The auto-parts retailer recently posted strong first-quarter results and began a new stock buyback. Advance said its profit grew 8 percent and revenue increased by 4 percent in the quarter. Both totals surpassed Wall Street's expectations, and the Roanoke, Va., company approved a repurchase of $250 million worth of stock. The stock trades for 7.5x cash flow.

Coventry Health Care, Inc. recently announced that its Board of Directors has authorized the Company to repurchase an additional 5% of its outstanding common stock, bringing Coventry’s total authorization including the remainder of prior authorizations to approximately 9.9 million shares. The stock trades for 7x cash flow.

Natural gas distribution company El Paso Corp. said Thursday it will launch a $300 million buyback program and increase its annual dividend to 20 cents per share from 16 cents per share. The Houston-based company said both decisions reflect the company's strong financial position and said its should generate significantly more cash flow than its previous guidance if current commodity prices hold. The stock trades for 9x cash flow.

JDS Uniphase Corp. recently announced it plans to repurchase $200 million of its common stock. Milpitas-based JDSU said repurchases may take place in the open market or private transactions during a two-year period ending May 14, 2010. Timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions. "JDSU has reported five sequential quarters of positive free cash flow and currently has approximately $1 billion of cash on its balance sheet. Moreover, the company is receiving in excess of $60 million in relation to a settlement as previously announced on our fiscal Q308 earnings call," said CEO Kevin Kennedy. "Based on these factors and current financial market conditions the board has concluded that a stock repurchase program is appropriate." JDSU is a provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers.

Novell Inc. said last week that its board approved the repurchase of up to $100 million of the software company's outstanding shares of common stock. Based on the company's recent closing stock price of $6.50, the buyback represents about 4.4 percent of Novell's outstanding stock. There is no fixed expiration date for the program.

DeVry Inc. established a program to buy back up to $50 million of its stock, the education company said last week. The program replaces a program, announced in November 2006, to buy back up to $35 million of stock. The company exhausted that program last month. The buyback program represents about 1.2 percent of the value of the company's outstanding shares.

G&K Services, Inc., a market leader in branded identity apparel programs and facility services, announced that its Board of Directors has authorized an expansion of its existing share repurchase program. This authorization increases the share repurchase program previously approved by the company’s Board of Directors in May 2007 from $100 million to $175 million. “The expansion of our share repurchase program further demonstrates our confidence in our strategic plan, the strength of our business, and our opportunities to drive increasing long-term growth and profitability, said Richard Marcantonio, G&K’s chairman and chief executive officer.” “Solid operating performance, combined with a strong balance sheet and excellent free cash flow production, provides us the flexibility to launch an expanded share repurchase program. We remain committed to increasing shareholder returns by investing to deliver long-term revenue and earnings growth, while also returning value to our shareholders through share repurchases.”

Arch Capital Group Ltd. approved a plan to buy back up to $500 million of its stock, the company said last week. The Bermuda-based insurer's buyback program supplements an existing $1 billion buyback program, which was established in February and has $170 million remaining to be repurchased. The new program expires in February 2010.