Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Plantronics
So what: By announcing its intent to buy back 1 million shares, Plantronics has committed itself to a rather modest $37 million repurchase at current prices. There's $384.7 million in cash on the balance sheet, more than enough to take care of this repurchase -- but only $13 million of that amount was held domestically, according to the company's earnings call.
Now what: Plantronics has been a rather flat stock over the past two years, with a few ups and downs that wind up returning to the same baseline. Nothing in the company's earnings were so out of the ordinary that it would indicate a long-term change in Plantronics' fortunes, and as the stock now trades at the higher end of its two-year range, today might be a good time to take some gains if you've made them.
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