HLTH Corp., the parent of health Web site WebMD.com, said recently it has stared a tender offer for up to 80 million shares of its own stock. HLTH said it will buy the stock for $8.80 per share, implying a maximum price of $704 million. HLTH said it will repurchase about 43 percent of its available stock if it buys all 80 million shares. The buyback plan is scheduled to end Nov. 25. The stock trades for 9x cash flow.

Plum Creek Timber Co. announced recently its board of directors approved a plan to buy back an additional $200 million of its shares. Earlier this month, Plum Creek repurchased $149 million, or 3.6 million shares, of its common stock. The shares -- which were repurchased at an average price of $41.76 each -- completed a previous $200 million stock buyback program. The company also recently reported third-quarter earnings rose to $69 million, or 40 cents per diluted share, from $59 million, or 34 cents per share a year earlier.

Filtration and purification system manufacturer Pall Corp. on Tuesday said its board authorized $350 million for share repurchases with no expiration date. The authorization is in addition to the approximately $149 million remaining from prior buyback programs, the company said. The stock trades for 7x cash flow.

AK Steel Holding Corp.'s board authorized a stock repurchase of up to $150 million, the steel producer said Tuesday. The buyback replaces a previous share repurchase program begun in 2000. AK Steel also reported its third-quarter earnings grew 74 percent as higher selling prices offset weaker demand from the automotive, appliance and construction markets. The stock trades for 1x cash flow.

The oil tanker company announced that its board approved the repurchase of $200 million in common stock. When the buyback is completed it will reduce the company’s outstanding shares by 14%. Since 2004, the Nassau, Bahamas-based company has repurchase 26% of its outstanding stock. “We believe Teekay's shares represent very good value and the most compelling investment we can make at this time,” stated Bjorn Moller, Teekay's President and CEO. “We have ample liquidity to act on this opportunity. Already in 2008, we have raised over $300 million of public equity at the subsidiary company level and completed over $225 million of vessel sales to third parties which have helped increase Teekay's current total liquidity to approximately $1.8 billion.” On top of the buyback, Teekay also announced that it will increase its quarterly dividend by 15%. Shareholders on record as of October 17, 2008 will receive $0.31625 a share, up from $0.275 a share in the previous quarter. For the second quarter, Teekay reported net income of $104.47 million, or $1.43 a share, up from $78.41 million, or $1.04 a share in the same period last year. Total revenue climbed to $790.53 million, up from $566.13 million, in the year-ago period. Excluding one-time events, Teekay earned only $1.05 a share, well short of the $1.16 level analysts were expecting. Investors were also not happy to learn that the company will be restating its financials from 2003 to 2008. Teekay, who transports more than 10% of the world’s seaborne oil, was upgraded to outperform from neutral by Credit Suisse. They feel that the recent drop in stock price provides a great buying opportunity for investors. However, they cut their price target to $53 from $60 because they remain cautious on tanker rates in 2009.

The Aliso Viejo, Calif.-based tech company announced that it will repurchase as much $400 million in common stock through a modified Dutch auction tender offer with an expected price of $13.25-$15.50 a share. If the full buyback is completed, it would represent 26% of outstanding shares. The buybacks will be financed through cash on hand and $300 million in debt. The company also announced that president Doug Garn will replace Vinny Smith as CEO. Smith will now become executive chairman. On August 5, 2008 the company reported second-quarter earnings with total revenues increasing 21.9% to $173.4 million, compared with revenues of $142.3 million in the same period last year. Net income came in at $8.3 million, or 8 cents a share, up slightly from $7.9 million, or 8 cents a share, in the year-earlier period. Excluding items, it earned 17 cents a share, but analysts were expecting 21 cents a share, which sent share down 10%. It’s also good to see that MKM Partners lifted their rating on Quest to buy from neutral, noting the CEO switch and the buyback. Analyst Kevin Shea commented on CEO change, “Mr. Garn has a reputation as a results-oriented executive, and we expect him to focus the company on margin expansion and shareholder returns.” Shea was also bullish on the buyback which could boost 2009 EPS by 12%. He has a $16-dollar price target, representing 40% upside potential.

The Houston-based oil and gas company announced that it will buy back up too $100 million in common stock. The repurchases will be made from time to time depending on market conditions. "The Board's authorization of the unit repurchase program reflects its confidence in Linn Energy's business and its belief that our units are significantly undervalued," said Michael C. Linn, Chairman and CEO. "Furthermore, this program underscores our strong balance sheet and liquidity position. Linn Energy's current yield is approximately 22%, and we believe that repurchasing our units at these levels will deliver value to our unitholders." On August 7, 2008 the company reported a net loss of $712.1 million or $6.23 a share, compared with a net loss of $17.1 million or 29 cents a share in the same period last year. Total revenues were negative $611 million compared with revenues of $18 million is the year-ago period. Oil, natural gas and NGL revenues for the quarter were $255.6 million, compared to $32.5 million in the same quarter last year. Despite the negative earnings, Linn offered some positive comments, "The Company posted the highest production rates, adjusted EBITDA and distributable cash flow in its history.”

The Sunnyvale, Calif.-based chip maker announced that it’s board approved the buyback of up to $750 million in common stock. As the company continues to evaluate different capital structure alternatives it added that it may increase the repurchase amount to $1.5 billion. The timing of the repurchases depends on market conditions and the company offered no expiration date. On October 14th the company reported preliminary first-quarter results with revenue between $500 million and $502 million. Maxim expects to earn a profit between 19 cents a share and 22 cents a share. In the same period last year, revenue was $522.7 million and the company did not issue any earnings because they were restating their finances. Cowen and Company has an outperform rating on the stock and issued a bullish note regarding the huge buyback plan, which represent about 16% of the total outstanding shares. The analysts commented, “Given the excessive cash position accumulated over the past two years, we are encouraged by the company’s decision to return shareholder wealth at the current depressed valuations.”