Now Foster Wheeler (FWLT) strikes back against the hedge funds gone wild with a buyback of one-eighth of the company.

Last night, Potash (POT) announced a huge buyback, although with the selling pressure in that name, it won't matter.

But Joy Global's (JOYG) buyback of two-fifths of the company seems like it triggered something in these commodity players' execs' minds -- maybe at last there is an end to the ridiculous nature of these totally erroneous declines.

I think McDermott's (MDR) next; it has huge cash, not a big market cap and no debt.

KBR (KBR), with $1.6 billion in cash, $3 billion in market cap and no debt, is also a candidate.

Now, I know there is a perception that these stocks will have no growth as oil work inexorably back to $70 -- if it gets there -- but these companies reflect that now, and their order books make it so that someone like a GE (GE) could buy them all and roll them into a mighty infrastructure division.