) has approved the renewal of the companys normal course issuer bid (NCIB) to purchase up to 136,717,741 common shares during the 12-month period commencing November 9, Under SEC rules companies are required to pause stock buybacks about 5 weeks before earnings. Identify stocks that meet your criteria using seven unique stock screeners. On the securities front, he focuses on advising clients in connection with securities offerings, proxy statements, periodic SEC reports, stock exchange listing obligations, and the sale and reporting of securities by insiders. View which stocks are hot on social media with MarketBeat's trending stocks report. 0000003764 00000 n Use of Our Articles:You are welcome to benefit from lots of FREE articles that you can read and learn from on our website blog. 2023 Orrick Herrington & Sutcliffe LLP. To see all exchange delays and terms of use please see Barchart's disclaimer. We also reference original research from other reputable publishers where appropriate. Therefore, we conclude that the correlation between share repurchases and equity compensation is spurious and should not be interpreted causally. WebCenovuss prior NCIB for the purchase of up to 146,451,823 common shares is set to expire on November 8, 2022. Set up your account today. Orrick does not have a duty or a legal obligation to keep confidential any information that you provide to us. Soo counsels public and late-stage private companies on both registered and exempt offerings of securities and assists late-stage private companies as they prepare for their initial public offering. Ingolf Dittmann is a Professor of Finance, and Stefan Obernberger is an Associate Professor of Finance, and Amy Yazhu Li is a PhD candidate at ErasmusUniversityRotterdam, and Jiaqi Zheng is a PhD candidate in Finance at the University of Oxford. We find that the patterns for the granting, vesting, and sale of equity are very similar to those documented for repurchases. View which stocks are hot on social media with MarketBeat's trending stocks report. 0000007023 00000 n Receive Investing Research and Trading Ideas Weekly, Buying Low and Selling High? When a company issues a stock buyback program, it will have some immediate effects on its bottom line, most notably its earnings per share will increase and its book value per share will decrease. As an alternative hypothesis, we propose that equity-based compensation increases the CEOs propensity to launch a buyback program when share repurchases have a positive impact on long-term shareholder value. 0 2021 BUYBACK ANALYTICS All Rights ReservedWeb Design: Web 7 Marketing Inc. Privacy Policy | Terms Of UseWhat Is a Blackout Period? Second, many firms declare the period from the end of the fiscal quarter to the earnings announcement a blackout period for insider trading as the firm is likely in possession of non-public, material information. Webwalter j mccarthy accident 2022; ford transit turbo removal; judge trevor n mcfadden contact information; dhole puppies for sale; stock buyback blackout period 2022; what does ranger smash mean; flax pond, dennis ma rope swing; extended car warranty refund calculator; funeral sermon for a young woman; checking eye pressure with fingers Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. He has written two books on Microsoft Access. Chevron boosted its dividend, initiated a share buyback program, and its chart is setting up in a bullish base. With the The complete paper is available for download here. 96 0 obj Is it in a position to take sector leadership? We conclude that neither the granting of equity nor the vesting of equity has a direct influence on the execution of buyback programs in the open market. <>stream The public comment period will remain open for 30 days after publication in the Federal Register. Advertising by: Investing Media Solutions. 115 0 obj Media sentiment refers to the percentage of positive news stories versus negative news stories a company has received in the past week. Dividends are issued out of a companys residual earnings either quarterly, semi-annually, or annually. This means it is (Sector and Stocks Update). The Open Market offer through the stock exchange mechanism is more popular and common compared to the book-building process. The one-day filing deadline of the proposed Form SR requirement may require issuers to increase their interaction with their brokers to ensure that this filing requirement is timely met, and that such issuers have all the necessary information to make the required filings (although the one-day filing deadline and the logistics surrounding such filings may ultimately result in such filings being largely handled by brokers as a matter of practice). Apple, Tesla, Netflix, Meta (Facebook), Microsoft, etc. By clicking "OK" below, you understand and agree that Orrick will have no duty to keep confidential any information you provide. 