Oritani Financial Corp., the holding company for Oritani Bank (the "Bank"), recently announced that its Board of Directors has authorized the repurchase of up to 10% of its outstanding shares of common stock (excluding shares held by Oritani Financial Corp., MHC), or 1,173,008 shares. "We are pleased to announce the completion of the first stock repurchase program in the Company's history. We were also pleased to witness the strong public support for our stock, and increased trading price, even during the recent times when the Company was not repurchasing shares." said Kevin J. Lynch, Chairman, President and Chief Executive Officer. "As demonstrated by this second repurchase plan, we maintain our commitment to enhancing stockholder value. However, there can be no assurances that this second plan can be completed as expeditiously or as fully as the first plan."

Methode Electronics Inc. said Thursday its board authorized the repurchase of up to 3 million shares. Its board also approved a 40 percent dividend increase at the company's annual shareholder meeting. The stock trades for 3x cash flow.

Cooling system maker SPX Corp. plans to buy back up to 3 million shares of its own stock by Oct. 30, 2009. The company had 53.3 million shares outstanding on Feb. 22, the date of its last 10-K filing with the Securities and Exchange Commission. The shares will be bought under a 10b5-1 plan, which allows officers and directors of publicly traded companies to buy and sell stock in their companies outside of normal trading hours. The total represents about 5.6 percent of the company's available stock. The stock trades for 9x cash flow.

Corvel Corp., which provides services to manage disability care, said Wednesday its board expanded an existing buyback program by 1 million shares. The company said it has repurchased 11.8 million shares for about $166 million through June 30 since it started the program in fall 1996. The expansion puts the total amount available to repurchase at 13.2 million shares. The stock trades for 7x cash flow.

The Pittsburgh-based coal producer announced a new share repurchase program worth up to $500 million in common stock. The buybacks will be made from time to time up until its expiration date on September 9, 2010. The coal miner reported a drop in second-quarter earnings on July 31, 2008. Net income dropped to $101 million, or 54 cents a share, from $153 million, or 83 cents a share, in the year-ago period. On the bright side, net cash from operations jumped 19.5% to $323.9 million, from $271.1 million last year. Total revenue was better by more than 14% as coal sales increased by 19% and natural gas sales surged 58%. Consol produces over 70 million tons of coal annually. “Higher energy prices were the key factor in the second quarter's results,” said J. Brett Harvey, president and CEO. "Gas prices period- to-period rose 24%, while coal prices period-to-period rose 15%, allowing us to generate solid cash flows and higher revenues. Despite mixed economic news in recent months, global energy demand still favors this higher pricing environment for the foreseeable future." We like to see that Jefferies & Company initiated coverage on Consol with a buy rating. Analyst Michael Dudas commented, “Consol Energy, the largest underground and Eastern coal producer, also controls coalbed methane and bulk transportation assets. As the largest producer and exporter of coals in Northern Appalachia, with a sizable majority position in the basin, the company tends to dictate regional market fundamentals.” He rewarded the stock with a $90-dollar price target, representing 70% upside potential from Tuesday’s closing price of $52.68.

The maker of mining equipment announced that it will increase its buyback plan from $1 billion to $2 billion and push back the expiration date from the end of 2008 to the end of 2011. The Milwaukee-based company plans to repurchase $1 billion by the end of 2008. “I am pleased with the action taken by our Board of Directors,” said Mike Sutherlin, president and CEO. “Our business outlook remains very strong and we continue to generate significant free cash flow even as we grow our business. This action demonstrates our confidence in the long-term.” On September 3, 2008 JOYG issued third quarter results with net income increasing 54% to $113 million, or $1.03 a share, from $73 million, or 66 cents a share, in the same period last year. The company experienced record high new orders of $1.5 billion. Net sales for the quarter were $904 million, an increase of 45% from the same period last year. Operating cash flow during the quarter was $142 million. On top of the great quarter Joy Global increased its quarterly dividend by 17%, from 15 cents a share to 17.5 cents a share. It’s good to see that Michael Gallo from CL King & Associates upgraded JOYG from neutral to accumulate. Seeing as JOYG has plummeted 43% from its highs, Michael believes shares are attractive at these levels. He commented, “With commodity prices significantly above production costs, we expect spending for mining equipment to remain strong. JOYG shares are now more attractive given our expectation that the growth story still has years to run.” Michael has a $64 price target on the stock.

The Hamilton, Bermuda-based engineering and construction company said its board approved a plan to repurchase $750 million in common stock. As of July 25, the company had 144 million shares outstanding. After news of the repurchase plan got to investors, FWLT share rose 4.3%. The company offered no expiration date for the buybacks. “We have stated and continue to believe that growth, including acquisition, is our first priority for the use of cash,” said Raymond J. Milchovich, the company's chairman and CEO. “However, we believe this growth strategy can co-exist with a buyback program. We believe the buyback program presents us with a compelling opportunity for the creation of shareholder value, especially at a time when we have a very bullish outlook for the company.” For the second quarter in a row FWLT reported record profits. On August 6, 2008, the company announced second-quarter net income of $160.8 million, or $1.11 a share, a 123% jump from $71.9 million, or 50 cents a share, recorded in the same period last year. Total revenue rose from $1.19 billion to $1.7 billion. Backlog orders from its engineering and construction group booked $538 million new orders, increasing its total backlog by 26% to $1.8 billion. The better-then-expected earnings were followed by a report announcing the retirement of chairman and CEO Raymond in 2009. Analysts from Sterne, Agee & Leach initiated coverage on Foster Wheeler. Based on “low contract risk profile, ability to improve operating profitability, and robust end-market demand for a large part of its business”, they gave the stock a buy rating and $50-dollar price target.

The world's largest fertilizer producer announced that it will double its repurchase amount to about 10% of its outstanding common stock. The company has already completed the buyback of 15.82 million shares, or 5% of its stock, the limit allowed under its current normal course issuer bid. However, the company will ask the Toronto Stock Exchange to allow it to repurchase an additional 15.68 million shares, worth $2.36 billion. The buybacks have an expiration date of January 30, 2009. “We currently have an opportunity to use our strong cash flow to re- invest in the world's best potash assets - our own company - at an attractive price," said Bill Doyle, PotashCorp President and CEO. "We believe our shares are significantly undervalued versus our long-term potential.” Potash reported very impressive second-quarter earnings on July 24, 2008. As increased world grain prices boosted demand for fertilizer, Potash’s profit tripled to record levels. The Canadian company earned $905.1 million, or $2.82 a share, up 217% from $285.7 million, or 88 cents a share, in the year ago period. Potash said its full year outlook is robust seeing as demand for its fertilizer is still as strong as it was in July. In July, the company said it expects full-year earnings of $12 to $13, up from the April estimate of $9.50 to $10.50 It’s also good to see that Soleil Securities Group recently upgraded Potash from hold to buy based on attractive valuation. The shares have dropped 33% from their all-time high of $242 in the past 9 weeks, and Mark Gulley from Soleil thinks investors should take advantage of the buying opportunity. He commented, “Grain and fertilizer demand growth is doubling from 2% to 4%, driven by: growing middle classes in developing countries that desire more grain-intensive meat and dairy in their diets, and the dire need for higher crop yield to meet the challenges of decreasing arable land, high crop prices, and low grain inventories.”