Share Buybacks

Strategy

2026-10-01 17:42:54

Strategy has spent 64% of its STRC buyback fund, with less than $724 million left

Strategy, the bitcoin treasury company tied to Michael Saylor, has already deployed $1.28 billion from what was once a $2 billion fund set up to repurchase STRC, according to Protos. A Monday filing showed the company had less than $724 million left after 10 weeks of buybacks aimed at supporting the preferred stock. Protos said STRC was supposed to hold a $100 share price, yet it has spent much of its trading life below that level and traded under $99 on most trading days over the past year. The report also said Strategy’s Digital Credit Securities Repurchase Program technically permits repurchases of STRF, STRD, and STRK, but the fund has only been used for STRC. Last week alone, Strategy spent $151.7 million buying back STRC at an average price of $98.86 per share, up from $86.52 in late July. Protos said the company has now repurchased 13.3 million STRC shares, or about one in eight outstanding shares, with cash that largely came from dilution of MSTR common stock. The report also revisited the launch of STRC in July 2025, its variable-dividend structure, the board’s move to raise the dividend to 12%, and the expansion of the repurchase authorization from $1 billion on June 29 to $2 billion by September 8.

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Citadel Secur

2026-10-01 16:36:58

Citadel Securities strategist says retail traders may return to U.S. stocks in October

Scott Rubner, head of equity and equity derivatives strategy at Citadel Securities, said retail investors could return to U.S. equities in size this month after a sharp cooldown in September. In a note to clients, Rubner said October may still be volatile, but the start of earnings season and the expected resumption of corporate share buybacks could create a better entry point for investors looking to add exposure again. He wrote that after positioning was cleared out and valuations moved lower, the market is entering the fourth quarter from a cleaner starting point, leaving more room to rebuild exposure. Rubner also pointed to weaker retail activity in September: cash equity trading volume fell to 0.94 times the average level of the past year, the lowest reading of 2026, while retail options premium dropped to the same multiple. Current stock trading activity is 26% below the June peak, and options premium has fallen by about one-third from the 1.41-times level reached then.

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JPMorgan

2026-09-28 09:14:18

JPMorgan says U.S. corporate financing surplus is near historic highs, with buybacks supporting equities and Bitcoin back above production cost

JPMorgan said in its Sept. 24, 2026 flows and liquidity report that the U.S. corporate sector’s financing surplus in the second quarter was close to 2% of GDP, one of the highest non-crisis readings since data began in 1952. The bank said non-financial corporates posted a surplus of about 1.5%, the highest non-crisis level since 1958, as cash-flow growth outpaced capital spending and reduced the need for external financing. According to JPMorgan analyst Nikolaos Panigirtzoglou, AI-related capital expenditure remains strong, but the aggregate pace of capex has been held back by weakness outside concentrated areas such as data centers. The bank argued that the late-1990s style capex excess has not yet reappeared in the broad data, while corporate savings continue to flow mainly into share buybacks. JPMorgan expects global buybacks to reach $1.7 trillion in 2026, including $1.3 trillion from U.S. companies. On crypto, the report said Bitcoin had spent 280 days below its estimated production cost before recently moving back above that level. JPMorgan estimated the average cost to mine one Bitcoin at about $85,000, adding that a sustained move above that threshold would ease pressure on miners and reduce the risk of forced selling. The bank also said network hashrate and mining difficulty are down about 19% and 15% from their peaks in October last year as miners increasingly shift toward AI-related business.

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Goldman Sachs

2026-09-10 04:50:09

Goldman Sachs keeps Buy on Sandisk, says NBM coverage supports 80% gross margin and $2,200 target

Goldman Sachs said in a Sept. 9 meeting-notes report that it maintained a Buy rating on Sandisk and set a 12-month price target of $2,200, implying 26.6% upside from the stock’s cited current price of $1,738. The report followed management comments at the Communacopia conference, where Sandisk said its long-term NBM agreements already cover 50% of planned FY27 shipments and 67% of FY28 shipments. According to management, floor-price provisions in those contracts could still support gross margins of about 80% even in a bearish NAND pricing scenario. Goldman said the company’s story is shifting away from a pure cycle trade and toward a structural upgrade, with the NAND market moving from short-term spot pricing to long-term agreements and data center demand becoming the main driver. The bank also pointed to constrained supply growth, AI inference demand, Sandisk’s joint venture with Kioxia, and a capital intensity of about 5% as key supports for earnings visibility. Risks named in the report include failure of a structural shift in NAND pricing, continued roadmap progress at YMTC, and Sandisk not gaining eSSD share.