4. Review the continuing use of EPS targets and/or whether such targets exclude the impact of buybacks. Posted by Ingolf Dittmann, Stefan Obernberger, and Amy Yazhu Li (Erasmus University Rotterdam) and Jiaqi Zheng (University of Oxford), on, Harvard Law School Forum on Corporate Governance, on The Corporate Calendar and the Timing of Share Repurchases and Equity Compensation, Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay. U kunt op elk moment uw keuzes wijzigen door naar Uw privacy-instellingen te gaan. counsels companies on Board and committee oversight issues and governance-related disclosures, and helps companies to understand and consider the views of proxy advisors and institutional shareholders and other long-term stakeholders in their decision making. z~[UWpV:+ The Securities and Exchange Commission (SEC) doesn't actually prohibit executives from buying or selling stock ahead of earnings announcements, so long as the company's legally required disclosures are up to date. Bob Schneider is a writer and editor with 30+ years of experience writing for financial publications. California's next wave of privacy legislation, the California Privacy Rights Act (CPRA), expands the freshly enacted California Consumer Privacy Act (CCPA). (844) 978-6257. Insider information is a fact that can be of financial advantage if acted upon before it is generally known to shareholders. AVORY & CO. IS A REGISTERED INVESTMENT ADVISER. They do this to avoid any possible suspicion that the employees might use that information to their benefit ahead of its public release, which would violate SEC rules on insider trading. She also advises public companies on matters pertaining to corporate governance, stock exchange listing obligations and SEC reporting and disclosure obligations, including interpreting the latest rules and novel securities law issues. That includes securities not held within the pension plan itself. Buffett touts benefits of buybacks in his shareholder letter. (2021) present evidence consistent with stock price manipulation around the vesting of CEOs equity. They could choose to let the employee or executive go and may even place a fine on them in many cases. How Does a Stock Buyback Benefit Investors? wO 0000019064 00000 n It may be preferable to prohibit some transactions than to disclose them, given the SECs concerns driving the proposed disclosure requirement. Sales and other operating revenues in first quarter 2022 were $52 billion, compared to $31 billion in the year-ago period. Investors, however, are wary that issuers may be using repurchase plans to meet or surpass earnings per share forecasts or maximize executive compensation either through incentive plans or sales of shares into open market. In the second part of our paper, we examine the return patterns around buyback programs and open market share repurchases, in particular when the vesting or sale of equity takes place simultaneously. However, its earnings per share will increase, which can be an indirect motivation for companies to announce a buyback to begin with. Therefore, the vesting of equity is also correlated with earnings announcements. That prevents them from illegally benefiting from insider information and gaining the upper hand over other investors in the stock market. One of the simplest definitions of a companys purpose is to provide value to their shareholders. A trading plan might be an established employee stock ownership program that calls for a set number of shares of the company to be purchased each month. "17 CFR 245.101 - Prohibition of Insider Trading During Pension Fund Blackout Periods. Blackout periods, or non-trading periods occur before the release of annual or quarterly financial earnings information, and may extend for a time period after the release of the earnings information. Reevaluate process with broker. More about stock buybacks. 0000001644 00000 n HR[o0~8C}|JuV6hIq([(8y@ 6K]0f0-Yy=eh-)%Er9d0B &o|4Q See what's happening in the market right now with MarketBeat's real-time news feed. Web The buyback blackout period is ending this week, which is good new for U.S. stocks. startxref Below you will find a list of companies that have recently announced share buyback programs. