What happened to the buyback?They were buying daily after earnings, in the usual pattern. But then stopped. Blackout for Q1 should not be until month end. Were they spooked by the bank crisis? Anyway, no more buybacks till after Q1 earnings at the end of April. Probably headed lower unless there is a spring rally.
A lot of capex on new projects is draining that healthy cash balance with no operating cash flow now. Seems questionable given the valuation. Management sounded negative on the call, which I assume is correct. Market guidance, buyback pattern, and curtailments all make sense and are consistent. But the aggressive greenfield builds are anomalous.