FT on today's developments:

http://www.ft.com/intl/cms/s/0/bfafb4a6-446c-11e2-952a-00144...

Analysts and investors said the announcement on Wednesday had put a floor under the share price at $134,000 per A share, where it was trading mid-morning in New York and already equal to 120 per cent of book value.

All the talk of the "floor" reminds me of the adage that Mr. Market seeks to cause the maximum pain for the maximum number of investors. To the extent that the consensus is that there is a "floor" at 1.2x book, chances are that eventually trading strategies that rely on this floor are going to blow up. Probably the floor will be there 95%+ of the time. The question is the other 5% of the time and whether people put in place strategies that can spectacularly fail if the "floor" assumption fails to hold.

Of course none of this matters to long term investors who should HOPE that the floor theory falls apart so we can actually get some repurchases. The more stock repurchased at these levels the better.