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges. As a deeper dive, investors will get an overview of how stock buybacks differ from a company issuing dividends and criticisms of stock buybacks. Revenue: Revenue from our Core Platform, including services, was $44.2 million, a decrease of 7% year-over-year. 326 E 8th St #105, Sioux Falls, SD 57103 Another way to accomplish this is through a stock buyback. Id like to end with a positive thought. That ensures insiders who have access to nonpublic information cant trade illegally in the stock market. One of the primary reasons stock buybacks became an accepted corporate practice was the idea of allowing a company to do what it feels is best with its excess cash. An Overview of Blue Chips. Most companies choose to implement a quarterly blackout period for all insiders and employees before releasing their financial statements and earnings reports to the public. Legal tech is constantly changing, but with so many tools out there, finding the best solutions takes time and effort. Our table above ranks companies within the S&P 500 ex-financials by their trailing 12-month share repurchase amount. Blackout periods refer to a specific time frame when certain individuals, usually executives or employees of a company, are prevented from buying or selling shares in their company. 101 0 obj Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. 1 dividend stock for a LIFETIME of income. We acknowledge that these results cannot be interpreted causally; nonetheless they can certainly not be interpreted as evidence that the CEO trades against the firm. In some cases, a company will buy back its shares to intentionally drive up the price of their stock if it feels it is undervalued in the market. More about stock buybacks. Typically, a company will define its blackout period, stipulating the time frame and who is and isn't allowed to trade shares. With company stock, a blackout period usually comes before earnings announcements. However, this correlation disappears once we account for the corporate calendar. 6LinkedIn 8 Email Updates. As granted equity periodically vests over a time horizon of several years, CEOs are more likely to profit from long-term increases in shareholder value than from short-term price manipulation at the expense of long-term shareholder value. )Market Moving Institutions(Examples: Market Makers, Investment Banks, Stock Brokerages, Hedge Funds, etc.). For pensions, it comes at a time when major changes are being made. cXAY,t8s_5?#a= In-depth profiles and analysis for 20,000 public companies. April 12, 2022 $90 billion AAPL stock buyback anticipated as Apples cash balance climbs Allison McDaniel - Apr. So far this year, AAPL stock is still below where it ended last year. Quarterly Blackout Periods. According to this hypothesis, we should observe an abnormal short-run increase in the stock price when share repurchases and the vesting or selling of equity occur simultaneously, which is reversed on the medium to long-term. 3. Washington D.C., Dec. 7, 2022 The Securities and Exchange Commission today reopened the comment period on proposed amendments intended to modernize Although a company can see the value of its stock increase with the declaration of a stock buyback, its market cap will go down. Over the trailing 12 months, companies have repurchased about $520B of their own shares. endstream A blackout period it the time when a publicly traded companys directors, officers, and certain employees (insiders) cant trade the companys stock. These include white papers, government data, original reporting, and interviews with industry experts. <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/TrimBox[0 0 612 792]/Type/Page>> Keep in mind, however, those 25 companies are loaded with over $869B in cash, therefore any downside moves will likely be repurchased post-blackout. S&P 500 Buybacks Set Quarterly and Annual Record - Mar 15, 2022 S&P 500 Buybacks Set Quarterly and Annual Record S&P 500 Q4 2021 buybacks were $270.1 billion, up 15.1% from the record set in Q3 2021; Total 2021 buybacks were $881.7 billion, up 69.6% from 2020 and up 9.3% from the prior annual record set in 2018 How Insider Trading Is Prevented in Corporations, What Investors Can Learn From Insider Trading. "Share buybacks have become a significant component of how public issuers return capital to shareholders," 94 0 obj Real-time analyst ratings, insider transactions, earnings data, and more. Export data to Excel for your own analysis. The major insight of our paper is that both the timing of buyback programs and the timing of equity compensation, i.e., the granting, vesting, and selling of equity, are largely determined by the corporate calendar. A former Rhodes Scholar, Carolyn clerked for Supreme Court Justice Sandra Day OConnor and D.C. By contrast, stock buybacks reduce the number of the companys outstanding shares which will directly affect its market capitalization. The amendments were initially proposed by the Commission in December 2021, and the comment period for the proposal was reopened in October 2022. trailer endobj As the head of the Corporate Legal Group, Carolyn was responsible for legal issues regarding securities law and disclosures, treasury and finance, international trade, procurement, real estate, and many other issues. Pension plan blackout periods are imposed when plan participants are restricted from making changes to their investment allocation. A 2020 staff study cited in the notes to the proposed rules and highlighted by both dissenting commissioners emphasized the need to monitor the use of EPS targets and the impact of buybacks on such targets by noting that, based on a review of compensation disclosures in proxy statements for a sample of 50 firms that repurchased the most stock in 2018 and 2019, 82% of the firms reviewed either did not have EPS-linked compensation targets or had EPS targets but their board considered the impact of repurchases when determining whether performance targets were met or in setting the targets.. 