QUICK BUYBACK NOTEHoward Silverblatt
The current price vs the employee option strike price is critical to the base buyback purchases. With prices falling so quickly, options in the money are dwindling, so buybacks may be cut back further. Many (of the reported) average strike prices expiring this year are near their current price. The situation speaks more to Q4 and January (taxes), but reduced need in Q3 should also take its toll.
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