Goodbye Buybacks: Gap, MGM Halt Stock Repurchases Due To "Unprecedented Volatility In Financial Markets" [zero hedge]
MGM Resorts International (MGM)
Last mgm resorts international earnings: 4/30 04:15 pm
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Source: zero hedge
Goodbye Buybacks: Gap, MGM Halt Stock Repurchases Due To "Unprecedented Volatility In Financial Markets" It's funny how life works: when stocks were surging, nobody had a problem with stock buybacks. Sure, the occasional politicians or strategist cautioned that share repurchases, especially those funded with debt, are a growing danger to financial stability, but as long as these same buybacks helped push stocks - especially those of tech names - and the overall market higher, most kept their mouth shut, even though using company cash to buy your own stock (and boost management's stock-linked comp) at all time highs is idiotic and best, and criminal at worst. And then everything changed, and in the span of less than 3 weeks stocks crashed from all time highs into a bear market, in a move that has now surpassed the Global Financial Crisis in velocity, if not extent (yet). Ironically, instead of urging companies to use their cash to take advantage of the sharp drop in value and buyback s
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MGM
News
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MGM
Earnings
- 2/13/24 - Beat
MGM
Sec Filings
- 4/11/24 - Form PX14A6G
- 4/9/24 - Form 8-K
- 4/3/24 - Form 4
- MGM's page on the SEC website