RE:Implications of share buybackMore to add. This transaction closes on Monday. That means the company will also save the 20 cents dividend. That times 11.4 M = $2.28 M.
Soon analysts will have to revise their forecasts of future values. So, instead of looking at say, $60 a share, that should rise by 13% all things being equal. $67.50?
On top of that, September futures look to being even higher than August steel prices. And I've already mentioned increased earnings/share as a result of this contraction.
We hit $50 briefly this morning. Stock may settle back today because it's Friday, but it could pick up again next week.