Apollo Group recently announced a $500 million dollar buyback. The for-profit education provider that runs the University of Phoenix, said Tuesday the Securities and Exchange Commission has completed its investigation of the company and does not plan to recommend any enforcement action. The stock trades for 12x cash flow

Developers Diversified recently announced a $500 million dollar buyback over 2 years. Shares of shopping center real estate investment trusts, including DDR, recently rose after a UBS analyst upgraded the sector on the expectations of high upside potential. The stock trades for a 20x PE.

Giant electronics retailer Best Buy announced last Wednesday it plans to increase its buyback program along with its quarterly dividend. In an attempt to drive shareholder value, the company will enlarge its buyback program to $5.5 billion from $1.5 billion and fatten its quarterly dividend by nearly 30% to 13 cents per share from 10 cents per share. The Richfield, Minn.-based company recently reported less than stellar first quarter earnings with profits down 18% and slashed full year guidance. CEO Brad Anderson blamed the poor quarter on an overall weakness in the economy that steered shoppers away from high-margin big ticket items like flat screen TV’s. He added, “We're never satisfied with missing earnings. However, we know it does not reflect the core health of our business." On a positive note he mentioned the company gained market share, posted strong international sales and outperformed other electronics retailers. "Our 41 years of proven success, our strong balance sheet and our belief in our employees afford us the opportunity to fund multiple avenues of value creation at once," said Brad Anderson. Cowen & Co sees upside in BBY and maintains their "Outperform” rating. Cowen is aware that consumers appear to be taking a break from expensive purchases during this seasonally slow period, but notes Best Buy is well-positioned for heavy demand to come in the second half of the year. Cowen explains, “current demand appears focused on the smaller sized TVs, a trend we do not expect to change significantly until we approach the start of football season next month. We reiterate our Outperform rating."

Last week the grocery store chain operator announced a $1 billion buyback plan replacing the $500 million plan put forward in May 2006. The buyback, which accounts for 33.7 million shares, or 4.8% of the company's total shares, will be financed using free cash flow. Amid a tense labor situation in Southern California, Kroger reported first quarter profit jumping 10% as earnings rose to $336 million from $306 million. The supermarket chain also saw sales increasing 7% to $20.73 billion from $19.42 billion and same-store-sales, the retail industries most powerful metric, rose 5.2%. "The new share repurchase program reflects our confidence in the Company's Customer 1st strategic plan and our belief that Kroger shares represent an attractive investment opportunity," said David Dillon, Kroger chairman and chief executive, in a statement. Lehman Brothers recently said they maintained their "overweight" rating on Kroger, noting the company is experiencing healthy sales trends and achieving market share gains even in the face of giant competitors like Wal-Mart. The target price has been raised from $30 to $34.

Clarcor recently announced a $250 million dollar buyback over 3 years. CLARCOR, Inc. provides filtration products and services to customers worldwide. The stock trades for 12x cash flow.

Tektronix recently announced a $350 million dollar buyback which adds to its prior plan. Tektronix, Inc. engages in the development, manufacture, marketing, and servicing of test, measurement, and monitoring solutions to customers in various industries worldwide. The stock trades for a 16x PE.

The first reason we looked at EarthLink is because we saw brand new CEO Rolla Huff buy 100,000 shares for $750,000 the first day he look the job. He says he didn't do it to make a statement; and explains, "I did it because I think I am going to make a great return on that money." We like to see the company leader heavily invested because it shows he must really like the direction they are going and believes he will make money "EarthLink’s mission has been, and at its core will be, the idea of bringing connectivity to interesting content and applications...bringing the power of the Web to the people," Huff says. "I can't imagine we would take a right turn off of that fundamental mission." But he adds that, "at the end of the day, we have to have a clear and focused strategy." Jefferies & Co views the appointment of Rolla Huff as president and CEO as a positive and therefore awarded the stock a BUY rating with a price target of $10.60. EarthLink should benefit from Mr. Huff's 7 years experience in the telecom and internet industry said Jefferies, and they expect him to start formulating his business priorities and set strategic direction in the coming months. Jefferies explains, "Given Mr. Huff's track record of not shying away from making tough decisions (he sold his last two companies), his appointment increases the prospects for a relatively quick and timely restructuring of the ELNK business, streamlining the core access business, restructuring or sale of underperforming assets, or even an outright sale of the company longer-term.” While Jefferies admits there is a lack or short term catalysts, they feel valuation remains attractive. “There is very limited downside in the stock due to its valuation and buyback program- roughly $90 million,” said Jefferies.

The Chairman of the Board recently purchased 500,000 shares or $5,250,000 worth of stock. The development-stage ethanol producer went public in early June at $10.50 per share, well below initial expectations.