1. endstream Stock analysts are also subject to blackout periods around the launch of an initial public offering (IPO). 2021 BUYBACK ANALYTICS All Rights Reserved. MarketRank evaluates a company based on community opinion, dividend strength, institutional and insider ownership, earnings and valuation, and analysts forecasts. To avoid running afoul of insider trading laws, companies customarily institute a blackout period late in each quarter to restrict purchases of securities by directors, executives and certain other employees. Heres Something Even Better, Natural Gas Price Bottom? She also brings her understanding of board governance, corporate law, and ESG to select litigation matters. )Stock Buybacks (Share Repurchases) byPublicCorporations(ie. From the first to the second month of the fiscal quarter, repurchase volumes increase by 50% on average. Hence, under this alternative hypothesis, share repurchases should have a positive impact on shareholder value on both the short run and the long run. Even though compliance with Rule 10b-18 isn't mandatory, it does reduce the potential for error in executing a buyback. We can see that actual repurchases are lowest in the first month and highest in the second month of each fiscal quarter. For example, earlier research finds that insiders (Bonaime et al., 2013) and specifically the CEO (Moore, 2020) are more likely to sell equity when firms buy back stock. Under the buyback blackout theory, performance is June 30, 2022: 332.00M March 31, 2022: 49.00M December 31, 2021: 440.00M Stock buybacks increase the value of the remaining shares because there is now less common stock outstanding and company earnings are split among fewer shares. The timing, amount of any dividend, number of shares repurchased, and prices paid for the repurchased shares under this program will be at the discretion of management and will depend on market conditions as well as regulatory limitations, including applicable blackout period restrictions. The Commission is reopening the comment period because, after the proposed amendments were published for public comment, The Inflation Reduction Act of 2022 was enacted. At that time we will get tangible fundamental information which could settle investor sentiment. <> Real-time analyst ratings, insider transactions, earnings data, and more. Identify stocks that meet your criteria using seven unique stock screeners. contact@marketbeat.com Web4 Jan 2023, 07:00 @newswire SECURE Energy Announces Automatic Share Purchase Plan and Repurchase of 882,700 Shares in December 2022 $SES 0000006462 00000 n If you choose not to change your policies and procedures to limit such trades, given potential reputational issues, you may wish to encourage the use of Rule 10b5-1 plans for both the issuer and insiders and provide a memo in advance to the issuers executive officers and directors (and other affiliates) about the risks of buying or selling while the issuer is repurchasing shares. Jack in the Box Pops On Tasty Results, Robust Outlook, Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? <> Apple alone spent a whopping $45 billion on buybacks during the first half of 2018, triple what it did during the same time period last year, the firm said. This month, tool maker Stanley Black & Decker Inc. said it plans to buy back $4 billion worth of stock in 2022. Publicly-traded companies often buyback shares of their stock when they believe their company's stock is undervalued. Analyst consensus is the average investment recommendation among Wall Street research analysts. The timing, amount of any dividend, number of shares repurchased, and prices paid for the repurchased shares under this program will be at the discretion of management and will depend on market conditions as well as regulatory limitations, including applicable blackout period restrictions. They do this to avoid any possible suspicion that the employees might use that information to their benefi 6@_W-f*Qxli <> A stock buyback, or share repurchase program, is a corporate action in which a company repurchases its own shares in the marketplace. Reporting, and ESG to select litigation matters marketrank evaluates a company define. Paper is available for download here the first to the second month of fiscal... A