Independent oil and gas producer Vaalco Energy Inc. said last Friday its board of directors has authorized the repurchase of up to $20 million of the company's stock and has adopted a stockholder rights plan. This represents 10% of the company's current market cap. Down some 50% year to date, Vaalco sports a clean balance sheet with good growth. The stock trades for 3x cash flow.

Alaska Air Group recently announced a $100 million dollar buyback. Alaska Airlines said it plans to test in-flight wireless internet service in one of its planes next spring and, if all goes well, intends to equip all of its planes with the technology. “We'll test a variety of pricing models" during next spring's test of the service, said spokeswoman Amanda Tobin Bielawski of Alaska, a unit of Seattle-based Alaska Air Group Inc. The stock trades for 4.5x cash flow.

Tween Brands recently announced a $175 million dollar buyback. An analyst Monday upgraded shares of Tween Brands Inc. after the apparel retailer authorized the accelerated share repurchase program it expects to lift its third- and fourth-quarter earnings. The stock trades for 7.5x cash flow.

The Brink's Co. recently announced a $100 million dollar buyback. The Brink's Company, through its subsidiaries, Brink's, Incorporated (Brink's) and Brink's Home Security, Inc. (BHS), provides transportation and cash logistics services in North America, Europe, Middle East, and Africa. The stock trades for 6x cash flow.

Insiders recently bought 35,000 shares or $1,081,000 worth of stock. On Monday, AnnTaylor Stores named Michael J. Nicholson as executive vice president and chief financial officer, effective immediately. Nicholson, 41, joins AnnTaylor after seven years at Limited, most recently as an executive with Victoria's Secret. The stock trades for 6.5x cash flow.

Insiders recently bought 435,039 shares or $3,377,000 worth of stock. Novogen Limited, a pharmaceutical company, engages in the discovery, development, manufacture, and marketing of products based on isoflavoniod technology.

Tyco International makes this week's list. The diversified manufacturer said it will repurchase up to $1 billion of its common stock from time to time based on market conditions. The buyback plan represents about 23.4 million or 4.7% of the company's 497.1 million outstanding shares. The $19 billion industrial giant is a leader in all of its businesses which include security systems under the ADT division, fire systems installation, and it also manufactures valves and structural metal products. On top of the repurchase, the board also increased the company's quarterly dividend to 15 cents a share. The enlarged dividend, which is now among the highest of its competitors, represents a 36% increased from the company's previous dividend of 11 cents a share. Tyco Chairman and CEO Ed Breen said, "The increase in our quarterly dividend and the initiation of a new share repurchase program reflect the strength of our cash flow and our confidence in Tyco's future. With the separation behind us, this is the appropriate time for us to make these moves." Back in June, Tyco spun its healthcare and technology divisions into separate publically traded companies. The stock was subsequently upgraded by several institutions, including Deutsche Banks' Nigel Coe, who noted Tyco's defensive and diverse revenue portfolio. In an uncertain macro environment TYC has many desirable traits, including an extremely attractive 20% EPS growth projected for the end of 2007 and into 2008. Also, its recent underperformance compared to its peers, down 18% since June, makes valuation increasingly attractive. "Given this attractive mix of quality and value, and with a projected total return of 20%, we upgrade the stock to buy," said Coe.

The industrial conglomerate said on Tuesday it would raise its buyback plan to $2 billion from $1.5 billion and reaffirm its earnings expectations for the year. The company expects full year earnings in the range of $4.15 to $4.25 a share. The company, which owns helicopter maker Sikorsky and elevator manufacturer Otis, is in the midst of significant cost reduction that could send its operating income margin to a remarkable 18%, from its current level of 14%. "You look around our company, there is cost reduction every way we go," said Chief Executive George David. After David took over in 1994, his operating efficiency and pricing strategy forced operating margins to soar from 5% to 14%. Today, he attributes the increase to China's exciting growth. China’s rapid urbanization increased demand for the company's elevators by over 40%, and the same can be said for air conditioning, David added. In addition to the buyback, Bernstein Research said they were upgrading United Technologies to outperform and raising their price target to $91 from $83. The upgrade is based on a more positive long term outlook at UTX's heating and air-conditioning division, Carrier, and helicopter manufacturer Sikorsky. For Carrier, the vast global market, especially China, has great potential to outperform, even amidst high copper prices and weak US residential market. While Sikorsky, the company’s smallest business, has the widest growth potential and ability to expand margins. Currency trends are also likely to add revenues by 2009, with the Euro reaching all time highs against the dollar and the Chinese Renminbi becoming more important, said Bernstein. Managements focus on improving margins will also produce upside to the share price. Bernstein added, UTX said it could reach 20% margin in its service-oriented divisions, while Carrier may experience 15% margins.