US Corporations Drive Trillion-Dollar Stock Buyback Craze at Record Pace
BlockBeats News, August 28th, U.S. companies are planning to buy back stocks at a record pace. According to Birinyi Associates data, as of August 20th, announced stock buybacks have exceeded $1 trillion, reaching this scale in the shortest time in history.
In the past few months, large companies have approved large-scale buyback plans. Apple announced after its quarterly earnings in May that it would buy back $100 billion in stocks, while Alphabet, JPMorgan Chase, Goldman Sachs, and others also announced buybacks of at least $400 billion each. The total buybacks announced by U.S. companies last month reached $166 billion, setting a record high for July.
Rubin, President of Birinyi Associates, expects the total buybacks announced by the end of the year to reach $13 trillion. However, buybacks have also drawn criticism from some members of the Trump administration, with Treasury Secretary Yellen on Wednesday criticizing Boeing for conducting "massive" buybacks instead of investing in research and development. (Jinse)
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