An analyst upgraded the technology outsourcing company, citing a steep drop in the shares' value as a reason to buy. Stifel Nicolaus & Co. analyst George Price upgraded Affiliated to "Buy" from "Hold" with a $51 price target. Shares have fallen 31.6 percent since April 23. The Standard and Poor's 500 index, by contrast, has fallen only 4.4 percent. The upgrade was due in part to improved organic growth, operation leverage, and earnings and cash-flow potential, he said. The company said last Monday its board endorsed a proposed $1 billion stock buyback and approved the repurchase of up to $200 million of its stock under the program, effective immediately. The stock trades for 6x cash flow.

Liquor producer Brown-Forman Corp. said last week its second-quarter profit rose 4.5 percent as surging international sales cushioned it from sluggish U.S. demand for its leading Jack Daniel's Tennessee Whiskey and Southern Comfort brands. The company also said last week its board approved the repurchase of up to $200 million in stock over the next 12 months.

The Iowa asset manager recently said that, due to general market weakness, it expects operating earnings of between $4.20 and $4.45 a share. That's at least 3 cents shy of the consensus analyst estimate, per Thomson Financial. It also announced that its board approved a buyback plan for up to $500 million of the financial services firm's outstanding common stock. The stock trades for 9x cash flow.

Universal Technical Institute Inc., a for-profit technical education provider, said Tuesday that its board authorized a stock buyback plan of up to $50 million. It also said last week it swung to a loss in the fourth quarter, as the for-profit technical education provider booked hefty reorganization costs and average undergraduate enrollment fell. The stock trades for 9x cash flow.

Children's apparel retailer Gymboree Corp. said Tuesday it has completed the repurchase of $50 million of its outstanding shares and has authorized an additional $25 million buyback. The company also reported a higher Q3 quarterly profit that beat analysts' average estimate, helped by markdowns, promotional activities and cost controls, but forecast weak fourth-quarter and full-year earnings. The stock trades for 6x cash flow.

Hospital operator LifePoint Hospitals Inc. said Tuesday its board of directors approved a $150 million stock buyback program. The program is approved for the next 12 months. The company has about 58.1 million shares of common stock outstanding. It said, based on Monday's closing price, it could buy buyback about 5.1 million shares, or 9 percent of the stock outstanding, with $150 million. The stock trades for 7x cash flow.

The board of directors of Broadcom Corp. authorized a $1 billion stock buyback program Thursday. The program follows another $1 billion buyback, which was completed on November 1. The new program will start on November 19 and will run until Dec. 31, 2008. The Irvine, CA based company creates circuitry and other components essential to broadband communications. The stock has a forward PE of 20.

Pittsburgh's metal producer said its board approved a $500 million buyback plan. The new share repurchase, which will be financed through internal cash flow and cash on hand ($664 million), is expected to take place on a time-to-time basis pending on market conditions. Allegheny's board also said they are increasing their dividend by 40%, from 13 cents a share to 18 cents a share, marking the third consecutive year of significant dividend growth. For the third quarter ended September 30, 2006, ATI reported net income of $193.9 million, or $1.88 per share- a 21% jump from the same period last year when net income came in at $160.2 million, or $1.56 a share. Sales increased 3.6% to $1.33 billion from $1.29 billion. Allegheny's top performer was their high performance metals division, which boasted a 37.3% surge in sales. "These actions by our Board demonstrate our focus on continuing to provide value to our stockholders," President and Chief Executive Officer Patrick Hassey said in a press release. "For the first time in the Company's history, we have more cash than debt, and we expect strong cash flow to continue. Our strong financial performance and cash position allow us to return value to our stockholders while continuing to self-fund ATI's proactive growth strategy." After ATI presented at Bear Stearns' Annual Commodities and Capital Goods Conference, analysts walked away with an overall bullish tone. "Everyone was constructive on the international prospects for secular growth, particularly from emerging economies," Stearns said in a report. They awarded the stock with an outperform rating and $130 price target.