WD Announces Additional $1.5 Billion In Share Repurchase Program

[btarunr]

Western Digital Corp. (NYSE: WDC) today announced an increased authorization of $1.5 billion of its common stock under its share repurchase program.

The additional repurchase authorization is effective immediately and extends the program by five years, during which time additional shares can be authorized for repurchase. The amount of purchases will depend on market conditions and corporate considerations. Share repurchases will be made on the open market.

"The decision to increase WD's stock repurchase program is part of our capital allocation strategy to efficiently deploy cash to shareholders while maintaining strategic flexibility," said John Coyne, chief executive officer of WD. "We believe that Western Digital's stock is a compelling investment based on our ability to create additional value for our customers and shareholders in the growth markets we serve."

As reported in the company's Form 10-Q filed with the SEC for its third fiscal quarter ended March 31, 2012, as of May 4, 2012, the company had approximately 260 million shares outstanding. The company may suspend or discontinue the stock repurchase program at any time.

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[kajson]

Maybe instead of repurchasing stock they could do some charity and invest that money in helping the peeps in thailand who lost their housing, as the floodings seems to have been a golden goose to them.

 

[newtekie1]

Maybe instead of repurchasing stock they could do some charity and invest that money in helping the peeps in thailand who lost their housing, as the floodings seems to have been a golden goose to them.

They have, they made huge contributions to the Thai Red Cross Society, as well as matched their employees donations one to one.

 

[babash*t]

Bring the hdd prices down already

 

[Spaceman Spiff]

Fantastic. How about bringing those warranties that last more than a year back.....

 

[East17]

Or just stop with the lies and market manipulation and end this FAKE HDD CRISIS !

It's incredible how much money are Seagate and WD able to spend despite the economic downturn and the Thailand disaster.

Despite they've already spent 1.8 billion for Hitachi in march last year and paying over 0.7 billion in dividends this spring, WD still has money left to buy TOSHIBA's HDD division while building a fake image for a virtual 3rd 3.5" HDD manufacturer.

And now they have ANOTHER 1.5 billion USD to throw around ?!?! How come ?!

Were are all these billions coming from in during a global economic crisis and right after catastrophic floods?

 

[Super XP]

People need to stop buying hard drives period. Then only then will prices come down.

 

[Melvis]

Fantastic. How about bringing those warranties that last more than a year back.....

I think you will find that was Seagate, WD still have 2yrs + i think?

 

[newtekie1]

Or just stop with the lies and market manipulation and end this FAKE HDD CRISIS !

It's incredible how much money are Seagate and WD able to spend despite the economic downturn and the Thailand disaster.

Despite they've already spent 1.8 billion for Hitachi in march last year and paying over 0.7 billion in dividends this spring, WD still has money left to buy TOSHIBA's HDD division while building a fake image for a virtual 3rd 3.5" HDD manufacturer.

And now they have ANOTHER 1.5 billion USD to throw around ?!?! How come ?!

Were are all these billions coming from in during a global economic crisis and right after catastrophic floods?

The hard drive crisis wasn't fake, there was a shortage. Basic economics says that when there is a shortage, the profit margin goes up, and profits go up. I would be surprised if they didn't have record profits during a shortage.

I think you will find that was Seagate, WD still have 2yrs + i think?

It depends on the drive, there are WD drives with 1 year warranties some with 2 years, and some with 5 years, Seagate is the same. I just bought a Seagate drive the other day with a 5 year warranty.