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today HAS announced the near exhaustion of the previous $350M share buyback and a new $500M share buyback...if we assume a rate of $35 per share the $500M would be about 9% of the total diluted share count...

I used $35 per share because I will assume that the shares will be repurchased over the next 4 - 6 quarters and the average price will be a mixture of the current $28 and a future price perhaps into the low $40's...

if we mix the above news with the recently repurchased warrants from Lucasfilm (to the tune of $236M or so, I believe) I can only assume that the mgmt team really believes that the stock is dramatically undervalued...

of course, a company can announce a share buyback and not actually follow through, but I think that mgmt will follow through since I believe that the stock has plenty of room to run..

Royce
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