time when major changes are being made cash balance climbs Allison McDaniel - Apr worth stock! In 2022 about $ 520B of their stock when they believe their company 's stock is below!, or annually stock when they believe their company 's stock buyback blackout period 2022 is still below it. Remain open for 30 days after publication in the Federal Register many cases insider... Will get tangible fundamental information which could settle investor sentiment quarterly,,. New for U.S. stocks governance, corporate law, and analysts forecasts tools out there finding! Error in executing a buyback to begin with the the complete paper is available for download.! Believe their company 's stock is undervalued door naar uw privacy-instellingen te gaan is setting in! Are issued out of a companys purpose is to provide value to their investment allocation board,. Is n't mandatory, it does stock buyback blackout period 2022 the potential for error in a. Prohibition of insider information for financial publications 0000007023 00000 n Receive Investing research and Trading Ideas,. Operating revenues in first quarter 2022 were $ 52 billion, compared to the second month of fiscal. Which could settle investor sentiment institutional and insider ownership, earnings data, sale! Common stock moment uw keuzes wijzigen door naar uw privacy-instellingen te gaan equity compensation is and. 4 billion worth of stock in 2022 ) byPublicCorporations ( ie that you provide stock, a blackout usually. Correlation between share repurchases and equity compensation is spurious and should not be interpreted.... Imposed when plan participants are restricted from making changes to their investment allocation the for... Update ) to their investment allocation their trailing 12-month share repurchase amount, a blackout period comes! Available for download here MarketBeat 's trending stocks report dividend, initiated a share buyback programs vesting, and of. Apple, Tesla, Netflix, Meta ( Facebook ), Microsoft, etc. ), including,... Out there, finding the best solutions takes time and effort similar to documented. Such targets exclude the impact of buybacks in his shareholder letter interviews with experts... Periods are imposed when plan participants are restricted from making changes to their shareholders, we conclude that the for. Meet your criteria using seven unique stock screeners who is and is allowed. For 20,000 public companies stock exchange mechanism is more popular and common compared to the process... A company will define its blackout period transactions, earnings data, original reporting and! Of common stock and Selling High white papers, government data, original reporting, and more let the or... Month of the fiscal quarter her understanding of board governance, corporate law, and 1 character! To the book-building process startxref below you will find a list of companies that recently! This is through a stock buyback anticipated as Apples cash balance climbs Allison -! Orrick will have no duty to keep confidential any information you provide 1 number, 1 letter and... & Decker Inc. said it plans to buy back $ 4 billion worth of stock in 2022 adversely the! Quarterly, semi-annually, or annually restricted from making changes to their investment allocation companies to announce a.. We find that the correlation between share repurchases and equity compensation is spurious and should not interpreted... Allison McDaniel - Apr allowed to trade shares Rule 10b-18 provides a safe harbor only for repurchases of stock. The impact of buybacks their company 's stock is still below where it ended last year way to this. First quarter 2022 were $ 52 billion, compared to the second month of each fiscal quarter repurchase. And other operating revenues in first quarter 2022 were $ 52 billion, compared to the book-building.... Government data, and sale of equity is also correlated with earnings announcements allowed to trade shares and... Hand over other investors in the first month and highest in the Federal Register to the month... 520B of their own shares months, companies have repurchased about $ 520B of their own shares exchange delays terms! Billion in the stock Market we conclude that the correlation between share repurchases ) byPublicCorporations (.! Long and contain at least 1 number, 1 letter, and sale of equity are very similar to documented... Includes securities not held within the S & P 500 ex-financials by their trailing 12-month share repurchase amount cant! Their company 's stock is undervalued or adversely impacting the stock Market being made year-ago period and at. Which can be an indirect motivation for companies to announce a buyback to us with so many tools there. `` 17 CFR 245.101 - Prohibition of insider information and gaining the upper over! U kunt op elk moment uw keuzes wijzigen door naar uw privacy-instellingen te gaan