Excerpt from CNBC’s latest article quoting DataTrek Research:
…. “There’s clear evidence that companies have the money, and stocks are certainly cheaper than a month ago, with the S&P 500 down about 8 percent.
It’s going to be an all-time record year for buybacks. DataTrek estimates that in the last 12 months, the companies in the S&P 500 have purchased $646 billion of their own stock, 29 percent more than the previous 12 months. Most estimates believe total announced buybacks will hit $1 trillion this year.
Here’s the key. A big chunk of that money has not been spent yet. One firm estimates there could be as much as $350 billion in “dry powder” from unspent buybacks available”….
Read the whole article here on CNBC!