> I guess it’s a bullish signal: it says the company thinks its stock price is lower than it should be. I dunno. That's precisely what this is. It's financiall

> I guess it’s a bullish signal: it says the company thinks its stock price is lower than it should be. I dunno. That's precisely what this is. It's financially prudent for a company with this much cash to buy back their stock when it's (relatively) cheap. It also doubles as signaling to the market. It's cheaper and better than issuing dividends. In addition to accounting/reporting, the CFO's job is to decide if/where to spend capital and if/how/when to return it to shareholders. Buying back stock when the price drops is not really financial engineering—it's just finance, period.