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It was led by a 231percentt rise in vehicle services revenue stemming largely from Cendant's car rental business and the repurchase of the 82percentt of Avis Group Holdings stock that the company did not already own.
In December 2006 Mr. Shaw was instrumental in the Volt Delta Resources LLC subsidiary's acquisition of Varetis Solutions GMBH and the repurchase of a minority interest from Nortel Networks which it had received for contributing certain assets and certain liabilities of its directory and operator services business to VoltDelta in August, 2004.
It is undoubtedly helpful to the market price and hence to those constrained to sell, and the repurchase of shares at bargain prices presumably benefits the surviving stockholders.
David Driscoll, a Citigroup analyst, says that the Heinz's launch of 100 new products in 2007 coupled with a 22% increase in consumer marketing and the repurchase of $500 million in stock both in 2007 and 2008, led him to raise his target price to $53 from $46.
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Deere, the world's largest maker of tractors and combines, raised its quarterly dividend 12percenttoto 28 cents a share and authorized the repurchase of as much as $5 billion in additional common stock.
IBM's board raised the quarterly dividend 7%, to 15 cents per share, and approved the repurchase of up to $3.5 billion in stock.
The cash is being returned to shareholders in two ways: with a dividend equal to 3% of the share price and with the repurchase of 5% of outstanding shares.
The board declared a quarterly dividend of $0.06 per share and approved the repurchase of up to $100 million in common shares, equal to about 4.8% of the total outstanding at current prices.
Areva needs some €12 billion or so of extra funding over the next four years for its own investment plans and to finance the repurchase of Siemens's stake.
The company also reported that its board was increasing the quarterly cash dividend by 13percentt and had authorized the repurchase of up to $300 million of common stock.
The company has reduced shares outstanding by 19percentto to 215 million in 1999, and has authorized the repurchase of an additional 25 million shares.
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