MetLife Inc., the largest U.S. life insurer, recently said it expects operating profit to increase for the fourth quarter and full year, helped by unusually strong investment results. The New York-based company also expects in 2008 to achieve a 13 percent to 13.6 percent operating return on equity, and to buy back $2.2 billion of stock. It set a goal of 15 percent operating return on equity by the end of 2010. The stock trades for 7x cash flow.

R.H. Donnelley Corp. recently announced that it expects advertising sales of about $2.75 billion in 2008. The Cary, N.C., telephone directory publisher also forecast free cash flow of at least $620 million and operating cash flow of $710 million next year. The company affirmed its 2007 outlook, except that it now expects weighted average fully diluted shares outstanding for the year of 72 million vs. previous guidance of 72.5 million. Donnelley also said its board approved the buyback of up to $100 million of its common shares. The stock trades for 8x cash flow.

Hubbell Inc., which makes lighting and wiring products, recently said its board has approved a new share repurchase program of up to $200 million of its Class A and Class B stock. The program will start when a current $200 million buyback, approved in February, is completed. There is about $73 million worth of stock remaining to be purchased under that authorization.

Technology services company Electronic Data Systems Corp. recently said its board approved a stock buyback program authorizing the repurchase of up to $1 billion in common stock over the next approximately 18 months. The buyback represents about 50.3 million, or 9.8 percent, of the company's about 512.1 million outstanding shares. The stock trades for 4.5x cash flow.

Axis Capital Holdings Ltd said its board approved a 12 percent increase in its quarterly common dividend, and authorized a share buyback program of up to $400 million. The stock trades for 4.6x cash flow.

Switzerland-based eye care products maker Alcon Inc. said last week that it approved a stock buyback program of up to $1.1 billion. Under the buyback's terms, the company will purchase three shares from majority shareholder Nestle SA, the world's largest food and drink company, for every share acquired by Alcon in the open market. Alcon expects to repurchase the shares over a year term starting in the first quarter of 2008. The company said it will finance the purchases with cash and investments on hand and with funds from operations. The stock has a forward PE of 23.

Discover's board authorized up to $1 billion in stock repurchases over the next three years. Discover Financial Services LLC issues credit cards under the Discover Card brand name.

Big Blue recently announced it plans an accelerated repurchase of up to $1 billion of its shares by the end of February 2008. They are in addition to a $12.5 billion accelerated share repurchase announced in May. The $12.5 billion in shares are being repurchased from three banks through accelerated repurchase agreements that will conclude at the end of February 2008. The company has an aggressive plan through which it is aiming to increase EPS to $11 per share by 2010 from just north of $6 per share in the most recent fiscal year. This involves stock buybacks, gross margin expansion in its software division as well as tinkering with contributions to its pension program. The stock is currently off of its $121 high this year, mostly due to weak Q3 software sales. However, Q4 has historically been a strong quarter and the company’s service revenues are still growing as are sales to emerging markets and small businesses. In a recent Barron’s article, it was also noted that Bob Djurdjevic of Annex Research figures the shares are worth $125. He thinks the financial-services woes will last six to nine months. "Beyond that, sales will be on an upward spiral," he says. So we have a huge buyback as part of a 3 prong plan to substantially increase earnings, a solid Q4 outlook, analyst support with a nice target price and two well known investors in the stock. It may be time to take a closer look at Big Blue.