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Stock impact report

Democrats plan crackdown on booming stock buybacks [CNN]

Cisco Systems, Inc. (CSCO) 
Last cisco systems, inc. earnings: 2/12 04:05 pm Check Earnings Report
Company Research Source: CNN
Exclusive: Democrats plan crackdown on booming stock buybacks Democrats in Congress want to rain on Wall Street's buyback parade. Senator Tammy Baldwin plans to introduce a bill on Thursday that would prohibit companies from repurchasing their shares on the open market, Baldwin told CNNMoney. While the legislation faces an uphill battle getting through Republican-controlled Congress, it demonstrates a growing backlash against companies using extra cash to reward shareholders instead of sharing it with workers. Buybacks, which boost stock prices by making shares scarcer, have exploded in 2018 thanks to the huge windfall created by President Trump's new tax law. American companies like Pepsi ( PEP ) and Cisco ( CSCO ) have announced a total of $229 billion of buybacks so far this year, according to research firm TrimTabs. Companies are on track to buy back the largest number of shares in at least a decade. Critics say this trend is deepening the chasm between America's rich and p Show less Read more
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