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Nvidia

2026-08-25 18:31:48

Franklin Templeton manager says Nvidia investors want clarity beyond an earnings beat

Franklin Templeton portfolio manager Sara Araghi said Nvidia investors are looking past whether the company can simply beat earnings expectations. In her view, the market is also focused on the details of Nvidia’s capital allocation and spending plans, not just the headline result. Araghi said Nvidia is trading at roughly 21 times forward earnings over the next 12 months, a sign that investors have already begun pricing in slower growth. That leaves the company needing to show continued earnings expansion to support its case. She added that Nvidia must demonstrate profit growth that can justify the use of free cash flow for investment and share buybacks. The comments frame investor attention around execution and capital deployment, rather than earnings outperformance alone.

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Bank of Ameri

2026-08-18 14:39:07

BofA keeps Buy on Micron, says SanDisk growth targets could reshape valuation

Bank of America said SanDisk’s newly outlined long-term growth targets may offer a fresh valuation reference point for Micron (MU), leading the bank to reiterate its Buy rating and keep its $1,550 price target. That target stands about 61% above the $963 share price used in the report. SanDisk told investors it expects nearly 15% annual sales growth and gross margin above 80% by fiscal 2030. BofA argued that if Micron can deliver similar growth and profitability, supported by AI-driven demand for high-bandwidth memory, or HBM, and tighter supply discipline, the company may no longer deserve to be viewed purely as a traditional cyclical memory name. The bank said Micron’s fiscal 2030 earnings per share could reach $200 to $250 and added that a higher valuation for its AI-related HBM business could expand both earnings potential and the stock’s multiple. BofA also said Micron could trade at 12x to 15x earnings as profitability in the memory industry improves. On capital returns, the bank expects Micron may step up share buybacks after CHIPS Act-related restrictions expire on Dec. 9, 2026.

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Bitmine

2026-08-11 10:05:54

Bitmine Slows ETH Accumulation as It Shifts Capital to Share Buybacks

Bitmine Immersion continued adding to its Ethereum position last week, but at a much slower pace than earlier this year. The company bought 7,391 ETH, worth about $14.2 million at roughly $1,915 per coin, marking its smallest weekly increase of 2026. Even so, its total ETH holdings now exceed 5.8 million coins, equal to about 4.8% of Ethereum’s total supply and leaving the firm close to its stated goal of holding 5% of the network’s ETH. At the same time, Bitmine has redirected more of its capital toward share repurchases. The company bought back 3 million of its own shares last week at a cost of about $50 million to $58 million, bringing total buybacks since July to 19.1 million shares. Beyond its ETH position, Bitmine also holds 209 BTC, $104 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings. Chairman Tom Lee said the failure of the CLARITY Act to reach a Senate vote before Congress’s August recess was disappointing, though he argued markets are currently more focused on softer inflation and labor data.

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Berkshire Hat

2026-08-09 00:39:00

Berkshire Hathaway Q2 Net Income Doubles, Alphabet Becomes Top Holding

Berkshire Hathaway reported second-quarter net income attributable to shareholders of $25.667 billion, versus $12.37 billion a year earlier, a gain of more than 100%, according to Cailian Press via PANews on Aug. 9. Operating profit rose to $12.983 billion from $11.16 billion in the year-ago period. Investment gains climbed to $12.684 billion against $4.97 billion previously. The conglomerate's cash reserves slipped to $364.7 billion at the end of June from $397 billion at the close of the first quarter. The fair value of its fixed-income securities investments reached $17.034 billion as of June 30, comprising $3.002 billion in U.S. Treasuries, $12.668 billion in foreign bonds and $1.364 billion in corporate bonds. Berkshire's top five equity holdings were Alphabet, American Express, Apple, Bank of America and Coca-Cola, with Alphabet as the largest position. Buybacks totaled about $4.5 billion in the second quarter, lifting the first-half figure to roughly $4.8 billion. The report shows a lower cash pile and a sharp jump in investment income.

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