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It could be something good that shows company is confident on its own business as upper floors mentioned. Down side is we don't know what the motive behind this share buyback. It could be because company benefited from the freight business but at the same time, no better use of the additional money, so share buyback.
High freight rate > high revenue > high profit > more money > no place to reinvest that create better values > share buyback > shares supply lower > price & EPS up > good buy
But the good buy that people viewed it, is not because the business really super good, but is because lesser shares, so the earnings when divided to per share increased only. So always got two sides of a story. Just make your own judgement based on the facts you can see.