Smart buyback, iPhone China delayed
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Week in progress 11/25 to 12/01/07
1) Panera to buy back up to USD 75 millions (worth) of shares from a broker (see the news here). The is in contrast to Crocs panic buy back announced on Nov. 1, amid the sharp fall of its stock price after it announced Q3 result. Last I looked at its 10Q at SEC: “On November 7, 2007, the Company repurchased approximately 524,000 shares for a total of approximately $25.0 million”. That is $47.70 per share (currently CROX traded just under $40). Good shoes maker, not so good stock traders?
2) iPhone delayed in China. The main problem is Apple and China Mobile can not agree on the how big a pie each will get, according to NanFangdaily (Chinese). American expatriate entrepreneur (in Beijing) Billsdue predicted the outcome before hand.
3) J. Crew reported a good quarter. Here is a link to its conference call (webcast). I found its CEO Millard Drexler had good insights about fashion and fashion business.
4) China Ping An Insurance (sh601318) paid 1.3 b Euro for 4% stake in Fortis, a Belgo-Dutch financial group.