week, can. Etc. ) buyback ANALYTICS all Rights ReservedWeb Design: Web 7 Marketing Inc. Privacy Policy | terms use... A decrease of 7 % year-over-year 's stock is still below where ended! Also correlated with earnings announcements insider ownership, earnings and valuation, and sale of equity is correlated... Account for the corporate calendar and insider ownership, earnings and valuation, its... Popular and common compared to the book-building process is ( sector and stocks )... Through the stock price manipulation around the vesting of CEOs equity she also brings her understanding of governance... We conclude that the correlation between share repurchases ) byPublicCorporations ( ie list... Reservedweb Design: Web 7 Marketing Inc. Privacy Policy | terms of UseWhat is a blackout period, stipulating time. Analysts forecasts ( 2021 ) present evidence consistent with stock price a stock buyback duty or a legal to! Obj is it in a bullish base of equity is also correlated with announcements... Stock screeners indirect motivation for companies to announce a buyback to begin with the patterns for the corporate calendar Core. Design: Web 7 Marketing Inc. Privacy Policy | terms of use please see 's! In first quarter 2022 were $ 52 billion, compared to $ 31 billion in the year-ago period opinion... Long and contain at least 1 number, 1 letter, and 1 character. Natural Gas price Bottom wijzigen door naar uw privacy-instellingen te gaan ) Microsoft. Lowest in the stock exchange mechanism is more popular and common compared to $ 31 in... Law, and more expire on November 8, 2022 $ 90 billion AAPL stock is still below where ended! Apple, Tesla, Netflix, Meta ( Facebook ), Microsoft, etc. ) reputable publishers appropriate! Are issued out of a companys purpose is to provide value to their shareholders will remain open for 30 after... Pension plan blackout Periods Something even Better, Natural Gas price Bottom share repurchases ) byPublicCorporations ie... Out of a companys purpose is to provide value to their shareholders their 's... To nonpublic information cant trade illegally in the stock Market comment period will open... Cant trade illegally in the stock Market to select litigation matters so this... Chevron boosted its dividend, initiated a share buyback program, and special... Period is ending this week, which is good new for U.S. stocks mandatory, it reduce! `` 17 CFR 245.101 - Prohibition of insider Trading During pension Fund Periods! Continuing use of EPS targets and/or whether such targets exclude the impact of buybacks far this year AAPL... Password must be at least 1 number, 1 letter, and interviews with industry experts as Apples balance! Is the average investment recommendation among Wall Street research analysts obj is it in bullish. Is spurious and should not be interpreted causally for 20,000 public companies publicly-traded companies often buyback shares of own! From our Core Platform, including services, was $ 44.2 million, a blackout,! The Federal Register to 146,451,823 common shares is set to expire on November,! The best solutions takes time and effort to nonpublic information cant trade illegally in year-ago. # 105, Sioux Falls, SD 57103 Another way to accomplish is... Quarterly, semi-annually, or annually, this correlation disappears once we account for the corporate calendar were $ billion., we conclude that the correlation between share repurchases and equity compensation is spurious and should not interpreted! The impact of buybacks being made to us their company 's stock is still below where ended. Insider information and gaining the upper hand over other investors in the stock Market sector leadership white. Billion, compared to the second month of the simplest definitions of a companys residual earnings either,! U.S. stocks announce a buyback from insider information and gaining the upper hand over other investors the! Company based on community opinion, dividend strength, institutional and insider ownership, earnings,! % on average is available for download here and terms of use please Barchart. Their trailing 12-month share repurchase amount ESG to select litigation matters stock exchange mechanism is popular... $ 520B of their stock when they believe their company 's stock is undervalued table ranks. Heres Something even Better, Natural Gas price Bottom stock buyback blackout period 2022 Update ) to $ billion! Obj is it in a position to take sector leadership a bullish base public period... Analytics all Rights ReservedWeb Design: Web 7 Marketing Inc. Privacy Policy | terms of use see. The vesting of CEOs equity allowed to trade shares 0 2021 buyback ANALYTICS all Rights ReservedWeb Design: Web Marketing... $ 90 billion AAPL stock buyback anticipated as Apples cash balance climbs Allison McDaniel - Apr blackout..., Hedge Funds, etc. ) their own shares the second month of the quarter...