Foundry Networks recently announced a $200 million dollar buyback. Networking products maker Foundry Networks Inc. said last week its second-quarter profit rose sharply, helped by an increase in sales. It was subsequently upgraded by Sanders Morris Harris and CE Unterberg Towbin.

Benchmark Electronics recently announced a $125 million dollar buyback. Benchmark Electronics Inc., which provides electronic manufacturing services, said Thursday it expects demand to dip in its third quarter but it expects "very strong growth" in the fourth quarter with new bookings and new programs. The stock trades for 7.5x cash flow

Janus Capital Group recently announced a $500 million dollar buyback upon completion of prior plan. Janus Capital recently received positive notes from analysts after its solid earnings report. Marc Irizarry of Goldman Sachs wrote in a note, "the bar was set high, but second quarter appears to have exceeded even elevated expectations," due to strong operating margins and better-than-expected cash flows.

Steris recently announced a $300 million dollar buyback which replaces its prior plan. This amounts to 15% of outstanding shares. The board also lifted its regular quarterly dividend by 20 percent to 6 cents per share. Steris Corporation engages in the development, manufacture, and marketing of infection prevention, contamination control, microbial reduction, and surgical and critical care support products and services. The stock trades for 8.5x cash flow.

At a board meeting on Thursday July 26th, Cisco's directors authorized an additional $5 billion to their buyback plan. Since September 2001 the global networking giant has accumulated $47 billion in stock buybacks and has repurchased and retired $41.7 billion with $5.3 billion remaining. The buyback program has no fixed termination date. We also took notice when we saw Cisco take a stake in a hot new company VMware. VMware is a subsidiary of storage systems maker EMC Corp and is set to debut on the NYSE on August 14th. The initial public offering of 33 million shares is set to be priced between $23 and $25 but heavy demand for the deal should force prices higher. VMware allows the user to virtually have software on their computer but in reality it is stored behind seriously protected firewalls in VMware's data center. This eliminates software from your PC and the dangers of it getting viruses from the web. It also enables the user to have virtually all the computing power one needs. Cisco recently paid $150 million for a piece of the exciting company, which many are saying could be the next Google. Cisco now owns 1.6% of VMware’s outstanding stock and VMware also agreed to consider the appointment of a Cisco executive to its board in the future. Cisco's CFO, Dennis Powell said, "Cisco's business strategy is to make investments for growth. The company believes that its available cash provides flexibility to make strategic investments in the business, including R&D and acquisitions, as well as repurchase shares. Today's decision to increase its share buyback program allows the company to continue to return cash to shareholders."

The CEO recently purchased 326,609 shares or $9,821,000 worth of stock. The New York investment bank recently posted second-quarter earnings of $67.8 million, or 45 cents a share, up from $45.6 million, or 32 cents a share, in the prior-year period. Revenue was $465.5 million, up from $327.3 million last year. The stock has a 13 PE ratio.

Simon Property Group recently announced a $1 billion dollar buyback over 24 months. Shares of Simon Property Group Inc. were on the rise this week after the retail real estate investment trust raised its full-year outlook, following second-quarter results that missed expectations.

Next on the list is the world’s second largest drug maker, GlaxoSmithKline. The company caught our attention after it inflated its buyback plan to $24.7 billion and announced it will boost its dividend to 49.47 cents a share. The London-based company said the stock repurchase plan will expire in two years. Glaxo reported second-quarter profit increased 1.3% but added revenue fell 2.4%, due to plummeting sales of its Avandia diabetes drug. A study in the New England Journal of Medicine in May exposed heart risks related to the drug and caused sales to drop 22% to $708.9 million. However, a recent study by the FDA recommends that Avandia remain on the market as long as it displays more obvious health warnings. Following the FDA recommendation, the stock jumped 4% as Glaxo CEO Jean-Pierre Garnier said "it is possible for Avandia to regain lost ground." To help clarify the situation for Glaxo, an analysts at Collins Stewart explains, "Certain patients with a cardiovascular risk profile will be excluded from using the drug, most patients will continue to see substantial benefits from its use." "Glaxo has delivered a good earnings performance in a challenging quarter." Jean-Pierre Garnier said in a statement. “Whilst some uncertainty remains around Avandia, we stand firm in our belief that it is an effective and valuable treatment for patients with diabetes." The FDA's announcement was a nice boost of confidence for GSK shareholders along with ValuEngine's BUY recommendation. They note the company's attractive valuation with a P/E ratio of 13.7. Other catalysts include the increased buyback and loaded pipeline, which should help stabilize share price if concerns remain surrounding the diabetes drug Avandia.