Grant Prideco recently announced a $300 million dollar buyback which adds to its prior plan. Oil drilling equipment and services company Grant Prideco Inc. in late July reported a 28 percent increase in net income for its second quarter ended June 30 to $135 million, or $1.04 a share, compared with net income of $105.6 million, or 79 cents a share, in the same quarter last year. The company was subsequently upgraded by Calyon Securities to Buy. The stock trades for 8x cash flow.

Marsh & McLennan recently announced a $1.5 billion dollar buyback. Marsh & McLennan Cos., the largest U.S. insurance brokerage, last week said second-quarter profit rose 3 percent, driven by revenue growth in its risk and insurance business and consulting operations. The stock trades for 8x cash flow.

Next on the list is Polo Ralph Lauren, a leading designer, marketer of premium lifestyle apparel, home, accessories, and fragrance products. The New York-based company said last Friday that its board approved a new $250 million buyback program. The company also has the authority to repurchase an additional $198 million from an existing plan, pending on market conditions. Polo's 2008 first quarter net income increased 10%, mainly due to a 17% increase in wholesale revenue. First quarter profit came in at $88.3 million or 82 cents a share, up from last year's $80.2 million or 74 cents a share. Another big gain came in revenue which increased 12% to $1.07 billion from $953.6 million. During the quarter the company acquired Impact 21- another upscale clothing store. "We achieved substantial milestones during the first quarter of the year, all of which should strengthen the foundation of our business to support long-term growth," said President Roger Farah in the earnings release. Researchers at Credit Suisse believe Ralph Lauren is extremely attractive right now. "The recent sell-off in RL's stock is a unique chance to buy shares in one of the best branded lifestyle companies in the world," said a Credit Suisse analyst. The equity research company feels RL deserves an outperform rating with a $120 price target. They acknowledge the fact that the consumer segment is uncertain right now, but feel Ralph Lauren is uniquely positioned relative to most U.S. retail stocks. "Thirty percent of its business is international, 40% is own retail," says Credit Suisse, "and the brand is skillfully tiered across price points positioning it well in both a ‘trading up’ and a ‘trading down’ spending environment.

Advance Auto Parts recently announced a $500 million dollar buyback which replaces its prior plan. The Roanoke, Va.-based company reported lower-than-expected profit for the second quarter last week, and said it expects to face a difficult sales environment later this year. It forecast a third-quarter profit of 53 cents to 57 cents per share, and lowered its full-year outlook to a range of $2.24 to $2.32 per share, from $2.38 to $2.48 per share previously. The stock trades for 7x cash flow.

Amdocs recently announced a $400 million dollar buyback. Amdocs Limited provides software products and services to the communications industry worldwide. The stock trades for 11x cash flow.

Charles River Labs recently announced a $100 million dollar buyback which adds to its prior plan. Shares of medical researcher Charles River Laboratories International Inc. jumped to a new year high last week after the company reported higher second-quarter profit and raised its expectations for the year. The stock trades for 12x cash flow.

The Waltham, Mass-based company makes scientific instruments and laboratory supplies. It said last Thursday its board authorized the repurchase of up to $700 million over the next year. There is still $300 million outstanding from the company's previous buyback plain which is set to run through Feb. 28, 2008. The company also recently revealed second quarter earnings that shattered Wall Street’s expectations. For the April to June period, the company reported net income of $163.9 million or 37 cents a share, more than triple last year's second-quarter net income of $47.9 million or 29 cents a share. This gigantic leap in net income is because last November, Thermo Electron bought Fischer Scientific to become Thermo Fischer Scientific. Revenue also soared from a year ago, reaching $2.39 billion from $713.5 million. If the companies had been together a year ago, revenue would have still grown 9%. Due to the remarkable quarter Thermo Electron is raising full year guidance. "We are pleased to report another record quarter," said Marijn E. Dekkers, president and chief executive officer of Thermo Fisher Scientific. "We achieved excellent adjusted EPS and operating income results on good top-line growth, and continued our trend of significant operating margin expansion. We've now delivered three strong quarters as Thermo Fisher Scientific, clearly demonstrating that we are successfully operating as one company. High demand for our new products, healthy end markets and our continued operating discipline are all coming together to fuel this excellent performance. Deutsche Bank reiterated their Buy rating on Thermo Fisher Scientific, noting that the new buyback plan is a solid use of cash. The new repurchase plan combined with the previous buyback brings the company's current total stock buyback to $1 billion. Deutsche points out that Thermo Fisher is also looking for strategic used of its cash. "We think this is a positive sign for the company, as it continues to view its stock as undervalued and thus has chosen not to simply sit on its cash," the research firm says. "We reiterate our Buy rating as TMO remains our Top Pick in the life science instrumentation space."

ChoicePoint recently announced a $300 million dollar buyback which adds to its prior plan. ChoicePoint Inc., which collects, sells access to and analyzes consumers' personal information, reported in late July that its second-quarter profit fell 6.6 percent despite higher sales. The results, when one-time items are excluded, were in line with Wall Street expectations. The stock trades for 9x cash flow.