Adobe recently announced a 30 million share buyback. That same day, the company reported fourth-quarter results and offered guidance that topped Wall Street expectations. Based on strong sales of its software package Creative Suite 3, the company said revenue rose 34% from a year ago to $911.2 million, beating analysts' expectations of $887.3 million. With earnings per share of 49 cents, Adobe estimates by a penny. Deautche Bank analyst Tom Ernst upgraded ADBE to BUY after the solid numbers. "We believe large-cap software investors will view Adobe as a safe alternative to companies with large enterprise spending exposure" due to its lower average selling price, Ernst said in a client note. He raised his price target to $52 from $49.

Dutch Philips Electronics (PHG) said in late December that it plans to buy back 5 billion euros ($7.2 billion) of its own shares after hedge fund pressure for the firm to improve its performance and capital structure. Philips's new share buyback comes after 5.2 billion euros worth of shares had been repurchased since 2005 and 6.5 billion euros of acquisitions completed or announced in the same period. "Philips is well under way to achieve its goal of an efficient balance sheet before the end of 2009," Philips' Chief Executive Gerard Kleisterlee said in a statement. Earlier this month, U.S. hedge funds Jana Partners LLC and D.E. Shaw Group, which said they together have a 1.6 percent stake in the company, said they wanted to talk to Philips on its performance and capital structure.

Petroleum refiner Holly Corp. recently announced it expanded its buyback program by $200 million. Friedman, Billings, Ramsey analyst Eitan Bernstein upgraded the stock to "Outperform" from "Market Perform." He left his $65 per share price target unchanged.

Safeco Corp. will repurchase up to 9.7%, or $500 million worth, of its stock, the casualty-insurance company said recently. The stock trades for 4x cash flow.

Plains Exploration announced recently that its board approved a $1 billion share repurchase. The plan replaces an existing buyback with $158 million remaining. The oil and gas producer also recently announced that it agreed to sell $1.75 billion in oil and gas properties to subsidiaries of Occidental Petroleum Corp. and XTO Energy Inc. The stock trades for 10x cash flow.

Aon's $2.6 billion buyback is in addition to the $180 million remaining on its previous buyback authorizations. The insurance giant also signed definitive agreements to sell two businesses for $2.75 billion cash. The stock trades for 6x cash flow.

Specialty metals and engineered products maker Carpenter Technology Corp. said Friday it plans a share repurchase plan of up to $250 million. The stock trades for 8x cash flow.

The Westport, Connecticut-based construction and mining equipment maker increased its buyback program by $500 million to $700 million. The company said they will repurchase the shares on a time to time basis by June 30, 2009. On top of the buyback, Terex insiders have been buying shares at unusually high volumes. As the share price has dropped over 37% from its 52-week high of $96.94, COO Thomas Riordan took advantage of the attractive valuation and purchased 20,157 shares while director David Sachs bought 15,000 shares. It’s always a bullish sign when we see company leaders buying shares for their own accounts. Terex’s Chairman and CEO Ronald DeFeo said in a press release, “Terex Corporation’s strong financial position and continued favorable business outlook enables us to expand our stock repurchase program. While we continue to seek opportunities to reinvest in our business, both through capital expenditures and acquisitions, we also see the value in investing in our own shares and the attractive return it represents.” Mr. DeFeo added, “We remain committed to enhancing shareholder value and have confidence in the performance and future prospects of Terex.” Credit Suisse analysts Jamie Cook remains upbeat on TEX and reiterated an outperform rating on the stock. Cook believes investors’ worries about the global economy and commercial markets are exaggerated. With 65% of total sales coming from overseas, the projected flat U.S. market in ’08 should be stabilized by strong global growth. Cook rewarded the stock with an $80 price target, representing a 36% premium, and stated, "TEX remains most compelling on a risk/reward basis trading at 5.1 times 08 EV/EBITDA and a 31% discount to the group."